No question the recession, as it has affected San Antonio. is showing definite signs of easing. Home prices, though slowly rising in appreciation are still affordable, and unemployment figures are slowly dropping.

As to foreclosure sales in San Antonio as of the latest statistics available at this time –and subject to continuous fluctuation- there are 4,401 foreclosures on the market offered at a median price of $93,738, down 0.8% from February.

The Foreclosure Process

• Pre-foreclosure: In pre-foreclosure the bank has served notice that the mortgage is in default, and the borrower is given a specific time to bring the mortgage payments up to date or face eviction and loss of the property (foreclosure.) During this time the property owner still has time to “cure” the default or enter into negotiations with a buyer. If the owner has sufficient equity in the property, the buyer may be able purchase the property from a “motivated” seller at a considerable discount

• Public Auction: Foreclosed property purchased at public auction can offer real bargains and real risks as well, unless the potential buyer has had a chance to title search, examine the property condition, etc. Public auctions can be tempting for would-be investors, but unless one has the knowledge and experience required there can be many pitfalls.

• Properties repossessed by the bank (REO) due to a mortgage default are resold to recover the loan amount due. These properties generally will have needed maintenance and repair and title clearance taken care of by the lender. Although not always the rule, REOs can sometime be purchased as a “short sale” meaning the property is offered for sale at a lower price than the amount still owed the bank. Negotiation outcomes are variable, depending on the particular property and prevailing market conditions

A multipurpose building project for Texas A&M University-San Antonio was approved on Friday, March 26th. The project is scheduled to begin in April, and planned for completion by July, 2011.

The building will occupy 700 acres of land between Zarzamora and Moursund Roads on the south side of Loop 410. The 91,000 square foot building will house the University library, the bookstore, student services, classrooms, faculty, administrative offices, a computer center, labs, and a food service facility.

Despite a slowly recovering economy, San Antonio expects to see a moderate increase in new construction (about 6 percent) in 2010, mostly public works and utility projects.

• More Real Estate Happenings Around Town

• Fort Sam Houston: A multimillion dollar contract has been awarded to the M.A. Mortenson Construction Company (based in Minneapolis) to build a new headquarters building at the Fort for the Army Installation Management Command (IMCOM).

• The San Antonio Shopping Center: Dating back to the 1950’s the San Antonio Shopping Center, located on El Camino Real, at San Antonio Road is one of the largest of its kind in Mountain View, and long due for modernization. A modernization and expansion is scheduled for startup in June or July, 2010. The project was awarded to the San Francisco based developer Merlone Geier Partners, and is expected to generate some 700 construction jobs and about 600 permanent jobs after its expected completion in a year to year-and-a-half.

• The coming summer should see the grand opening of two high-profile luxury condominium projects in San Antonio; the Broadway, located at the corner of Hildebrand Avenue and Broadway, adjacent to Alamo Heights, and the Alteza, atop the Grand Hyatt in the heart of downtown. These super luxury condo homes will range in price from approximately $300,000 for a one bedroom, to over three million for a penthouse

San Antonio boasts a dynamic economy and a thriving housing market. In particular, San Antonio’ s luxury housing market is showing signs of excellent growth, thanks to an exceptional supply of luxury homes on the market.

San Antonio luxury homes can be found in any number of luxury neighborhoods, including Olmos Park, Alamo Heights, the Dominion and Terrell Hills, just to name a few. From expansive lots to architecturally significant – and sometimes historic – homes, real estate in San Antonio is exquisite.

For many, it is no secret that the San Antonio luxury housing market is generally dynamic, given that the San Antonio economy continues to grow. From business and high-end corporate relocation to retirees heading where the weather is temperate and the sky is blue, it’s certainly no wonder why the housing market continues to grow at a healthy rate. Combine that with the excellent work force in Houston and the many business and employment opportunities available in a wide variety of sectors, and it becomes clear that San Antonio is poised for an excellent future.

If you are in the market for San Antonio luxury homes, you may be quite surprised to learn that luxury is now reaching a whole new level. San Antonio luxury homes with granite countertops, whirlpool tubs and steam showers are the norm; in fact, you can often find these features in moderately priced homes throughout San Antonio. It’s the newest trends in luxury homes that will knock your socks off:

• Spa-inspired bathrooms – Don’t expect the usual jetted tub and double vanity when you begin your search for San Antonio luxury bathrooms; instead, expect a spa experience. Today’s luxury homes now have such four-star-hotel-inspired themes as oversized saunas, vertical spas, towel warmer drawers, and heated floors. You can also expect eco-friendly touches, such as nontoxic building materials and natural building materials. Most master suites will feature oversized spa bathrooms; many of which are as big as the bedrooms themselves.

