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Q32009 Austin Real Estate Market Report
Check out this SlideShare Presentation: For more Housing Trend information, go to: http://WitteHomes.housingtrendsenewsletter.com?Newsletter_ID=246&Period_ID=183
Wednesday, March 17, 2010
Forbes: Austin best economic recovery in U.S. - Austin Business Journal:
While dire news is splashed across the headlines, there is a silver lining for Austin. The Austin/Round Rock area has one of the lowest unemployment rates in the country at 7.6% (up from 7% in Feb) compared to 9.7% nationally. For more information, go to:
Forbes: Austin best economic recovery in U.S. - Austin Business Journal:
Forbes: Austin best economic recovery in U.S. - Austin Business Journal:
Tuesday, March 2, 2010
Expanded 'urban rail' would run through downtown on both sides of Capitol
Route across the river not yet determined in revised plan being presented to City Council.
By: Ben Wear - Austin American Statesman 2/24/10
Downtown Austin would have two north-south passenger rail corridors, a more expansive network than previously envisioned, under a recommendation that City of Austin staff will present today to the Austin City Council.
One route would run north on Lavaca Street and south on Guadalupe Street and another north and south along Congress Avenue and San Jacinto Boulevard. The two corridors would be linked at Fourth, 17th and 18th streets.
A single rail line would cross Lady Bird Lake between South First Street and a point several blocks east of Congress Avenue, but the city is not ready to recommend a specific crossing route.
The rail plan includes about 40 more blocks of streetcar or light rail tracks than versions of the plan circulated over the past several years — including a line on San Antonio Street west of the UT campus.
"That's going to have a cost. Then the politicians will have to take that" and determine what is possible, Spillar said.
A cost estimate on the recommended system probably will not be available until April, Spillar said. The City Council would approve or amend the routes some time later in the spring, at the earliest.
Route across the river not yet determined in revised plan being presented to City Council.
By: Ben Wear - Austin American Statesman 2/24/10
Downtown Austin would have two north-south passenger rail corridors, a more expansive network than previously envisioned, under a recommendation that City of Austin staff will present today to the Austin City Council.
The proposed rail system — which would be in addition to Capital Metro's commuter rail line scheduled to open next month — would link the Mueller development in East Austin to the University of Texas to downtown to the airport.
One route would run north on Lavaca Street and south on Guadalupe Street and another north and south along Congress Avenue and San Jacinto Boulevard. The two corridors would be linked at Fourth, 17th and 18th streets.
A single rail line would cross Lady Bird Lake between South First Street and a point several blocks east of Congress Avenue, but the city is not ready to recommend a specific crossing route.
The rail plan includes about 40 more blocks of streetcar or light rail tracks than versions of the plan circulated over the past several years — including a line on San Antonio Street west of the UT campus.
A related bond issue could go to voters as early as November, but city Transportation Director Robert Spillar said a new — and likely much higher — cost estimate is not yet ready.
Consultants had previously estimated that a single-route system would cost $625 million in 2008 dollars.
Consultants had previously estimated that a single-route system would cost $625 million in 2008 dollars.
Spillar said the city wants to avoid downtown rail gridlock of the sort Dallas is now experiencing, with several rail routes converging on a single line. Spillar said it is easy to envision a future rail system with legs going north on North Lamar Boulevard, northeast toward Hancock Center, south on South Congress Avenue and southwest along South Lamar Boulevard, each with several trains an hour arriving in the central business district.
"That was the real ah-ha moment we had," Spillar said. "We need to make sure we have the capacity downtown to handle all of a future system."
In addition, Spillar's staff and its consultants have been studying the city's overall future transportation needs, and today he will tell the council about several road "projects of high interest" that should be addressed in the next few years.
Those projects on the state highway system run by the Texas Department of Transportation — including improvements to the U.S. 290/Texas 71 "Y" at Oak Hill, an added toll lane in each direction on MoPac Boulevard (Loop 1) north of the river, and upgrades to U.S. 183 in East Austin — could require tens of millions of dollars in city contributions to get them done sooner than TxDOT otherwise could, Spillar said.
City officials have said their plan is to use local money to pay for all of a first segment of urban rail in downtown, simultaneously initiating the lengthy process of asking for federal transit grants for the rest of the project. The north and south end points of that initial segment would depend on how much local money the city could aggregate from a bond election, the county, the state or any other sources.
The city, which typically has a bond election every five years or so, in 2006 put $567 million in bonds before voters for all city needs, including $103 million for transportation. Voters approved all seven propositions that year.
Given limits on city indebtedness, Spillar acknowledged that there is a "practical limit" on how much could be spent on the first segment of an urban rail system. However, he said, "we don't know what that practical limit is yet. Staff's responsibility is to tell council what the right first part of the system is."
"That's going to have a cost. Then the politicians will have to take that" and determine what is possible, Spillar said.
