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Silverbridge Realty San Antonio, TX
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Real estate news and opinions
Check out the monthly housing trends newsletter.
San Antonio adds jobs
For the first time since December 2008, San Antonio posted a drop in the annual unemployment rate.
The San Antonio metro area added 3,400 nonagricultural jobs in May 2010. This lowered the unemployment rate slightly to 7.1%; it was 6.3% a year earlier. The industry that added the most jobs—2,400 in May—was leisure, travel and hospitality. Three of the top tourist destinations in Texas are located in San Antonio: the Alamo, the River Walk, and Sea World. In addition, the nearby Schlitterbahn water park in New Braunfels is a huge draw in the summer months.
The retail sector added 500 jobs, education and health services added 300, and financial services also gained 300 positions.
More good news: despite the high inventories of new homes, 700 construction jobs in San Antonio were added back in the last two months, making up some of the 900 lost in the first quarter. The best thing for a thriving housing market is a growing job market.
Tax credits for military first-time home buyers
Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.
Exemption From Tax Credit Recapture Rules
· Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
· However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.
Exemption From Tax Credit Recapture Rules
· Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
· However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.
Extension of Tax Credit Deadlines
· The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by June 30, 2010.
· However, for qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011. · A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.
Definitions
· “Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
· “Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.
· However, for qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011. · A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.
Definitions
· “Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
· “Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.
Information courtesy of Melissa Kulikoff, Senior Loan Officer, Academy Mortgage
San Antonio neighborhood guides
Moving to the San Antonio area, but not sure where you'd like to look for a home? Check out our neighborhood information pages.
Moving to the San Antonio area, but not sure where you'd like to look for a home? Check out our neighborhood information pages.
Meanwhile, if you're looking in Alamo Heights, Terrell Hills, Northwood or Northridge, contact us for your free neighborhood guide.
Homes in San Antonio kept on appreciating
It's not like it was in 2005 or 2006, but up until July of 2008, when the economic crisis took over, the neighborhoods of Stone Oak, The Dominion, Colonies North, Olympia and Olmos Park experienced the highest price appreciation compared to the same period in 2007. The last quarter of 2008 even showed modest appreciation for San Antonio as a whole.
Four of the neighborhoods mentioned above are located close to major highways, and Olmos Park, an older inner-city community, is close to downtown. Home buyers appeared to look for convenient neighborhoods near shopping and services. Stone Oak is just about a city in itself, and had the highest appreciation rate. According to the San Antonio Board of Realtors, the average sales price increased by 29% from $194,325 to $250,659. The new Methodist Hospital under construction in Stone Oak no doubt played a large part in the influx of new residents.
Home buyers also seemed to value mature trees and landscaping, such as those in older neighborhoods such as Olympia and Elm Creek, and especially in Olmos Park, where homes range in age from 50 to 85 years on average. This can be attributed to a growing interest in nature, not to mention shade during the summer months. Sales prices increased 5.9% in Olympia, 5.4% in Olmos Park, and 4.3% in Elm Creek.
With the continuing growth and investment in the Medical Center area as a possible factor, The Dominion, a gated community built around a top-rated golf course and country club, experienced a 12.2% increase in average sales price. It’s now up to $920,261 from $820,019. The Dominion is located on IH 10 West north of Loop 1604, still conveniently close to the exploding retail development of The Rim and La Cantera.
Four of the neighborhoods mentioned above are located close to major highways, and Olmos Park, an older inner-city community, is close to downtown. Home buyers appeared to look for convenient neighborhoods near shopping and services. Stone Oak is just about a city in itself, and had the highest appreciation rate. According to the San Antonio Board of Realtors, the average sales price increased by 29% from $194,325 to $250,659. The new Methodist Hospital under construction in Stone Oak no doubt played a large part in the influx of new residents.
Home buyers also seemed to value mature trees and landscaping, such as those in older neighborhoods such as Olympia and Elm Creek, and especially in Olmos Park, where homes range in age from 50 to 85 years on average. This can be attributed to a growing interest in nature, not to mention shade during the summer months. Sales prices increased 5.9% in Olympia, 5.4% in Olmos Park, and 4.3% in Elm Creek.
