In September, Austin experienced a dip in foreclosure rates. This comes at a time when most market analysts predict that with a change in lending practices, this current mortgage crisis has peaked and will only get better. Austin has remained steady in light of the national issues. The city has stayed high on several lists [...]
In September, Austin experienced a dip in foreclosure rates. This comes at a time when most market analysts predict that with a change in lending practices, this current mortgage crisis has peaked and will only get better. Austin has remained steady in light of the national issues. The city has stayed high on several lists of the best housing markets over the past year. With foreclosure rates now starting to lower, Austin can only continue to stay at the top.
A September report focusing on third quarter results by RealtyTrac showed that the state of Texas has reduced its foreclosure rates by over 15% from just a month earlier. This same study states that the state has lowered the rates by over 35% from the same quarter in 2007. What this proves is that overall Texas has fared well in regard to the housing market. Austin has done even better than other similar sized cities in other states. Part of this study includes a listing of high foreclosure cities. The higher the rate, the lower on the list a city appears. Austin is ranked 85 on this list. About .25% of housing units, or just over 1,500 homes were in foreclosure status in Austin at the time of the report.
During a time when many other metro cities are reporting higher foreclosure rates, both Austin, and Texas as a whole, are leveling out. It will be some time yet before this national crisis begins to steady. Because Austin has thus far maintained its housing market, there is the expectation of foreclosures to continue their decline.
Mixed used sites in Austin are on the rise. Many new developments in the area are including both residential and commercial uses in their blueprints. These new construction projects are beneficial to Austin for their increase in revenue from both aspects. To keep up with what could become a very busy part of the city; [...]
Mixed used sites in Austin are on the rise. Many new developments in the area are including both residential and commercial uses in their blueprints. These new construction projects are beneficial to Austin for their increase in revenue from both aspects. To keep up with what could become a very busy part of the city; Austin is now considering a new commuter rail system between the old Mueller airport and the Austin-Bergstrom International Airport. This 15 mile addition would run through the University of Texas campus and downtown Austin.
Due to the possibility of this addition, developer Grayco Partners has removed ten acres from its current project between Riverside and Lakeshore Boulevard. The original plan included thirty acres of dense townhomes, condominiums, and higher end retail stores. This construction project would be the largest redevelopment seen in the area, replacing run down strip malls and old apartment buildings. It may be years before Austin approves the rail option, but Grayco has decided it is best to wait, feeling the possibility of the additional transit may affect the type of retail or restaurants in the proposed area along Riverside. The company has also postponed the purchase of an additional twenty acres just east of the current property indefinitely while waiting for the city’s decision. The current proposal for the new rail line is projected to cost between $550 million and $614 million to build, and $21 million to $23 million yearly to maintain. In the meantime, Grayco will make necessary adjustments to its new rezoning proposal and brainstorm ideas for the final construction.
Lake Travis is over ten feet below normal. This past September was one of the driest on record, and the area south of Austin is especially parched. This difficulty has led developers to steer clear of the area. Due to the lack of rain, Creedmoor-Maha Water Corp has been discussing the possibility of the San [...]
Lake Travis is over ten feet below normal. This past September was one of the driest on record, and the area south of Austin is especially parched. This difficulty has led developers to steer clear of the area. Due to the lack of rain, Creedmoor-Maha Water Corp has been discussing the possibility of the San Jose Water Company to lend a hand.
Nothing has been confirmed as of yet, but the companies do agree they have spoken. The water levels are noticeably lower than last year for Austin residents who use the lake recreationally. Though no mandatory restrictions have been placed on residents, a voluntary lawn watering restriction has been enacted. The talks between the water companies have been more to explore options available to the drought areas. One option is to desalinate the brackish portion of the Edwards Aquifer. That is a costly solution, but may become necessary if the dry conditions continue. San Jose Water Co. may be better equipped to research this option. Each company, as well as water conservationists, has their own agenda and options for the issue. So far, it has just been talk between several parties interested in both short and long term solutions for Central Texas.
The lack of water in the area has caused several developers to cancel contracts here. Creedmoor-Maha just does not have the resources to bring enough water to the area. The company continues to work with the city of Austin to find a fix for the problem, but as of yet, nothing has been finalized.
