Austin Like No Other!

Hi guys, I thought you would enjoy this list of Austin's Top Rankings in 2010. Once again, it is good to hear what we have known for years!

Have a great afternoon!

Best,

Marcus

#4 best place to visit in U.S. (Lonely Planet, December 2010)
One of the 10 Cities Best Situated for Economic Recovery (Newsweek, November 2010)
One of America’s 10 Most Affordable Cities (Forbes, November 2010)
7th Smartest City in America (The Daily Beast, October 2010)
Highly ranked among 50 U.S. Real Estate Markets to Watch (PricewaterhouseCoopers, October 2010)
2nd on the Milken Institute’s Best-Performing cities 2010: Where America’s
Jobs Are Created & Sustained
(Milken Institute, October 2010)
6th Smartest City in America (CNNMoney.com, October 2010)
9th Best Graduate Program for Entrepreneurs (University of Texas at Austin) (Entrepreneur, October 2010)
12th Best Executive MBA Program (University of Texas at Austin) (Wall Street Journal, September 2010)
One of Top 10 Fall Hotspots (Travelocity, September 2010)
Among 10 metros Where You can Buy a Home for Less than $800 a month (U.S. News, September 2010)
Among America’s Most Recession Proof Cities (CNNMoney.com, September 2010)
#2 Mid-Size Metro College Destination (American Institute for Economic Research,
September 2010)
In Top 100 Cities of the Global Innovation Economy (Innovation-cities.com, September 2010)
Among Least Stressed Cities in U.S. (Portfolio.com, September 2010)
7th Most Favorable Place to Look for Work (The Conference Board, September 2010)
Among Top 20 Brainiest Cities in America (The Daily Beast, August 2010)
Top U.S. Entrepreneurial Center (Entrepreneur, August 2010)
Among America’s Best Music Cities (Travel+Leisure, August 2010)
#5 for higher education excellence (University of Texas at Austin) (Washington Monthly, August 2010)
#1 Quality of Life Metro Ranking (Business Facilities, August 2010)
#1 for Renewable Energy Availability (Business Facilities, August 2010)
#2 Greenest Metro (Business Facilities, August 2010)
#3 Top City for Young Entrepreneurs (Under30CEO, August 2010)
Top City for Young Adults (Kiplinger, July 2010)
#2 Biotech Hub (Business Facilities, July 2010)
10th Fastest-Growing Exporter in U.S. (Brookings Institute, July 2010)
5th Best City for New College Grads (Bloomberg Businessweek, July 2010)
ABIA selected as one of America’s Best Airports (Travel+Leisure, July 2010)
Round Rock among 10 Best Towns for Families (Family Circle, July 2010)
#1 Best City for the Next Decade (Kiplinger’s Personal Finance, July 2010)
One of America’s Recovery Capitals (Forbes, June 2010)
One of America’s Most Recession-Proof Cities (CNN, June 2010)
One of America’s Best Cities for Young Professionals (Forbes, June 2010)
Top City Beating the Recession (The Huffington Post, June 2010)
14 area high schools rank in the top 6% nationally (Newsweek, June 2010)
#2 Most Innovative City in America (Forbes, May 2010)
Among America’s Fittest Cities (American College of Sports Medicine, May 2010)
Among Top 10 for Best Quality of Life (Portfolio.com, May 2010)
#3 Dog Friendly City (DogFriendly.com, May 2010)
Among Cleanest Air Cities (American Lung Association, April 2010)
Best Big City for Jobs (Forbes, April 2010)
Among Top 10 Best Places to Live (Relocate America, April 2010)
Among Top 10 Best Places for Business & Careers (Forbes, April 2010)
Top 10 Destination in National Migration Trend Report (U-Haul, April 2010)
3rd among 20 Cities That Are Having an Awesome Recovery (BusinessInsider, March 2010)
One of 21 Top Time-Saving Cities (RealSimple, March 2010)
Tied for #1 City Where the Recession is Easing (Forbes, March 2010)
3rd Best City for Singles (Travel+Leisure, March 2010)
Healthiest Housing Market for 2010 (Builder, February 2010)
Williamson, Travis, & Hays Counties are Healthiest in Texas
(Robert Wood Johnson Foundation &
The University of Wisconsin Population Health
Institute, February 2010)
Best Local Music Scene (Budget Travel, February 2010)
Ranks low for Rate of Home Foreclosures (RealtyTrac, January 2010)
Most Conducive to Creation & Development of Small Businesses (Portfolio.com, January 2010)
5th Best City to Live, Work, & Make Movies (MovieMaker, January 2010)
#2 Best Place to Retire & Row in the U.S. (RowingandSculling.com, January 2010)
Best City to Invest in Commercial Real Estate (Grubb & Ellis, January 2010)
9th Easiest City to Find a Job (Juju.com, January 2010)

A home is more than four walls & a roof...

This is some of my new branding material. A home is more than four walls and a roof. Need help buying or selling your home? Call me to discuss how I can help.

Best,

Marcus Cox

Realtor and Co-Owner Avalar Austin

512.921.3111

What's Up with Austin, Texas Real Estate?

What's up with Austin real estate, you ask? Well here is the scoop:

It has been past few months for the Austin real estate market. As you know the first-time home buyer tax credit was in full force the spring. The market was active and we saw buyers in all price ranges. Although, much of the activity was not from first-time home buyers the electric feeling and excitement was in the air and people were buying. Then mid-June activity dropped off and the 30th rolled around and the tax-credit expired (there were plenty of transactions closing in June, especially from the tax credit, but new buyers were very scarce).

Almost at once the breaks were applied and traffic slowed and buyers seemed to disappear. For most of June and through the month of July things tended to be on the slower side, but as the 1st of August came and went we started seeing inquiries and buyer activity pick up again. As the month progressed the middle and upper-tier markets started coming back to life. The first-time buyer market was artificially empty, but the buyers in the $400k to $1m+ were getting back into the market after some time on the sidelines. Additionally, calls on beach and ranch property also increased during this time as investors and the like looked for creative and safe ways to park money as well as estate plan.

It seems that the typical summer demand was experienced prematurely in the Spring for first-time home buyers and the pent up demand in the mid to high price ranges finally started to show itself at the close of the typical buying season.

The market has "recovered" nicely, and continues to slowly progress. People still can't believe Austin fared so well, the problems may not be over, but Austin is once again showing its' resilience and fertility for growth. I have worked with several Californians this fall who have expressed disbelief that our market hasn't been knee-capped like theirs. I remind them that we never experienced the run-up they experienced, we were fortunate not to have the 24% appreciation a year and 100 year mortgages. Even so it's often hard to fully understand without seeing the hard numbers. I have included a graph below that shows the Austin Real Estate Market's performance since 1979.

