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Fueled by Tax Credit, Area Home Sales Jump 28%
Austin American Statesman, by Shonda Novak
April 20, 2010
Home sales in Central Texas surged 27 percent in March compared with the same month last year, pumped up by buyers seeking to take advantage of a federal homebuyer tax credit that expires April 30, the Austin Board of Realtors reported Tuesday.
Real estate agents sold 1,784 existing homes in March, compared with 1,404 a year ago. The median price remained stable, at $180,000, the board said.
"Though we've seen increases in year-over-year sales volume consistently in recent months, it's likely this substantial increase in volume is related to the impending expiration of the homebuyer tax credits on April 30," said John Horton, chairman of the Austin Board of Realtors. "What's most encouraging, however, is that in the midst of this increase in sales volume, our real estate values have remained steady, which bodes well for the long-term value of real estate in Austin."
The tax credit - $8,000 for first-time buyers and $6,500 for repeat buyers - has been credited with spurring tens of thousands of sales across the country in recent months. Some housing experts have expressed concern that sales could slow when the credit ends. Homes must be under contract by April 30, with the closing done by June 30, in order to qualify.
For the first three months of the year, 70 percent of Austin-area sales have been for homes priced at $249,999 or less, where first-time buyers would focus.
Other Texas cities also have seen increases linked to the tax credit. Sales were up 28 percent last month in the San Antonio area but only 11 percent in Dallas and Houston.
Read More: http://www.statesman.com/business/real-estate/fueled-by-tax-credit-area-home-sales-jump-591816.html |
Report: Austin 3rd Best City to Relocate To
Austin Business Journal
Austin was ranked the third best city to move to in the United States, according to a RelocateAmerica.com report. The relocating resources website listed Austin just behind Huntsville, Ala. and Washington D.C. for overall best place to move. Those listed were nominated by RelocateAmerica.com users and then selected by the site's editorial team. The company also analyzed reviews, interviewed residents and looked at economic, environmental, education, crime, employment and housing data.
The Texas State capital took the No. 2 spot on the "America's Top 100 Places to Live for 2010" report for recovery, among others less impacted by recession and therefore expecting a swift recovery. Huntsville, Ala. was ranked first on that list.
Austin was also listed as the fifth-best "earth-friendly" location behind Portland, Ore. (No. 1); Boston, Mass. (No. 2); Madison, Wis. (No. 3); and Boulder, Colo. (No. 4). |
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Austin 6th most-moved-to city, Uhaul says
Bizjournals.com
April 5, 2010
Austin was listed as the country's sixth most-moved-to destination, though it fell behind San Antonio and Houston, U-Haul International Inc. reported today.
The national do-it-yourself moving giant compiled data from travelers moving more than 50 miles last year and found Houston topped the list, moving up from second in 2008. The 2009 Top 50 U.S. Destination Cities used information from more than a million U-Haul truck transactions, but is not necessarily reflective of overall population movement.
Las Vegas moved up to the second most moved to city from the No. 4 in 2008, and Chicago climbed to No. 3 from No. 7. San Antonio ranked No. 4, moving up from No. 8., while Orlando, Fla. moved up to fifth place from the No. 10 rank last year.
Other top-moved-to sites include: Atlanta, Geo.; Sacramento, Calif.; Kansas City, MO.; Denver, Colo.; Philadelphia, Pa.; San Diego, Calif.; Brooklyn, N.Y.; Phoenix, Ariz; Dallas, Texas; Tampa, Fla.; Los Angeles, Calif.; Van Nuys, Calif.; Costs Mesa, Calif.; New York City; and others.
A U.S. Census Bureau report released last December found that nearly half a million Americans moved to Texas between July 2008 and July 2009, making it the most migrated to in the U.S. Four Texas cities ranked in the top 10 fastest-growing in that report, including Round Rock. |
Austin Construction Activity to Climb 30%
February 12, 2010
Austin Business Journal
Texas' construction activity is expected to improve this year with Austin faring the best, according to a McGraw-Hill Construction report Thursday.
The 2010 Texas Construction Outlook shows construction starts value increasing 16 percent this year to $52.5 billion statewide. Austin is expected to experience the largest growth, rising 30 percent in value, followed by Houston, growing 17 percent. Dallas is projected to increase 16 percent and El Paso should add 8 percent value this year. San Antonio is expected to see 6 percent growth.
The report said housing starts are expected to grow 31 percent to $21.8 billion, while commercial construction starts will slip 1 percent to $17.6 billion. Federal stimulus funding will boost public works and utilities construction, according to the report. McGraw-Hill has compiled project and product information, plans and specifications and industry news and forecasts for more than a century. The publication is owned by The McGraw-Hill Cos. (NYSE: MHP) in New York. |
Planning Commission Deals Setback to Barton Springs Road Office Plan
Austin American Statesman, Shonda Novak
February 10, 2010
The Austin Planning Commission late Tuesday unanimously rejected a zoning change for a proposed office building of up to 120 feet high at 801 Barton Springs Road, siding with Bouldin Creek residents who say it would be too intrusive for their neighborhood.
Texas American Resources Co. , an Austin-based energy company, wants to build its headquarters on the site, the former location of the Filling Station restaurant. It's now an empty lot that houses a seasonal mobile snow-cone vendor. The company is seeking planned unit development zoning for the project, called the Park. The designation allows some exceptions to development regulations in order to encourage projects that are higher quality than what could be built under conventional rules.
The designation has been granted mostly to "large or complex projects" on sites larger than 10 acres, according to city documents. In December, the City Council approved the zoning for a $200 million project on East Riverside Drive that will include 1,200 apartments after a months-long debate and negotiations with the developers, Grayco Partners.
Cory Walton, a Bouldin Creek resident and president of the Austin Neighborhoods Council, said that approving planned unit zoning for The Park - a single building on a site less an acre - "would set a dangerous precedent." "We must develop the common sense, cost-effective policy solutions at the state and local levels that will help ensure long-term affordability," said Center for Housing Policy Chair John K. McIlwain, senior resident fellow and the J. Ronald Terwilliger chair for housing at the Urban Land Institute.
"Otherwise, our workforce will face longer commutes and higher transportation costs, leading to increased traffic congestion and adverse environmental impacts."
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