Archive for July, 2008

Austin may have light rail on November ballot

Proposed light rail map

Proposed light rail map

ROMA Design Group, the firm hired to facilitate the Downtown Austin Plan and make recommendations for future growth and expansion, made preliminary recommendations for a downtown/central Austin light rail that would connect and cross with the already approved Commuter Rail.  The proposed line would run from ABIA to the master planned community at Mueller.  In between, the rail would make stops at the Long Center, along Congress Avenue, UT and Manor Road.  ROMA recommended at extension of the Commuter Rail stop at the Convention Center to carry on to Brazos Street where transfers could be made between the two lines.  View the full ROMA presentation here: dap_rail_brief_072408

Downtown to get West Elm furniture

West Elm

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West Elm, a modern furnishings store, has reportedly signed a lease for the future office development at 5th & Lamar, caddy cornered to Whole Foods.  The future 12,000 square foot store should open in late 2009 or early 2010.

West 5th Street Transforming

Capstar at Compass Plaza - west 5th office development

Capstar at Compass Plaza - west 5th office development

West 5th Street, one of the primary gateways into downtown, is undergoing a tremendous development boom that includes an 8 story office building that is 90% pre-leased (Capstar Plaza right off Mopac), 300 apartments + retail (Gables’ Pressler development and neighboring 5th Street Commons) and the last vacant block of the Market District (SW corner of 5th & Lamar) is to become an office building with a West Elm furniture store on the ground floor.  Read the Statesman article here.

Pressler by Gables Residential

Pressler by Gables Residential

Existing homes sales continue to fall . . . as prices rise . . .

As we continue to try to figure out this fickle market in Austin, we know for sure that two things are true:  fewer homes are selling than one year ago, and yet prices continue to increase.  For example, in Area 6, which includes centrally located and desireable Travis Heights, SoCo, Bouldin Creek and SoLa, volume decreased by nearly $4million for the month of June, but the average price increased from $389,000 to $425,000, which is really quite a jump.  Another example, Westlake/Rollingwood’s volume decreased by 51% from a year ago, and yet average prices jumped from $889,113 to $978,941.  As many predict that Central Texas is prime for yet another housing boom over the next 3-5 years, we could see this trend continue, until volume & the overall economy catches up.  Read the full story here.

More for less for Mueller home buyers

“Housing prices in Austin are generally out of our budget,” Atwood said. “We would have had to move to Pflugerville or way down south … then we found out about Mueller.” Read the full story here.

Special Report : Texas rising as retirement hot spot

It was bound to happen.

Millions of baby boomers, the post-World War II generation that other generations are probably tired of hearing about, are getting ready to retire. And home builders across the nation — and especially in Texas — are gearing up to offer plenty of choices for life after work.

In nearly every retirement study during the past decade, boomers have said they want to be active in retirement; to be close to good medical care; to be close to families; and to be near cities with cultural amenities.

The only problem, of course, is being able to afford such things.

That’s where Texas comes in.

It’s cheaper here.   Read the full story here.

Austin considered one of country’s best cities to buy a home

Lots To Like In The Lone-Star State
Texas dominated our lineup of mortgage-worthy areas. Thanks to a business-friendly tax environment, many large corporations call the Lone Star State home, which creates jobs and tax revenue.

The University of Texas campus provides young blood and research-related jobs to No. 2 city Austin. This state capitol is a hip area on the rise. The vacancy rate has fallen by 37.5% in the last 24 months to just 1.5%, despite a lot of building in recent years. And buying isn’t much more expensive than renting. An average mortgage payment is $1,022.40, and average rent hits $767.  Read the full story here.

West 5th to get new office building

Construction is scheduled to begin today on the first new office building in the downtown area since the Frost Bank Tower broke ground in 2001.

The eight-story building is planned for the western end of West Fifth Street, which is becoming a newly revitalized gateway to downtown.  Read the full story here.


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