Seymour Fogel Mural
The Starr Building located at 107 West 6th Street, Austin Texas, has been sold. CB Richard Ellis represented the owner in the sale of the roughly 77,000 sq ft office and parking garage. The building has been around Austin some 55 years and houses a famous (to art and architecture folks mostly) mural by Seymour Fogel.
The mural itself is very pretty. I hope that the folks who purchased it try and make the finances work without plopping another high rise in a downtown that already has enough “towerage”.
Kemp Properties purchased the property and has previously restored other buildings like the Brown building. I think that’s a beautiful building so we ca assume that the Starr Building is in good hands.
Take a look at some of the photos from the listing agents at CB Richard Ellis. It looks like it would be a perfect set for Mad Men!
Starr Building Interior
Starr Building Exterior
Downtown Austin thrives with incredible growth and opportunity. With the growth and development there comes constant conflict. The downtown historical locations are being lost by all of the development. At this time, not one building in downtown Austin has been submitted for historical protection or landmark status. Also perplexing, none of the local or national historic registers has listed the area, in whole or in part, as a place of value. One example of a future development that should concern local Austin historians is the recent permit obtained by what will become the Gables Republic Park, a 16 story apartment community. The demolition permit is intended to partially tear down the 1913 Nabisco warehouse. For the last fifteen years the location housed the Ginger Man company.
The local Preserve District Council has put forward some ideas and proposals to save at least part of Downtown Austin. The tools of the proposal made by the ROMA Design Group and HR & A advisers have created a significant and active debate among property owners and local groups like the Heritage Society of Austin and the Downtown Austin New Alliance. Also chiming in actively is the Central Texas Chapter of the Congress for the New Urbanism, the Downtown Austin Neighborhood Association and the city of Austin’s design and planning commissions. ROMA’s recommendations were then presented in public on July 23. Until now, this issue is in hot debate, as many of the supporters of the concept do not support the specific idea’s laid out here: www.cityofaustin.org/downtown It will be debated and discussed in council again on the 24th. Members will provide policy direction and a vote may occur to direct a draft of the density bonus and applicable ordinances with specific warehouse district rules.
There will be much debate on how to balance historic preservation while still allowing for development to progress as needed. Before the council votes on the measure, and before they determine exactly what tools will be used, the community will need to voice their opinion. The public meeting will be held Sept 24th
1. Affordability is available at the moment. Austin home prices have remained constant regardless of the national results. There is no reason to consider they will lose considerable value.
2. There is a huge selection available.
3. Historically low Mortgage rates are beginning to climb. This effects your monthly budget.
4. Federal Tax Credit, developed and launched by the American Recovery and Reinvestment Act of 2009, allows for qualified buyers to receive up to 8000 dollars credit.
Since 2008 there have been 5 major regional cities that have fared very well through this recession. Among the 5 Austin of course struck well. Brookings reviewed the gross metropolitan product output for San Antonio, Austin, Houston and Dallas in Texas, and Oklahoma City, Oklahoma. It is no surprise as these cities have grown in output since the recession. In Brookings’ most recent survey these cities experienced a decline in the first quart of 2009. Austin less than 1% decline of .06% between the fourth quarter of 2008 and the first of 2009.
This study was conducted by the Brookings Institute in Washington, DC, as part of their MetroMonitor program. This institute conducts a variety of studies to narrow down where cities are faring through the recession. They review employment vs unemployment rates, wages and housing costs.
Austin, as usual, fared well through the process. Austin’s average wage increased during the same period of time, as much as 1.4 percent. Housing costs are also increasing in the Austin Metro Area. There was a minor decrease in job opportunities over the reviewed time, .05%.
This is only one of several studies to produce a clear picture of how well the Austin metropolitan area is increasing, improving and developing even through a recession that has brought most of the country down.
Of the Top 10 places in the country to live, Austin has always ranked high or at the top. This has not changed. The research done at Forbes has once again found Austin tops, in this case it is tops for being one of the best places to stretch your dollar. Austin is number one in the top bargain cities. What you spend here you will get you farther than in any place in the country. This is based on 4 criteria and is out of 50 major metropolitan areas surveyed.
Here are Austin’s rankings and some more Austin accolades:
Regarding best or lowest cost of living, Austin ranks 3 out of 50. For housing opportunities, as in open homes for rent or sale, Austin’s metropolitan area ranks 24 of 50. The unemployment rate they are 1 of the 50 cities, meaning of all the cities surveyed, Austin has the lowest unemployment rate and the most jobs or job growth. Regarding the average salary in Austin, it ranks 20th of the 50 cities. These stats combine to create the best reason for people to love to live in Austin.
As often as Forbes does their surveys, Austin continues to surprise them by topping the lists. From green recognition to best bang for your buck, this is the place to live. Moving to Austin is easier than ever, with the right Realtor. When are ready to move, contact the team here to find your place to live in this wonderful city we call Austin.
April brought some of the biggest gains in the US home buyer market. The number of home buyers who have agreed to purchase a previously owned home took the biggest gains by leaps and bounds in the month of April. Historically, it is the largest jump in previously owned homes since 2001.
Even as the market is moving forward, home buyers can expect prices to continue to fall in different areas around the country. One benefit of shopping for a home in the Austin market is that it has not been a part of the huge pricing swings. Prices in this market are not expected to swing in one direction or the other.
According to the Austin Board of Realtors there were 1,919 pending sales anticipated to close in May, bring the April total up 3%, the highest number since July 2008.