Austin is a beautiful city with many natural settings. In recent years, Austin has done well to keep up with design trends and to stay as progressive as possible. For some residents, only one thing has been lacking: preservation. Last year marks the first time an area in Austin has been deemed a historic district. [...]
Austin is a beautiful city with many natural settings. In recent years, Austin has done well to keep up with design trends and to stay as progressive as possible. For some residents, only one thing has been lacking: preservation. Last year marks the first time an area in Austin has been deemed a historic district. The street that has claimed this recognition is Harthan Street. Located west of Lamar Boulevard, Harthan Street is now protected from any demolition or future construction that is architecturally incompatible.
At the spearhead of this effort is resident Linda MacNeilage, a clinical psychologist. “It recognizes that each historic property is an integral part of the historic fabric of a street or area,” she said. The city ordinance has only been created in the last five years, and since this will be the first application as such, Harthan Street will be monitored closely. Two houses have been established as Historical Landmarks. All of the houses are from the same time period, the late 1800s, and because the street itself is not too large, will be a great starting point for Austin. By successfully achieving historic status, Harthan Street has paved the way for other areas currently seeking the same. Though some local residents feel that the ruling will limit personal choices on renovations, MacNeilage feels that preserving certain places allows Austin to show its history as it was made. “It reveals the story of the development of our city.” With more streets now attempting to gain such recognition, Austin residents may have more of an opportunity to realize how the city has become so great.
The housing market has had a difficult year in many cities. Poor lending practices have led to a devastating increase in foreclosures. Austin has not been completely immune to this, but it has managed to maintain a steady housing market throughout the country’s ordeal. While foreclosures have increased in Travis County, it has not been [...]
The housing market has had a difficult year in many cities. Poor lending practices have led to a devastating increase in foreclosures. Austin has not been completely immune to this, but it has managed to maintain a steady housing market throughout the country’s ordeal. While foreclosures have increased in Travis County, it has not been as overwhelming as in other markets where housing prices increased among adjustable rate mortgages, then fell hard when the owners became unable to afford their homes. Realtors in Austin believe that the housing market in Austin will continue to stay steady in the months to come.
The market in Austin has depended on the supply of homes. Many homeowners in the area have decided to try a wait and see method for selling. For the most part, real estate analysts believe that the national housing market should begin to level out within the next two years. This prediction has prompted several Austinites to hold off on placing their home on the market. Refinancing has increased so homeowners can take advantage of the lower rates now available. Lenders are beginning to tighten up on loans, meaning those who are purchasing homes now can actually afford them. The national bailout plan includes an amendment that requires lenders to be upfront with any future changes in a mortgage loan, making a buyer completely aware of any future increases. All of these changes coming together will only serve to create a stronger housing market in Austin. The future is looking brighter.
The state educational system uses this information as a guide to help draw more companies to the Austin area. Since the job market in Austin is still healthy, this study can only further the city on its goal to bring more jobs to the area. “Our companies compete globally with Taiwan, Russia, and Europe. This [...]
The state educational system uses this information as a guide to help draw more companies to the Austin area. Since the job market in Austin is still healthy, this study can only further the city on its goal to bring more jobs to the area. “Our companies compete globally with Taiwan, Russia, and Europe. This is the most helpful information that’s ever been made available about the kind of talent you get in Austin” said Drew Scherberle, Austin Chamber of commerce vice president.
A recent study by a D.C. think tank has ranked Austin math scores higher than some European countries. The study, Trends in International Math and Science, has placed Austin right along countries such as the Netherlands and Russia. Though below Asian scores, it has also placed above countries like Italy and New Zealand. The study focused on fourth graders and eighth graders in many countries. The only other city that matched Austin was Charlotte, N.C.
Some people feel the study in unfair to compare certain U.S. cities like New York and Chicago to places like Austin and Charlotte due to the difference in ethnic diversity and income. New York was ranked on par or above the international sites, while Chicago scored below. The math program in Austin has been a focus for several years and this study seems to prove that focus has been successful. This study comes at a time when Austin has begun to focus even more on the overall education of the future workforce.
