HOUSING MARKET – Fort
Hood area home sales were down last year according to figures released by the
Ft. Hood Area Association of REALTORS. In Killeen, Copperas Cove, Harker
Heights, and Nolanville, there were 375 fewer single-family home sales in 2007
than in 2006. The total number of listed home sales was 3,121 last year verses
3,496 in 2006, a 10.3% decrease. The average price of a single-family home sold
here in 2007 was $123,423. The median price was $115,500, meaning that half of
all the homes sold last year were below $115,500.
FORECLOSURES – Between
December 17, 2007 and January 20, 2008, 199 properties were pending foreclosure
in Bell County. Quite a few of these properties are four-plexes. A large number
of these properties had loans that originated in 2006.
REFRIGERANTS – Unless you’ve recently purchased an air conditioning system that operates with the very expensive R-410-A “ozone friendly” refrigerant, your existing system likely uses R-22 freon. We’ve heard rumors from various companies that the cost of R-22 freon is going to skyrocket this year due to limited supply and that a simple service call and 2 pounds of R-22 freon will cost close to $200. These same companies are encouraging property owners to replace their air conditioning systems with new units that operate with R-410A refrigerant instead of repairing their existing units. We did some checking, and found several interesting facts about this subject.
Although the price of R-22 will gradually
increase as the supply dwindles, the EPA specifically planned for the transition
away from R-22 to be gradual with the intent of avoiding major price increases.
Because they are relatively new, R-410A systems are very expensive. Over time,
the cost of these systems will come down as will the price of the refrigerant.
In the interim, if you have to replace your air conditioner, an R-22 system is
still an option, especially if price is a major consideration. R-410A
refrigerant is no more energy efficient than R-22 and is nearly five times more
expensive. When purchasing a new system, you should consider energy efficiency,
performance, and reliability of the product along with overall cost.
LAND EXCHANGE – Recently signed into law, the National Defense Authorization Act for fiscal year 2008 has authorized a land exchange between Ft. Hood and the city of Copperas Cove. The city will receive approximately 125 acres on the south side of US highway 190 in exchange for close to 110 Acres at Clear Creek and Ammo Road. First Advisors, Inc., an Austin developer, is expected to eventually purchase 80 acres of the land that Copperas Cove will receive in the exchange, and develop a full-scale regional, open-air retail center.
“Smoking is one of the leading causes of statistics.” --Fletcher Knebel
David Gerke
CO-Owner/Broker