Home prices will increase once foreclosures stabilize again. Currently on the national level, there is still a plethora more homes in the sales inventory base, than home buyers. This is changing, as seen in the evidence from April, and forecasters only expect this trend to continue until the end of the year.
With the growing expectations and the increase in pending home sales, the market is ripe for new home buyers. For 2009 there is available an 8,000 dollar new home buyer tax incentive. This is an increase from the previous 5,000 and in addition to any incentives being offered at the state level. This means that the buyer’s market is reaching its pinnacle in 2009.
It is certainly no secret by now that we are in a recession. The start of our current situation was first recognized when the national real estate market began to flounder on 2007. While some areas of the country were hit harder than others, Texas has stayed fairly level throughout the recent crisis. The main reason for this is that while many states experienced a dramatic increase in home values and prices, Texas remained outside the bubble. When it burst, the state was hardly touched. Even now, as foreclosure rates skyrocket, Texas has stayed among the healthiest real estate markets in the nation.
The main reason that the real estate market burst its bubble is actually very simple. When the economy was healthy and house values were increasing, many lenders forgot how to properly handle a mortgage application. Credit scores, and even employment records, became a thing of the past. Creative lending practices came into play where there was little to no down payment necessary.
While the initial payments were certainly something that home buyers could afford, later down the road these monthly payments would jump significantly and the new homeowners were unable to pay them. Add to this already stressed market that home values began to decline. Now, not only could the mortgage not be paid, but the house was no longer even worth that amount. There was nowhere to go but down.
Throughout this trying ordeal, Texas, and several of its larger cities, has maintained an excellent real estate market. Texas as a whole made less risky loan choices, so it has basically avoided the real estate bubble burst. Supply and demand in Texas has remained stable throughout the last few years. While the state has seen an increase in foreclosures, it remains much lower than the national numbers. Texas is expected to stay on the edges of our worsening economy and fare better as a state than most others.
The United States has been gripped in an economic downfall for years. The first and most dramatic show of the dwindling economy has been the national real estate market. Home foreclosures have risen so dramatically that the Federal government has had to bailout several financial institutions and in the process of creating a new plan to help save homes. The national job market has equally been affected by economic woes, making it even more difficult for many people to even consider buying a home. For all of the hardships that we are currently coping with, it appears that opportunity is knocking for foreign investors.
Homes in many of the nation’s hardest hit areas are being sold for taxes due. This has encouraged many foreign buyers, as far away as Australia, to purchase several homes in the U.S. as investment opportunities. Homes have been listed for as low as $1. Australian vacuum cleaner manufacturer Theo Szinger has already purchased several homes in the Detroit, Michigan area for less than $5,000. There are many houses available now for mere thousands of dollars that less than two years ago had been valued at more than $200,000. Many of these homes are in excellent condition; the current owners are just unable to keep up with payments.
As Americans continue to struggle to keep their homes, foreign parties are expected to continue to take advantage of the deals now offered throughout the nation. Homes are now available for less than the price of a used car. These homes have become a good source of income for buyers.
As the country falls deeper into a recession, Austin has remained above many of the staggering statistics. As of the most recent reports, the nation’s unemployment rate has reached above 8%; it’s highest in about 16 years. More than 2 million people have been out of work for more than six months. For many years, Austin has kept a low unemployment rate when compared to the rest of Texas and with the nation. The technology boom here has helped the city maintain the low numbers. Even throughout the worsening economy, Austin has been doing well overall.
In August of last year, unemployment reached 4.5% in Austin. This is the highest it has been since June of 2003. This rate is expected to climb this year as the nation’s economy continues to struggle. It is important to note, however, that even with the increase in unemployment rates, several economic experts believe that Austin will remain above the nation’s unemployment rates. Job growth continues in the city. During the same month, there was a reported 2.4% increase in employment opportunities in the Austin metro area. There have been increases in government and hospitality jobs. Hardest hit in Austin has been the manufacturing industry, which has lost around 2800 jobs in the year.
As the economy weakens, unemployment rates are expected to climb further throughout the country. Austin unemployment rates will most likely climb as well. There are many factors here that should prevent the city from suffering as many other metro areas have. Several businesses still have plans to move here to take advantage of the technology industry and proximity to new graduates from nearby colleges. With incoming employers, the unemployment rate in Austin should remain lower than comparable cities.
The Dallas based Trammell Crow Co. is heading a partnership to redevelop the five block area between Second Street and the Seaholm Power Plant and includes the Green Water Treatment Plant, right smack in the center of downtown Austin. Joining the partnership is Constructive Ventures Inc., based in Austin, and USAA Real Estate Company, from San Antonio.
This all-Texas team is looking at an ambitious project that will include 2.6 million square feet of office and retail space, for sale and for rent residential units, hotel and public spaces, as well as parking garage areas that will offer spaces for Austin Car Share and electric car recharge stations.
The partnership proposes major community improvements such as $500,000 toward improvements to Shoal Creek and a grant of public easement for completion of the trail running between Fourth and Fifth Streets. A pedestrian bridge is planned over Shoal Creek to connect the site with the Second Street District. Twenty-five percent of the rental residential units will be made affordable to lower income families. In addition, the group plans to fund public art and music programs and will create an endowment to fund a lunch time music series.
The project includes plans for local retail making up a bulk of the space in the Green Water Treatment Plant and Austin Energy sites. And the icing on this cake is that the firms are aiming for a sky high LEED Gold status for all the buildings, with designs that will reduce energy use up to 50 percent.
Construction is expected to begin in 2009.
