My Lake Travis Barbie Dreamhouse - - Donations accepted! ($1850/month)

This is as good as it gets folks - - - cheers to rock star agent Bill Mills with Austin Fine Properties for forwarding this on to the blog.

Two separate units in duplex style condo development. Absolutely stunning luxury, pictures speak for themselves!! Available December 15 but somewhat flexible. Pets allowed. Call Agent for Inquiry.

From the MLS:
Custom built luxury condo in the heart of lakeway, 3/2.5 plus office nook, built ins, wood burning fire place, all appliances including washer/dryer spacious 2 car garage, fenced back yard. Feels like a house-lots of living space inside and out.

More information: BradleyPounds@aol.com, agent
512/736-3353

Stickin' it to ya: Water allocation.

I'm starting a new feature here on the blog called Stickin' it to ya. Basically it's an ongoing cautionary tale on hidden traps that cost you money or just cause rental-induced migraine headaches.

First up is water allocation, a fancy term for the way your water bill is assessed. In almost all newer complexes (1993+), the water is submetered, so you only pay for what's used inside the walls of your unit. You can't really argue with the fairness of that system.

In what we call Class B and Class C properties ( everything before '93, give or take a few years), the water is often on an average allocation system, which means that the complex receives one giant water bill and averages it out among its residents. By itself, that isn't terribly unfair . . .

But here's how some properties stick it to ya. Also averaged in the assessment for each unit is the pool water, lawn maintenance water, and whatever the office uses. Not all Class B and C properties include these but it happens more often than not. The result can be a water bill of $20 to $25 bucks a person. So if you're a Mom and Dad with two rugrats in the second bedroom, look forward to an $80-$100 water bill that must be paid with the rent. Since you owe the apartment complex in this situation, not only could the utility service be terminated for non-payment, but you could face eviction as well.

South Congress condo special, $900 + free cable/water/trash/washer/dryer

These don't come up often, and I'm always getting requests for the South Congress area, so here ya go. The prime-located Travis Oaks condo complex has a large 2/2 for lease (990 sq ft) that's available immediately. Washer and dryer come already included in the unit and cable, water and trash are paid. It's won't stay on the market long so call me if you want to nab it quick.

More info: BradleyPounds@aol.com
512/736-3353

Are you missing out on a discount on your energy bill?

Austin Energy says only 5,000 Austinites are taking advantage of a deep utility discount that about 30,000 are eligible for. If you've qualified for a number of other programs for low-income individuals or families, you will automatically qualify for the discount. Here's a link to the appropriate Austin Energy page with a few numbers you can call to see if you qualify.

Thanks to Olga Campos and KVUE for bringing this to our attention.

Austin Energy Payment Assistance

KVUE News Story

New project update: apartments to be included in Galleria

Looks like the Hill Country Galleria will finally break ground soon - - and will feature 300+ luxury units.

Here's the link to the Statesman article
Austin American Statesman.

I'm an uncle!

Sorry the posts have been slow over the last week, I've been back and forth to East Texas to visit my brand new nephew, born last Thursday. Pictures to come soon!

Apartment newswatch: Brad's prediction

UT Shuttle communities are next year's bargains.

Beginning next August we're going to see deep discounting on Riverside Drive and Far West Boulevard. It will be subtle at first but as May 2007 approaches, the bottom is going to fall out of pricing on those areas. What's happening is this: condo and apartment developers are going NUTS in West Campus and more projects continue to be announced. We're looking at mainly 3 and 4 bedroom units in upscale, expensive developments. The price won't deter the students though; it actually exacerbates the problem because students start packing them in two to a bedroom. Couple this trend with UT's firm resistance to growing its student population and UT shuttle communities are sure to face leaner times.

The first units to be affected will be 1 and 2BR units on Far West and Riverside, while the larger units with individual leases on each bedroom will be the last to feel the pinch. Hardest hit will be 1BR's on Far West - - - twenty year old units with no washer/dryer connections. I think we will see not only reduced rents but first month free specials by 2007. Or if the remainder of the Austin market stays strong, you'll see a few properties stop marketing to students at all, and perhaps even a few disappearing UT shuttle routes.

Thoughts?

New move-in special announced (Far North)

The Cunningham has recently gone under a management change and a makeover. It's got some cool, airy floorplans and the real perk is that it's on Shorline Drive in Far North Austin. The street begins at FM 1325 and doesn't go directly through to I-35 so traffic is a fraction of that on Wells Branch. Move-in after the 15th and pay only $350 to include deposit, application fee and rent for November. 699 sq ft 1BR's start at $595, 924 sq ft 2BR's leasing for $735.

How pet-friendly are management companies these days?

The answer is very. Newer, Class A properties are rolling out the red carpet for pet owners with features like enclosed dog runs, as well as potty-bag stations placed throughout the properties. Class B units have retrofitted somewhat but their biggest changes have occurred in the area of policy. Properties built in the 1980's often originally had no pet policy or one that favored small pets only. Many of them have revised their rules to allow for a wider variety of animals. There are also a few properties that have dropped pet weight limits, although these are few and far between.

Keep in mind that there's a guideline that still applies almost universally to Austin area apartment communities, and that is the limit of two pets per unit. Most individually-owned units have the same rule as well, so if you can't limit yourself to two furry friends, you should consider home ownership.

Neighborhood profile: Wells Branch

The Wells Branch area has long been a favorite of Austin renters for a few reasons. It was planned to be pedestrian friendly, with apartment communities interspersed with various eateries and convenience features like dry cleaners and neighborhood bars. Also, almost every apartment on the strip has not only washer/dryer connections, but already has the units furnished.

