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Old 03-23-2009, 10:35 AM
mwv
 
207 posts, read 674,166 times
Reputation: 196

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The number of out of state license plates is really high for this time of year. This winter it hasn't slowed down at all - it feels like it does during the peak moving season - May-August. Heck, I saw one from Rhode Island today.
How many people are leaving however? There are way, way more apartments available and rents are declining. How many people are moving into shared apartments? There are many factors to consider.
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Old 03-23-2009, 10:49 AM
 
439 posts, read 1,257,550 times
Reputation: 138
Quote:
Originally Posted by inthecut View Post
I will make this my last post regarding the Austin recession(I can hear the cheers in the background!..

I don't think there is any reason not to post about Austin recession, but don't hit us viewers over the head with it, like you have been. I like reading the things you post, just not 3-7 times daily is all.

I come here to read as much as I can about Austin. I have saved things like good car guy, good doctors,good places for BBQ. These things will be helpful when we do move there. I also like to read the good and the bad about the city, I want the truth and don't sugar coat it people.

The realtors on here are the worst imo, people will talk about house prices dropping in their neighborhoods big time or sitting for months on end.The realtors come on and say "ALL IS WELL" not to worry this is Austin (laugh) things are fine, housing market is doing great here. Some realtors do offer good advice and seem very nice, but I don't trust them when it comes to what is REALLY happening in the housing market there. I look at MLS listings just about daily and that is not what I'm seeing.

So post, just not all bad all the time and not everyday I like to hear what you have to say.

Debbie

Last edited by Taterhead; 03-23-2009 at 11:03 AM..
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Old 03-23-2009, 11:47 AM
 
8,231 posts, read 17,329,518 times
Reputation: 3696
Why does anyone complain about negative posters? So what? Is this supposed to be a Rosy Scenario board??

Austin will be fine because we have 2 major employers that won't ever go away- UT and state government. Will other sectors suffer? Absolutely. Tech is being hit hard, as are the creative industries and retail. I think tourism and hospitality industries will hold steady.

Austin is a strange city because there are a lot of independently wealthy people here who've cashed out businesses and homes when times were good and moved here for the weather, scene and etc.

Real estate and home values WILL go down (sorry RE agents) and hopefully appraisals will, too. I think the bubble nationwide will reinflate once more (hopefully, so that we can cash out our IRAs), but then after that will be trouble. I hate to ruin anyone's unicorns and rainbows, but our national debt is reaching the point of being unpayable back...and when China realizes it, we'll be selling off parts of the US to them.
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Old 03-23-2009, 12:15 PM
 
2,185 posts, read 6,437,918 times
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But mimimomx3, interest rates are down, you get an 8000 tax credit if you are new homebuyer and sales are up 5.1% according to a Fox News report. I don't see prices going down or appraisals for that matter. Again with the negativity. Where is the optimism in this world?
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Old 03-23-2009, 12:23 PM
 
Location: Austin, TX!!!!
3,757 posts, read 9,065,586 times
Reputation: 1762
Quote:
Originally Posted by mwv View Post
The number of out of state license plates is really high for this time of year. This winter it hasn't slowed down at all - it feels like it does during the peak moving season - May-August. Heck, I saw one from Rhode Island today.
How many people are leaving however? There are way, way more apartments available and rents are declining. How many people are moving into shared apartments? There are many factors to consider.
Maybe the Rhode Islander drove down for SXSW. Just because there are lots of out of town plates doesn't mean those cars belong to relocatees. Gas is cheap again and many folks may be taking road trips.
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Old 03-23-2009, 12:31 PM
 
7,742 posts, read 15,141,129 times
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Quote:
Originally Posted by mimimomx3 View Post

Real estate and home values WILL go down (sorry RE agents) and hopefully appraisals will, too. I think the bubble nationwide will reinflate once more (hopefully, so that we can cash out our IRAs), but then after that will be trouble. I hate to ruin anyone's unicorns and rainbows, but our national debt is reaching the point of being unpayable back...and when China realizes it, we'll be selling off parts of the US to them.
That is simply not true. Government debt is not the same as debt that you and I have. The US government can always print more money. The impact is inflation and that foreigners will no longer buy our debt. But the existing debt will get inflated away.

The impact to you and I is that if you hold your wealth in cash, gonds or have a fixed rate annuity, you will be "taxed" heavily. If you have fixed rate debt, hard assets or stocks you will be fine.
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Old 03-23-2009, 12:36 PM
 
Location: Austin, TX!!!!
3,757 posts, read 9,065,586 times
Reputation: 1762
Quote:
Originally Posted by llkltk View Post
But mimimomx3, interest rates are down, you get an 8000 tax credit if you are new homebuyer and sales are up 5.1% according to a Fox News report. I don't see prices going down or appraisals for that matter. Again with the negativity. Where is the optimism in this world?
I see individual home prices dropping everyday. Our realtor has set up a listserv from the MLS and I am watching homes in a particular area of town. Every couple of days I get an email with a property that has been "price reduced" and I've seen some homes sitting on the market for almost a year (since we began watching last April). When we were considering the Cedar Park area, I got several price reduced email alerts a day. Now we have decided to buy in SW Austin and I find that some houses go right away if priced right and some that have to be reduced.

Are sales up 5.1% nationally or in Austin? I think I read recently that some of the worst hit markets' sales are going up because prices have dropped so far.

In terms of the economy as it applies to us, they just announced at my husband's employer that the next 18 months are going to be tough and may require a reduction in force. What does that mean for us? Maybe we wait to buy a house here. That's not being doom and gloom, it's being responsible. Much better to have the equity from our old house sitting in the bank in the event he loses his position (he is the new guy afterall) than to purchase a new home and have a smaller cushion. I am not panicking and we don't regret our decision to move here at all, but yes, companies are laying people off and we need to prepare for it.
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Old 03-23-2009, 12:37 PM
 
468 posts, read 1,221,095 times
Reputation: 200
tech will recover by the end of 2010. that's less than 2 yrs away. note it will be biotech that leads this, and AFAIR austin is high in numbers of small-medium biotech companies.
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Old 03-23-2009, 01:03 PM
 
24 posts, read 84,096 times
Reputation: 16
Default Yeah, right.

Quote:
Originally Posted by llkltk View Post
Again, another doom and gloom article by the media. Austin is fine compared to other parts of the country. Our economy is fine.

LOL!
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Old 03-23-2009, 01:08 PM
 
24 posts, read 84,096 times
Reputation: 16
Quote:
Originally Posted by Taterhead View Post
The economy is all we talk about here in Phoenix,at my canasta card groups and such, everywhere i go.

It seems you people in Austin never want to believe it is happening to you all. When a post like this is posted,I see the same reply to it (OUR ECONOMY IS FINE) WHY? I don't think it's doom and gloom, it's the sign of the times.

Debbie

I started noticing the economy souring about 3 or 4 years ago when I couldn't go out with my friends for a beer on the weekends. LOL! It's true though - the bad economy still hasn't trickled up to the rich yet so they don't know just how bad it is. The economy is AWFUL for those of us making the same as we were 3, 4, 5 years ago. We know times are tough. You can see this in the latest statesman.com salary comparison results. Some people are still making $200,000 a year while others make $20,000 a year. The people making $200,000 are saying, "What's the big hoo-haw about?" and the other folks are saying, "What are you blind?"

It's just a matter of trickle up I guess. They'll figure it out evenutally that the economy is in the toilet.
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