Saturday San Antonio Real Estate Links

 

Links for Saturday, April 1, 2017

Amber Thomas of Platinum Top-50 fame announced the 2017 Luxury League.

Elizabeth Priest with Jason Glast Luxury (part of Portfolio Real Estate KW) was a repeat winner.

Exciting adaptive reuse at Battalion, restauranteur Andrew Goodman's latest in an old fire station near Hemisfair Park

The San Antonio Board of Realtors (SABOR) is facing a controversy about its leadership

Adrianne Frost with Phyllis Browning Company has a precious listing in Monte Vista for $599,000 at 206 W. Hollywood and it's open from 2-5 p.m. Sunday

My pretty listing at 114 Lismore in Waterford Heights, offered at $1,350,000, went under contract yesterday.

A little west coast bonus, my friend Brent Chang, a luxury real estate star in Southern California, just listed a significant Neutra mid-century modern restored to perfection in Pasadena.  It's the LA Times Home of the Day

7 Difference Making Luxury Home Features

There are several features that can make a San Antonio luxury home standout. If your home has these features it can be a huge difference maker when you decide to sell.

Every week I read articles that tout the latest home design trends or offer hot takes on what buyers want today. Usually these range from the surprisingly banal to the hilariously niche.

For example in the past month I've read that some buyers enjoy a kitchen that opens to a living area. Question: Did this writer travel through time back to 1994?

Also, I wasn't aware that installing backyard bocce ball courts is a thing. Maybe it's that I specialize in selling luxury homes in San Antonio and the surrounding areas but I haven't seen the bocce love yet. 

Bocce ball court. Installed to distract from that hideous ocean view?

However, in my 13 years of selling San Antonio luxury homes, I have noticed features that inspire buyers. These aren't necessarily "must haves" but fall into the category of wants.

Detached Casita/Guest House: This should perform double duty as a party house and guest quarters. Everyone loves visitors right? Well, they are loved (and invited) even more when they have a private space to stay with a separate entrance. When this space includes one bedroom, one bath and a kitchen it's a huge selling point.

Casita at 11015ReyesCanyons.com in Los Reyes Canyons

4 or more car garage: Suppose a buyer is looking for at least 5,500 sq ft and five or more bedrooms. A 3-car garage is usually as large as it gets. But, this is like buying a 3-BR home for a family of 5. Typically in this market segment, husband and wife each have a daily driver plus one or more "weekend" fun cars. If they have three kids and one or more are of driving age, you're quickly beyond garage capacity. If a friend or Grandma drives in for an evening, you're going to need a lot of street parking. Many San Antonio Luxury neighborhoods prohibit overnight street parking. For the San Antonio million dollar plus home it's still rare to find more than a 3-car garage. So, to find four or more is a functional luxury.

Pet area: Pets are truly part of the family. People are devoted to their fur babies so areas dedicated to pet care such as dog runs and bathing areas draw praise

All ensuite baths: Many luxury home buyers today do not want their kids or guests to share a bathroom. I've heard many a buyer disparage poor "Jack & Jill." And, they were so popular once! But, especially if you have a mix of girls and boys, this luxury might become a necessity.

All bedrooms have ensuite baths at 22314Viajes.com in Las Campanas

Sport Court: This can be the hub - even more than a pool - for outdoor fun for most of the year. I've noticed that buyers aren't as excited if these spaces are too much about tennis. But, if the space is multi-purpose for basketball, soccer, and net sports like volleyball plus has lighting, it will be well-used and coveted.

Lighted Sport Court at 11010AnaquaSprings.com in Boerne

No carpet: Luxury buyers will accept clean, neutral carpet in some rooms such as secondary bedrooms, media rooms and game rooms but if your home has none the buyer will like it even more. In most luxury homes, wood or tile is the preference. Some of that is the trend line and some of it springs from avoiding allergies, pet smells and other irritants.

18114LiscumHill.com has no carpet

Caterer's Kitchen: Owners of large luxury homes often enjoy entertaining. But, when they host a party they don't always want their guests to experience the heat, noise, and smells that come with cooking for a large group. The caterer's kitchen is an excellent solution. I've known some owners who use this second kitchen exclusively. Plus, for those who love to really cook it adds extra ovens, dishwashers and more.

