Friday, February 29, 2008

Austin Business Journal - by G. Scott Thomas Contributing writer

We live in stressful times. Consider the evidence:

• Forty percent of Americans say they are frequently subjected to stress, and another 36 percent sometimes feel that way, according to a January survey by the Gallup Poll.
• Nearly half of U.S. adults believe the stress in their lives has escalated during the past five years, as reported in an October study by the American Psychological Association.
• Three of every 10 Americans say they experience persistent stress or have panic attacks, as documented in a November survey by the Anxiety Disorders Association of America.

These numbers reflect the dimensions of a “national pressure cooker,” to use the American Psychological Association’s term, and it’s causing untold damage to physical and emotional well-being and relationships. Several factors contribute to the daily pressure felt by millions of Americans, ranging from finances and unemployment to traffic, crime and pollution. The intensity of this toxic mixture varies from market to market across the country, as does the level of stress.

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By Shonda Novak | Thursday, February 28, 2008, 12:47 PM

Work is expected to start in about a month on the $120 million BartonPlace condominium development on Barton Springs Road, after the project won unanimous City Council approval for a zoning change today, the developers said.

The 270-unit project will replace the Shady Grove Trailer Park on Barton Springs, behind Austin Java.

The developers are Larry Warshaw and Perry Lorenz of Constructive Ventures Inc., builders of the The Pedernales, Saltillo Lofts, TwentyOne24, and Este condo projects in East Austin. Constructive Ventures is partnering in BartonPlace with Rick Engel, co-owner of Austin Java, Little Woodrow’s, Paggi House and Uncle Billy’s.

The development team has signed a private agreement with the Zilker Neighborhood Association that will forever limit the development of the portion of the property that fronts Barton Springs Road, to help preserve the local businesses that make up Austin’s popular “restaurant row.”

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Tags: austin, austin real estate, building, buyers, condos, downtown, economy, investing, marketing, money, neighborhoods, real estate, urban living by Aria
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By Shonda Novak | Tuesday, February 26, 2008, 03:25 PM

Groundbreaking has been delayed for the condo project called 1155 Barton Springs, which is destined to replace the long-vacant Treehouse restaurant and nightclub at Dawson and Barton Springs Road.

Developers Elisabeth and Steffen Waltz and their partners had hoped to start construction on the project by the end of 2007. But yesterday, Elisabeth Waltz wrote in an email:

“These times seem to call for a measured approach. It may take us a few more months to start construction; we will start when we have 50% or more of the residences sold. (Personally, having been a real estate broker for many years, I would prefer all of them pre-sold).”

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Tags: austin, austin real estate, condos, downtown, economy, environment, financing, green, investing, neighborhoods, sellers, staging, urban living, where to buy by Aria
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By Sandra Fleishman
THE WASHINGTON POST
Sunday, February 24, 2008

WASHINGTON — Got a house to sell but worry about standing out from the competition?

Consider this: A research team at Cornell University has found that people will pay more for a house if its listing price does not end in a bunch of zeros.

In other words, the researchers say, you might make more money if you price your house at $325,425 rather than $326,000.

“It’s a psychological bias,” said Manoj Thomas, an assistant professor of marketing at Cornell’s Samuel Curtis Johnson Graduate School of Management. “A bias in judgment.”

The study concluded that because people are used to precise numbers for items that don’t cost much and to round numbers for large amounts, consumers generally and home buyers specifically tend to perceive that a price is smaller if there are digits at the end instead of zeros.

“It does seem ridiculous,” Thomas said. “But when you see a price, your response is not always based on deliberative reasoning.”

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Tags: austin, austin real estate, economy, marketing, real estate, sellers by Aria
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FROM STAFF AND WIRE REPORTS
Friday, February 15, 2008 WASHINGTON — Median home prices fell in more than half of the nation’s 150 metropolitan areas during the October-December quarter, a real estate trade group said Thursday.

But fourth-quarter data from the National Association of Realtors show that Texas was largely unaffected by the price slump.

Only one metro area in the state, Beaumont-Port Arthur, posted a decline in median price for a single-family home, down 5.3 percent, when compared with the year-earlier quarter. The median price in the Austin-Round Rock area rose 6.4 percent, one of the best results in Texas, the trade group said.

Of the 150 metro areas, 77 experienced price declines, with 16 showing double-digit percentage drops, the trade group said. The largest price declines were in Lansing, Mich.; Sacramento, Calif.; Jackson, Miss.; and Riverside, Calif., which posted price declines of 17 percent to 19 percent.

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NEIGHBORHOOD SPOTLIGHT

Lost Creek tucked away in the western hills, with views

By Clayton Stromberger
SPECIAL TO THE AMERICAN-STATESMAN
Sunday, February 17, 2008

Saying goodbye to the cosmopolitan bustle of Washington, D.C., was not easy for Nancy Vaden-Kiernan and her husband and young twin boys.

Headed back to Texas for family and work reasons, the four were leaving behind a classic, old two-story home down the street from the Washington National Cathedral and all the parks, museums, and cultural events a big city has to offer. Vaden-Kiernan knew they’d need a special new home to make the twins excited about the move.

“We wanted a view and a good school,” she says. Searching online, they found both — and a swimming pool — in a home in Lost Creek, just off Loop 360 in the Eanes Independent School District. They flew out for a visit, gazed at the hills and valleys of the Barton Creek greenbelt from the back deck and bought the house that weekend.