As you can see, in 2008 and 2009 the market contracted by -1 and -3% respectively. So far this year we have seen an increase in the average price of homes by 4% and the median by 2%. While there is some explanation for both the decline and the increase, these numbers are still solid indicators of general performance. Now, a little more on the explanations: The 2008 numbers are fair and signify instability during the recession. The numbers for 2009, in my estimation, are a bit misleading. During this period activity in the luxury market was very slow and the posted sales were down significantly. Conversely, the first-time home buyer credit was initiated and demand under $200k soared. Because of this phenomenon the average price fell because of less demand in the 750k+ market and a sharp increase in the under $200k market. Similarly, this year the Austin market has appreciated, but I fear 4% is too generous. These numbers add up, but the reemergence of the luxury market has skewed these numbers higher.

Now for my Warning:

As Mark Twain once said, "there are lies, damned lies and statistics." Over the next 6 to 8 months be prepared to see some dismal "year over year" sales numbers for the Austin market place (not every month, mind you, but I suspect several). As I mentioned above, last year at this time the first-time home buyer credit was well underway and caused an un-natural increase in demand, especially during the winter months and early spring. This fall and next year's sales numbers do not have the benefit of tax credits and we all anticipate the real estate market will start to quite down as the holidays approach and re-awaken next Spring. So...when you hear that sales are down from last year take solace in the fact 2010 and early 2011 do not have the benefit of a tax-credit, that our market has re-bounded and is doing just fine!

Best,

Marcus Cox

Vacation Rentals, Growing in Popularity....

Over the past year and a half we have seen a huge surge in Port Aransas vacation rentals. This makes sense when one considers the economic down and it's affect on discretionary spending and vacations. As the economy slowed more and more people planned vacations closer to home. Many of these trips were planned to the Texas Coast and allowed people to re-familiarize themselves with the coast.

I can't tell you how many people have told me. "I haven't been to the Texas Coast in 15 years, man, has it ever changed." The increase in traffic at the coast has allowed people to re-familiarize themselves with a coast that has grown up and cleaned up.

This re-introduction to the Texas Coast has caused the popularity of this area to increase. Port Aransas and Rockport experienced a record number of reservations this year and vacation rentals are starting to fill up for next year.

Are you interested in spending some time on the Texas Coast? Contact us about your vacation rental today...

Book Your Beach Vacation

Tarrytown, Austin: Luxury Market Update...

(Area defined by: South of 35th St., North of Lake Austin & West of MO-Pac)

- There are currently 61 luxury homes available in this area with 4 others currently under contract. Over the last 3 months 22 luxury homes have sold. At this rate of absorption there is 8.5 months worth of inventory. Things have been slow in Tarrytown. The 4 pending homes signify a continued rate of slower activity, and I anticipate activity to be down from last month.

(If you would like a copy of the graph email me and I'll forward it to you.)

The activity in the $500k to $999k range has been the most active. There are currently 42 homes available and the 4 pending homes are all in this price range. Over the last 3 months 15 homes have sold. With this rate of absorption there is 8.4 months of inventory, which is statistically almost a carbon copy of Tarrytown on the whole. This price band saw its’ most intense activity this summer, when many other areas in Austin were slow. 12 homes sold in May, 15 sold in June and 8 sold in July. The Days on market was trending downwards and was as low as 37 DOM for sold homes in July. But, as the summer wound to a close activity slowed too and DOM has risen to a current level of 101 days. Although traffic has slowed, prices are holding firm.

The activity in the ULTRA market, $999 and up, has been slow. There are currently 19 active homes available and no pending sales in this market. Over the last 3 months 7 ULTRA homes have sold, yielding an absorption rate of 2.3 homes a month. At this rate there is currently 44.3 months of inventory. Earlier in the summer 3.3 homes sold a month on average. The days on market during this time was lower as luxury homes were selling faster. However, as the summer progressed the days on market rose from 44.5 in May to 128 in July. The values in this segment are also holding firm. Sellers appear to be comfortable waiting for realistic offers, even though the market is not saturated with real buyers.

Final Thoughts: The activity below $1 million has been solid and accounts for the majority of the sales. The ULTRA market has been slower this summer and is overly saturated at this time. Both markets had busy summers and cooled as the summer season ended. Tarrytown is ever-popular and closer and closer to downtown every year, although the fall has been quiet, keep an eye on Tarrytown year next spring!

The Fastest-Growing Cities In The U.S.

Lower housing prices, shorter commutes and a more pro-business attitude are driving the cities on our list.

The U.S.' emerging cities are not experiencing the kind of super-charged growth one sees in urban areas of the developing world, notably China and India. But unlike Europe, North America's population is slated to expand by well over 100 million people by 2050--much of this growth in the U.S. and much of it driven by continued immigration.

In the course of the next 40 years, the biggest gainers won't be behemoths like New York, Chicago and Los Angeles, but less populous, easier-to-manage cities that are both affordable and economically vibrant.

Americans may not be headed to small towns or back to the farms, but they are migrating to smaller cities. Over the past decade, the biggest migration of Americans has been to cities with between 100,000 and 1 million residents. In contrast, notes demographer Wendell Cox, regions with more than 10 million residents suffered a 10% rate of net outmigration, and those between 5 million and 10 million lost a net 2.4%.

In the U.S. it's all about expanding options. A half-century ago, the bright and ambitious had relatively few choices: It was New York, Chicago or Los Angeles. In the 1990s a series of other, fast-growing cities—San Jose, Calif.: Miami; San Diego; Houston; Dallas-Fort Worth, Texas; and Phoenix --emerged with the capacity to accommodate national and even global businesses.

Now several relatively small-scale urban regions are reaching the big leagues. These include at least two cities in Texas: Austin and San Antonio. Economic vibrancy and growing populations drive these cities, which ranked first and second, respectively, among large cities on Forbes' "Best Places For Jobs" list.

Austin and San Antonio are increasingly attractive to both companies and skilled workers seeking opportunity in a lower-cost, high-growth environment. Much the same can be said about the Raleigh-Durham area of North Carolina, and Salt Lake City, two other U.S. cities that have been growing rapidly and enjoy excellent prospects.

One key advantage for these areas is housing prices. Even after the real estate bust, according to the National Association of Homebuilders, barely one-third of median-income households in Los Angeles can afford to own a median-priced home; in New York only one-fourth can. In the four American cities on our list, between two-thirds and four-fifths of the median-income households can afford the American Dream.

Advocates of dense megacities often point out that many poorer places, including old Rust Belt cities, enjoy high levels of affordability, while more prosperous regions, such as New York, do not. But lack of affordability itself is a problem; areas with the lowest affordability, including New York, also have suffered from high rates of domestic outmigration. The true success formula for a dynamic region mixes affordability with a growing economy.

Our future cities also are often easier for workers and entrepreneurs alike. Despite the presence of the nation's best-developed mass transit systems, the longest commutes can be found in the New York area; the worst are for people living in the boroughs of Queens and Staten Island. As a general rule, commuting times tend to be longer than average in some other biggest cities, including Chicago and Washington.

In contrast, the average commutes in places like Raleigh or San Antonio are as little as 22 minutes on average--roughly one-third of the biggest-city commutes. Figure over a year, and moving to these smaller cities can add 120 hours or more a year for the average commuter to do productive work or spend time with the family.

