On Saturday night, over a foot of rain fell within a twelve-hour period in Austin, causing flash-floods, closing roads, and causing the final day of the second weekend of the Austin City Limits music festival to be canceled, disappointing many festival goers, including The Shannon Schmitz Group’s own Morgan Smith. According to the National Weather Service, Barton Springs received 12.1 inches of rain and downtown Austin received 10.6 inches. Multiple water rescues were carried out throughout the weekend as flash-flooding caused people to become trapped inside homes or vehicles. The downpour is not expected to alleviate the drought caused by years of low rainfall in Lake Travis, which is still at record-level lows. However, rainfall in the lake’s watershed has added 2.6 billion gallons of water, says Clara Tuma, spokeswoman for the Lower Colorado River Authority.
With 158 people moving to Austin every day housing is struggling to keep up with the influx of new residents. However, people aren’t eager to purchase lakefront property with lake levels so low. According to Lake Travis Online, the water level is currently at 623 feet, more than 50 feet below full level. Such a low water level has caused drastic changes to the terrain forcing homeowners, in some instances, to move their docks in order to keep their boats afloat.
The big question is, what will be the effect on lakefront housing, specifically property values? It’s well known that price of all Austin-area real estate is on the rise. In fact, Lake Travis waterfront property values have gone up about $75 per square foot since 2003. However, price per square foot has actually declined nearly $65 per square foot since 2009. It’s also notable that fewer of these houses are actually selling. In 2007, 131 Lake Travis were successfully sold. In 2012, that number dwindles to 45. A potential sign of change is that so far 50 of these kinds of properties have sold so far in 2013. Has the weather been the reason for this? While it’s hard to tell, we think it definitely could be.
The Shannon Schmitz Group consists of some of Austin’s most experienced, professional, and client-oriented real estate agents in Austin.
For more information about the group, please visit http://www.shannonschmitzgroup.com/
If you are interested to know what your home in the Austin, TX area is worth, take a look at our latest site for a free real time estimate. http://www.homevaluesatx.com/