Jason Glast, Realtor Attorney, has been one of the top selling luxury real estate specialists in the San Antonio, Tx area since 2003. His team - Jason Glast Luxury is ranked #1 in the region for luxury home sales

For more information, contact Jason at (210) 386-1833, email me at jason@jasonglast.com, see my website at JasonGlast.com and like the Jason Glast Luxury Facebook Page

Interesting Trends - San Antonio Area Million Dollar & Up Market

San Antonio luxury home sales have been on a yearly upward trend for at least the last 10 years. This is true again so far in 2016 but only in number of sales. The average San Antonio area million dollar homes sale price has declined slightly for the first time in many years. As we head toward the presidential election, it will be interesting to track these numbers.

Year over year, the number of San Antonio area home sales at or above $1 million has increased 10.5%.

The average San Antonio high end home sale over one million dollars this year was $1,425,402. That average home sale price is down 2% from 2015.

Interestingly, though there have been more million dollar and higher homes selling so far this year, a lower percentage of them have sold at or above $2 million than in 2015.

11010 Anaqua Springs in Boerne, Tx, Offered at $1,699,000

These statistics come directly from the San Antonio Board of Realtors Multiple Listing Service (MLS) numbers. It includes sales from January 1 - September 20, 2015 and January 1, 2016-September 20, 2016.

These include sales in Bexar, Kendall and Comal counties including Boerne, Alamo Heights, Terrell Hills, Olmos Park, Hill Country Village, New Braunsfels, Shavano Park and San Antonio.

For each year, I excluded properties that were clearly land sales, farm & ranch, lakefront or coastal properties. For the purpose of analyzing high end San Antonio area homes, I don't want luxury home sales in Port Aransas, Applehead Island, Horseshoe Bay, Lake Travis and more confusing the numbers.

Each year there are a few San Antonio million dollar homes that sell privately. They don't go through MLS. As Texas is the rare state that doesn't require home sales price disclosure, that information remains confidential. My experience is that the number of luxury homes that sell privately is not large. It's not an insignificant amount but it might be 5% of the upscale homes. Usually, the number each year remains consistent with the MLS market.

Here are the numbers:

Number of Sales at or Above $1 million:
Jan. 1, 2015 - Sept. 20, 2015: 76
Jan. 1, 2016 - Sept. 20, 2016: 84

Average Sale Price at or Above $1 million:
Jan. 1, 2015 - Sept. 20, 2015: $1,456,019
Jan. 1, 2016 - Sept. 20, 2016: $1,425,402

Cumulative Days on Market:
Jan. 1, 2015 - Sept. 20, 2015: 297
Jan. 1, 2016 - Sept. 20, 2016: 295

Sales at or above $2 million:
Jan. 1, 2015 - Sept. 20, 2015: 9 (11.8% of the market)
Jan. 1, 2016 - Sept. 20, 2016: 8 (9.5% of the market)

I'll update this at the start of 2017 to see if the 4th quarter numbers made any difference.

Questions? Contact me at (210) 386-1833, Jason@JasonGlast.com or go to my website at www.JasonGlast.com

Interesting Trends - San Antonio Area Million Dollar & Up Market

San Antonio luxury home sales have been on a yearly upward trend for at least the last 10 years. This is true again so far in 2016 but only in number of sales. The average San Antonio area million dollar homes sale price has declined slightly for the first time in many years. As we head toward the presidential election, it will be interesting to track these numbers.

Year over year, the number of San Antonio area home sales at or above $1 million has increased 10.5%.

The average San Antonio high end home sale over one million dollars this year was $1,425,402. That average home sale price is down 2% from 2015.

Interestingly, though there have been more million dollar and higher homes selling so far this year, a lower percentage of them have sold at or above $2 million than in 2015.

11010 Anaqua Springs in Boerne, Tx, Offered at $1,699,000

These statistics come directly from the San Antonio Board of Realtors Multiple Listing Service (MLS) numbers. It includes sales from January 1 - September 20, 2015 and January 1, 2016-September 20, 2016.

These include sales in Bexar, Kendall and Comal counties including Boerne, Alamo Heights, Terrell Hills, Olmos Park, Hill Country Village, New Braunsfels, Shavano Park and San Antonio.

For each year, I excluded properties that were clearly land sales, farm & ranch, lakefront or coastal properties. For the purpose of analyzing high end San Antonio area homes, I don't want luxury home sales in Port Aransas, Applehead Island, Horseshoe Bay, Lake Travis and more confusing the numbers.