The Park at Wells Branch is one solid option in this area. One bedroom specials start at $495 and every apartment in the complex comes with a washer and dryer. More information: BradleyPounds@aol.com or 512/736-3353.

Upscale 2BR special of the week (Far North)

Riverhorse Ranch has the 2BR special of the week. 919 sq feet for $785. Quiet area, lots of amenities. Built in 2002. The picture on the left shows the tennis courts and the stand-alone workout facility that's second only to Riata's, and behind that there is a sand volleyball court and a dog run.

Walking distance: Two new shopping mini-centers with various eateries to move-in very soon, convenience store.
Within one mile: La Frontera.

More information: BradleyPounds@aol.com or 512/736-3353

Mergers for everyone!

AMLI sells out to Morgan Stanley, but "plans no changes." From Lavaca to Wall Street, mergers are good for you, says Consolidationbot.

http://www.statesman.com/business/content/business/stories/10/25amli.html

More bad news for Hurricane victims . . .

Because of bureaucratic red tape, it seems our Rita and Katrina-affected friends will be evicted from local apartments soon. Read this only if your mood-enhancers have kicked in for the day.

http://www.kvue.com/news/local/stories/110105kvueApartments-cb.1afd9ded.html

Can I get a new lease if I've broken one before?

The answer is yes and no. Big managed apartment complexes tend to stick together on this one. If you've wronged one property, don't count on another doing business with you until the debt is resolved.

But if you're not in a position to pay the old debt, we just need to look elsewhere. Don't forget that Austin is full of individually owned condominiums, duplexes and even garage apartments for lease. Often times these individual owners will be more willing to take a chance on someone with less-than-perfect rental history. If you've found yourself in this situation, email me at bradleypounds@aol.com and I'll begin looking for a more easy-going landlord.

Remington House still giving away the farm (North)

The north-side budget leader remains Remington House, which has resisted market forces and kept it's price structure relatively stable through the busy leasing season. Best buy: 728 square foot 1BR, $450. (That's about 62 cents a square foot for those of you keeping track.)

Availability is tight and it looks like December 7th is your first opportunity to get in.



Location: Hwy 183 and I-35 (located in cul-de-sac so freeway noise is much reduced.)
Within walking distance: Convenience store, mexican food.
Within one mile: too much to list - - Wal-mart Supercenter, various restaurants.
More information: BradleyPounds@aol.com

Viva Riata!

At just over 2000 units, Riata is certainly the Big Daddy of the Austin apartment family. It's also my personal favorite (I lived there for years) because of its outrageous list of conveniences. Some of the top spoilers: an 11,000 sq ft private gym that's included in the rent; summer intramural volleyball league; nine pools; raquetball *building*, private mini-lake with soft gravel jogging track, and on and on.

The large number of units online is off-putting at first but Riata divides the 2000+ apartments into eight villages, each with its own village manager for rent drop, maintenance issues etc. Pricing for 1BR's starts in the low $600's, mid-$800's for 2BR's.

Location: Research Blvd and Oak Knoll exit
Within walking distance: Riata Bar & Grill, nail salon, dry cleaners, Tuscany Market and Vineyard (think mini-Whole Foods.)
Nearby: Arboretum, 'nuff said.
Word to the wise: Pavement material changes from the Research access road to Riata Trace Parkway. Take this turn SLOWLY in the rain. Many a rear-wheel drive vehicle has found itself in the bushes on soupy weather days.
More information: BradleyPounds@aol.com

What is "market rent"?

Market rent is a term used by apartment managers to refer to the "full price" of the unit. It's what the management company identifies as the apartment's true value.

Here in Austin, we almost never pay market prices for the same units. Even though occupancy is high, most properties are still offering price concessions. After concessions, the cheaper price that we actually pay for the unit is called the "effective" or "net effective" rate.

Dakota Springs units soon to come online (NW)

Pond Springs / McNeil property Dakota Springs will soon have some units online. This photo taken today is the one of the first available and will be ready soon. The property is set to be the most upscale in the neighborhood, with a variety of units offering attached garages and even the smallest one bedrooms pushing 800 sq ft.

Market pricing has been released but probably doesn't reflect intial special pricing. I have some information now, including floorplans, and I'll follow up later as more info becomes available.

Dakota Springs will be the only Class A property in the immediate area, with the next upmarket option being Toscana Apartment Homes near Anderson Mill & Hwy 183.

Location: Pond Springs Road, across from Audi Dealership.
Within walking distance: convenience store, IBM credit union, office space.
Within one mile: Albertson's, Blockbuster, sushi and Mexican restaurants.
More information: BradleyPounds@aol.com

This is me, your Cruise Director. Not as cute as Julie from The Love Boat, but I'm pretty sure she couldn't negotiate cheaper rents or name the square footages of every floorplan at Riata.

Take that, Gavin MacLeod & co! 

Dollar dollar bill, y'all.

The Austin Business Journal reports that the Austin market has pushed upwards of 93% occupied. That's up 2.3% in the last quarter. Translation: rents are headed north, baby.

While Class A properties (late-1990's build or better) have been sticking it to us for a few months now, look for the squeeze to trickle down to Class B (80's to early 90's) units momentarily. We're already seeing it at big managed complexes down south but luckily most of our privately held units in Central Austin are so far insulated from the shifts. (Could it be they were overpriced to begin with??)