In developing this list we have focused on many criteria--affordability, ease of transport and doing business--that are often ignored on present and future "best places" lists. Yet ultimately it is these often mundane things, not grandiose projects or hyped revivals of small downtown districts, that drive talented people and companies to emerging places.

5 Fastest Growing Cities In America

Raleigh-Durham, N.C.

Even in hard times this low-density, wide-ranging urban area has repeatedly performed well on Forbes' list of the best cities for jobs. The area is a magnet for technology firms fleeing the more expensive, congested and highly regulated northeast corridor. One big problem obstructing the region's ascendancy has been air connections. But Delta recently announced a large-scale expansion of flights there from around the country. Population growth will likely be lead by educated millennials seeking affordable housing and employment opportunities. Today the region has 1.7 million residents; the State of North Carolina projects it will grow to 2.4 million by 2025.

Austin, Texas Austonites tend to be smug, but they have good reason. The central Texas city ranked as the No. 1 large urban area for jobs in our last Forbes survey. Along with Raleigh-Durham, Austin is an emerging challenger for high-tech supremacy with Silicon Valley. The current area's population is 1.7 million and is expected to grow rapidly in the coming decades. Austin owes much both to its public sector institutions (the state government and the main Campus of the University of Texas) and its expanding ranks of private companies--including foreign ones--swarming into the city's surrounding suburban belt.

Salt Lake City, Utah

Once seen as a Mormon enclave, the greater Salt Lake urban area--with roughly 1 million people--has every sign of emerging as a major world player with a wider appeal. The church still plays a critical role, in part by financing a massive redevelopment of the city's now rather dowdy city core. The area's population has doubled since the early 1970s and will grow another 100,000 by 2025 to well over 1.1 million. New companies are flocking to this business-friendly region, particularly from self-imploding California. Increasing national and global connections through Delta's hub will tie this once isolated city closer with the wider world economy.

San Antonio, Texas

Last year this historic Texas metropolis--home to the Alamo--ranked second on our list "best cities for jobs" among larger cities. The region has been growing rapidly to well over 2.1 million. As the economy, particularly in Texas, recovers, an already strong health care sector will be joined by an expanding industrial base. One key factor in San Antonio's favor: stable house prices --even by Texas standards. PMI Mortgage Insurance Co.'s most recent risk index, which is a two-year measure, lists San Antonio as having the lowest risk from falling prices among large Texas cities.

Oklahoma City, Okla.

Oklahoma City--with its business-friendly environment and abundant oil and natural gas reserves--ranked No. 11 in Forbes' list of the best big cities for jobs. A KPMG study named it the least costly metro area to do business among U.S. cities with populations between 1 million and 2 million, and according to the Census Bureau Community Survey, it has the third-shortest commute time among the 52 largest cities. Such factors--plus its exciting new basketball star, Kevin Durant--have definitely attracted plenty of new residents. An article in the Sacramento Bee reported that many Californians were migrating to the former Dust Bowl town in search of jobs and more stable housing prices, and its population, at 1.2 million, is expected to grow 9.8% in the next 10 years, according to the Greater Oklahoma City Partnership.

The full article can be found:http://realestate.yahoo.com/promo/the-fastest-growing-cities-in-the-us.html

The Texas Coast, the Next Big Thing...

We live in uncertain times. Financial assets are depressed and volatile. Returns and yields on those assets are dismal. Who would have guessed a few years ago that a savings account paying 1 percent interest would appear attractive? Investors all over the country are looking for safe investment with a strong upside, but for Texans it is right before their eyes – the Texas coast.

Texas coastal real estate is reminiscent of Edgar Allan Poe’s story “The Purloined Letter” where the letter could not be found because it was in plain sight. Interestingly, Texas has the world's 12th largest economy but it is home to the least expensive coastal real estate in the United States. Texas beach towns like Port Aransas, Rockport, Port O’Connor and Padre Island continue to be top vacation destinations for families, vacationers and sportsmen alike. The coast offers nine months of beach season, world-class fishing and average highs of 69°F in February and 93°F in August. The Texas coast is conveniently located within five hours of more than 85% of the State’s population and greater numbers of vacationers are visiting every year. In a time where people are looking for solid investments and safe places to park money, we can all agree the Texas Coast looks very promising.

Theodore Roosevelt once said, “Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming financially independent. For real estate is the basis of wealth." These words could not be more true. Following TR’s wise words and the time honored investment rule “buy low, sell high,” one of today’s smartest investments is in a second home or investment property. As government spending and taxation increase people are more attracted to hard assets that provide immediate tax benefits, a hedge against inflation, the potential for significant appreciation and a good tan.

National headlines about real estate still cause alarm and many people are justifiably apprehensive about real estate. However, markets across the United States are vastly different and where you buy is often as important as when you buy. Florida has a glut of beachfront condos and homes available for deeply discounted prices. Yet, Flordia real estate is languishing on the market because of investor and second home buyers’ fears. Even after steep discounts property prices in Florida remain high relative to Texas. The average price of a condo in Destin is over $560k! Florida real estate was “discovered”…decades ago. The long term investment potential in Florida has been realized by those who purchased property in the 1970’s and early 1980’s.

In contrast, Texas has weathered the economic storm far better than most and the coast’s growth potential is unrivaled. After 16 months of job losses nationally, the state's economy experienced its third month of positive annual employment growth. The growth rate from July 2009 to July 2010 was 1.3 percent compared with a rate close to zero percent for the rest of the nation. The state’s private sector posted a positive annual employment growth rate of 1.2 compared with a zero percent growth for the rest of the nation.

Earlier this year Forbes ranked the top ten fastest growing cities in the United States; four of them are in Texas. Encouraged by a healthy economy, a comparatively low cost of living, no state income tax and great weather, Texas’ population is expected to grow a staggering 66% over the next 20 years, bringing the total population to roughly 40 million by 2030.

Another Forbes article listed the nation’s top 20 cities for jobs; of the 20 cities nine of them are in Texas. A pro-business environment has encouraged many major corporations to relocate their headquarters here. The state is now home to 58 Fortune 500 companies, more than any other state. They include Exxon-Mobile, Dell, Fluor, and J. C. Penny to name a few.

All signs point toward a bright future as Texas continues to grow and prosper. Furthermore, the long-term prospect for second homes in Texas is very strong. Currently, 38.7 million people in the United States are ages 50 to 59 and 45.3 million people are between 40 and 49 — prime years for buying a second home. Individuals in these groups are still in their peak-earning years. They have both the means and desire to purchase second homes as an enjoyable investment or retirement destination.

When one considers Texas’ economic strength, job creation and population growth it’s understandable that available coastline is dwindling. Of the 375 miles that make up the Texas coast, 293 are unavailable (State and Federal preserves and parks), 56 miles are fully developed and only 26 are still available. It seems in a few short years affordable property on the Texas coast may be a thing of the past.

