This Week in Real Estate...
According to research completed by CB Richard Ellis (CBRE), Austin is among the top 50 office markets in the world with the fastest growing rents. Austin came in 40th with a 15.9% increase. The other Texas market appearing in the top 50 was Houston (ranked 34th).
Click Here for the full report.
The Housing Market....
The NAR (National Association of Realtors) found that the total housing inventory in the U.S. rose 1.9% at the end of October to 4.45 million existing homes (including single-family, townhomes, condos,and co-ops). At the current sales pace, the U.S. has a 10.8 month supply of homes.
In Austin, ABOR (Austin Board of Realtors) announced that October sales fell to 1,772 homes in , down 15% compared with the record 2006 year in we saw 2,094 homes sold in the same month. There are currently 9,431 homes on the market - still we have seen the medium price of homes rise from $175K in 2006 to $180K in October 2007. This number is still below the National home medium of $207.8K.
Interesting information to arm yourself with when considering the sale of your home.....but the area did have Job Growth....
According to the latest figures from the Texas Workforce Commission, the Austin/Round Rock are added 2,600 new jobs in October. Unemployment is 3.3%, below the statewide rate of 3.9% and national rate of 4.4%.
Speaking of job growth, Backwoods Inc. and outdoor clothing and equipment retailor is moving its corporate headquarters from Witchita to its new home on Congress Ave. The company currently employes 66 folks nationwide. The company will leas a 7,000 sqft office at 412 Congress Ave and has also purchased 10,000 square feet in the Hill Country Galleria for a retail location- its 8th nationwide. According to its CEO, Jennifer Mull, Austin became the company's choice for its new headquarters because of a number of factors, including lifestyle, cost of living and accessibility. For more information on the company visit http://www.backwoods.com/locations-austin.html
Austin Music Entertainment Television (METV)
recieved $1.6 million to expand into other major Texas markets, among the investors was Garry keller of Keller Williams. The company plans to use the new capital to add satellite technology. According to the Austin Business Journal, it will begin satellite distribution in January. The company is focusing its efforts on expanding into Texas' major markets, including Dallas, Fort Worth, Houston and San Antonio.
Check out METV on channel 15 (Time Warner) or channel 577 (digital cable).
Friday, November 30, 2007
Thursday, November 29, 2007
First, but not the last
Welcome to my blog. As with Real Estate, this blog is an ongoing adventure. I start this blog with the intention to inform others about the happenings in Austin Real Estate, as well as other sectors of our community. I will start my blog with a mixture of both.
I had a friend from Canada come visit Austin a couple of years ago. It was a beautiful Austin day , as is usually the case, and he decided to ride a bike down South 1st and back up South Congress. After his adventure he had this to say about Austin :"It seems to me that people in Austin have mastered the art of doing nothing.". His conclusion came from his observations of the many people sitting at the restaurants and coffee shops along his path.
At the time, I found his comment amusing and felt it to be quite true. I would repeat it to friends in stories I told about my city, and they too would find the comment amusing and witty. You see, if you too take the path down 1st from Ben White and back up South Congress there are many people sitting and talking, on computers, reading, and the such. To the eye, it is really easy to believe these people are going on in their lives playing, discussing the happenings of the day and what their plans are for that particular night.
I made that same trip down and around the block the other day, stopping at the occasional business, but mostly just observing. After lending an uninvited ear and eye to the goings on, it hit me, though my friend's statement was witty and amusing he was mistaken. The people of Austin have not mastered the art of doing nothing, but in fact are constantly improving on the art of doing things their way.
I do want to make it clear the intention of my trip was not to approve or disprove my friend's comment, but rather to take a look at real estate along the path. But as I traveled, it struck me that most people were deeply entrenched in work. From lawyers to musicians, the streets were alive with work. All of this work, surrounded by more work. The labors of roofers, electricians, plumbers, designing and creating new and existing buildings.
The same holds true for neighborhoods all over Austin, from the lake down the river, from North to South. People in Austin love, and have chosen to work in a manner and environment that is comfortable to them. Yet in the end the goal is the same, to make themselves and this city better. We are a city of Lifestyle, and our real estate needs are reflective of that. Change is not for good or bad, but a necessity - that our community has embraced. As the writer G.K Chesterton is quoted "All conservatism is based upon the idea that if you leave things alone you leave them as they are. But you do not. If you leave a thing alone you leave it to a torrent of change." So in change we find stability and growth.
This purpose of my blog is not to argue whether change is good or bad - it is certainly in the eyes of the beholder. Still you cannot argue that it is occurring in our city, from entertainment to work, it is happening all around. I hope to keep folks involved and up to date with the ever changing Austin market. I go into it knowing no work is perfect, as no building is indestructible. Yet I invite you to join me in the ongoing journey through the market and in the end hopefully we both will learn something.
I had a friend from Canada come visit Austin a couple of years ago. It was a beautiful Austin day , as is usually the case, and he decided to ride a bike down South 1st and back up South Congress. After his adventure he had this to say about Austin :"It seems to me that people in Austin have mastered the art of doing nothing.". His conclusion came from his observations of the many people sitting at the restaurants and coffee shops along his path.
At the time, I found his comment amusing and felt it to be quite true. I would repeat it to friends in stories I told about my city, and they too would find the comment amusing and witty. You see, if you too take the path down 1st from Ben White and back up South Congress there are many people sitting and talking, on computers, reading, and the such. To the eye, it is really easy to believe these people are going on in their lives playing, discussing the happenings of the day and what their plans are for that particular night.
I made that same trip down and around the block the other day, stopping at the occasional business, but mostly just observing. After lending an uninvited ear and eye to the goings on, it hit me, though my friend's statement was witty and amusing he was mistaken. The people of Austin have not mastered the art of doing nothing, but in fact are constantly improving on the art of doing things their way.
I do want to make it clear the intention of my trip was not to approve or disprove my friend's comment, but rather to take a look at real estate along the path. But as I traveled, it struck me that most people were deeply entrenched in work. From lawyers to musicians, the streets were alive with work. All of this work, surrounded by more work. The labors of roofers, electricians, plumbers, designing and creating new and existing buildings.
The same holds true for neighborhoods all over Austin, from the lake down the river, from North to South. People in Austin love, and have chosen to work in a manner and environment that is comfortable to them. Yet in the end the goal is the same, to make themselves and this city better. We are a city of Lifestyle, and our real estate needs are reflective of that. Change is not for good or bad, but a necessity - that our community has embraced. As the writer G.K Chesterton is quoted "All conservatism is based upon the idea that if you leave things alone you leave them as they are. But you do not. If you leave a thing alone you leave it to a torrent of change." So in change we find stability and growth.
This purpose of my blog is not to argue whether change is good or bad - it is certainly in the eyes of the beholder. Still you cannot argue that it is occurring in our city, from entertainment to work, it is happening all around. I hope to keep folks involved and up to date with the ever changing Austin market. I go into it knowing no work is perfect, as no building is indestructible. Yet I invite you to join me in the ongoing journey through the market and in the end hopefully we both will learn something.
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