• Smart homes – Today’s San Antonio luxury homes are decidedly “smart,” as they integrate technology into every conceivable area of the home. From security systems to home automation, expect to control nearly every area of your luxury home with the touch of a button. Expect the price tags for these smart systems to hover in the $40,000 range.

• Sustainable environments – From super energy-efficient windows and doors to eco-friendly flooring and water-conserving faucets, expect today’s luxury homes to keep a close eye on the environment, and the impact that homes have on it. Think glass, metal and stone instead of plastic, for example, or forest service-certified wood and chemical-free glues.

• Indoor/Outdoor living spaces – With the trend of staying home instead of vacationing away comes a renewed interest in indoor/outdoor spaces. Don’t, however, expect these spaces to be ho-hum. Expect expansive, floor-to-ceiling windows that completely open to reveal an outdoor living space, as well as outdoor gourmet kitchens with stainless steel grills, granite countertops, and wine coolers, just to name a few.

San Antonio luxury real estate has plenty to offer, and plenty of upscale neighborhoods in which to choose from. From Alamo Heights and Terrell Hills to Olmos Park and the Dominion, San Antonio luxury real estate is certainly in no short supply.

One of the most important homes in a luxury home is the kitchen, so it only makes sense that some of the newest trends in San Antonio luxury real estate can be found in the kitchen.

Here are some of the newest trends in the kitchens of San Antonio luxury real estate:

• Countertops – Bland laminates have given way to exotic cuts of granite, sleek concrete and even glass. What you can expect from luxury kitchen countertops is the unexpected. It seems as if the trend in luxury kitchens is both striking and bold.
• Work stations – Luxury kitchens of today are multi-purpose, so it comes as no surprise that they feature loads of working space, such as built-in desks, center islands, bar and beverage centers, and baking workstations, just to name a few. Along with workstations comes loads of storage, so expect your storage options to be plentiful if you purchase a luxury home with an updated kitchen.
• Kitchen cabinets – The kitchen cabinets of today’s San Antonio luxury homes can be sleek and contemporary or bold and ornate. What is commonplace about cabinets, however, is there custom design and superb construction. You can expect kitchen cabinets of today to be constructed from everything from bamboo and stainless steel to pecan and other exotic woods.
• Appliances – Don’t expect run-of-the-mill appliances in today’s luxury home kitchens. Instead, it is quite common to see appliances that perform double-duty: refrigerators that chill at a variety of temperatures and humidity levels; ovens with warming drawers and convection capabilities; and built-in wine coolers and deep freezers.
• Electronics – The kitchens of today’s San Antonio luxury homes are wired, so it only makes sense that many of them boast such extras as computer workstations, sound systems and flat-screen televisions. In addition, expect all appliances to include electronic controls for even more customization.

There are still plenty of San Antonio foreclosure deals on the market, but how do you find them?

Looking for San Antonio foreclosures are typically not advertised as foreclosures, thereby making the process of finding foreclosed or pre-foreclosed properties quite difficult. However, there are a number of resources that you can use to find San Antonio foreclosure deals:

• Public records – Foreclosures must be recorded with the country clerk through your county recorder’s office. Luckily, this information is public record and can be accessed by anyone. You can find most San Antonio foreclosure deals simply by searching for Notice of Defaults at the county recorder’s office. Other terms that may tip you off to a foreclosure or pre-foreclosure are Lis Pendens or a Notice of Sale. Searching for San Antonio foreclosure deals through your county recorder’s office should not cost you anything.
• Online – There are a number of online resources that can direct you to San Antonio foreclosure deals. Most of the websites and search engines that list foreclosures charge a fee to view them. There are many foreclosure websites that list both national, regional and local foreclosure listings, so search these sites to find the one that best suits you and your searching needs.
• Newspapers – All notices of sale must be published in the newspaper under Notice of Sale. Search under the Public Notice section of your newspaper to find San Antonio foreclosure deals.
• Use VIP Realty and receive timely updates on all foreclosure listings that meet your requirements! No searching required!

Before searching for San Antonio foreclosure deals, make it a point to educate yourself on the process. San Antonio foreclosure deals can present unique opportunities, but they also come with their own share of challenges and detours.

