Buying a waterfront property looks like an even better investment as the Texas economic outlook is bright. With the population explosion and thousands of jobs many people continue to flock to Texas from all over the country and world.
For assistance with purchasing a waterfront property or for information on Lake LBJ real estate, contact me today at (512) 786-1515
Owning a lakefront home on open water can be very enticing. The idea of open water with a wonderful view out to the open is always appealing to many buyers. However, there are a few things that one should consider when purchasing waterfront real estate. While open water has a great appeal, in my opinion some of the best lake front real estate can be found in large coves or in small inlets close to the open water.
When you buy a lakefront property on Lake LBJ, Lake Travis or Lake Austin, you are buying a home to enjoy the lake and the water. Open waterfront buyers fail to think about the fact that during any summer weekend and especially holidays the open water can get very rough. The traffic from all the boaters and jets skis cause large wakes and creates waves. Its very hard to swim on the open water, especially if you have young children. Floating around with a drink in your hand is almost impossible and there is very little relaxation involved.
Another question to ask is will you have guests stop by in their boats or waverunners to hang out and enjoy the summer sun? On the open water it is very difficult for a friend or relative to pull up by boat and tie off because the rough water will cause their watercraft to smash up against the side of the dock. Not to mention, arrival and departure out of your dock can be a difficult task.
In my opinion, the best waterfront properties can be found at the mouths of coves or even in anywhere inside of a large cove. Typically, as boaters approach the land or small coves they often slow down and they tend to shy away from these smaller coves for watersports like skiing and wakeboarding. This will significantly reduce the amount of waves in the waterfront. Being at the mouth of a small cove will give you the open water feeling while being able to enjoy calm water. Large coves can also be very valuable as a large cove essentially feels like open water because their is great distance to properties on the opposite side and the water tends to be much more calm all the time.
When searching for a waterfront home, many buyers spend only a few days visiting homes because it will be their “weekend home” only and thus they will search on the weekends, often times visiting from out of town. Many buyers fail to get a good sense of the water in front and normally buy off of impulse. Working with an educated Realtor that has experience on the lake you are buying is key. Has your agent spent any significant time on the water? Do they own a boat and understand the ins and outs of parking a boat? Make sure that you choose an experienced professional that can offer you the proper guidance and help you find the perfect home.
Don’t let the first holiday weekend be a huge shock to you! Call me today for assistance with your Lake LBJ real estate search or for assistance in purchasing waterfront property on Lake LBJ at (512) 786-1515
When the economic downturn of 2008 swept across the United States, luxury or “second home” real estate markets took the greatest hits. Many vacation home owners were forced to sell to pay off other debts and these luxuries were no longer affordable for many. Many “retirees” were forced to sell their retirement homes as their financial situation significantly changed as they watched their pensions and investment accounts fade. As prices came down, new buyers entered the market and began taking advantage of the historically low interest rates and the ever low cost of owning real estate. This transfer of wealth forced many real estate professionals out of the business as their inability to adapt to the changing environment became their demise.
With this change in market conditions, came opportunity.Success in today’s real estate industry depends on one’s ability to adapt and change in order to properly serve buyers and sellers. “We must cut our coat according to our cloth, and adapt ourselves to the changing circumstances” ~W.R Inge“. This transfer of wealth meant that traditional advertising methods had to change in order to reach the new generation of buyers. Social media and the web changed the marketing landscape forever and the leaders in this space rose to the top. No matter how big your database was, if it did not include the new buyers in the market it had no value.
Today’s real estate buyers search the web via computers, tablets and mobile devices because that is how they search for everything else. Effective placement of listings on the web and in social media platforms is the key to results. Breaking out of the comfort zone and learning new marketing techniques and strategies is the name of the game. If properties are not available via these new marketing channels, they will not get found. Markets like Lake LBJ, clearly dominated by an older generation of real estate professionals, were ever so affected. The window of opportunity opened and our team rushed in to meet the demand of the changing circumstances. Seller’s in today’s market must demand a higher level of service and can no longer call on their “old buddy” to get the job done. To sell real estate in today’s environment one must ensure that they are receiving the quality of real estate marketing they deserve. Seller’s today should expect the following services when hiring a professional to list their home:
1) Professional photography to properly display their home via the web
2) Information packaging that provides potential buyers and their agents the information they need to make a quick and informed decision
3) Knowledge of Lake and the local market to create a marketing strategy built around the strengths of the property and defending against said weaknesses
4) Cross region marketing providing information about your listing to potential buyers in other cities in Texas and around the country
5) Web placement in places like Google, Craigslist, Zillow, Trulia, Redfin so their property can be found in relevant property searches
6) A social media presence that connects the billions of users to their property on platforms such as Facebook, Twitter and Linked In
7) A passion for selling waterfront real estate so they can be on the forefront of real estate marketing trends with a high level of excitement about selling your home
One thing has not changed in real estate and that is that face to face, real relationships still matter. While the above mentioned techniques and strategies are essential they must be coupled with real salesmanship that can see a transaction through its close. Today it is important to align yourself with a real estate professional that has a supporting cast of team members assisting to get your property sold for the highest dollar amount, in the shortest amount of time and with the fewest amount of hassles. This includes, lenders, title representatives, escrow officers, real estate and marketing assistants and more.