Each year there are a few San Antonio million dollar homes that sell privately. They don't go through MLS. As Texas is the rare state that doesn't require home sales price disclosure, that information remains confidential. My experience is that the number of luxury homes that sell privately is not large. It's not an insignificant amount but it might be 5% of the upscale homes. Usually, the number each year remains consistent with the MLS market.

Here are the numbers:

Number of Sales at or Above $1 million:
Jan. 1, 2015 - Sept. 20, 2015: 76
Jan. 1, 2016 - Sept. 20, 2016: 84

Average Sale Price at or Above $1 million:
Jan. 1, 2015 - Sept. 20, 2015: $1,456,019
Jan. 1, 2016 - Sept. 20, 2016: $1,425,402

Cumulative Days on Market:
Jan. 1, 2015 - Sept. 20, 2015: 297
Jan. 1, 2016 - Sept. 20, 2016: 295

Sales at or above $2 million:
Jan. 1, 2015 - Sept. 20, 2015: 9 (11.8% of the market)
Jan. 1, 2016 - Sept. 20, 2016: 8 (9.5% of the market)

I'll update this at the start of 2017 to see if the 4th quarter numbers made any difference.

Questions? Contact me at (210) 386-1833, Jason@JasonGlast.com or go to my website at www.JasonGlast.com

The Week in San Antonio Luxury Real Estate

Here's what I found interesting in the San Antonio luxury real estate market in the past week.

Under contract:

Three homes in The Estates at Champions Run in Stone Oak are now in active option ranging from asking prices of $850,000 to $1,800,000 including George Mercado's (Crawford Luxury at Portfolio Real Estate) listing of 46 Champions Run. 

133 Thelma, a 7,000 sq ft plus home built in 1929 in Olmos Park listed by Greg Rubiola (South Texas Realty Services) offered at $2,399,000 went under contract.

324 Lilac in Terrell Hills, offered for $1,330,000 by Mary Carter (Kuper Sotheby's International Realty) went under contract after only six days on the market.

New on the Market:

Boerne remains hot...

Three homes in Cordillera Ranch hit the market for more than $2 million including Debra Janes' (Portfolio Real Estate) listing at 227 Sunriver offered at $2,295,000.

Boerne's gated Menger Springs neighborhood is very popular. Kevin Best (Portfolio Real Estate) just listed 611 Menger Springs, new construction by Garner Custom Homes, that will sit on nearly two acres.

For convenience, living inside 1604 is always in demand. After some time off the market to replace carpeting, my "Bali meets Miami" listing at 531 Berwick Town in Bentley Manor is back on the market at $1,599,000. 

531 Berwick Town in Bentley Manor

Price Change:

I think Castle Hills, with it's convenient inside the loop location, huge trees and sizable lots, might be the next big thing. Fox Hall Lane has always been a crown jewel of the area. Carole Tubessing (Phyllis Browning Company) is now offering 115 Fox Hall Lane on 2.64 acres for $1,175,000.

Pending Sale:

403 Rio Cordillera in Boerne's Cordillera Ranch, offered by Patti Nelson (Portfolio Real Estate) at $1,999,000 is one of two homes pending sale in the neighborhood. 

Located inside 1604 with acreage lots, Hill Country Village is near the top of any list of hot luxury addresses. Three homes are pending sale at asking prices above $1,200,000 including 401 Tower Dr. offered by Amber Sahadi (Phyllis Browning Company) for $1,249,000. 

The Dominion has always had a notable celebrity cache to go with its rolling hills and nice country club. My listing at 21 Devon Wood, offered at $1,100,000, is now pending sale. 

21 Devon Wood in The Dominion is Pending Sale

Shavano Park, located inside 1604 with large lots, is very popular with luxury buyers today. Two new construction homes offered by Pam Burdick (Burdick Custom Homes) in Huntington are pending sale with asking prices of $1,985,000 and $2,125,000 and 126 Box Oak, offered at $985,000 in Shavano Creek by Charles Mazinter (Showcase Realty), is pending as well.

Sold this week:

Kevin Crawford (Portfolio Real Estate) sold his listing - offered at $1,150,000 - at 202 Blackjack Oak in Shavano Creek this week. 

Jason Glast, Realtor/Attorney (Portfolio Real Estate) has been a top producing luxury real estate specialist in the San Antonio area since 2003. In 2016, Jason Glast Luxury (Glast and Elizabeth Priest) was awarded Top Luxury Real Estate Team by the San Antonio Business Journal. Visit the Jason Glast Luxury Website

9 Things San Antonio Luxury Buyers Want in 2015

In my last blog, I wrote about how small the San Antonio luxury home market is. Only 4% of homes sell above $500,000 and less than one-half of one percent sell for a million or more.

