Rumors and Facts about new Austin Tx Developments

As an Austin Realtor, I try and stay up to date with all of the news and information regarding economic developments that will affect Austin real estate values. Over the last couple of years, there have been many rumors regarding several large companies relocating to Austin and several large scale commercial developments that would help bring Austin into the nationwide spotlight. Some examples of confirmed projects that started as rumors include the new $360 million Schlitterbahn water park resort that is due to begin construction next year in the Cedar Park area that is expected to be built in four phases and will include a convention and retail center. Another verified planned development includes a $250 million Formula 1 (F1 Racing) facility to be constructed in time for the 2012 race year. Though the location for the facility has not been announced, rumor has it that it will be in the Dripping Springs area. Other rumors about projects that have come and gone or might still be in the works include a Six Flags amusement park in the Liberty Hill area. A good friend of mine that works as an estimator for the largest fencing company in the area had told me that the Six Flags corporation had already purchased the land and was getting bids on various phases of the buildout. This was before Six Flags filed for Chapter 11 bankruptcy which more than likely killed those plans. Another more recent rumor is that Disney has been looking at a tract of several hundred acres in the Bastrop area in consideration of building a Disney amusement park. Again, these are rumors that have not been substantiated by any official information from Disney or government officials. The fact that Austin is only 1.5 hours from San Antonio, and 3 hours from the Houston and Dallas areas makes Austin an ideal location for major commercial developments that residents from the entire state can enjoy. So you might ask yourself why would I as a realtor in Austin make an effort to fuel some of these rumors that are floating around? It's not to try and speculate on the potential increase in local property values or to cause people to want to move into the Austin area, but rather, my intent is to provide a different perspective to those living in Central Texas that may have never considered the possibility or probability that Austin is on the verge of becoming a major influence on the economic growth of not only Texas, but the U.S. as well.

To learn more about Austin real estate visit my Austin Realtor website.

Austin Area Builders Ready to Recover

AUSTIN (Home Builders Association of Greater Austin) – The Austin area's new home market could be headed toward a recovery, experts said Wednesday at the 2010 Economic Housing Forecast.
“The resiliency of the job market and relatively stable home prices will translate to a more positive consumer confidence level locally,” said Eldon Rude, Austin director of Metrostudy, which tracks the new home market in Austin and 30 other markets across the country. “Consumer confidence is an important driver of home sales.”
Rude said builders in the Austin area cut new home production by approximately 19 percent in the last year, resulting in 6,490 new home starts in 2009.
“Starts have stabilized in recent quarters, builders have closed more homes than they have started for the last three years. This strategy has resulted in far fewer inventory issues in the Austin new home market compared to the more challenged markets across the United States,” he said.
Metrostudy anticipates that new home starts in the five-county Austin region will be maintained at 2009 levels because of the expected lack of job growth through at least the first half of 2010 and the continued capital constraints facing builders.
Experts believe the region is at or near bottom with respect to housing starts and starts will begin to increase toward the end of 2010 and into 2011.
The conference was sponsored by the Home Builders Association of Greater Austin and the Austin Board of Realtors.
Experts believe the region is at or near bottom with respect to housing starts and starts will begin to increase toward the end of 2010 and into 2011.
The conference was sponsored by the Home Builders Association of Greater Austin and the Austin Board of Realtors.
For more information about Austin Real Estate, visit my website at http://www.RomeoM.com

Texas moves up in Forbes List

Texas improved its position on Forbes' Best States for Business this year.

The Lone Star State ranked 8th on this year's list, up from 9th in 2008.

The magazine ranks all 50 states based on costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.
Business costs, which include labor, energy and taxes are weighted the most heavily.

Texas ranks No. 1 in the land for overall economic climate and third for growth potential. But the state ranked fairly low (39th) for quality of life and was 29th when it comes to cost of doing business.

Virginia garnered the top spot for the best business climate in the country for the fourth straight year. Virginia is the only state ranked in the top 20 in each of the six categories, and its $325 billion economy is expected to be the 10th largest in the U.S. in 2009.
Rhode Island ranked last on the list with the worst regulatory environment and high costs of business.

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Good News for Austin Home Sellers

Much like the successful Cash for Clunkers campaign that spurred automotive sales, the $8000 federal tax credit has pulled buyers off the fence and given them an incentive to purchase a home. This is good news not only for buyers, but for sellers. Typically after the summer months, you see a sharp decline in home sales and listings, but this year may be a bit different. I've spoken to many buyers who still have several months left on their apartment leases that are willing to pay to get out of their lease and into a home. An example of this would be that if somebody pays $1000 per month in rent and still has 2 or 3 months left on their lease and they qualify for the full $8000 tax incentive, it would make fiscal sense to take the plunge and buy a home. I predict that as November 30th steadily approaches, first time homebuyers will still be out in droves trying to take advantage of the incentive. Good news for sellers, buyers, Realtors and everybody in the housing industry.

For more Austin real estate information and news, please visit my site at http://www.RomeoM.com or you can call me directly at (512) 743-7820.