A cost estimate on the recommended system probably will not be available until April, Spillar said. The City Council would approve or amend the routes some time later in the spring, at the earliest.
The key decision in this whole process is likely to come this summer, when the council would consider whether to call a November transportation bond election to possibly include both rail and road projects.
Tuesday, February 9, 2010
Travis Country West - Going, Going, GONE!
Open House Saturday, February 13, 2010 from 3PM - 4PM. The homes in Travis Country West are selling FAST, so hurry!
For Sale: 4BR/2+1BA Single Family House in Austin, TX, $348,000
For Sale: 4BR/2+1BA Single Family House in Austin, TX, $348,000
Monday, February 1, 2010
Thursday, January 21, 2010
Austin's GMP growth top in nation
(Austin Business Journal) 1/11/2010
The Austin economy has grown more than those of any of the largest 100 American metros during a period when 95 percent of those metro economies contracted, according to a December Brookings Institution report.
Austin’s gross metropolitan product — or GMP, the value of goods and services produced — expanded by 2 percent from the end of fiscal 2008 until now. The average U.S. metro area saw its GMP decline 2.4 percent.
GMP accounts for a lot of things. It is not just exports. It is income growth, consumer spending, business investment.
Income in Austin has grown by about 35 percent in the past decade, which fuels more consumer spending. Since the end of fiscal 2008, income has grown by about 1 percent, according to data from IHS Global Insight.
Top five for GMP growth
1. Austin — 2%
2. Washington, D.C. — 1.6%
3. McAllen, Texas — 1%*
4. Virginia Beach, Va. — 0.7%
5. San Antonio — 0.5%
(Austin Business Journal) 1/11/2010
The Austin economy has grown more than those of any of the largest 100 American metros during a period when 95 percent of those metro economies contracted, according to a December Brookings Institution report.
Austin’s gross metropolitan product — or GMP, the value of goods and services produced — expanded by 2 percent from the end of fiscal 2008 until now. The average U.S. metro area saw its GMP decline 2.4 percent.
GMP accounts for a lot of things. It is not just exports. It is income growth, consumer spending, business investment.
Income in Austin has grown by about 35 percent in the past decade, which fuels more consumer spending. Since the end of fiscal 2008, income has grown by about 1 percent, according to data from IHS Global Insight.
Top five for GMP growth
1. Austin — 2%
2. Washington, D.C. — 1.6%
3. McAllen, Texas — 1%*
4. Virginia Beach, Va. — 0.7%
5. San Antonio — 0.5%
Foreclosures show signs of easing
(Austin American-Statesman) 1/15/2010
Austin area foreclosure postings rose just 2 percent for the February auction from a year earlier, the smallest increase in months. According to Foreclosure Listing Service Inc., 1,286 properties were posted for the Feb. 2 auction, up from 1,261 a year earlier. It was the lowest level in five months.
Postings were up 32 percent in Travis County from a year earlier and up 13 percent in Williamson County. They fell 7 percent in Hays County and 31 percent in Bastrop.
George Roddy Sr., president of Foreclosure Listing Service, said the trend was encouraging, but cautioned that “a change for one month does not establish a new trend. We will just have to wait and see what happens next month.”
The Travis County postings include repeat postings on a number of high-profile commercial properties, according to Real Estate Foreclosures Inc. in San Antonio. They include the stalled Star Riverside condominium development on East Riverside Drive and the Avana housing development in South Austin.
The list also includes the bankrupt $192 million Hill Country Galleria in Bee Cave. A private auction was conducted for the mall. The outcome is not expected to be public until next week.
(Austin American-Statesman) 1/15/2010
Austin area foreclosure postings rose just 2 percent for the February auction from a year earlier, the smallest increase in months. According to Foreclosure Listing Service Inc., 1,286 properties were posted for the Feb. 2 auction, up from 1,261 a year earlier. It was the lowest level in five months.
Postings were up 32 percent in Travis County from a year earlier and up 13 percent in Williamson County. They fell 7 percent in Hays County and 31 percent in Bastrop.
George Roddy Sr., president of Foreclosure Listing Service, said the trend was encouraging, but cautioned that “a change for one month does not establish a new trend. We will just have to wait and see what happens next month.”
The Travis County postings include repeat postings on a number of high-profile commercial properties, according to Real Estate Foreclosures Inc. in San Antonio. They include the stalled Star Riverside condominium development on East Riverside Drive and the Avana housing development in South Austin.
The list also includes the bankrupt $192 million Hill Country Galleria in Bee Cave. A private auction was conducted for the mall. The outcome is not expected to be public until next week.
Tuesday, January 12, 2010
3606 Abbate Cir, Austin, TX | Powered by Postlets
$10,000 PRICE REDUCTION - LESS THAN 5 MI TO DT AUSTIN
3606 Abbate Cir, Austin, TX Powered by Postlets
3606 Abbate Cir, Austin, TX Powered by Postlets
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