But, if you are selling a luxury home, how can you put the odds in your favor? If you are a buyer how can you make a good decision for future resale value? There is a very small sample size to analyze but lessons can be learned. Even with so few sales, patterns emerge. So, how can you learn from "The List?"

"The List" is what I call luxury homes that are actively on the market. The few that are chosen by buyers each year made it off The List. An important part of my job is figuring out why. This analysis will focus on the data of homes that make it off The List.  I'll write about the more emotional factors later: Things that make a difference like a great view, big trees and updated finishes.

21260 Fortaleza
Sometimes an amazing view is the reason a house gets off "The List"

I'm going to write about $1 million and higher sales that went through the San Antonio Board of Realtors' MLS. Texas is a non-disclosure state. Unlike nearly every other state, there is no law that forces a seller or buyer to disclose a sales price in Texas. However, most sales, even above $1 million, go through MLS. That's the only way that the real estate industry, the county tax office and the public knows what the sales price is. Though I work a few non-MLS transactions each year, the large majority of sales in all price ranges go through MLS.

I chose not to include homes in places like Horseshoe Bay, Gruene, Canyon Lake, Burnet, Wimberly and Llano. These homes are generally waterfront properties purchased as vacation homes.

There are also sales that are reported in the single family residential MLS that are actually ranches so I excluded them. For example, a "home" sells over $1 million but it has 200 plus acres.

Going back 12 months, there have been 104 sales at or above $1 million.

Here is what luxury buyers want today:

1. Quality public schools

Though many of these buyers will consider private school, the local public schools are important at the very least for future resale.

Four districts dominate the million dollar sales:
Northside: 33
Alamo Heights: 26
Boerne: 21
North East: 14

The high schools with the most million dollar sales attached to them are Clark and Alamo Heights.

2. Neighborhoods with a track record

There aren't many million dollar neighborhoods in San Antonio, so the same areas tend to dominate year after year 

• 30 sales were inside Loop 410 - Alamo Heights, Olmos Park, Terrell Hills and Monte Vista
• 23 sales were north of 1604 in the Northside School District. Includes The Dominion and Anaqua Springs Ranch
• 23 sales were outside 1604, further north in the Boerne School District including Cordillera Ranch
• 16 sales are outside Loop 410 but inside Loop 1604 - Shavano Park including Bentley Manor and Huntington
• 12 were in the area outside 1604 generally knows as Stone Oak including Champions Ridge, Champions Run, Waterford Heights and Sendero Ranch

3. At least 4 bedrooms

Only five sales over $1 million had three bedrooms. None had less than three. But, six or more may be overkill. Just 17 of the 104 Sales had six or more bedrooms.

4. An existing pool

79% of the homes that got off The List have a pool

22 Sanctuary, Inwood Estates
79% of homes sold over $1 million have a pool

5. At least three Garage Spaces EXCEPT inside 410

77% of sales had three or more garage spaces but of the homes that didn't, 87% were inside Loop 410. So, if you are selling your luxury home in the Alamo Heights area, it's not a fatal flaw to have two or fewer garage spaces. 

6. At least half an acre EXCEPT inside 410

77% of sales were on at least a half-acre lot. But, if you are selling or shopping inside 410, know that space is at a premium so lot sizes aren't nearly as large. 22 out of 30 sales inside 410 were on less than half an acre. 

7. Master Bedroom Downstairs

Only 13% of sales had the master bedroom upstairs. Almost all of these were inside 410. 

8. Big Square Footage

64% had more than 5,000 sq. ft. Only 9% had less than 4,000 sq. ft

9. Newer is popular but inside 410 doesn't conform

55% of all sales are less than 10 years old. 57% of sales inside 410 are at least 20 years old.

228 Cloverleaf, Alamo Heights
New construction is popular especially in neighborhoods where it's rare

Jason Glast, Realtor/Attorney, is one of the top selling residential real estate agents in San Antonio. Specializing in the luxury home market, Jason has been named the number one real estate agent and the number one luxury home specialist by the San Antonio Business Journal. Contact him at (210) 386-1833, Jason@JasonGlast.com or visit his website at JasonGlast.com

He is an associate of San Antonio Portfolio Real Estate - KW, a boutique brokerage specializing in the high end San Antonio area neighborhoods including Alamo Heights, Terrell Hills, Olmos Park, Monte Vista, The Dominion, Boerne, Cordillera Ranch, Hill Country Village, Anaqua Springs Ranch, Shavano Park, Bentley Manor, Huntington, Inwood, Elm Creek and Stone Oak.