Are you considering a vacation home or coastal investment? Let me help you find the beach house you've been looking for! I am a buyer's agent specializing in Texas coastal vacation property. There are a lot of issues and obstacles to navigate when purchasing a vacation property. Who is looking out for you? Protect yourself with an experienced buyer's agent who will represent you and your interests. Contact me to find your vacation property today!

Best,

Marcus Cox
Avalar Coastal Real Estate
512.921.3111
marcus@avalaraustin.com

Austin Among Cities on Best Places to Retire List

CNNMoney.com - Best Places to Retire List

Best Places to Retire

by Sarah Max and Amanda Gengler

Your post-work years are a time to improve your golf game, take up a new hobby, or just enjoy a well-deserved break. In these great college towns, you can expand your intellectual horizons too.

by Sarah Max and Amanda Gengler

Your post-work years are a time to improve your golf game, take up a new

Before Mike and Susie Bahnaman decided where to retire, they came up with their priorities: a nearby beach, mountains, and a new course catalog every semester. "We liked the idea of being able to learn about things we didn't have a chance to study while we worked," says Mike, who retired from Dow Chemical six years ago. Now the couple, both 59, bone up on everything from history to art at Duke University—and enjoy season tickets to the women’s basketball games. Like Duke, hundreds of schools welcome retirees back, providing access to university facilities, discounts at campus events, and the chance to take classes with fellow retirees. Many of these programs bear the name of the Bernard Osher Foundation, which funds 120 institutions in 50 states. For this year’s edition of Best Places to Retire, MONEY identified towns with notable lifelong-learning programs, as well as other attributes that retirees can appreciate, from low taxes to a!ordable housing to high-quality health care. In all of these places, you can enjoy the traditional trappings of retirement, be it warm weather or water views, and savor a rich intellectual environment too.

9. Austin, TX

Population: 799,267 % over 50: 22% Median home price: $196,600 Where to take classes: University of Texas at Austin Known widely for its burgeoning music and film scene, Austin is the cultural and literal capital of Texas. Music can be heard everywhere come October, when the Austin City Limits takes over the 46-acre Zilker Park along the banks of the rambling Colorado River. The three-year-old Long Center for Performing Arts, which is home to opera, symphony and ballet, has also become a cultural staple of Austin. If you'd rather perform than watch, you can waltz right into the Austin International Folk Dancers, a nonprofit that has been teaching cultural dance to Austinites for more than 50 years. While dance will keep your heart pumping, continuing education programs at University of Texas at Austin can keep your mind sharp. In addition to enrichment classes through its lifelong education program, the university offers a worldly "Road Scholar" travel educational odyssey for retirees. Photo courtesy of ACVB/Jean-Michel Dufaux

AOL Ranks Port Aransas Top US Beach Destination!

It's nice to see people say what we've known for years!

6. Mustang Island, Port Aransas, Texas
This 18-mile-long barrier island, connected by a causeway and 24-hour ferry to Corpus Christi, offers wildlife and wild life at party-hearty Port Aransas. Trolleys ply the historic honkytonk town, filled with down-home pubs and upscale galleries. Wide bay- and Gulf-side beaches, lined with dunes, seafood shanties and marinas, hikers, seashell collectors, and sandcastle architects (100,000 spectators ogle hundreds of entries at SandFest, the nation's largest sand-sculpting competition, every April). Aquatic activities abound: surfing waves off the jetty, kite-boarding off protected sandbars, casting for trophy tuna and tarpon. Tournaments lure international competitors, who spin tales of the ones that got away in fun funky bars. More than 500 bird species vacation here, dolphin frolic in the channel, and coyote roam Mustang Island State Park.

To see the full article click here!

August West Austin Luxury Comps...

(Area defined by: North of 35th St., Lake Austin, 2222 & MO-Pac)

-As we discussed last time, activity in the luxury home market in Northern 1B has been significant. Throughout the summer much of the activity in has been in the entry luxury price range and the ultra luxury bracket with more sluggish sales just under $1 Million. Last month 2 ultra luxury homes were under contract. One of these homes closed ($2.2 mil sold for $1.9+ cash) and the other fell off ($1.4 mil). Notably a $2.4 Million waterfront home on Tortuga Trail went under contract this past month. The home is a tear-down and the price reflects its 2+ acres and main body Lake Austin frontage.

There are currently 35 luxury homes available in this area with 4 others currently under contract. During the month of August 7 luxury properties sold, yielding a one month absorption figure of 5 months of inventory, which is very positive. Over the last 3 months 17 luxury homes have sold. At this rate of absorption there is 6.176 months worth of inventory and very close to market equilibrium, down from 7.615 in July. The 4 pending homes signify slower activity, and anticipate activity to be down from last month.

Last month 6 new listings hit the market and pending sales are down from 8 to 4. Even so, we are pleased to see inventory levels in this area have decreased and are near equilibrium. This are is still posting solid activity in the entry level luxury market and the ultra luxury tier. Although, the inventory level of ultra luxury property has increased recently. Currently 46% (16) of the homes available in this area are priced over $1 million and of these homes 8 are listed for more than $3 million.

Final Thoughts: The activity below $1 million has been solid and accounts for the majority of the sales. We are still seeing strong signs in the ultra luxury market as one property sold for more than $1.9 million last month and another is currently under contract. I anticipate the activity under a million will continue to be solid, but the increase in ultra luxury home inventory could make it more difficult to find a real buyer.

Thanks,

Marcus P. Cox
Co-Owner Avalar Austin
Realtor®, ABR, GREEN, GRI, TRLP
Austin Board of Realtors Board of Directors 2010-2012
512.921.3111

Luxury Market Outperforms...

Early last week NAR released the national numbers for July sales. Overall sales saw a large drop 27% from June and 25% year-over-year from July 2009.

As you know by now, the national media jumped on this and pundits and talking heads have been yapping about the dismal housing market and the risks it may or may not pose to the broader economy ever since. But, hidden in that same data was a good news story about the luxury market that national media seems to have completely missed.

While the pundits debate whether the sharp drop in overall sales was a meaningful indicator of market activity or just a product of the expiration of the home-buyer tax credit and artificially time-shifted demand, they all seem to have missed the fact that while overall sales were sharply down, sales in the $1M+ price segment were UP in every region across the country and more than 6% nationally:

It is likely that the 0.7% increase in the national median sale price for July was largely function of this increase sales at the upper end as opposed to growing price strength in the lower-priced segments of the market.

Bottom line: The luxury segment is outperforming the market overall, and this is a good news story that needs to be told! We have seen an increase in inquiries in the luxury price ranges of both Austin, ranch properly and Texas coastal property. Current buyers have faith in the overall integrity of the market and its future prospects. Many of our clients are shifting positions out of the stock market or other liquid holdings to park in real estate for sound investment opportunity and as a hedge against uncertainty and inflation. Subsequently, the majority of the clients we have been working with are paying cash for their home/ranch investment. As the stock market continues to be volatile and economic uncertainly is prevalent we anticipate continued activity in the luxury market.

