Consider it this way: when Enron went belly up, shareholders ended up with nothing, but when the housing market drops, homeowners still have a house. And this benefit is tax-free.

This is so true. And considering that the Austin occupancy rate for apartments is projected to go as high as 96% (which is effectively full capacity), it’s not going to be a lot of fun to find an apartment.

Perhaps the most significant, well-stated point is this:

One important reason for the recent downturn is clear: The steady drip of bad news about the economy has sapped the confidence of buyers, sellers and lenders. And there is no understating the importance of expectations and confidence in this industry.

I would not hesitate for a moment to recommend that a renter buy, if possible, and a homeowner invest in rental property. I’m not just saying that because I’m a Realtor. I genuinely love to help people make good choices, and strong investments!

Johanna has been going with us to BB’s for long enough to know JUST what she wants to order (hot dog, chips, and ice cream for dessert), and quickly begs for quarters to use on the pool table, where she’s learning the rules of the game. It’s a grubby but functional old table, and she now knows more about billiards than most 3.5-year-olds

Oddly, on the other end of the age spectrum, it’s strange to realize that my step-daughter’s best friend will be 21 in December. Wow. He could take the gang up there for drinks & dinner! He’s a VERY special, near and dear family member, so it’s all good. But still. 3.5 year old learning pool. 21-year-old turning legal. This is the fabric of the blended family.

This is my funny way of saying that I sure love the neighborhood I live in — Oak Forest. It’s not perfect, but it has just about everything I need — great schools, friendly neighbors, walkable shops & grocery, nearby park & ride, and stable values.

These are all things that can be readily had, at an affordable price, in Austin. How lucky I am to live here!

Timely to the weather, Realtor.com posted an entry of mine about how to find a home for you and your beloved Man’s Best Friend. Austin is, indeed, a dog-friendly city.  The site I reference in the post is Keep Austin Dog Friendly — a great place to look up dog-friendly restaurants, bars, and more.

I also love Bob Schneider‘s video for “40 Dogs, ” not only because it’s a great song, but also because the footage includes some beautiful scenery of Austin’s Lady Bird Lake, showing the delightfully typical sight of dogs frolicking in and around the water in an off-leash area.  The video was directed by Robert Rodriguez, and features Schneider as an old-school dude from the Super 8 era; Rogue Rodriguez as Schneider’s adorable little boy; and the gorgeous Kat Dennings as a woman of the digital age.

Give your furry-pawed friends a smooch from me!

Primarily, it’s the Repairs section that has been reorganized. They’ve removed a line that, on the old lease form (dated before 6-1-2010), allowed landlords to specify that tenants would pay the first $_____ of repairs.  I don’t know anyone who ever used that line, so to me it makes sense that they struck it.

On the list of items a tenant is required to maintain (e.g., change the A/C filters, remove standing water, supply and replace light bulbs) is “Water the foundation of the Property at reasonable and appropriate times.” I’ll be sure to tell my clients about that!

Last but not least, landlords are no longer required to repair “items that are cosmetic in nature with no impact on the functionality or use of the item.” I have to wonder what cases caused the Texas Association of Realtors to add that line! You don’t usually see new language added to a form unless there have been numerous complaints, court cases, etc.

Finally, I’ll tell you this:  I always attend when my clients (tenants) sign their lease. Not everyone does, but I like to be the one who explains the more obscure details of the lease to my clients, as they are signing. I think it helps them better understand both their responsibilities to the homeowner, and their rights as tenants.

Happy renting!

AND!  And, and and…can I sprinkle on some jimmies? Austin apartments will add only about 3,000 new “doors’ this year. That means 3,000 new rental units.  We added 11,000 last year.

Oh, and JOBS.  Jobs jobs jobs jobs jobs.  We have ‘em.  There are so many people moving here, it annoys the natives. Heh.

I don’t mean to brag, but I DO love my city, and I’m so thrilled to help people live AND invest here!

More in a day or two! I will return to DAILY blogging in September!

…Only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home.

By “profits” they mean how much you NET.  So you’d have to be single and have 100% equity in a home valued (on the market) at more than $250k, or $500k if you’re a married couple.  Or some percentage of equity in a home valued greater than that.

The example that’s been floating around claims that an “average, middle-class” person will pay an extra $15.2k on the sale of their $400 home.  While investment properties and second homes are more heavily taxed (and always have been, since they’re income &/or luxury properties by and large), most people will feel no change from this law. Nor will it make any problems for the majority of real estate markets.

For this week, I’m partial to Sacha Baron Cohen & Isla Fisher’s house, though none of the listings is my style.  But in the Cohen-Fisher photos, it is such a relief to see rooms NOT completely overstuffed with furniture. I’m not sure why decoration a la hotel lobbies says “posh and elegant” but it’s done so often, it ~must~ work some kind of magic!

I, for one, would love to get rid of half my furniture.  It’s not like we’re crammed in, but I’ve learned to enjoy a “less is more” lifestyle.

I’m sure it’s a price point thing. A normal house definitely does NOT look good with too many furnishings.  But huge rooms look better if someone has arranged things that fill the space. So it seems.

Ach, this is why I hire a stager for my listings. I’d rather have an expert tell me what to do when it come to interior design!

And in a hot climate, it’s almost a crime to be denied running water at a time when temperatures hover  near 100 degrees.  For the last week or so, things have started to get brutal here in Austin.  Mind you, we’ve had a blissfully mild summer, so I’m not complaining, but we are finally seeing day after day of a 100+ heat index and no rain.

For my friends, to add the worst possible insult to injury, they returned home this evening to find their entire house flooded.  Walnut floors utterly ruined.  Not that it matters, but these are people who decorate with impeccable taste and style. They’d left the house to escape their desert environs, and had unknowingly left a tap open.  You see where this ends.

My heart goes out to them.  What a mess.  This is the kind of thing that will take weeks — no…months — to recover from.  As I’ve been reminded so often lately, I must remember to count my blessings.