The real estate market nationwide has suffered for more than a year. Every day, we hear about more foreclosures on residential and commercial properties. There are some markets that have not been affected as harshly as others. Austin is just such a place. Though the market has certainly slowed during the last couple of years, [...]
The real estate market nationwide has suffered for more than a year. Every day, we hear about more foreclosures on residential and commercial properties. There are some markets that have not been affected as harshly as others. Austin is just such a place. Though the market has certainly slowed during the last couple of years, it has not been as detrimental here as in comparable cities nationwide. People are moving here because Austin still offers jobs with security and the median home price remain affordable.
November and December of last year were the slowest sales months in Austin. The median home price has been steadily declining throughout the real estate crisis. Austin homes have not lost all value because the area has never boomed like cities in Florida or California, where the market crisis has hit the worst. While homes have lost some value, most mortgages here are still representative of a home’s value. The most difficult hump to get over in Austin has been the number of properties for sale. The supply has outweighed the demand for several months. That number began to decline in November of last year. Local realtors believe this is a good sign for the local market. This year is expected to be the beginning of the end for the real estate market woes.
The average price in Austin for the month of January was around $320,000. This is up from $314,000 the same time last year. The average actual sold price was about $265,000 as recently as February 14th. New listings are down by 14%, while pending sales increased by about 8%. Homes sold decreased by a staggering 43.24% when compared to January 2008. As the supply decreases, the demand will continue to rise and the market should begin to stabilize.
The Austin City Council is now accepting applications for the Neighborhood Partner Program. This new initiative is expected to get underway this fall, and offers the chance for Austin neighborhoods to receive funds from the city for small projects and improvements in return for volunteer labor on those projects. Essentially, the city will [...]
The Austin City Council is now accepting applications for the Neighborhood Partner Program. This new initiative is expected to get underway this fall, and offers the chance for Austin neighborhoods to receive funds from the city for small projects and improvements in return for volunteer labor on those projects. Essentially, the city will provide the funding and Austin neighborhood groups will provide the sweat equity to install new playgrounds, bike paths, or other small-scale projects that will enhance the quality of life in the neighborhoods.
According to city council members, the Neighborhood Partner Program is not intended to replace the regular maintenance, repairs, and upgrades to Austin’s existing parks and public areas. Instead, this project will allow neighborhoods to take a more active role in determining what improvements and additions would benefit their areas most, and then participate in the process of bringing those improvements to fruition.
The Neighborhood Partner Program application process is simple. Neighborhood groups like churches, Boy Scout Troops, homeowners associations, and others can present their proposal to the Austin City Council for evaluation. Projects costing under $75,000 require that the neighborhood group cover 40% of the expense through donations of money, labor, or materials; the city anticipates about ten projects of this size for the upcoming fiscal year. For improvements costing over $75,000 but less than $150,000, the groups would only need to provide 25% of the cost for an approved project; anywhere from four to seven projects of these size may be included in the budget for next year. Proposals over $150,000 will not be considered under the Neighborhood Partner Program, but may be evaluated by the Austin City Council for further action.
The Austin City Council has indicated that it intends to spend the available funds for the Neighborhood Partner Program as equitably as possible across the city. The city council intends to promote the program extensively to neighborhood groups in order to ascertain the level of interest and to attract the best possible projects for the initiative. Money is expected to be available for distribution through the Neighborhood Partner Program sometime after October 2010 when the new city budget goes into effect.
The city of Austin is expanding its efforts in the green energy field and creating a new paradigm that may influence how future cities provide power to their residents across the country and around the world. Austin Energy is now focusing its efforts on the Pecan Street Project, a nonprofit organization that encompasses not [...]
The city of Austin is expanding its efforts in the green energy field and creating a new paradigm that may influence how future cities provide power to their residents across the country and around the world. Austin Energy is now focusing its efforts on the Pecan Street Project, a nonprofit organization that encompasses not only the electric utility but also the Austin Chamber of Commerce, the Environmental Defense Fund, and the University of Texas at Austin, making this a multilateral effort to change the way Austin residents power their homes and businesses.
Austin is nationally noted as a leader in the green energy movement, with Austin Energy at the forefront of many major initiatives including offering groundbreaking solar energy incentives for residents and providing access to low-interest loans for solar panel installations. Centered on the Mueller neighborhood in east Austin, the Pecan Street Project is Austin Energy’s newest and most ambitious experiment in sustainable energy; simply put, the project is intended to test the viability and effectiveness of a variety of different conservation and renewable energy techniques in order to construct an overall plan for Austin’s energy future.
