32ND STREET CONDO CONVERSION

AUSTIN (Austin Business Journal) – Local developer Marshall Durrett, president of Grandview Street Partners Ltd., plans to turn an aging multifamily development in Central Austin into a 16-unit, $10 million condominium building at the intersection of 32nd and Grandview Streets between Seton Medical Center, downtown, the University of Texas and the Tarrytown neighborhood.

Grandview Street Condominiums will be a single building with ten, two-story condos on the ground level topped by six penthouse units. The condos will be finished-out to luxury specifications with prices ranging from the mid-$500,000s to mid-$800,000s for floor plans between 2,000 square feet and 3,000 square feet.

The 1930s duplexes and fourplexes currently on the nearly one-acre site will be demolished. Construction is slated to begin in January.

One unique feature of the condos is a configuration that allows for an elevator to each of the two-story units from the underground garage. Owners can choose to have an elevator installed for added convenience.

From: http://recenter.tamu.edu/news/recon.html

Wind power in Texas...

TEXAS ENTERS WIN-WIND COMPETITION

AUSTIN (Texas General Land Office) – Texas staked a claim on the future of wind power last Thursday by announcing plans to submit a proposal to the U.S. Department of Energy.

“The race for wind energy is like a modern day space race,” Jerry Patterson, land office commissioner, said. “In Texas, our program is ‘go’ for launch. We’re charging ahead to bring a large-scale turbine testing facility to the Texas coast.”

A coalition of Texas academicians, industry leaders and public servants will put together a bid to be submitted by the University of Houston. Austin-based Good Company Associations is coordinating the coalition’s efforts.

“This test facility will be a magnet for research and manufacturing,” Patterson said. “It will establish Texas as a worldwide leader in wind power for the next 100 years. It is a vital race. It is a race Texas will win.”

A competitive site-selection process is ongoing along the Texas coast. The facility could be built as early as 2008. The international market for designing and building turbines is estimated to be $80 billion annually.

From: http://recenter.tamu.edu/news/recon.html

Commercial vs. Residential

Now that the residential market is cooling off nationwide, many people are looking at commercial real estate as an investment option. Here is an interesting article:

- click here -

Gas prices affecting Realtors

Here is an interesting article about how gas prices affecting Realtors.

- click here -

FREE shuttle from Austin to San Antonio

Texas State offers free shuttle from Austin to San Antonio.

"The Austin and San Antonio service is free of charge Wednesday through Friday of this week. The shuttle even offers free wireless Internet access.

The regular cost of the shuttle is $8 from Austin to San Antonio. The shuttle makes three stops in Austin, then in Kyle, San Marcos, New Braunfels and San Antonio.

Texas State University is one of 33 state agencies that agreed to implement commute solutions to improve air quality across the state."

To read the entire article, click here.

From: http://www.news8austin.com
8/23/2006 3:38 PM
By: News 8 Austin Staff

Austin Home Sales Blazing Trails

AUSTIN (Austin Board of Realtors) - For the fourth consecutive year, Austin-area home sales set a record in July. Posting an 11 percent increase over the same time last year, about 2,721 single-family homes sold in Central Texas. Meanwhile, the number of active listings decreased by 6 percent to 8,368.

According to the Austin Board of Realtors, home sales generated a total of $668 million for the local economy, an increase of 21 percent. The median home price increased 5 percent to $178,190.

From: http://recenter.tamu.edu/news/recon.html

Robert Mueller Municipal Airport - Redevelopment

AUSTIN (statesman.com) - Phase one construction is underway on the new mixed-use urban village at the former Robert Mueller Municipal Airport site, two miles from the University of Texas and three miles from the Capitol. Store openings are scheduled for April 2007 for the first three big-box anchor retail tenants - Best Buy, Bed Bath & Beyond and Marshalls - located along the I-35 frontage road between 51st Street and Airport Blvd.

The first two phases will have 370,000 square feet of national, regional and local retailers and restaurants on 36 acres. Included in the master plan for Mueller will be additional retail in a town center setting, with restaurants and smaller boutique retailers. The development's final buildout is expected to take almost ten years and will include 650,000 square feet of retail space.

Catellus Development Corp. is the company responsible for transforming the 711-acre site into an urban village of shops, homes, services, schools and offices. The company is in the process of selecting home builders for the first phase of the planned 4,600 residential units.