Thanks,

Marcus P. Cox
Co-Owner Avalar Texas
Realtor®, ABR, GREEN, GRI, TRLP
Austin Board of Realtors Board of Directors 2010-2012

Texas Cannot Afford A Real Estate Transfer Tax...

Good Morning,

So, I think it’s safe to say the economy has been slow. Many people and businesses across the country have experienced a drop in income or revenue and are subsequently tightening their belts. Not surprisingly, the State of Texas is anticipating a budget shortfall as high as $18 billion dollars this next session. The Texas Rainy Day Fund is roughly $10.5 billion dollars, so even if it is completely used the state is left with a major shortage. Most experts agree that rather than reduce spending the Legislature will look for creative ways to make up the difference in the form of taxes. There has been talk of a real estate transfer tax for years. In fact, this last session, more than 11 attempts were made to pass a real estate transfer tax. Thankfully all of these bills were defeated. It doesn’t take a lot of time to figure out why their defeat was such a good thing. Transfer taxes raise the cost of purchasing and selling homes, prices some buyers out of the market and reduces economic activity.

In a time where people are watching their budgets and unemployment is still alarmingly high it seems foolish and short-sided to impose a real estate transfer tax.

For years we have seen the heavy emphasis cities and states have placed on affordable housing campaigns, and rightfully so. Realtor organizations, property rights groups and affordable housing advocates have made substantial efforts to provide home-ownership opportunities for as many Americans as possible. It is unfortunate in a fiscally uneasy time governments would resort to damaging taxes that would not only discourage economic development but put an undue burden on first time home buyers, seniors/retirees and low income families. Simply put, at their core, real estate transfer taxes threaten affordability. Regardless of what the pundits say, fewer people will realize the dream of owning a home with a transfer tax.

It is easy to say a transfer tax would hurt property owners and potential buyers, but tangible numbers make a more meaningful impact. So what exactly is a transfer tax and what do the numbers look like?

A real estate transfer tax is a tax assessed when ownership of property is transferred from one party to another. Some states also assess such a tax on long-term leases. This type of tax typically comes in the form of a percentage of the value of the property. The National Association of REALTORS® commissioned a study to analyze the effects of a transfer tax on real estate. The report assumed a tax rate of 0.5% (one-half percent) and a $125,000 purchase price (fyi: Austin’s median homes price is roughly $194,000). Based on these assumptions, the cost of buying a home would increase by about $600, and home sales would decline by almost 3%. In addition, the Real Estate Center at Texas A&M University concluded that the creation of a transfer tax on real estate may create more problems than it solves. This type of tax could cost Texas $955.5 million in lost economic activity with an astonishing 11,575 jobs lost!

Quick points: Transfer tax
-A real estate transfer tax is a tax assessed on real estate when ownership of a property is sold or transferred from one party to another. It is essentially a new sales tax on real estate.
-Real estate transfer taxes are highly regressive, meaning higher burdens for low-income people.
-Growing families, first time homes buyers, seniors/retirees, and transferred employees and military would also be heavily affected.

Real estate transfer taxes increase the closing costs of buying or selling a property. This kind of taxation is damaging and, as we have seen in other states, opens Pandora ’s Box. Voters in other states have often been promised that a ½ or a 1 percent transfer tax is all that’s needed. But, once a transfer tax is established it is often increased (often repeatedly) as a quick fix for irresponsible budgets. Any real estate transfer tax would be extremely damaging to low-income or first time buyers, retirees and the real estate market in general. The legislature is going to be looking at a transfer tax this spring in the 82nd legislature. Be sure to voice your concerns to your state office holders as often as you can, our economy can’t afford a real estate transfer tax.

Best,

Marcus P. Cox
Co-Owner Avalar Austin
Realtor®, ABR, GREEN, GRI, TRLP
Austin Board of Realtors Board of Directors 2010-2012
512.921.3111

Are Americans showing preference for smaller homes?

Here is a very interesting blog entry I received from The Institute for Luxury Home Marketing regarding a trend towards smaller homes among Americans.

The results from a July survey conducted by Trulia and Harris Interactive suggest that after a long trend toward wanting larger homes, American tastes may be moving in the opposite direction.

Trulia Blog Article:
"Americans are veering away from the “McMansions” that had grown popular before the recession. Those American adults for whom home ownership is part of the American Dream displayed a preference for smaller homes, with only 9 percent saying their ideal home size is more than 3,200 square feet– the same number of who said they’d like their home to be between 800 and 1,400 square feet. Fifty-five percent of Americans would prefer a home between 1,401 and 2,600 square feet."

I think this certainly could be true. We have seen a trend for smaller homes in our day to day business. From empty-nesters to vacation home buyers, we have seen buyers looking for high quality smaller homes with well thought out designs and efficient floor-plans.

Much of the activity can be seen in central Austin with an increased use of in-fill homes and small condo projects that tend to be greener than the average home. Currently in West Austin there are several projects where people are going for a smaller home in a great area. Tarrytown, Highland Park West, Balcones Dr. and Cat Mountain areas have seen this type of activity.

Traps to avoid when selling your home...

The market in the Austin area is still doing very well and we continue to rank in the top 5 real estate markets in the US. Furthermore, we have not seen drastic reduction in sale prices and some areas have seen appreciation over the last year. What we have seen are higher inventory levels. Since buyers are not able to negotiate as much on price we have seen them become much more picky when looking for homes. Avoid these potential pitfalls when selling your home and you'll be sure to find a buyer in no time!

Overpricing the home – Objectivity can be difficult when deciding on a sales price. You’ve acquired so many memories while living in your home, and human nature tempts us to apply dollars to those memories. You should refrain from being emotional about pricing your house. Try to see it from a buyer’s point of view.

A related mistake is automatically hiring an agent just because she is willing to list the house at a higher price. Remember that the market, not the listing price, determines the sales price.

Getting blindsided – Since most homebuyers are going to get an inspection before their purchase, you should consider getting one first. A licensed real estate inspector will give you a report detailing what repairs will be needed to sell the house for top dollar. You’ll want to fix what the inspector finds or fully disclose what you know about the property and adjust the price accordingly.

Too much stuff – Find a different place for all your stuff. Closets and other areas in your house that are dedicated to storage can be big selling points, but not if they’re bursting with all your coats, clothing, boxes, and other things we all throw into closets. Keep these areas extra neat and uncluttered, even if you have to put some boxes of Halloween decorations and a lot of clothing in the trunk of your car.

Clean that house – Enough said? Don’t let a prospective homebuyer walk into a stage-four disaster area. It gives the impression that you don’t care, nor have you ever cared, about the condition of the house. Picture that you are seeing your home for the first time, what needs to change, be spruced up?

Hope this helps!

For more information on selling your house click here.

Market Update North 1B Luxury Comps – Colorado Foothills, Balcones, Highland Park & Mt. Bonnell...