Purchasing a foreclosure can be tricky in terms of making an offer and closing on the home, so it is always best to find a real estate agent who is qualified in closing on foreclosure properties. Also, don’t expect to close immediately on a foreclosure, as the banks often take their time accepting offers and closing on their foreclosure properties.

However, in the end, you can find some great deals on San Antonio foreclosures if you keep your eyes open for special opportunities.

This looks like a promising year for Bexar County, in terms of homebuilding. In fact, coming off of the last few years of dismal homebuilding statistics for Bexar County, Bexar County activity appears to be heading toward a very positive year.

Homebuilding Levels in Free Fall during Recent Years

Let’s first look at the fact that, since 2006, homebuilding in North Texas fallen 70 percent. Yep, that’s right: 70 percent. According to the recent statistics, homebuilding in North Texas is the slowest it’s been in more than 20 years.

With all this doom and gloom you’d think that there wasn’t a bright spot to be found; but, instead, it looks as if the Bexar County activity is quite strong. The Dallas-Fort Worth and the Houston markets were ranked as the top two building markets in 2009. In 2009, Houston posted 22,360 building permits and the Dallas-Fort Worth area has 14,130 last year. Other cities to make the list of top building markets for 2009 include: Austin, San Antonio, Washington, D.C., Phoenix and Atlanta.

Building Permits on the Rise

Although homebuilding permits are up in Bexar County and in North Texas, jobs are another issue. In 2009, the state of Texas lost almost 300,000 jobs. Amazingly, though, this number is small compared to other markets across the country.

The stronger economy across Texas, including Bexar County activity, has therefore boosted the need for homes.

A Shorter Supply of Homes on the Market

As of the last quarter of 2009, all major markets across Texas had about a six-month supply of homes for sale; compare that to the national average of 10 months and it’s easy to see that this area of the country is leaps and bounds ahead of other areas in terms of employment and housing activity.

In fact, many real estate experts are predicting that many of the markets in Texas will experience a housing shortage as the year draws on.

Some builders are increasing their construction efforts as a result of this positive news, although there are still many builders who are being cut off from financing, thereby making the job of filling the demand for new homes quite difficult. This is especially true if employment growth picks up later this year, as many experts are predicting.

There seems to be a trend in today’s luxury homes that simply keeps getting better: the outdoor kitchen.

In fact, many of today’s luxury homes are sure to feature the finest outdoor living spaces, complete with a fantastic outdoor kitchen.

Going Back Home: Entertaining at Home

There has been a shift in living over the last few years that has highlighted the popularity of outdoor kitchens. In short, many individuals are not heading out to find entertainment; they are finding it in their own backyard. Gathering with friends and family has taken on an all-new importance, and the home is the place to be.

Today’s affluent homeowners realize that an outdoor kitchen is simply an extension of home entertaining and, as such, many of today’s Alamo Heights’ luxury homes are boasting these outdoor living spaces; and the outdoor kitchen is, without a doubt, the centerpiece to any outdoor entertaining space.

High-Style Heads Outdoors

One of the best things about today’s outdoor kitchens is that homeowners can have all the bells and whistles that they expect in their indoor kitchens.  It is also quite common to see Alamo Heights’ luxury homes flaunting some high style in their outdoor kitchens.

As a result, many of the outdoor kitchens found in Alamo Heights’ luxury homes are beautiful, functional and quite suited for entertaining. Best of all, they are durable in design to withstand the weather conditions.

When only the Best will do

What does an outdoor kitchen have to offer? For starters, you can kiss your basic charcoal grill good-bye and say hello to everything from built-in refrigerators and weather-resistant cabinetry to bar systems and built-in cook tops.

But it doesn’t end there, either, as entertaining has become just as important as design in today’s outdoor kitchen. It is therefore not uncommon to see such features as plasma televisions, surround sound systems, fire pits, professional freezers and heating systems.

The common theme of today’s outdoor kitchens is that you can entertain just as easily outside as you can inside; and the many bells and whistles will certainly make the process much more enjoyable!

The courthouse steps of Bexar Country have seen a lot of activity over the past year. Foreclosure auctions, unfortunately, have become an all-too-common occurrence, not only in Bexar County, but throughout most of the country.

Looking ahead, it is expected that mortgage lenders will be coming in to take back 1,652 properties throughout Bexar County in January alone. This will likely be the highest total on record and also a clear indication that Bexar County may not be out of the woods just yet when it comes to foreclosures.