Currently the Pecan Street Project is recruiting volunteers from the residential and commercial community to take part in a variety of energy-saving and environmentally responsible initiatives that are intended to demonstrate the economic benefits of green living. These projects include energy production through solar panels, smart appliances, green landscaping projects, and smart electrical metering processes that allow the utility to even out energy demands and provide power more efficiently. The ultimate goal for Austin Energy is to reduce energy costs and provide more energy through renewable sources like solar panels and other methods. Some analysts believe that this will allow Austin Energy to provide electricity at a fixed monthly rate, allowing their customers to better plan their energy expenditures and reducing costs overall.
Austin Energy already provides many of its consumers with environmentally friendly ways of reducing their energy costs and lessening their carbon footprint; in recent years, over 1,000 solar power panels have been installed atop Austin residences and commercial buildings in cooperation with Austin Energy. This commitment to green, renewable energy has made Austin a role model for other cities in implementing new environmentally sound energy initiatives. The Pecan Street Project further cements Austin’s status as an innovator in municipal green energy policy.
Shoal Creek Condos at 8500 Shoal Creek Blvd offer the perfect combination of deluxe office space and outstanding location. The garden units feature plenty of natural light and are available in a range of sizes from 400 square feet to 10,000 square feet, making the development a desirable choice for small to medium businesses. [...]
Centrally located office condos for a reasonable price
Shoal Creek Condos at 8500 Shoal Creek Blvd offer the perfect combination of deluxe office space and outstanding location. The garden units feature plenty of natural light and are available in a range of sizes from 400 square feet to 10,000 square feet, making the development a desirable choice for small to medium businesses. Ample parking and easy access to bus lines ensure that the office condos receive a good amount of foot traffic, and a variety of restaurants, coffee shops supermarkets, and general merchandise stores are located nearby for the convenience of company staff.
Office condominiums offer significant advantages to businesses. Tax deductions for interest paid can amount to serious savings over the life of the loan, and purchasing rather than leasing allows the company to increase the value of its investment over time, rather than simply paying out money with no corresponding gain in capital. The garden office condos at Shoal Creek are especially advantageous, since they benefit from an excellent location and are reasonably priced, allowing companies to gain a foothold in the desirable Shoal Creek Boulevard area. Despite recent housing downturns, the commercial real estate market in Austin has remained robust, so the properties at Shoal Creek represent a considerable bargain for companies looking to expand into the area.
The office condos themselves are ready for buyers to finish and customize to their own exact specifications and include initial plumbing lines and electrical service. The buildings feature 24-hour access by keycard and lush landscaping and green space, with an elegantly appointed lobby and common area. The exterior has been remodeled to give an updated, fresh look to the buildings. Expansive windows give a spacious feel to even the smaller offices, and separate units can be purchased together to create suites of office space, allowing additional flexibility and utility for business. Many of the suites feature the same distinctive brickwork that characterizes the exterior, adding visual interest and additional options for interior decor. A few offices are already fully-finished and in move-in condition for companies in need of space immediately.
These exclusive garden office condos offer a desirable location at an affordable price, making them an attractive investment for smaller companies or businesses looking to expand into the Austin area. Many units feature direct access from outside; some units with direct lobby access are still available as well.
According to the Forbes Business Journal, Austin is tied for first place as the metropolitan area showing the most signs of economic recovery; Washington, D.C. was the other first-place contender. This is in line with 2009 estimates by Forbes that Austin was positioned for a swift rebound; financial analysts predicted at that time that Austin’s [...]
According to the Forbes Business Journal, Austin is tied for first place as the metropolitan area showing the most signs of economic recovery; Washington, D.C. was the other first-place contender. This is in line with 2009 estimates by Forbes that Austin was positioned for a swift rebound; financial analysts predicted at that time that Austin’s economy would grow by $5 billion before 2011. Austin’s speedy recovery was attributed to its strong government sector; as the capital of Texas, Austin benefits significantly from stable government employment in the area.
Austin tops in economic recovery
Aggressive moves to attract new companies by both the city of Austin and the state of Texas have also provided additional employment opportunities. The Austin area has attracted several new employers in recent years including the Hanger Orthopedic Group; Austin is currently in negotiations with Facebook to open an office, as well. Austin’s historically strong education, healthcare, and green technology sectors have ensured that unemployment rates in the metropolitan area remain lower than the state and national average.
Recent figures indicate that Austin’s employment picture continues to improve. Job growth in Austin over the past two years approached one percent, the best in the nation; while this growth rate may seem small, it’s worth noting that over the same period the United States as a whole lost jobs and saw unemployment rates skyrocket. In fact, Austin’s employment picture is expected to improve even more over the next three years, with jobs in the area increasing by approximately eight percent overall.
One major factor in the stability of the Austin economy is the housing market. While other regions experienced serious declines in property values and increases in foreclosures and unsold homes, homes in Texas retained almost all of their initial value and demand for these homes remained high throughout most of the industry crisis. Most analysts credit reasonable real estate pricing and lack of overbuilding for Austin’s relative stability and economic performance; because Texas real estate prices were never overinflated due to real estate speculation, the collapse of the housing bubble had little effect on the area.