(Area defined by: North of 35th St., Lake Austin, 2222 & MO-Pac)

- It has been an interesting summer in this part of Austin. There have been some massive sales in an otherwise slow market. Since this spring luxury sales have risen and the activity level is up significantly as well. Notably, Mack Brown’s home on Balcones for more then $3.9 million cash and another property sold on Balcones for over $2.7. Two other million + homes are currently under contract. Other than this big shift most of the activity is still under the $650k price range, with no sales between $900k and under $2 Million.

(I had a great statistical chart that display these comps, but I could not post it in this blog. Email me if you would like to see it.)

There are currently 33 luxury homes available in this area with others currently under contract. In the last 3 months 13 luxury properties have sold. At this rate of absorption there is 7.615 months worth of inventory. The 8 pending homes show a nice upswing in activity, which is very positive.

We are seeing fewer homes hit the market as the summer winds to a close. As homes are absorbed faster than they are hitting the market the inventory levels in this area are starting to drop. This is a welcome trend, because over the last 9 months high inventory levels have troubled this part of West Austin.

Final Thoughts: The activity below $750k has been solid and accounts for the majority of the sales. However, we are seeing strong signs in the ultra market as two properties sold for more than $2.7 million this summer. We are encouraged to see two other ultra luxury properties currently under contact as well. All in all things look solid for this part of Austin as we approach Fall. The summer has been touch and go and we anticipate unseasonably high buyer activity levels this fall (not necessarily like a summer season, but certainly higher than a typical Fall.)

Thanks,

Marcus Cox

Co-Owner Avalar Texas

Realtor, ABR, GREEN, GRI, TRLP

512.921.3111

Village Walk Casitas Now Available...

Great Port Aransas Investment

Six, three-bedroom, two and one half bath, fully-furnished rental units to be built at Village Walk Condominiums, Port Aransas, Texas. These units will be located on six adjoining lots (Units 1-6), and have been specially designed to combine optimal rental income potential, low maintenance, and long-term investment value. Each unit will contain 1,062 square feet of A/C space.

Village Walk Condominiums is one of the premier single-family residential developments in Port Aransas, with its in-town location less than a two-minute drive to the beach, and close proximity to all of the shopping and restaurants in town. The first homes in Phase I (56 Units) of Village Walk were completed in late Summer of 2007, and by the end of 2008 a total of 40 Units had been built and sold. Based on this strong market demand it was decided to proceed with the construction of Phase II (42 Units), which was completed in January 2009. We all know what happened shortly thereafter in the financial markets, and while this economic slowdown has has adramatic negative effect on the Nation in general, Village Walk has managed to sell another 9 Units since the beginning of 2009. This continued success has given us the confidence to proceed with the development of the Casitas today.

The concept for the Casitas at Village Walk was actually born during the initial planning stages of the overall development. These six smaller lots were programmed to be built as smaller versions of the larger Units typical of Village Walk houses in order to provide a more affordable alternative for groups just too large to rent a single house in Village Walk. The extra guests can rent one of the Casitas for less than a second larger Unit, and still be “part of the party”. After consulting with the owner of one of the Island’s leading rental agencies, we were encouraged that our proposed design (by Nick Lorette - Port Aransas Coastal Homes) would be very well received by the rental market.

In general, the rental of Units at Village Walk for the past two years has be nothing short of phenomenal. The dozen or so Units that are available for rent have stayed full for virtually the entire summer season, and at premium rates of $440 to $550 per night. With the Casitas filling in the market for a Unit that can be rented for $350 or less per night, a much larger market will be able to enjoy Village Walk.

The Casitas land is presently owned by Village Walk Development Corp., the developer of Village Walk, and the design of the Casitas was done by Nick Lorette, a highly respected Port Aransas builder, who is responsible for constructing most of the Units in Village Walk today. We estimate that the Casitas can be completed in eight months, which means that they can participate enjoy all of next year’s rental market if this transaction can be closed by October 1, 2010.

Available For:$1,368,000 or $228,000 each.
$60,000 Lot
$168,000 Construction and Furnishings

www.gotexascoast.com

www.vacationinporta.com

Half-Finished Condo Tower Bankrupt...

The development partnership behind the La Vista on Lavaca condos, also known as The Fondren Building, has filed for bankruptcy and wants to sell what’s left of the project it’s been unable to finish for a decade.

LaVista Partner LP has tried to sell the project for $10.3 million since at least May, and it’s still being marketed.

The nine-story building was supposed to be a spot where movers and shakers could be near the Texas Capitol, smoke cigars and make deals. Instead, it’s a concrete skeleton on the corner of Lavaca and 17th streets, standing like a monument to the recession and reminiscent of the ill-fated Intel shell downtown.

Project mastermind Mary Guerrero-McDonald of Guerreo-McDonald and Associates couldn’t be reached for comment. The phone number listed on her firm’s website is disconnected.
The building skeleton is designed for a restaurant, rooftop entertainment area, luxury residential condos and office condos, plus about 100 underground parking spaces, according to marketing material.

LaVista partnership manager Mac Pike said the Chapter 11 bankruptcy filing is meant to “flush out the real buyers” for the 89,800-square-foot shell.

Pike, a partner in the Sutton Co., blamed the project’s failure on circumstances in the market and within the partnership, but declined to elaborate. He said he does not know Guerrero-McDonald’s status. Pike said the project’s failure has nothing to do with its location or the concept, and he is excited to talk to anyone with an offer.

“We have always been transparent. It is a very good project. We know it will be successful,” he said. “We have an extension on the site plan and also on the construction. We are in good shape.”
The initial bankruptcy filing, which is incomplete, estimates there are more than 50 creditors. It states the partnership has less than $10 million in estimated assets against more than $10 million in estimated liabilities.

More than $4.1 million in claims from five of the top 20 creditors are disputed, according to court records. About $3.7 million is claimed by Dallas-based Precept Builders Inc. and an affiliate.
The Web address and phone number for Precept were not working on July 13. A former executive could not be reached.

Guerrero-McDonald, one of the original partners in the project, sold portions of the project to Pike, Austin real estate developer Jimmy Nassour and a third undisclosed partner, she said in 2008.

Guerrero-McDonald had previously partnered with Gene Fondren, a lobbyist for the Texas Automobile Association who suffered a stroke a few years ago.
The Fondren family is still owed $200,000, according to court records. The family is not descendants of Walter Fondren Sr., founder of Humble Oil, which merged with John Rockefeller’s Standard Oil Co. and later became Exxon Corp, the family lawyer said.
Guerrero-McDonald is still a committee chairwoman at the Austin Building Owners and Managers Association, but the committee co-chair and BOMA’s executive vice president said they do not have a contact number and did not know her firm’s status.

In 2000, she told the Austin Business Journal she planned to build the condos for $15 million and sell units for $252,000 to $637,500. In mid-2006, the project had not started, but Guerrero-McDonald said the tower would break ground that year; meanwhile, the project cost grew to $25 million.

The project had also received a 10-year tax exemption through the city’s Smart Growth program, she said at the time.

