Austin Texas Real Estate Blog

Downtown Austin thrives in the midst of unbelievable development and opportunity. In the midst of this growth and development comes continuous controversy. The business district’s historical locations are being lost through the development. At present, not one structure in downtown Austin has been submitted to receive historical protection or landmark status. Also confusing, not one of the local or national historic registers have listed the area, in part or in whole, as a location of value. One instance of upcoming development that should alarm local Austin historians is the latest permit acquired by the Gables Republic Park, a 16 level apartment community. This demolition permit allows the builder to partially demolish the 1913 Nabisco warehouse. Over the last 15 years the site was home for the Ginger Man Company.

Austin’s local Preserve District Council has advanced some constructive thoughts together with proposals to save a minimum part of Downtown Austin. The proposal prepared by the ROMA Design Group and HR & A advisers has created a momentous and lively debate among property owners and local organizations such as the Downtown Austin New Alliance and the Heritage Society of Austin. Also voicing their opinion actively is the Downtown Austin Neighborhood Association, the city of Austin’s design and planning commissions and Central Texas Chapter of the Congress for the New Urbanism. ROMA’s suggestions were presented in public on July 23. Thus far, this issue is actively debated, as many of the supporters of the concept do not care for specific ideas. Those specific items can be found here: www.cityofaustin.org/downtown . Members will supply guidelines and direction. A vote may occur directing a draft of the density bonus and all applicable ordinances including specific warehouse district rules.

There will be a great deal of deliberation regarding how to balance historic conservation at the same permitting needed development. Before the council votes on the proposal, and prior to determining exactly what will be required, the neighborhood will call for their own view on the issue to be heard.

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While I don’t see the downturn the way the folks who sell papers need to see it, I’m all for presenting both sides of the story.

From the Austin American Statesman

RECESSION SLAMS INTO TEXAS

AUSTIN  – The recession has finally slammed into Texas after keeping away during most of 2008, says a new report from the Federal Reserve Bank of Dallas, and Austin and Dallas could feel the brunt of it.

Austin and Dallas were cited as being especially vulnerable because they have more exposure than other large Texas cities to cyclical industries, such as construction and financial services.

Statewide, employers could cut 296,000 jobs this year, sending the unemployment rate to roughly 8 percent, according to Fed economists Keith Phillips and Jesus Cañas, who co-authored the article in the Fed’s quarterly publication on the region’s economy.

In January, almost 120,000 Texans applied for unemployment benefits, 85 percent more than in January 2008.

You can check out the rest of the story at Austin American-Statesman.

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From The Austin Chamber of Commerce

Red Oxygen Chooses Austin for American Headquarters
The Austin Chamber and Opportunity Austin recently announced that Red Oxygen, one of the world’s leading developers and distributors of Enterprise Text messaging software applications and services, has made plans to open their American Headquarters in Austin, Texas.

“Red Oxygen’s highly efficient and innovative SMS platform is a perfect complement to Austin’s expanding mobile services and software industry,” said Gary Farmer, 2009 Opportunity Austin Chair and President Heritage Title of Austin. “The city welcomes Red Oxygen and hopes that the announcement will not only encourage other tech-based companies to consider relocating to Central Texas, but that it will also reinforce the fact that Austin is one of America’s most talented and qualified cities for an array of industries.”

In the process of launching their new 2,000 square-foot facility near downtown, Red Oxygen plans to create 10 to 12 new high-paying jobs for Austinites. The average office salary of $50,000 will provide excellent employment opportunities and take-home pay for Central Texans. Not only will the headquarters create new corporate jobs, but the move will also open new avenues and opportunities for local Austin engineers, sales associates and college graduates.

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Finish reading the story at The Austin Chamber of Commerce

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November 18th, 2007 9:40 PM

It’s pleasing to see that in these times of uncertain economic futures, that Austin is still vibrant and drawing people to it with its strong economy, job market, positive lifestyle and affordable cost of living. As a transplant myself, having lived in Connecticut for most of my life, I know what it’s like to live in a so-so place and then move to a place like Austin. Not to put down Connecticut, because it has its postives, but it’s nothing like Austin if you are under retirement age or less than affluent.

Austin sports some of the best weather, most affordable living, and most to do for those who have an interest in the outdoors, want to retire with a mind for making the most of their nest eggs, or have the desire for southern living in a progressive and diverse town.

I’m not much one for statistics, but below are some great details about Texas’ and Austin’s recent population growth! The snipet is from one of my favorite Austin Information sources, The Neal Spelce Letter (www.AustinLetter.com). If you don’t have a subscription, and you are interested in keeping abreast of the Austin events, I suggest you get a copy!

No matter where you go in urban and suburban Texas, it’s hard to get away from this growth (though we’ll mention some pockets of slow-and-no-growth in just a minute). If this trend from 2000 to 2006 continues, Texas is likely to add another 3.6 to 4.0 million people by 2010 – boosting its total population to more than 25 million, according to highly-regarded Steve Murdoch, who has made a career out of studying Texas population trends.

Austin’s population growth this century has been truly phenomenal. As an example, Dallas is the nation’s ninth largest city. Yet Austin added 18,600 people from 2005 to 2006 while Dallas added fewer – nearly 17,000. And Dallas was the eighth fastest-growing city in the nation.

Austin was the 6th fastest-growing city in the nation from 2005 to 2006 – by actual count, not by percentage (that favors smaller cities). This population explosion is happening all around us – in contrast to the rest of the nation. Texas had five of the ten cities with the largest numerical increases from 2005-2006. No other state had more than one.

In percentage terms, the nation’s fastest-growing place from 2000-2006 was in the Austin metro area – Hutto, in Williamson County, which grew by 666%! Also in the Austin metro, Kyle, in Hays County, was in 5th place, growing 289%.

Another one bites the dust!

November 13th, 2007 9:05 AM

Condos, Condos, Everywhere. The snippet below from the Austin Business Journal is another sign of the over development of downtown Austin. With thousands of condo units already developed or in progress, this won’t be the last development to abort or change use.

Several developments that we have worked with personally are seeing extremely slow going right now. As a buyer, now might be the time to get out there and see what kind of deal can be struck. The sellers are waiting and willing. If you’d like excellent representation give us a call. We’ll negotiate a great deal for you.