These recent figures and predictions spell good news for the Austin real estate and business community. Increased growth and employment is expected to bolster the commercial and residential real estate market and boost new construction, creating still more jobs and growth in the area. This synergy will maintain Austin’s position as one of the best cities in the nation in which to live and work.
Recent figures from the Mortgage Bankers Association suggest that the worst of the housing industry downturn may be over. For the first time in three years, fewer homeowners are falling behind on their mortgage payments; this spells good news for mortgage lenders as well as borrowers. While economists hesitate to say that the worst is [...]
Recent figures from the Mortgage Bankers Association suggest that the worst of the housing industry downturn may be over. For the first time in three years, fewer homeowners are falling behind on their mortgage payments; this spells good news for mortgage lenders as well as borrowers. While economists hesitate to say that the worst is over, the reduction in new delinquencies is generally regarded as a positive sign by housing industry experts and real estate agents throughout the country. Even in Austin, where housing prices remained surprisingly resilient throughout the nationwide woes, these figures offer fresh hope that an economic upturn is on the way.
Current national figures estimate that fifteen percent of all mortgages are at least thirty days delinquent; this includes homes currently in foreclosure as well as seriously delinquent loans. The worst figures are seen in the subprime mortgage field, where twenty-five percent of loans were thirty days or more delinquent. The state of Texas has fared somewhat better as a whole than the nation, but fifteen percent of the Texas subprime mortgage market loans are seriously delinquent by sixty or more days, and many of these are currently facing or undergoing foreclosure proceedings. Only two percent of all mortgage loans in Texas are currently in foreclosure, which represents a markedly better performance than the national rate of approximately five percent. Texas is one of only seven states currently showing foreclosure rates of two percent of less.
Austin foreclosure rates have remained lower than both the national and state averages, with one percent of loans in foreclosure in December 2009. These low figures will likely shield Austin from the brunt of the foreclosure crisis expected when banks finally begin unloading already foreclosed homes on the housing market. Certain hard-hit regions are expected to see plummeting home prices due to the depreciation caused by this expected glut of homes on the market; as many as six million foreclosed homes may be sold by banks over the next three years, according to economic analysts at Barclays Capital.
The strong housing market and stable home values in Austin make it one of the most desirable places to live in the U.S. Austin’s vibrant computing, healthcare and green tech sectors provide outstanding employment opportunities and have cushioned the Austin metropolitan area against the worst effects of the recession. With mortgage delinquencies on the decline and the national economy showing signs of recovery, there’s never been a better time to consider moving in or moving up in the Austin community.
The 24th annual South by Southwest Conferences and Festivals at the Austin Convention Center will showcase the finest in film, music, and interactive media from March 12th through the 21st. In keeping with Austin’s tradition of originality, the conferences and festivals focus on independent artists and films and offer a valuable first venue for [...]
South by Southwest tix are highly coverted from coast to coast and from Film geek to music geek to computer geek!
The 24th annual South by Southwest Conferences and Festivals at the Austin Convention Center will showcase the finest in film, music, and interactive media from March 12th through the 21st. In keeping with Austin’s tradition of originality, the conferences and festivals focus on independent artists and films and offer a valuable first venue for aspiring musical artists and young filmmakers. Sponsors for this year’s festivities include the Independent Film Channel, Monster Energy, Chevy, Pepsi/Mountain Dew, and the Austin Chronicle.
The South by Southwest Conferences offer participants an outstanding opportunity to network with those in their chosen fields and to learn valuable skills through discussion panels and celebrity interviews in a casual, relaxed atmosphere. The keynote speaker for the Music Conference will be the great Smokey Robinson, one of the most influential musicians of all time. The Interactive Conference focuses on the best in website design, video games and internet start-ups, making it a must-see for would-be Web millionaires. Ben Huh, the innovator behind sites like I Can Haz Cheezburger and LOLcats, will be on hand to discuss techniques and methods for achieving internet success as the featured speaker for the “How to Rawk SXSW” panel.
The film festival usually gets most of the attention for its diverse selection of films, ranging from headliner events like “Get Low” with Robert Duvall and Bill Murray and “Cyrus” with John C. Reilly and Marisa Tomei to documentaries like “Rejoice and Shout,” a moving exploration of gospel music. International films from Belgium, Israel, Ireland, Denmark, and many other countries will also be showcased at the South by Southwest Film Festival. One highlight is sure to be the presentation of “Hubble 3D,” a breathtaking look at the spectacular galaxies as viewed through the Hubble Telescope and narrated by Leonardo DiCaprio. “The Lost World,” a silent science-fiction film from 1925, and Tod Browning’s “The Unknown” will also be shown during the festival. Short film categories will include animated shorts, documentaries, experimental short films and high school shorts created by Texas teenagers for presentation at this elite venue. Music videos will also be presented, showcasing a full range of musical stylings and artistic visions.