With the continuing growth and investment in the Medical Center area as a possible factor, The Dominion, a gated community built around a top-rated golf course and country club, experienced a 12.2% increase in average sales price. It’s now up to $920,261 from $820,019. The Dominion is located on IH 10 West north of Loop 1604, still conveniently close to the exploding retail development of The Rim and La Cantera.
On the other end of the price spectrum, Colonies North posted an average sale price of $153,890, an increase of 8.6% from $141,740 the previous year. This neighborhood saw a lot of remodeling and flipping of homes that are on average 44 years old. The previously record-setting neighborhood of Alamo Heights came in with a 4.1% price appreciation rate, ninth on the list.
For more updated information on the best neighborhoods in the San Antonio area for homes or investment, contact us.
For more updated information on the best neighborhoods in the San Antonio area for homes or investment, contact us.
Older neighborhoods are back in style!
The backlash I predicted way back in 2006 has happened. New-home building has concentrated on the area north (for example, Stone Oak), northeast (Cibolo, Schertz, and Converse), and west (Westover Hills) of Loop 410 and the outer loop 1604. Now for many reasons, people are returning to the inner suburbs. Perhaps it's become too far for people to commute, or they don't get the feeling of community in a new subdivision, or they want a bigger yard and some shady trees. 
The backlash I predicted way back in 2006 has happened. New-home building has concentrated on the area north (for example, Stone Oak), northeast (Cibolo, Schertz, and Converse), and west (Westover Hills) of Loop 410 and the outer loop 1604. Now for many reasons, people are returning to the inner suburbs. Perhaps it's become too far for people to commute, or they don't get the feeling of community in a new subdivision, or they want a bigger yard and some shady trees.
Here is a chart from the San Antonio Express-News showing appreciation in various neighborhoods around the city closer to downtown:
Traffic here is not nearly as horrendous as in Houston, or even Dallas, so the commute times are still quite low. It's easy to get around in San Antonio. But you just can't get that Alamo Heights or Deco District vibe out in the 'burbs! And with Rackspace relocating to the former Windsor Park mall and bringing lots of new jobs, Windcrest homes are poised to get some new residents.
San Antonio: something for everyone
San Antonio is the place to be if you're going to school
Enrollment of students at colleges and universities is projected to grow by 8.4% in the next 5 years across the US, and by as much as 15 percent in Southern states, including Texas. Many of those students will be headed to San Antonio. San Antonio has eight accredited universities, including the University of Mexico and the National Autonomous University of Mexico, and an accredited college with four branches. There is little dormitory space, so students seek out rental units.
San Antonio's rental market is growing geographically, thanks to new apartment construction on the north/northwest side of the city. However, older rental units can offer some attractive features, such as hardwood floors and high ceilings, to successfully compete with new units.
San Antonio is the place to be if you're planning to retire
Of course, you don't have to be young to go to college. And even if you're not a student, San Antonio is still a great place to live. Del Webb, of Sun City fame, in conjunction with Pulte Homes is building a $45 million "active-adult" community in the Hill Country just northwest of San Antonio. You have to be at least 55 years young to live in the Hill Country Retreat, which will offer garden homes starting at $120,000; larger homes starting at $160,000; and homes over 2,700 square feet starting around $250,000.
For the retiree and retiree wannabe, San Antonio offers world-class health care, shopping and services, and convenient access to recreation in the form of lakes, rivers, and parks. There are more golf courses than you can shake a club at, including six municipal courses, and numerous high-rated, private, public, and resort courses.
San Antonio is the place to be if you're working or investing
So forget about age; you get a lot for your money in San Antonio. In July 2006, the average price of a single-family home went up by 7% over last year's, to $160,000. However, the median price of $135,000 is quite a bit lower than the national median price of $218,000. It's even lower than the median price of $139,900 for the rest of the state. Unlike Dallas, Houston, and Austin, San Antonio has always avoided the peaks and troughs of real estate fluctuations and remained a steady, stable market.
San Antonio has a well-rounded and growing economy. Besides education, major sectors include tourism and conventions, four military bases, research and development, and health care. The health care and bioscience industry contributes nearly $13 billion annually to the city's economy, and accounts for 14.5% of employees.