Links:

• http://www.muelleraustin.com/
• http://www.rmma.net/
• http://www.ci.austin.tx.us/mueller/
• http://www.emporis.com/en/wm/bu/?id=123132

From: http://recenter.tamu.edu/news/recon.html

Austin Real Estate Remains Strong

Home sales elsewhere in the country are cooling, but the Central Texas housing market remains hot. Sales of single-family homes in July were up 11 percent year-over-year, according to the Austin Board of Realtors.

• The median price rose 5 percent to $178,190. Area real estate agents say out-of-state investors are fueling a significant portion of the demand in Central Texas.
• The median sales price from January through July increased 8 percent to $173,750 from the same period last year. Nationally, the median sales price is $229,000.
• The number of active listings — homes for sale — in July fell by 6 percent, compared with a year earlier, while the average time houses spent on the market fell 5 percent to 59 days.
• The area that includes Travis Heights, south of downtown, experienced a 27 percent jump in median sales price to $319,000. The median sales price for homes just east of Interstate 35 increased 21 percent to $224,720.
• Sales of houses priced between $900,000 and $999,999 jumped 71 percent year-over-year in July, and sales of those priced at $1 million or more increased 48 percent.
• The number of transactions involving homes priced in the $600,000 to $699,999 range was up 68 percent.

From: AMERICAN-STATESMAN STAFF : http://www.statesman.com/business/content/business/stories/realestate/08/18homes.html

foreclosure... foreclosure... foreclosure... Texas 2x national average!!!

Foreclosure Data...

• 92,845 properties nationwide entered a stage of foreclosure in July 2006 according to the U.S. Foreclosure Market Report .
• 1 new foreclosure filing for every 1,245 U.S. households.
• Texas reported 13,103 properties entering some stage of foreclosure, the most of any state for the eighth month in a row, and a 15 percent increase from the previous month.
• The six states with the most new foreclosure filings -- Texas, Florida, California, Michigan, Ohio and Illinois -- accounted for 54 percent of the nation's foreclosure activity in July, according to the RealtyTrac report.

Austin Foreclosure/REO (Real Estate Owned) Availability

Active Properties: 305
Avg. List Price: $124,969
Avg. Sq/Ft: 1,816
Avg. $ Sq/Ft: $68.02
Avg. Days on Market: 67

From: http://www.topproducer.com/news/55635.html

Technorati Profile

Check out our new profile:

Technorati Profile

Market Data - Nation Sales Soften while Texas experienced the third strongest gain, up 11.3 percent

National Market Update

• "Existing-home sales, including single-family and condo, were down in the second quarter in contrast with a record set in the same period in 2005. Despite the overall decline, 20 states showed increases in sales activity from a year ago, according to the National Association of Realtors®. "

Texas Market Update

• "The biggest increase was in Alaska, where existing-home sales rose 48.6 percent from the second quarter of 2005. In Arkansas the second-quarter resale pace rose 17.9 percent from a year earlier, while Texas experienced the third strongest gain, up 11.3 percent. Twenty-eight states and the District of Columbia experienced declines."

Austin Market Update

National and State Data from: http://www.realtor.org/PublicAffairsWeb.nsf/Pages/2ndQtrStateResales06?OpenDocument

Important News re: Insurance !!!

According to a recent article in the Houston Chronicle, The Texas Department of Insurance plans to liquidate the state's sixth-largest insurer, Texas Select Lloyds. The TDI plans to cancel all existing T.S. policies by August 23. If policyholders have not already received notification, they should shortly.

The Texas Property and Casualty Insurance Guarantee Association (TPCIGA) will pay valid claims and refund unearned premiums up to $25,000, according to the article. Consumers can find more info at http://www.tdi.state.tx.us/ or call 800-252-3439.

How does this affect you? Call Eric at Farmers ASAP if you have any questions or if you need any additional information. Eric has helped many of our clients and I am sure he will be able to help you!!!

Call Eric Stimmel, Farmers Insurance, at 512-925-6647 for a no hassle quote and consultation.

Farmers: Gets you back where you belong.
Eric Stimmel
8310 N. Capital of Tx Hwy. #497
Austin, TX 78731
512-617-3001 Office
512-925-6647 Cell
512-617-3005 Fax
estimmel@farmersagent.com

Now offering financial services as well as a full line of insurance products!