After two more years of inaction, the project’s cost estimate rose to $30 million and Guerrero-McDonald told the Austin Business Journal the project was moving forward with a new investment team that included Pike and Nassour. Nassour was traveling and could not be reached.

After completing the concrete skeleton, developers decided to cease construction in September, Pike said. A website lavistaonlavaca.com still boasts of high living. A 1,600-square-foot condo is listed for more than $1.1 million, and prices go up to $2 million.

The original architect for the building, Ponciano Morales, of Morales and Associates said Pike told him Guerrero-McDonald lost control of the project in 2008, although she was still a partner.
“Somewhere along the line the funding dried up [and] everybody stopped us from working,” said Morales, who has a $32,500 claim for work on the project, which the partnership is disputing.


Read more: Half-finished downtown Austin condo tower bankrupt - Austin Business Journal

The Reserve at Lake Travis Marina now open!

Our full-service marina offers comprehensive concierge-style services
including a complete care facility to keep your craft ship-shape in every way. The meticulous housekeeping staff allows you to boat virtually maintenance free. Slips can accommodate boats up to 80 feet, and our state of the art security system provides maximum protection for our 250 covered boat slips.

Visit The Reserve at Lake Travis Marina
Brand new, and Lake Travis’ largest and deepest water marina, our state-of-the-art facility is currently taking reservations for moving in your watercraft, so contact us today for slip rental prices and availability.

Is it a boom in Port Aransas?

Is it a boom? No. But it’s not a bust

BY DAN PARKER
Port Aransas South Jetty

On top of things Mark Coston of Port Aransas nails together lumber in a house under construction by Fusso Construction, at the Cinnamon Shore development on Friday, June 11.

No one is yelling that an economic boom is underway, but city records and interviews with some Port Aransas merchants show that island business and development are holding their own as the summer tourist season begins to heat up.

“It’s actually going very well for us right now,” said Gail Spinn, owner of Silver Sands Realty. “Prices have come down to a more realistic level, and people are out there in droves, looking for a bargain. We’ve actually been seeing an upturn (since March). I’m really encouraged.”
Mark Grosse Real Estate is “way ahead of last year,” Grosse said.
While potential property buyers were waiting and watching in 2008 and also, somewhat, in 2009, they are more likely to be moving ahead and buying this year, Grosse said.

“Buyers now have a comfort level that they are not buying into a falling market,” he said. “I’m optimistic.” Builder Nick Lorette said his business is moving along at about the same pace as last year, and that’s just fine by him. “By the end of the year, I will have built 14 or 15 houses, which I’m really pleased with,” Lorette said. “The rental market has been really strong, and I think that’s what kind of springboards my buyers.”

Building permit fee amounts collected by the city over a given period of time show how much construction is going on around town. Two measurements of those fees show recent increases in that kind of activity, but just how big those increases are depend on what periods you compare.


The city took in $100,943 in residential and commercial permit fees from January to May this year, said Darla Honea, the city’s finance director. That’s a good deal more than the $68,914 that flowed into city coffers during the same period last year.

A look at a broader period of time shows a more modest increase. Some $131,908 in building permit fees were collected from October 2008 to May 2009. From October 2009 to May 2010, the total was $142,968.

One building project currently underway is at Island Moorings Marina, where a private boat ramp is being constructed on the south side of the marina. The ramp, valued at about $150,000, is expected to open for business on July 1. Even though the ramp isn’t open yet, marina Manager Debbie Dean said she is seeing a surge in business. “During the Memorial holiday period this year, we tripled what we did over last year with fuel, bait, ice and transient dockage,” Dean said.


Also among those taking the plunge and deciding to build lately are Bob and June Petitt and their children. The Pettits own the Port Aransas Brewing Company, and they recently undertook construction of a building for a new eatery to be called Beaches Café and Bakery, at the corner of Beach and Church streets.

June Pettit said she is confident that the Port Aransas economy can accommodate another restaurant. “Absolutely, it can support it,” Pettit said. “There are a lot of restaurants here, but there are also a lot of people coming here. I don’t want to sound like a cliché, but this (town) is its own paradise.” Not all of the recent economic numbers have been good. Sales tax revenue has been down most months this year. It started off good. State payments of sales tax revenue to the city were $53,002 in January this year, as compared to $43,082 in January last year.
Then totals slid, with payments of $52,003 in February 2010, compared to $61,895 in February 2010; $40,310 in March 2010, compared to $54,529 in March 2009; and $46,807 in April this year, as opposed to $63,981 for the same period last year.

Sales tax revenue increased in May this year, with $93,773 coming in. That’s compared to $83,109 in May last year. But then revenues dropped again this month, with $59,434 flowing in, as opposed to $62,499 in June last year. Hotel-motel tax revenue is up slightly so far this year. While collections totaled $438,977.78 from January through May last year, they were $441,305.12 during the same period this year, according to city records.

As a group, Port Aransas condominiums managed by the Condominium Consulting Management and Services (CCMS) firm saw business activity during the past six months that was “probably behind” what the condos experienced during the same period in 2009, said Jim Triplett, managing director of CCMS.

“We’re behind last year’s schedule, but that was a banner year,” Triplett said. “We’re hoping for a better summer. Advance deposits, an indicator of future reservations, are quite good.”
Mike Hall, co-owner of the Family Center IGA, said the first three months of this year were “kind of soft, but not terrible.” April was “fairly decent,” but May was “unremarkable,” partly because Texas schools let out for the summer later than last year, he said.
Business has been good since the summer began, Hall said. “Since Memorial Day weekend kicked in, it looks like they (tourists) are here,” he said. “We’re very optimistic about the rest of summer.”

The Port Aransas Chamber of Commerce Tourist Bureau continues to get inquiries from folks looking to buy property on Mustang Island and possibly establish businesses here, said Ann Bracher Vaughan, executive director of the chamber.

“I think we just continue to be kind of the shining star as far as people wanting to invest and be a part of the community,” Vaughan said. “All in all, despite the uncertain situation with the economy and other factors, I think we are still in that upper echelon of an area that people are very interested in.”

Upon arrival Anglers depart the jetty boat at its dock on San Jose Island just after dawn on Friday, June 11. In addition to fishermen, visitors to San Jose Island commonly include beachcombers, surfers and others.
On top of things

Alan Hinojosa, left, and Rick Thunberg do roof work at a restaurant building under construction at the intersection of Beach and Alister Streets on Friday, June 11. The business is to be called Beaches Cafe and Bakery.
Ramping up

Workers pour concrete while building a new ramp at the Island Moorings Marina on Tuesday, June 15. The ramp work is one of a number of construction projects currently under way in Port Aransas.

Sale of 'Le Belvedere' sets new record for 2010...

