
Every morning during coffee, after I've run the children out of the kitchen and onto the bus, I browse my hot sheets. The Austin Board of Schmealtors charges me upwards of $1000 a year to have access to the "MLS", a proprietary software program that connects all real estate agents that choose to participate and pay. Agents enter the data into the application and it is available to all real estate brokers that have paid for the service. Every time an individual hires a real estate agent in the area, the agent may choose to place his listing into the MLS and offer a portion of his commission to a sub-agent or the buyer's agent. Hot sheets are lists of homes and properties that have been entered into the system. I run hot sheets every morning to keep a specific eye on the market and look for properties that may have potential for my clients.
Today, I found one that is interesting on several levels. First, it is on Mt. Bonnell road overlooking Lake Austin. Austinintes know Mt. Bonnell as one of the more famous, beautiful points in the city. It offers spectacular views of Downtown and glorious sunsets.
The Mansion has been on the market for 30 days at a price of 3.7 million dollars. Today, the price was slashed almost a million dollars to 2.95 million. That is a reduction of over 20% in only one month. Owner, Joe Moran, is a securities banker with Tejas Securities Group in Austin. Mr. Moran is also, along with Tejas Securities CEO John Gorman and several other Tejas associates, a maximum donor to the Obama Presidential campaign.
On the Tejas website, the company advertises "the firm specializes in the analysis of distressed debt, emerging growth equities and special situation securities." I wonder if this mansion on Lake Austin is considered "distressed debt". I wonder if these bankers are donating to Obama because of his social strategies or his economic strategies. The website claims the Group specializes in "Government and government agency securities and municipal securities."
Those securities must not be selling. Mr. Moran, however, is selling....and at a cut rate price.
The point is to be wary of price de-stabilization in Austin for the next few months. If you must sell, you may want to follow the lead of this high dollar Democratic investment banker, and drop your price 20%.