The Truth About San Antonio Home Sales (Will Set You Free)

527 Berwick Town, Bentley Manor
Sales above $500,000 in San Antonio are a different animal

Today's narrative is that the single family residential real estate market is scalding hot. In San Antonio, the consensus is that less inventory has led to skyrocketing prices. Tales of multiple offers and crazy bidding wars abound. However, when you dig deeper into the numbers, the story becomes more nuanced.

When people ask me how the market is, they nearly always mean "How is the luxury home market in San Antonio?" If someone knows me already, they know that's my career. I list, market and sell luxury homes in and around San Antonio.

Back to the person asking about the market...To drill down even deeper, they usually mean "How is the market for high-end resale homes in Bexar, Kendall and Comal county?" Because they are interested in how much they could get for their home. Guaranteed they have seen in the media, heard from a friend or through another Realtor that it's a big-time seller's market.

I am a naturally optimistic person. I believe there is at least one solution for every problem. However, I'm not a sunshine pumper. I believe in "The Truth Shall Set You Free." Because, when you know the truth, it's much easier to craft a strategy or devise the perfect solution.

So, what's the truth at the end of the 3rd quarter of 2015? I'm not a fan of Nancy Meyers' movies but "It's Complicated."

I heard Dr. Mark Dotzour, former Chief Economist at the Texas A&M Real Estate Center, speak earlier this year and he left me with a quote I won't forget, "If you torture data long enough, it will confess to anything."

That statement resonates strongly with me because of my legal background. When an attorney presents a case, she strives to present the best facts to prove her case while mitigating or burying the negative points for her client. There is opposing counsel working to achieve the same.

But, what if there was no lawyer arguing the other side? What if only one version of the facts was presented? That's exactly what happens with residential real estate data.

The statistics come directly from the San Antonio Board of Realtor's (SABOR) Multiple Listing Service (MLS) data.

SABOR looks at the data and presents it the most positive light to its members and the media. That's part of its purpose so I don't begrudge them that. I'm a member of SABOR myself. But, the local media and national writers (they usually get numbers through the National Association of Realtors) don't have a clue except to recite back the numbers they receive, without in-depth analysis.

8 Arnold Palmer, The Dominion
Sales of homes over $1 million are only one-half of one percent of the market

So, let's examine two ends of the spectrum: Today's market in a relatively strong economy vs. seven years ago at the peak of a recession.

Through September 21, 2015. Strong Economy:
32% of sales are above $250,000
4% of sales are above $500,000
.4% of sales are above $1,000,000

From Jan. 1 - September 21, 2008. Recession Economy:
19% of sales are above $250,000
3% of sales are above $500,000
.5% of sales are above$1,000,000

So, the biggest growth BY FAR in the San Antonio housing market since the recession and today's relative boom time is in the $250,000 - 500,000 category.

And, don't miss the decimal in front of the San Antonio million dollar plus sales. Less than one-half of one percent of all home sales are above $1,000,000.

Sales over $500,000 have essentially remained the same - percentage-wise - for homes in San Antonio. There are more sales throughout all price ranges in 2015 because it's much easier to get loans today than 2008 and the economy is better. That's good news.

But, for owners of homes above $500,000, it's important to understand the small number of buyers that can afford your house. Because then you can solve the problem. Why do those buyers choose the homes they choose? That's a topic I'll write about in upcoming blogs. The Truth will set you free.

101 Powderhorn Trail, Hill Country Village
Amenities like this lighted tennis/sport court can make a difference

Jason Glast, Realtor/Attorney, is one of the top selling residential real estate agents in San Antonio. Specializing in the luxury home market, Jason has been named the number one real estate agent and the number one luxury home specialist by the San Antonio Business Journal. Contact him at (210) 386-1833, Jason@JasonGlast.com or visit his website at JasonGlast.com

He is an associate of San Antonio Portfolio Real Estate - KW, a boutique brokerage specializing in the high end San Antonio area neighborhoods including Alamo Heights, Terrell Hills, Olmos Park, Monte Vista, The Dominion, Boerne, Cordillera Ranch, Hill Country Village, Anaqua Springs Ranch, Shavano Park, Bentley Manor, Huntington, Inwood, Elm Creek and Stone Oak.