From the Austin Business Journal - read the article.
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Saturday, January 29, 2011
Friday, January 21, 2011
Massive New Development in Austin moving forward
Article from Austin Business Journal about the West Park development in Oak Hill in SW Austin.
Friday, January 14, 2011
2011 Housing Forecast - Austin Texas
I attended the 2011 Economic Housing Forecast here in Austin yesterday which is sponsored by the Home Builders Assn and the Austin Board of Realtors. Speakers were from the Chamber Development board, a Federal Reserve Bank member from Dallas (who is also a professor of economics at SMU) and a gentleman who works for a company that has been around for a long time and all they do is forecasting, called Metrostudy.
All I can say is, Texas and Austin appear to be one of the best places to be at this time and going forward. We appear to be ahead of the curve and actually didn’t really get hit in the same way as the rest of the country. One point that was made which I hadn’t connected and which is interesting: Texas was much later in allowing home equity loans and lines of credit and instituted a rule that you cannot borrow or take out money in excess of 80% - that alone has probably kept us from as many foreclosures and short sales as lots of other areas.
The expectation is that home prices will continue to drop somewhat in many areas and that foreclosures will continue to rise in most parts of the country. Austin foreclosures seem to have flattened and our prices have mostly stabilized. Our builder lot inventory is being absorbed. Austin had a 2.2% net job increase in 2010 and housing affordability has increased over the last 4 years. Another interesting fact: the Chamber has a full time person in CA recruiting companies to move here for a lower cost structure and bring jobs to our area. Of course all sorts of things could happen to derail everyone’s forward progress in the country, including Austin, but overall, it appears quite favorable.
The other thing that should help home sales here going forward is that usually we have about 5000-6000 apartment units come on line every year. In 2011, they are only expecting 800 which may pressure rental rates upward and push more people back into looking at owning a home in future as lease rates will increase and occupancy rates will go up. If you own rental property, you may see increased rental rates in your future.
All I can say is, Texas and Austin appear to be one of the best places to be at this time and going forward. We appear to be ahead of the curve and actually didn’t really get hit in the same way as the rest of the country. One point that was made which I hadn’t connected and which is interesting: Texas was much later in allowing home equity loans and lines of credit and instituted a rule that you cannot borrow or take out money in excess of 80% - that alone has probably kept us from as many foreclosures and short sales as lots of other areas.
The expectation is that home prices will continue to drop somewhat in many areas and that foreclosures will continue to rise in most parts of the country. Austin foreclosures seem to have flattened and our prices have mostly stabilized. Our builder lot inventory is being absorbed. Austin had a 2.2% net job increase in 2010 and housing affordability has increased over the last 4 years. Another interesting fact: the Chamber has a full time person in CA recruiting companies to move here for a lower cost structure and bring jobs to our area. Of course all sorts of things could happen to derail everyone’s forward progress in the country, including Austin, but overall, it appears quite favorable.
The other thing that should help home sales here going forward is that usually we have about 5000-6000 apartment units come on line every year. In 2011, they are only expecting 800 which may pressure rental rates upward and push more people back into looking at owning a home in future as lease rates will increase and occupancy rates will go up. If you own rental property, you may see increased rental rates in your future.
Monday, January 10, 2011
Texas is looking better all the time....what are you waiting for??
Wow, just read an article about the future of some former boom towns in terms of their real estate....not pretty. It makes Central Texas real estate around Austin, Lake Travis, Marble Falls, Horseshoe Bay look even better all the time.
"Celia Chen, a housing economist with Moody’s Economy.com, predicts that a full recovery in parts of California, Nevada, Arizona and Florida won’t occur until 2030. “The housing boom elevated home prices in a number of areas far, far above what can be supported by the economic fundamentals, and so prices have fallen significantly, and they will remain below their previous peaks easily for a decade, or even two decades,” Chen said." Full Article
An article on 1/7/11 from the Austin Business Journal indicates that a recent Forbes study shows that Austin has the 3rd best job market nationwide. Austin shows up on Forbes lists often lately - The publication ranked Austin No. 1 last year for economic recovery, 8th best for business and careers, No. 2 most innovative and 10th best place for best cities for young professionals, among other rankings.
"Celia Chen, a housing economist with Moody’s Economy.com, predicts that a full recovery in parts of California, Nevada, Arizona and Florida won’t occur until 2030. “The housing boom elevated home prices in a number of areas far, far above what can be supported by the economic fundamentals, and so prices have fallen significantly, and they will remain below their previous peaks easily for a decade, or even two decades,” Chen said." Full Article
An article on 1/7/11 from the Austin Business Journal indicates that a recent Forbes study shows that Austin has the 3rd best job market nationwide. Austin shows up on Forbes lists often lately - The publication ranked Austin No. 1 last year for economic recovery, 8th best for business and careers, No. 2 most innovative and 10th best place for best cities for young professionals, among other rankings.
Wednesday, January 5, 2011
Austin in a top spot for young Entrepreneurs
As reported in the Austin Business Journal (read Article)
What are you waiting for? Move to Austin. Austin is the place to live, work and play!
What are you waiting for? Move to Austin. Austin is the place to live, work and play!
Austin projected to have the 10th Strongest Commercial Real Estate Market
A recent Grubb and Ellis report indicates that Austin will have the 10th strongest commercial real estate marekt over the next four years. As reported in the Austin Business Journal. Read Article
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