Foreclosures at Record High

This hard news is even harder to take, considering that 2009 was a quite the dismal year for real estate in Bexar County.  In fact, the total numbers of properties that fell into foreclosure in Bexar County during 2009 was an astonishing 14,000, which is the highest number of foreclosures in Bexar County in nearly 20 years.

For many analysts and economists, this type of grim news makes it hard to see the silver lining in the real estate industry; but it is there, we just might have to look a bit harder for it.

Who’s in Jeopardy of Foreclosure

Because many homeowners’ adjustable rate mortgages that they took out in 2004 to 2006 are due to reset, the number of foreclosures is expected to continue well into 2010. However, the low interest rates may just be the industry’s saving grace amidst all of this doom and gloom.

Although the homeowners who secured adjustable-rate or interest-only mortgages a few years ago are falling onto hard times, it appears that the homeowners who purchased homes since then are having more luck hanging onto their homes.

Many homeowners struggling with interest-only mortgages, for example, often find themselves in an “upside down” situation; in other words, they can’t even sell their homes because they owe more on them than what they are worth.

Nationally, 23 percent of the properties across the nationwide were in this precarious position, while just 11 percent of Texas homes were underwater.

One of the problems with identifying when the foreclosure crisis in Bexar County will come to and end is that many lenders have offered moratoriums on foreclosures; unfortunately, this is often simply delaying the inevitable.

The real estate catastrophe of 2009 has given way to a bit of a hangover syndrome, with everyone from buyers and lenders to home builders dusting themselves off and looking forward to 2010 to begin posting gains.

Returning to Normalcy

The real estate market in San Antonio, including the luxury real estate market, seems to be returning to a bit of normalcy, much to the relief of sellers and home builders everywhere.

The signs of recovery really took off in November, when sales jumped 52 percent from a year earlier. In fact, more than 1,500 San Antonio homes were sold in November, compared to just 1,000 in November 2008. This recent spike in sales has left the market on the same playing field as before the market began to peak.

Reasonably Priced Homes are a Hot Commodity

Although the luxury real estate market in San Antonio hasn’t fully recovered, mainly because many buyers still can’t secure jumbo loans through lenders, the market for reasonably priced homes – especially those under $250,000 – is fairing quite well. In fact, the numbers reflect quite a normal market for San Antonio.

The roller coaster ride of the peak market in 2005 and 2006, as well as the subsequent crash in 2008, appears to have subsided and a steady stream of activity has taken its place.

Consumer confidence is beginning to return and, along with it, real estate transactions are rising.

Luxury Real Estate still has its Challenges

Luxury real estate in San Antonio, although improving alongside more reasonably priced real estate, has its share of challenges, including the fact that homes in this price point remain on the market much longer than lower priced homes.

With interest rates still very attractive, and the with the extension of the Homebuyer Tax Credit, analysts feel very confident that sales throughout the San Antonio real estate market will remain strong throughout 2010.

After the dismal 2009 we are all looking to move on and look ahead to new real estate opportunities in 2010.

So, the question is: what are your real estate resolutions? A recent study conducted by Move.com found that there are a lot of resolutions to be found across America:

• Nearly 18 percent of individuals who answered the Move.com survey said they hope to become first-time homeowners in 2010. If you are among that 18 percent, consider this: rates continue to be near historic lows; there is a nice supply of Champion’s Ridge homes on the market; and the first-time homebuyer tax credit has been extended into April 2010. It seems that all of the pieces of the real estate puzzle are coming together for many soon-to-be first-time homebuyers.
• About 15 percent of the people surveyed by Move.com say that one of their top real estate resolutions is to work towards saving for their first home. The start of the New Year may be the ideal time to re-evaluate your budget and your financial goals and to work toward saving more each month. Make a budget, stick to it and watch your savings grow.
• Nearly 40 percent of those surveyed say that home improvements top their list of things to do. With low interest rates on home equity loans, now may be the time to tackle those much-needed renovations on your piece of Champion’s Ridge real estate. Best of all, the interest paid out on your home equity loan can be deducted on your federal taxes.
• About nine percent of the individuals in the Move.com survey reported that their real estate resolution for 2010 is to work on improving their credit score. Take the initiative and order a copy of your credit report from all three credit reporting agencies (you can order a free copy once a year from all three credit agencies). Take the time to review your credit report and to become current on all your debts. If you notice any discrepancies or errors on your report, immediately contact the credit reporting agency and submit a claim. Don’t waste time getting these matters resolved, as they can often greatly affect your credit score.