Attendees will participate in a wide range of panels, discussion groups, and meet-and-greet opportunities with some of the biggest names in film, music, and interactive technologies. When the day’s work is done, guests of the conferences can drink and dance the night away at numerous parties with many of the same celebrities they worked with during the day; the South by Southwest Conferences and Festivals offer the best of Austin nightlife to guests at this exclusive event. For more information or to sign up for one or all of the conferences, visit http://sxsw.com/.
A new mixed-use project is expected to break ground in Austin in 2010. The University Park development is within walking distance of the University of Texas-Austin, and will incorporate townhomes, condominiums, and apartment residences as well as a new movie theater, medical office space, and a luxury Andaz hotel. Construction is expected to [...]
A new mixed-use project is expected to break ground in Austin in 2010. The University Park development is within walking distance of the University of Texas-Austin, and will incorporate townhomes, condominiums, and apartment residences as well as a new movie theater, medical office space, and a luxury Andaz hotel. Construction is expected to commence in the second quarter of 2010. Located on the former site of Concordia University, the development is already pre-leasing commercial space and lead developer Andy Sarwal has indicated he expects to have tenants for 90% of available space before construction is completed on this project.
University Park is centrally located within easy walking or cycling distance of many of the prime attractions of the Austin area, including the State Capitol, the downtown financial and business district, and of course the University of Texas. Onair Development has announced plans for a 120,000 square foot medical office building in University Park in close proximity to St. David’s Medical Center. The building offers significant advantages for physicians who lease office space, including an exclusive tenant equity partnership plan that provides the potential for ownership over time.
Texas Monthly has already taken up residence in University Park; an Aveda Institute salon training facility has also signed a contract and is expected to open for business sometime in mid-2010. Premiere Cinemas will offer six or seven screens in a planned 450,000 square foot mixed-use building, which will incorporate 340 apartments and additional retail outlets as well. Developer Andy Sarwal is encouraging builders in University Park to commit to green standards and LEED certification, making this development even more attractive to tenants in the Austin area.
Austin’s downtown area has fared better in the recent economic downturn than many other cities; this is due in part to the vibrant medical, solar, and green technology sectors in the Austin area. Additionally, Austin’s business-friendly policies have attracted major employers to relocate their headquarters to the area; one recent acquisition for the Austin economy is Hanger, a major manufacturer and supplier of medical prosthetics and durable medical goods.
The recent earthquake in Haiti has caused untold suffering and massive devastation to residents of this small island nation. The humanitarian aid efforts are already underway, and rebuilding plans are expected to begin soon. Many Austin residents have been moved by the plight of the people of Haiti, and contributions are pouring in from all [...]
All over Haiti, buildings and other infrastructure have been destroyed and people are struggling to survive.
The recent earthquake in Haiti has caused untold suffering and massive devastation to residents of this small island nation. The humanitarian aid efforts are already underway, and rebuilding plans are expected to begin soon. Many Austin residents have been moved by the plight of the people of Haiti, and contributions are pouring in from all over the world to assist those affected by this tragedy. A number of local Austin organizations and companies are also working to help Haiti recover from this disaster and to provide clean water and food to the victims of the earthquake.
Austin-based Whole Foods Market, Inc. has announced the creation of a fund to help provide relief to disaster victims in Haiti. Donations will be accepted at all 289 stores throughout the United States, and will be distributed to a number of direct aid organizations, including Doctors Without Borders, Action Against Hunger, AmeriCares, Food for the Poor, Partners in Health, and the American Red Cross. Whole Food Markets is also collecting donations of food, clothing, and money to support staff members who have been affected by the disaster in Haiti, and working with national organizations to facilitate the delivery of food and water to the areas hardest hit by the earthquake.
The American Red Cross of Central Texas is also active in the Haiti relief efforts, and is currently requesting donations of bottled water, food, and other supplies. It is also looking for temporary shelter and medical services for those injured or homeless due to the earthquake. Additionally, the American Red Cross has joined forces with the U.S. State Department to allow individuals to donate through their cell phone bill; simply text the word “Haiti” to 90999, and a $10 donation will be automatically added to the monthly charges for the cellular phone.
Several Austin firefighters and emergency workers are headed to Haiti to take an active part in the rescue and recovery operations on the ground; they will bring needed supplies and expertise to the relief efforts in heavily populated areas of Haiti, including Port-au-Prince. Austin companies providing matching funds for relief donations include Austin Ventures, Silicon Laboratories, and the MFI Foundation. Austin residents can qualify for these matching funds by making their donations through http://www.givetoaustin.org/helphaiti, Austin residents can qualify for these matching funds.