“We dont just stick a sign in your yard and post your property in MLS.”
To learn more about how The Carvajal Group is brought a new perspective to Lake LBJ real estate, visit our real estate marketing website at www.MoreThanMLS.com. To speak with someone about listing and marketing your waterfront home, call us at (512) 786-1515
The Lake Travis Economic Impact report was released to the public yesterday. The report was ordered by the Lake Travis Community Coalition consisting of local governments, non-profits, and businesses to establish a baseline and determine the fiscal and economic effects of low lake levels or poor water quality on the region surrounding Lake Travis.
The area of the study is limited to the area immediately surrounding the main body of the lake entirely in Travis County. Essentially the report concludes that less people visit the lake as the lake levels drop, but it also seeks to quantify the impact of the reduced visitation on the area immediately surrounding the lake. The results of the report are summarized below.
• $207.2 million in revenue for state and local governments
• $8.4 billion in assessed property value
• $3.6 million in hotel and mixed beverage taxes
• 3,900 commercial businesses in study area contribute $45.2 million in sales tax
Low Lake Level Impact Economic Impact
When lake levels remain below 660 feet, visitations decline and businesses contract.
Low lake levels lead to:
• 350,000 – 375,000 fewer park visits
• 29 lost jobs for each 10% drop in park visits
• $23.6 million to $33.8 million reductions in visitor spending
• Up to 241 lost jobs and $6.1 million in wages
Low lake levels decrease visitors and value and can impact government
revenues substantially. When levels are low, governments could lose up to:
• $21.9 million in total fiscal revenues
• $1.7 million lost sales tax revenue
• $45,000 from decreased hotel receipts
• $120,000 from less visitors ordering mixed drink
Impact of Water Quality
One of the most desirable features of Lake Travis is its water quality. Studies of other lakes around the country suggest that for each meter drop in water clarity, there would be a 10% drop in waterfront land values.
What can be done?
Obviously rainfall totals are out of anyone’s control. What we can control is the rate at
which water is let out of the dams to flow downstream. Recently, there has been talk of
cutting off rice farmers near where the Colorado River flows into the Gulf of Mexico, but that
would essentially trades hardship in one area of Texas for hardship in another. More than
anything we need to pray for rain and an end to the record drought, which is could become the worst drought on record by Spring 2012.
Sources: bullet points and images taken directly from The Lake Travis Economic Impact report or overview of the report.
You can view the report in it’s etirety here. For more information on Lake Travis Real Estate, contact Jonas Lord @(512)496-0215
With the drought comes stagnant water and with stagnant water we often times we see bacteria which can cause a concern for swimmers. This month, however, Lake LBJ scored excellent on water quality with dissolved oxygen levels being optimal for sustaining fish population and bacteria levels remained relatively low. Lake Austin and Lake Travis also received similar water quality rankings which is very good for waterfront real estate values. These favorable ratings are being attributed to some of the rain seen in West Texas this month which creates fresh inflows of water into the Highland Lakes.
When purchasing waterfront real estate in Austin or Lake LBJ real estate it is important to understand all aspects of waterfront ownership, including water quality levels. This can be a very important factor and can seriously affect demand for waterfront real estate and thus drive pricing. You can always monitor the water levels by visiting the LCRA’s website .
Be sure you are working with a knowledgeable real estate expert when purchasing Lake LBJ real estate. Contact us today for assistance with all your waterfront real estate needs in central Texas.
There is no doubt that we are currently in the midst of a terrible drought. Much of the state is in “exceptional draught,” and this will likely end up being the worst draught on record if the projections are acurate. This is painfully evident to anyone that has seen Lake Travis lately. The lake is currently at 635’ or about 30’ below average. The Perdenales River is essentially bone dry with docks and boats sitting on the river bottom(video). If history gives any indication, though, the river and lake return to a healthy level, likely within the next year.
This graph shows average lake Travis levels for July since 1943. While the current level is well below average, the historical data shows that the lake has been this low or lower several times over the last 70 years and always bounced back within a year or two. Full Lake Travis historic level data is available from the LCRA here.
It is actually a great time to find a deal on Lake Travis. For one, you get a better idea the waterfront you are actually getting. When the lake is full the shallow coves fill up and there is much more “waterfront” property than there is when the Lake is exceptionally low. If you are considering property on a cove, you get the opportunity to see where your dock will be when the lake is low. Buying when the lake is full, you will need to make sure your property extends to the middle of the cove and discuss with future neighbors how it works when lake drops and docks float closer together.
Also, when the lake is low, sellers are less likely to list their property unless they are distressed or at least motivated. Owners of homes on the Perdenales River,r shallow coves, and even deep water would generally rather list their homes when the lake is full. Lake Travis waterfront foreclosures and short sales are somewhat rare but do come up from time to time. While there is something to be said for the value of constant level lakes such as Lake Austin and Lake LBJ, there is no substitute for the value and beauty of Lake Travis waterfront property. Savvy buyers will take advantage of extreme weather conditions and economic factors to find an amazing deal that will really prove its value once Central Texas emerges from the drought and Lake Travis returns to normal levels. For more information on Lake Travis waterfront property, call Jonas Lord at (512)496-0215.