More Info: http://www.wtvm.com/Global/story.asp?S=5169957&nav=8fap

Austin to Consider Zero-Energy Requirements

Austin to Consider Zero-Energy RequirementsWhen it comes to energy conservation and a commitment to green technologies, Austin has been a leader.

The Texas city is on its way to setting a new precedent with a proposed series of changes to the building code that would require that all new single-family homes be “zero-energy capable” by 2015.

Zero-energy capable homes would be approximately 60 percent more efficient than homes built according to the current code and would generate their own power.

“The homes would employ solar technologies that could feed energy back into the city’s power grid during the day to compensate for energy the home would use during the non-daylight hours,” says Robert Morgan, director of Austin Energy’s Green Building program.

“This bold step will be another example of Austin’s continuing leadership role in national energy policy,” says Mayor Will Wynn, who also serves as the chairman of the Energy Committee of the U. S. Conference of mayors.

The first step for Austin is a task force to be appointed by the mayor and the city council on August 10 to study the possibility of Austin adopting the proposed changes. Austin builder Ray Tonjes who chairs the National Association of Homebuilders Green Committee says that the zero-energy goal is certainly “doable.”

Unlike most U. S. metros, Austin has a city-owned electric utility, says Morgan. Austin Energy is also one of 23 electric and gas utilities participating in an action plan developed by a leadership group of the National Association of Regulatory Commissioners that recognizes energy efficiency as a high-priority energy resource and promotes policies to align utility incentives with the delivery of cost-effective energy efficiency.

-- By Camilla McLaughlin for REALTOR® Magazine Online
-- From: http://www.realtor.org/RMODaily.nsf/pages/News2006081405?OpenDocument

Mortgage Rates at Lowest Point Since April

Thirty-year, fixed-interest home loans averaged 6.55 percent for the week ending Thursday, Aug. 10, putting mortgage rates at their lowest level since the week of April 20, when they averaged 6.53 percent, according to Freddie Mac.

The decline from last week's 6.63 percent represents the third consecutive week that borrowing costs for home buyers have fallen. "The weaker than expected job reports, combined with the Fed's decision to pass on raising rates at its last meeting, led directly to lower rates this week," explained Freddie Mac chief economist Frank Nothaft.

Prospective home buyers are jumping at the opportunity to secure financing at a lower rate, with the Mortgage Bankers Association reporting that its index on mortgage applications rose 4.9 percent last week, as the refinance and purchase gauges increased 7.1 percent and 3.4 percent, respectively.

Source: Baltimore Sun (08/11/06)

Closing cost comparison: Texas 2nd most expensive in Nation!!!

Texas was 15 in 2005 and this year, we are number 2!!!

The average cost in Texas: $3,578 compared to a national average of $3,024.

"There was more variation in title and closing charges. Fees averaged $1,353, with 40 of the 52 cities falling within $198 on either side of that figure, but title insurance and settlement fees pushed New York and Texas to the top of the heap as the most expensive states. In most states, title insurance averages less than $600, according to Bankrate's survey. In New York and Texas, title insurance premiums are well above $1,000 on a $200,000 loan.

In Texas, title insurance premiums are set by the state, and the premium for a $200,000 loan is $1,423. That pays for the insurance policy, as well as the title search. Texas title agencies are allowed to tack on other fees for services such as setting up escrow accounts and delivering documents. The closing usually is conducted at the title agency."

Other fees also affect the total closing cost and you should always get a Good Faith Estimate from a lender showing all fees to include loan origination fees, discount points, etc... We at Team Price have worked with many excellent lenders so if you have any questions regarding closing costs, settlement fees, etc... give us a call.


Links:
Closing costs average comparison for Texas
Mortgage closing costs: State rankings


Article from: Bankrate.com : http://bankrate.com/brm/news/mortgages/ccmain2006a1.asp?caret=1

Dubai - The biggest building site on earth

Begun in 2001, the Palm Islands are a 12-square-mile group off the shores of Dubai. With 14,000 labourers toiling day and night, the first of three unfeasibly large, palm shaped artificial islands, Palm Jumeirah, is nearing completion, and about to receive its first residents.

The islands almost defy description. They are huge artificial peninsulas, made from some 90 million cubic metres of sand dredged from the bottom of the Gulf. The outer edge of this first Palm is a gigantic, 7mile-long breakwater built of 7 million cubic metres of rock brought from 17 different quarries in the United Arab Emirates. It will be able to withstand 12ft-high waves.