With a low unemployment rate (4.1% in September 2007) and a steady influx of military transferees, medical personnel, and students, San Antonio presents lots of opportunities for rental properties besides single-family homes. The overall occupancy rate is around 91%. Prices for multi-family properties on San Antonio's more-popular north side average from $120,000 to $300,000. Most of San Antonio's multi-family inventory is at least 20 years old, up to 80 years old in some neighborhoods, and will need repairs. But well-kept units in older neighborhoods command good rents, and can be quite attractive to tenants because they tend to be in well-established neighborhoods and school districts, and closer to the city center.
Looking for a single-family rental property to buy and hold? There are plenty of 3-bedroom, 2-bath homes in good neighborhoods and school districts, with central heat and air, a garage, and big, shady back yards. With prices ranging from $100,000 to $130,000, these are just the kind of homes that appeal to working families. Numerous affordable tract homes are being built on the far west and east areas of town. A favorite area for single-family investment properties is the northwest, close to the Medical Center, University of Texas at San Antonio, and insurance/financial services giant USAA. Other good areas to consider are those close to Lackland and Randolph Air Force Bases or near Fort Sam Houston, another of the city's largest employers.
Enrollment of students at colleges and universities is projected to grow by 8.4% in the next 5 years across the US, and by as much as 15 percent in Southern states, including Texas. Many of those students will be headed to San Antonio. San Antonio has eight accredited universities, including the University of Mexico and the National Autonomous University of Mexico, and an accredited college with four branches. There is little dormitory space, so students seek out rental units.
San Antonio's rental market is growing geographically, thanks to new apartment construction on the north/northwest side of the city. However, older rental units can offer some attractive features, such as hardwood floors and high ceilings, to successfully compete with new units.
San Antonio is the place to be if you're planning to retire
Of course, you don't have to be young to go to college. And even if you're not a student, San Antonio is still a great place to live. Del Webb, of Sun City fame, in conjunction with Pulte Homes is building a $45 million "active-adult" community in the Hill Country just northwest of San Antonio. You have to be at least 55 years young to live in the Hill Country Retreat, which will offer garden homes starting at $120,000; larger homes starting at $160,000; and homes over 2,700 square feet starting around $250,000.
For the retiree and retiree wannabe, San Antonio offers world-class health care, shopping and services, and convenient access to recreation in the form of lakes, rivers, and parks. There are more golf courses than you can shake a club at, including six municipal courses, and numerous high-rated, private, public, and resort courses.
San Antonio is the place to be if you're working or investing
So forget about age; you get a lot for your money in San Antonio. In July 2006, the average price of a single-family home went up by 7% over last year's, to $160,000. However, the median price of $135,000 is quite a bit lower than the national median price of $218,000. It's even lower than the median price of $139,900 for the rest of the state. Unlike Dallas, Houston, and Austin, San Antonio has always avoided the peaks and troughs of real estate fluctuations and remained a steady, stable market.
San Antonio has a well-rounded and growing economy. Besides education, major sectors include tourism and conventions, four military bases, research and development, and health care. The health care and bioscience industry contributes nearly $13 billion annually to the city's economy, and accounts for 14.5% of employees.
With a low unemployment rate (4.1% in September 2007) and a steady influx of military transferees, medical personnel, and students, San Antonio presents lots of opportunities for rental properties besides single-family homes. The overall occupancy rate is around 91%. Prices for multi-family properties on San Antonio's more-popular north side average from $120,000 to $300,000. Most of San Antonio's multi-family inventory is at least 20 years old, up to 80 years old in some neighborhoods, and will need repairs. But well-kept units in older neighborhoods command good rents, and can be quite attractive to tenants because they tend to be in well-established neighborhoods and school districts, and closer to the city center.
Looking for a single-family rental property to buy and hold? There are plenty of 3-bedroom, 2-bath homes in good neighborhoods and school districts, with central heat and air, a garage, and big, shady back yards. With prices ranging from $100,000 to $130,000, these are just the kind of homes that appeal to working families. Numerous affordable tract homes are being built on the far west and east areas of town. A favorite area for single-family investment properties is the northwest, close to the Medical Center, University of Texas at San Antonio, and insurance/financial services giant USAA. Other good areas to consider are those close to Lackland and Randolph Air Force Bases or near Fort Sam Houston, another of the city's largest employers.
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  Equal Housing Opportunity. This material is based on information which we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete and should not be relied on as such. This offering is subject to errors, omissions, change of price or withdrawal without notice. |
