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The new homebuyers tax credit that was recently put into action has many Steiner Ranch real estate agents feeling hopeful that they will see an increase of sales in the area. Although the previous new homebuyers credit went a long way toward increasing the sells of lower-priced homes and homes that were in foreclosure, the downside to the legislation was that it did little to help increase the number of higher-end homes that were sold. By offering a credit to current homeowners who are ready to make a move, however, real estate agents and experts in the industry are hopeful that higher-end homes such as those found in communities like Steiner Ranch will also enjoy an increase in sales.

Although homeowners do not need to “buy up” in order to receive the $6,500 tax credit available to current homeowners, the likelihood of this happening is made greater by the new legislation. With the previous tax credit, only those who did not currently own a home and who had not owned a home for the past three years were eligible to receive up to $8,000 in tax credits. As a result, many first time homebuyers decided to take advantage of the crippled housing market by purchasing those homes with the lowest price tags. Since many of the people selling these homes were suffering from financial difficulties, the likelihood of them “buying up” was quite slim.

With the new tax credit, current homeowners who have been considering purchasing a larger home may be inspired to take that step. As such, there is a greater likelihood of homes in Steiner Ranch getting sold. Of course, despite the economic downturn, Steiner Ranch has remained at the top of the list of the hottest selling neighborhoods in the Austin area throughout the year. In fact, according to Brian Talley of Regent Property Group, the hottest selling neighborhoods in Austin this year have been:

· Circle C
· Millwood
· Steiner Ranch
· Avery Ranch
· Cherry Creek

Considering its excellent location and the many amenities that Steiner Ranch has to offer, it doesn’t come as much of a surprise to learn that the neighborhood is among the best-selling in the Austin area. Thanks to the extension that has been put on the new homebuyers tax credit, which now gives new homebuyers through the month of June to take advantage of the $8,000 credit, coupled with the new credit for current homeowners, Steiner Ranch will likely continue to enjoy a top spot in terms of home sales.

The third quarter stats were surprisingly positive for Steiner Ranch.  Number of units sold was up almost 20% and median sales price increased by 9.32%.  However, average sold price was down 3.04%, highlighting the issue with upper end homes moving extremely slowly.  It looks as though the first time homebuyer credit will be extended for 6 months, so there’s no reason to believe that we’ll see things slow down in the near future.  Here are the 2008 Q3 numbers and the 2009 Q3 numbers.

The numbers look pretty decent for September, with the exception of median price.  We saw no change in number of units sold, and virtually no change in average list & sold price.  However, median price was down just under 11% from 2009.  Here are the 2008 numbers and the 2009 numbers.

The Austin City Council passed a controversial measure this past Thursday when it decided to dedicate $508 million toward the construction of a new water treatment plant along Lake Travis.

The possibility of a new water treatment plant being constructed isn’t exactly something new. In fact, the matter has been the subject of debate for nearly 25 years already. Still, the fact that the council has decided to move forward with the project during these difficult economic times has left some a bit confused and wondering if it is truly necessary. Those who support the measure, on the other hand, feel as if the council is taking the right steps toward making sure the city of Austin and its neighborhoods – such as Steiner Ranch – do not run out of treated water in the near future.

The Austin City Council was decidedly split on the vote, with four of the members voting for the treatment plant and three voting against. The four who voted for the plant, which will be located on a site near to the Oasis restaurant on Lake Travis, said the city faces a potential shortage of treated water as soon as 2014. Those who voted against the measure, on the other hand, said there may never be a true need for a water treatment plant. Further, they would have preferred to see the money go toward water conservation measures. Among their suggestions were to fix the city’s water pipes, which they say are currently leaking billions of gallons of water every year. Despite the controversy, crews are already scheduled to get the project under way within the next few weeks.

“It is a gamble not to build the plant now,” said Mayor Lee Leffingwell. “And I will not roll the dice with the health and safety of the people of Austin.”

Council Member Bill Spelmen, who opposed the project, said he believes the project is unnecessary for two main reasons. First, he claim to have conducted an analysis of water usage in Austin and has determined that water use per capita is declining in Austin as well as the rest of the state. Second, he determined that the project would raise water rates by 12%, or by $515 per every man, woman and child in the city. This has led to Spelman and other critics of the plant to propose a plan that will prevent low-income families and small businesses from seeing an increase in their water bills.

According to the council members who voted for the construction of the water treatment plant, the decision will not slow down water conservation methods. Nonetheless, some environmental activists are concerned by the move. In fact, some attended the meeting in order to express their opposition toward the project. How the city plans to move forward with water conservation efforts still remains unclear.

Austin Biz Journals recently reported that the Steiner Ranch community is enjoying better home sales when compared to the rest of Austin for one primary reason: the community is home to some of the areas best schools.

According to the Austin Board of Realtors, the median price of a home in Central Texas was about $191,500, which represents a drop from the $195,000 prices the area was seeing last year. The median sales price for homes in Steiner Ranch, on the other hand, got up to $350,000 this year. Furthermore, while home sales fell in Central Texas by about 35% when compared to last year, sales in Steiner Ranch only fell by about 13%. Whereas 164 homes were sold within the Steiner Ranch community in August of last year, brokers still managed to sell 143 homes in August this year.

Although the Steiner Ranch community has many amenities and features that are certainly much sought after, many experts agree that the community’s high quality schools are the main attraction. This is because the community is serviced by the Leander Independent School District, with elementary-aged children attending either Laura Welch Bush Elementary or Steiner Ranch Elementary and middle school-aged children attending Canyon Ridge Middle School. Due to the extensive growth of the community, another elementary school called the River Ridge Elementary will be opening this fall.

In addition to the top-notch schools for children, there are also plenty of higher education opportunities readily available to residents of the Steiner Ranch community. This includes The University of Texas, St. Edwards’s University, Austin Community College, Huston-Tillotson College, Concordia University, Southwestern University and Texas State University at San Marco.

Of course, the schools aren’t the only thing that the community has to offer. Thanks to its location, residents also enjoy breathtaking views of Texas Hill Country as well as easy access to the numerous recreational opportunities available at Lake Austin. In fact, residents regularly enjoy biking and boating within and around the community. Thanks to the community pools located in the neighborhood, residents also have plenty of opportunities to spend time with one another while cooling off whenever they like.
Simply put, it is no surprise that sales have remained relatively strong within the Steiner Ranch community. Not only do the residents of this community enjoy the beauty and recreational activities the area has to offer, they can also rest easy in knowing that their children are getting the best education possible.

Here are links to the Aug 2008 statistics and the Aug 2009 statistics.  There was an uptick in units sold by over 10%, but it looks like Steiner is still on pace to decline by roughly 5%.  However, the median price actually increased in August by 2.16%.

These numbers look promising, but the number of short sales in the neighborhood is worrisome.  Currently, 10% of the properties listed in the neighborhood are short sales or foreclosures.