Once finished, the Palm Jumeirah, which extends four miles into the Gulf, will accommodate some 60,000 residents in 2,500 exclusive beachside villas, 2,500 apartments in 20 high-rise blocks and 50 luxury hotels. The Palm Jumeirah will be followed by two more palm tree-shaped islands that will require a further 1.3 billion cubic metres of sand and stone.

The developers are also building The World Archipelago, a cluster of 264 islands that form a world map. Rod Stewart is rumoured to have bought the island shaped like Britain. The total cost of constructing the islands is some $14 billion. At least 50,000 workers will staff the hotels, two marinas, water theme parks, restaurants, shopping malls, sports centres, health spas and cinemas.

From: http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=399673&in_page_id=1770

UT Campus Housing Going Up

AUSTIN – College Houses Inc., a 501c3 organization with six co-op residential properties surrounding the University of Texas campus, plans to spend $10.9 million to demolish one of its properties in West Campus and replace it with a seven-story residential building that will triple its student housing capacity. The reconstruction of the property at 1905 and 1907 Nueces St. will include ground-level space for the firm’s offices and expand bed count from 45 to 160.

Alan Robinson, general administrator with College Houses Inc., said that the group was able to increase its unit offerings without buying additional land when the Austin City Council passed the University Neighborhood Overlay provision in September 2003. This provision allowed for denser residential development in the areas surrounding the UT Campus.

The Staubach Co. will be managing project development. Plans are to break ground in May 2007, with construction expected to be complete in fall 2008.

(statesman.com - 8 August 2006)

Fed Leaves Key Interest Rate Unchanged

The Federal Reserve on Tuesday left a key interest rate unchanged, marking at least a temporary pause in what had been the longest unbroken stretch of Fed rate increases in recent history.

The Fed's rate-setting committee voted 9 to 1 to leave the federal funds rate, the interest banks charge on overnight loans, at 5.25 percent. It was the first time the Fed had met and not raised rates in more than two years.

In 17 consecutive meetings stretching from June 2004 through June the Fed boosted the funds rate from a 46-year low of 1 percent to the current 5.25 percent, all in an effort to slow the economy enough to keep inflation under control.

Many economists believe the Fed will follow the August pause with one and possibly two more quarter-point rate hikes in the fall. The Fed's next meeting is Sept. 20.

At 5.25 percent, the funds rate, which is the overnight rate that banks charge to loan other banks, is at its highest point in more than five years. The funds rate is the Fed's main tool for influencing economic activity. Higher interest rates slow borrowing for homes, cars and other items and in this way depress economic growth.

From http://www.breitbart.com/news/2006/08/08/D8JCDFRO2.html

Frost Bank Tower Under Contract

AUSTIN (Business Wire, statesman.com) – Cousins Properties Inc. has agreed to sell Frost Bank Tower, a 33-story, downtown office building to Chicago-based Equity Office for $188 million or approximately $354 per square foot, a record price. The building is the tallest and perhaps most distinctive on the Austin skyline.

Property Info:
Property area - 1.7 acres
Building area - 525,000 sq. ft.
# Floors - 33
Elevators - 11 passenger elevators, 1 service elevator
Floor sizes - 16,826 to 25,856 sq. ft. and floor load of 80 lbs. per sq. ft.
Year Built - 2003

The Frost building purchase will give Equity ownership of five buildings in downtown Austin, along with four suburban properties in the Austin area. The building is 87 percent leased. http://www.msnbc.msn.com/id/14168470/

$1,350/month - excellent location...

Enjoy the privacy of the back yard or views of the hill country from the front deck. This home offers the convenience of having
separate living and sleeping quarters with all bedrooms upstairs. This home has been recently updated. Access to POOL!!!

2 Bed, 2 Bath, 1500 sq/ft, Built 1983, View of Hill Country & Woods, Inludes: Dishwasher, Disposal , Dryer, Range-Free Standing, Re-Circulated Exhaust Fan, Refrigerator, Single Oven, Washer.

$1,350 month


Marketed by:
Dan Price, Realtor
512.963.3768 - mobile
www.teamprice.com

Car Accident...

Well... yesterday was an interesting day.

I was heading to the Keller Williams Office (1801 S. Mopac) to meet with a client and was rear ended by a F150...

The Mopac on ramp from 183 S can be pretty terrible during rush hour with the "stop and go" traffic. This time, I stopped and the truck behind me kept going. I'll know by Monday if the car is totaled...

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