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Action is toughest yet from Texas panel

By Shonda Novak
AMERICAN-STATESMAN STAFF
Friday, February 15, 2008

A state commission has banned Central Texas builder Michael Kelly from working in the residential construction industry in Texas for 20 years. It is the longest revocation ordered by the Texas Residential Construction Commission since it was created in 2003, said Patrick Fortner, the commission’s director of communications and legislative affairs.

Kelly owns Primera Homes Ltd., an Austin-area building company, the commission said.

It took action against Primera Homes for numerous violations, including misappropriating trust funds and using false advertisements. Kelly and Primera Homes, which are in bankruptcy proceedings, were involved with several Austin-area subdivisions, including Maravilla and Maravilla Hills off RM 620 in the Lake Travis area.

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The burbs no longer beckon residents who want to end commutes and be close to it all.

By Shonda Novak
AMERICAN-STATESMAN STAFF
Sunday, February 10, 2008

‘Urban Re-Renewal: Downtowns making a comeback as places to call home.”

“Downtown Living All the Rage.”

“Crazy for condos: Downtown Scottsdale joins nation’s upscale urban living boom.”

Headlines in cities across the country document the continued popularity of downtown living, a trend that re-emerged in the 1990s locally and nationally. In this sense, Austin isn’t so weird after all.

Like Boston, Detroit, Denver and many other cities, Austin has its share of singles and young professionals, executives, empty nesters, retirees and, increasingly, young families headed to where the action is: downtown.

They’re being drawn by the dining, music, nightlife and recreational and cultural amenities, from galleries and performing arts venues to Lady Bird Lake.

They are a diverse group, of all ages and occupations.

“Time is the most important commodity that people have in their lives, and living downtown means people spending less time stuck in traffic and more time enjoying life,” says Larry Warshaw, a co-developer of four condominium projects in East Austin and the 42-story Spring tower under construction downtown. “I see it being a trend that will continue for several decades.”

Warshaw echoes the views of other experts, including John McIlwain, senior fellow resident for housing with the Urban Land Institute who himself moved from the suburbs of Washington, D.C., to live in that city’s downtown.

“There are and always will be those who want a house with a yard in the suburbs,” McIlwain says, “but more and more are opting to move to the revived cities. Decades of major investments in cities by the federal government along with mayors focusing on the basics have made cities safe and vibrant places to live.”

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Tags: austin, building, buyers, condos, downtown, investing, money, neighborhoods, urban living, where to buy by Aria
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by Tracy Rowlett

WEST TEXAS (CBS 11 News) ? While there are signs that the country is in the beginnings of a national recession, the exact opposite is true for West Texas where some folks are calling it a boom, and it’s all tied to oil.

Doug Robison is the president of ExL Petroleum. Robison will tell you the Texas economy was built on oil and gas and, “there are few things that are necessary to life that are non-negotiable. One is food. Another is energy. We have to have it.”

Robison is drilling for oil again just outside Midland because the demand for oil has never been greater. Last month the price of crude oil peaked twice at $100 a barrel.

Supply and demand dictate the price. Emerging nations like China and India are industrializing at an amazing pace. Cars are replacing bicycles and along with that comes an increasing appetite for oil.

Midland Mayor Wes Perry, who is in the oil business himself, puts it this way: “2.2 billion people on the earth are trying to go from one barrel a day per year, to two, three, and even up to five barrels a day per year.” The increase means tremendous pressure is being placed on the world’s oil supplies. The United States alone slurps up a quarter of the world’s oil and it is a finite resource.

Tim Dunn is the CEO of Crownquest Operating, LLC, another Midland exploration company. Dunn said, “There’s a shortage of oil. All the easy stuff’s been found. All the easy reserves, all the big giant oil fields.”

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by Danielle Babb
Thursday, January 24, 2008
provided by

Whether you’re looking for an investment property or a place to live, here’s a look at the cities you should seek out and avoid in 2008.

The housing crunch and the excessive inventory — exceeding 10 months on resale homes — continues to take its toll on housing prices. But over the long term, housing is still a good investment. In fact, it’s more than an investment; it’s a home. Plus, you’re not really saving anything by renting, as the costs of renting and owning are about equal (well, owning may be a little more). The tax benefits of home ownership far outweigh renting, too. With good housing prices in many great areas, this may indeed be the time to buy.

So now that I’ve convinced you this is a good time to buy a home, the next question is, Where do you buy one? No matter where you look, you should check out some basic economic fundamentals before buying. Is job growth stable in the area? Is income keeping up with inflation? Is crime above the national average? Is there a higher-than-average rate of foreclosures? These issues and others play a factor when deciding where to buy a house.

As a real estate investor and analyst, it’s my job to provide buyers with qualified information on where to buy — and where to stay away from. Here are my thoughts for 2008 based on the indicators noted above.

The Top Places to Buy

Whether you’re an investor like me or you’re looking to purchase that next move up, here are my picks for the best areas to buy a home:

• Killeen, Round Rock, Austin, Texas: Killeen has the lowest average home price in any market in the nation while still maintaining quality. Round Rock and Austin have seen incredible job growth and very stable home prices despite the downturn nationwide. Jobs continue to grow here — a factor for keeping inventory low and prices stable.

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Tags: austin, buyers, investing by Aria
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