Booming Real Estate Market
Residential real estate sales in San Antonio had another record-breaking year in 2004, according to the San Antonio Board of Realtors. Single-family residential sales through the Multiple Listing Server (MLS) through the third quarter of 2004 were 10,914, as opposed to 9,376 through the third quarter of 2003. This figure represents a 16 percent increase. The value of those sales was up 20 percent over 2003.

New Homes Growth
Far west Bexar County is now the fastest-growing area for new residential construction. Subdivisions are popping up everywhere. Surrounded by economic engines like the Texas Research Park to the west, Westover Hills’ business parks to the east and the South Texas Medical Center to the north, homebuilders are raising rooftops from Interstate 10 to U.S. Highway 90. The houses come in many styles and in every price range, from the $60,000s to the $250,000s.

Until recently, the South Side had little to offer in the way of new housing. That has definitely changed, as builders of low- and middle-income houses are buying up land, confident in the South’s newfound buying power. Armadillo Homes is offering houses in the $80,000s near Southeast Military Drive and Interstate 37. KB Home and American CityVista are selling houses in the $70,000s south of South Park Mall in Lago Vista. Other builders now in the South include Choice Homes and Obra Homes.

Moving north around the Loop 1604 arc, the town of Helotes remains one of the last bastions for middle-income families looking for a Hill Country setting before exiting the county line. Crossing north from scenic Grey Forest, visitors find Six Flags Fiesta Texas. And just across, opposite Interstate 10, is The Dominion, where houses are aimed at the affluent.

The North Central corridor, centered by U.S. 281 and Loop 1604, is the second-fastest growing sector. The Stone Oak and Bulverde Creek communities rate as some of the most exclusive properties. Available housing ranges from the $150,000s to more than $350,000.

Apartment Location Services
There are many apartment location services ready to help you find your dream layout and location. Most of these services are free to renters; fees are paid by the apartment complex you ultimately choose. Location services offer move-in specials, relocation resources and guided tours of properties. You can obtain a list of apartment locators by contacting The Chamber at (210) 229-2114.

Property Taxes
Property taxes in San Antonio are based on 100 percent of the current market value of property. The Bexar County Appraisal District conducts appraisals.

The Bexar County Tax Office collects taxes for 37 taxing entities. All property in Bexar County is taxable by the county, by Alamo Community College District, by the University Health System, by the San Antonio River Authority and by the local independent school district. There may also be additional taxes for cities or towns or for special districts, such as municipal utility districts.

For questions on property taxes, call the Bexar County Appraisal District at (210) 224-8511, or visit www.bcad.org

The Right Mortgage
Assumption: Sometimes the seller will allow the assumption of a loan. By assuming a loan, you take full responsibility for paying the mortgage owed by the seller. Assumable loans are becoming hard to find.
30-year fixed: The most popular option, a 30-year fixed mortgage allows you to stabilize principal and interest payments. A major disadvantage is that, over the life of the loan, you pay interest that can add up to two or three times as much as you originally borrowed.

15-year fixed: Pay-off is accelerated, but monthly payments are quite a bit higher than a 30-year fixed.
VA: Generally requires no down payment and is available to those with qualifying lengths of Active Duty, Reserve or National Guard service.

FHA: The Federal Housing Administration offers government-backed mortgage loans through approved lenders. However, the maximum FHA loan is relatively low.

ARM: Adjustable Rate Mortgages offer relatively low interest payments during the first one to seven years of the loan. This can help you qualify for a larger loan amount. However, larger “balloon” payments toward the end of the mortgage’s life can be an unwelcome surprise.
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For current rates and mortgage assistance, contact Jefferson Bank at (210) 734-4311.