Sale of 'Le Belvedere' sets new record for 2010

More on the long rumored sale of the Bel Air mansion "Le Belvedere" in today's Los Angeles Times article, "Bel-Air mansion fetches highest price this year for a U.S. residence."
In a nutshell:

Although he wouldn't release the sale price, seller Mohamed Hadid confirmed that it was in excess of the previous record of more than $46.5 million set this spring in Colorado, falling between $50 million and the asking price of $72 million. In Los Angeles County, sale prices can take more than a month to appear on the public record.Designer-developer Hadid had listed the walled and gated estate 15 months ago at $85 million.The 48,000-square-foot estate, called Le Belvedere, was bought in the name of a limited liability company, not an individual. "Even I don't know who bought it," said Hadid, who has built Ritz-Carlton hotels, office buildings and king-size estates nationwide during his 30-year-plus career.

An Insider's Guide to Galveston Island...

David Bowers, 2010 president of the Galveston Association of Realtors®, offers tips to enjoy yourself while on the island.

Take a Walk
“There’s a very easy 5K that’s on the weekend of the convention—a lot of people walk it. It’s a great race that takes you through the historic neighborhoods. It’s presented by the Galveston Historical Foundation, of which I’m president.”

The Galveston Rebirth 5K Run/Walk is scheduled for Saturday, Sept. 11, at 8:30 a.m. Register at GalvestonHistory.org/Galveston_Rebirth_Race.asp. All proceeds benefit the Galveston Historical Foundation.

Tour the tree stumps
“Not only did we have the hurricane, but we had one of the largest deforestations ever seen in this country. We lost 44,000 trees. The trees have been taken away, mostly for shipbuilding projects across the country.

Many people in neighborhoods that lost their trees have used their stumps to create fantastic sculptures. There’s all this art right there in people’s front yards.”
Find a list of the Galveston Island Tree Sculptures and their addresses at Galveston.com/City040110.

See the town from a saddle
“One thing I love about Galveston is that the city has a 19
Head to GalvestonHistory.org/Plc-Map.asp and Galveston.com/Maps for maps of places to visit on your ride or walk.


Hungry?
“Galveston, of course, has great seafood, but here’s an insider tip: we also have great mom-and-pop Mexican restaurants.” Whatever your palate, here are some recommendations:

+Salsa’s Mexican Restaurant
4604 Seawall Blvd.

+Casey’s Seaside Cafe
3802 Seawall Blvd.

+Gaido’s Famous Seafood Restaurant
3828 Seawall Blvd.

+Benno’s on the Beach
1200 Seawall Blvd.

+Fisherman’s Wharf
Pier 22, 409/765-5708

+Rudy and Paco Restaurant and Bar
2028 Postoffi ce St., 409/762-3696

+Luigi’s Italian Ristoranti
2328 The Strand, 409/763-6500


Courtesy of TAR- Article

Austin Number One City for the Decade...

Austin tops Kiplinger's List on 10 Best Cities for the next decade...


They're prosperous, innovative, and they'll generate plenty of jobs, too.

We live in challenging times. Unemployment remains high, and the U.S. lead in technology and science is slipping as many foreign countries gain ground. But some U.S. cities, though slowed by the Great Recession, still thrive by lifting good old American innovation to new levels. And that will help put more Americans back to work and keep our international edge.

In Kiplinger's latest search for top cities, we focused on places that specialize in out-of-the-box thinking. "New ideas generate new businesses," says Kevin Stolarick, our numbers guru, who this year evaluated U.S. cities for growth and growth potential. Stolarick is research director at the Martin Prosperity Institute, a think tank that studies economic prosperity. "In the places where innovation works, it really works," he says.

After researching and visiting our 2010 Best Cities, it became clear that the innovation factor has three elements. Mark Emmert, president of the University of Washington in Seattle, put his finger on two of them: smart people and great ideas. But we'd argue that it's the third element -- collaboration -- that really supercharges a city's economic engine. When governments, universities and business communities work together, the economic vitality is impressive.

And it's no coincidence that economic vitality and livability go hand in hand. Creativity in music, arts and culture, plus neighborhoods and recreational facilities that rank high for "coolness," attract like-minded professionals who go on to cultivate a region's business scene. All of which make our 2010 Best Cities not just great places to live but also great places to start a business or find a job.

1. Austin, Tex.
Austin is arguably the the country's best crucible for small business, offering a dozen community programs that form a neural network of business brainpower to help entrepreneurs. Now overlay that net with a dozen venture-capital funds and 20 or so business associations, plus incubators, educational opportunities and networking events. Mix all these elements in what many call a classless society, where hippie communalism coexists with no-nonsense capitalism, and you've got a breeding ground for start-ups.

Don't discount the fun factor: In the self-proclaimed live-music capital of the world, music and business creativity riff off one another. The city's famous South by Southwest festival, where concerts, independent film screenings and emerging technology overlap, is a prime example.

Read More Here

Barton Creek Landing undergoing $8.8M upgrade

The 250-unit Barton Creek Landing residential complex will soon unveil about $8.8 million worth in renovations.

Denver, Colo.-based UDR purchased the Southwest Austin complex in 2002 for $17.4 million and recently began refurbishing the building constructed in 1986. The project is expected to finish sometime in the third quarter.

The construction includes a new club house, gym, pool and entertainment room. Also, the exterior of the apartments at 2800 Bartons Bluff Lane will be completely refinished. Rents range from about $906 a month to about $1,177 and the building is about 96.4 percent leased.

UDR at the same time reported its first quarter earnings. Its net income hit $46.8 million, or 28 cents per diluted share, for the quarter ended March 31, versus $55 million, or 35 cents per diluted share the same three months a year before.

The company attributed the variance to a $7.1 million record gain in the first quarter last year, which was associated with the repurchase of $160 million unsecured debt at a discount.

Read more: Barton Creek Landing undergoing $8.8M upgrade - Austin Business Journal:

Forestar Group net loss falls to $3M in Q1 Read more: Forestar Group net loss falls to $3M in Q1

Austin-based Forestar Group Inc. improved finances in the first quarter, though still posted a $3 million net loss compared with a $3.9 million negative the same three months last year.

“Our first quarter results reflect current market conditions for our business,” Forestar President and CEO Jim DeCosmo said.

“Although we are encouraged many elements of the economy have stabilized or improved, we remain cautious as job growth has yet to materialize - a critical component of demand for our real estate and natural resources.”

The real estate and mineral resources company lost about 8 cents per basic share during the first quarter, compared with 11 cents during the same quarter last year. Total revenues fell to $26.4 million from about $29.1 million the first quarter 2009.

Forestar's real estate division owns about 249,000 acres of land in nine states either directly or through ventures. The company also owns 25 percent interest in the Palisades West office park in Austin, 59 percent interest in Las Brisas apartments in Austin and 100 percent of the Radisson Hotel in Austin. Its mineral resources cover about 620,000 net acres of oil and gas interests located, primarily in Texas, Louisiana, Alabama and Georgia.

The company was formed as a spin-off of Temple-Inland Inc. (NYSE: TIN) in 2008 and has about 93 employees.

Read more: Forestar Group net loss falls to $3M in Q1 - Austin Business Journal: