Austin OKs $7M contract demo Holly Street power plant

Austin City Council members Thursday approved a $7 million contract to demolish a 50-year-old East Austin power plant.

Austin-based Weston Solutions Inc. came in with the lowest bid, according to the city, and was approved for $4.3 million this fiscal year, with a total contract amount not to exceed about $7 million.

The city and Austin Energy made the decision to close the plant in the '90s because it is in a residential area. Areas of the The Holly Street Power Plant on Lady Bird Lake ceased operation in 2004 and the rest was closed in 2007. The plant was constructed in 1960 and expanded in 1974.

Weston has already evaluated the site, made a development plan and cost estimates. The company is now completing decommissioning services and designing a demolition plan. The plan also requires environmental oversight, engineering support and reporting requirements. Another analysis will begin underground infrastructure removal.

A portion of the lot is will be used for parkland once construction finishes.

Courtesy: Austin Business Journal

US new home sales jump from record low...

Great news for the US real estate market...

WASHINGTON – Sales of new homes surged 27 percent last month, bouncing off the previous month's record low and blowing past expectations as better weather and government incentives boosted sales.

The Commerce Department said Friday that new home sales rose in March to a seasonally adjusted annual sales pace of 411,000. It was the strongest month since last July and the biggest monthly increase in 47 years.

Economists surveyed by Thomson Reuters had expected a sales pace of 330,000. February's results were revised upward to 324,000, but remained an all-time low. Sales had been especially weak over the winter, partly due to bad weather in much of the country.
The median sales price was $214,000, up more than 4 percent from a year earlier but down more than 3 percent from February.

The new home sales report reflects signed contracts to purchase homes rather than completed sales and thus gives economists a feel for how many buyers were out shopping for new homes in a given month.

It is likely capturing consumers who are trying to qualify for federal tax credits that will expire at the end of this month. The government is offering an $8,000 credit for first-time buyers and $6,500 for current homeowners who buy and move into another property.

To qualify, buyers must have a signed contract complete by the end of next week and must complete the transaction by the end of June. Nearly 1.8 million households have used the credit at a cost of $12.6 billion, according to the Internal Revenue Service.

The rise in new home sales was seen nationwide. Sales grew a whopping 44 percent in the South and 36 percent in the Northeast. They also rose about 6 percent in the West and 3 percent in the Midwest.

The number of new homes up for sale in March fell 2 percent to 228,000. At the current sales pace, it would take nearly 7 months to exhaust that supply.

Courtesy of the AP.

Austin real estate sales volume surges, prices remain stable...

Austin real estate sales volume surges, prices remain stable Austin Board of REALTORS® releases March 2010 real estate statistics April 20, 2010 - According to the Multiple Listing Service (MLS) report by the Austin Board of REALTORS®, the volume of Austin area home sales in March 2010 was 1,784, up 27 percent from the same month in 2009. The median price of real estate in the Austin area remained unchanged in the same time period at $180,000. “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.” Sales of condos and townhouses were particularly strong in March 2010, increasing by 129 percent to 215 sales as compared to March 2009. This follows sustained increases in demand for this property type since September 2009 and a year-to-date increase of 86 percent. Mr. Horton continued, “A softer condo market at the beginning of 2010 provided a good opportunity for buyers, and we are now seeing the results with an increase in activity. Condos can be attractive properties for first-time homebuyers, so it’s possible this increased demand is also related to both the first-time homebuyer tax credit, as well as an increased supply of condos in Austin in recent years.” March 2010 also marked the second consecutive month of substantially decreased “days on market,” which refers to the average time homes remain active in the MLS. At 73 days for March 2010, homes spent 16 percent fewer days on the market than in March 2009. In the same time period, pending sales increased 31 percent to 2,421; new listings increased by 29 percent to 4,170; and active listings increased by six percent to 10,300. “These statistics indicate that demand is continuing to outpace supply, which is encouraging,” said Horton. “However, no one really knows the full impact of the homebuyer tax credits yet, so we’ll look ahead to this summer to determine the sustainability of these conditions.” March 2010 Statistics $422,558,240 – Total dollar volume of single-family properties sold, a 30 percent increase from March 2009. $180,000 – Median price for single-family homes, unchanged from March 2009. 1,784 – Single-family homes sold, a 27 percent increase from March 2009. 2,421 – Pending sales for single-family homes, up 31 percent from March 2009. The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas.

Austin construction sector sheds 2,600 jobs...

Good news for buyers or would be custom home buyers. Austin contractors are available and the cost of goods for homes is still very low. Generally speaking homes can be built for roughly 30% less than homes were built in 2008. If you have been thinking about a new or custom home, the time is right.

Take care.

"Austin's construction industry lost 2,600 jobs year-over-year in February, according to an Associated General Contractors of America report.

The analysis released today showed 39,400 positions this February, falling 6 percent from the 42,000 reported a year before. The change was an improvement from January, when the city reported losing 2,900 jobs, or 7 percent year-over-year.

Austin was ranked 47th among large U.S. cities for its construction industry change. Of the 337 metropolitan markets included in the report, only 10 metro areas gained employees between February 2009 and February 2010. El Paso was the only Texas city that gained jobs during the 12-month period, reporting 400 more positions.

Houston lost 25,500 construction jobs between February 2009 and February 2010 and the Dallas area lost 18,000 employees. Statewide, Texas lost 109,000 jobs in the construction and construction-related businesses.

“In virtually every area, construction workers continued to suffer the brunt of the recession,” association Chief Economist Ken Simonson said."

Courtesy of Austin Business Journal

Brad Paisley to Headline AquaPalooza(R) 2010 Signature Event

KNOXVILLE, Tenn., April 9 /PRNewswire/ -- Sea Ray Boats announced today that country music superstar Brad Paisley will headline the AquaPalooza 2010 Signature Event, which is scheduled for July 10 at The Reserve at Lake Travis near Austin, Texas. The event, hosted by Sea Ray and its local dealer Sail & Ski Center, will have Paisley performing in front of a crowd of thousands of concert-goers on boats.

"AquaPalooza has become synonymous with great music and great times on the water," said Rob Noyes, vice president of marketing for Sea Ray. "We're very excited to have a performer of Brad Paisley's caliber headlining this year's Signature Event. This is a free event where your boat is your ticket; there will be no land access to the Signature Event."

With a current single titled "Water" and a new tour called the H2O World Tour, it makes sense that Paisley should headline this year's AquaPalooza Signature Event. Paisley is a consummate singer, songwriter, guitarist and entertainer, which has earned him three Grammy Awards, 12 Academy of Country Music (ACM) Awards and 13 Country Music Association (CMA) Awards. He has released eight critically acclaimed studio albums and has accumulated sales of more than 10 million units. His most recent album, American Saturday Night, was ranked as Time magazine's No. 1 album of 2009 in any music genre. Paisley's most recent single, "American Saturday Night," was his 16th No. 1 -- the last 12 of which were consecutive. Paisley's innovative and entertaining tours have consistently placed in the Top 5 in Pollstar for attendance, and his 2009 American Saturday Night tour played to nearly 1.2 million fans in eight months. Currently, Paisley is nominated for four ACM awards: Entertainer, Male, Album (American Saturday Night) and Video ("Welcome to the Future").

Lake Travis is located in the beautiful Texas hill country, a short drive from both Austin and San Antonio. "We're proud to have been chosen to host the Signature Event. It's a great opportunity to show the world what Lake Travis has to offer," said Buzz Watkins, co-owner of Sail & Ski, which has locations in Austin, Lakeway and San Antonio, and was recently ranked the No. 1 dealer in North America by Boating Industry magazine.

Lake Travis is a gem among Texas lakes, with approximately 19,000 acres of crystal clear water and 250 miles of shoreline with countless unspoiled coves and creeks to explore. The lake offers 15 marinas and 11 public boat ramps, as well as numerous powerboat, houseboat and PWC rental facilities. The Signature Event will be held at Mile Marker 22 at The Reserve at Lake Travis, a new waterfront resort between the Pace Bend and Point Venture areas of the lake. The Reserve encompasses one of the nicest and most pristine points of land on Lake Travis, which will be perfect for an on-water event of this magnitude, Watkins explained. When completed, The Reserve's facilities will include a world-class marina restaurant and equestrian center, making it one of the premier home and boating resort areas in the Southwest.

For those who can't make it to Lake Travis, Sea Ray dealerships around the world will transform more than 100 additional locations into official AquaPalooza event sites, making it easy for boaters to get to and enjoy the family fun. Most of the events will take place during the last two weekends in July. "Our dealers do an outstanding job of coordinating the AquaPalooza events in their areas," said Noyes.

In 2009, the fourth annual AquaPalooza attracted approximately 15,000 boats and 84,000 guests to 123 events from New York to California, and from Austria to Australia. Since its inception in 2006, the multi-location celebration has grown bigger each year. "It won't be easy to top the 2009 Signature Event, but we think the Lake Travis community, Brad Paisley, Sail & Ski and Sea Ray are up to the task," said Noyes. "As always, the event will be open to all boaters, not just Sea Ray owners. AquaPalooza is about sun and fun, great music, and togetherness on the water with family and friends."

Mark your calendars now for the most anticipated on-water boating bash of the summer. For more information, please visit www.aquapalooza.com or www.gotexascoast.com or www.gosecondhomes.com

ABOUT SEA RAY
Founded in 1959, Sea Ray is the world's largest manufacturer of superior quality pleasure boats. Sea Ray is headquartered in Knoxville, Tenn., and operates as part of the Boat Group division of Brunswick Corporation. With more than 40 models ranging from 17 to 61 feet, Sea Ray makes a boat for every lifestyle -- each built with a unique commitment to quality, craftsmanship, and excellence throughout. Additional information about Sea Ray is available at www.searay.com.

ABOUT BRUNSWICK

Headquartered in Lake Forest, Ill., Brunswick Corporation endeavors to instill Genuine Ingenuity(TM) in all its leading consumer brands, including Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and inboard engines; MotorGuide trolling motors; Attwood marine parts and accessories; Land 'N' Sea, Kellogg Marine, Diversified Marine and Benrock parts and accessories distributors; Arvor, Bayliner, Bermuda, Boston Whaler, Cabo Yachts, Crestliner, Cypress Cay, Harris, Hatteras, Lowe, Lund,

Meridian, Ornvik, Princecraft, Quicksilver, Rayglass, Sea Ray, Sealine, Triton, Trophy, Uttern and Valiant boats; Life Fitness and Hammer Strength fitness equipment; Brunswick bowling centers, equipment and consumer products; Brunswick billiards tables and foosball tables. For more information, visit www.brunswick.com

ABOUT SAIL & SKI

Founded in 1969, the Sail & Ski Center has developed into the "Standard of Excellence" in boat dealers. As an authorized dealership for Sea Ray boats, Nautiques by Correct Craft, Boston Whaler, South Bay pontoon boats, and Kawasaki Jet Skis, Sail & Ski's boat brands are of the finest quality and best-selling in central and south Texas. The dealership's pro shop features the top selection of the most recent water skis, Ronix wakeboards, Hyperlite Wakeboards, Liquid Force Wakeboards, tubes and summer clothing for all of its customers' summer boating needs. For additional information, you can visit the Sail & Ski Center at any of its three Texas locations: Austin, San Antonio and Lakeway, or online at www.sailandski.com.

ABOUT THE RESERVE AT LAKE TRAVIS

Encompassing 300 lush acres of rolling hill country and featuring 3.5 miles of pristine shoreline along the south shore of Lake Travis, The Reserve at Lake Travis is the ultimate in Texas luxury living. Located on Thurman Bend Road, The Reserve features large, one to five-acre home sites that are carefully designed to take full advantage of expansive vistas and water frontage. Complete resort amenities include a comprehensive equestrian center, private lake club, full service marina with 250 covered boat slips, swim center featuring a lazy river and water park, and more. The Reserve was designed by Hal Jones Development, a real estate development firm based in Austin that focuses primarily on Texas coastal and hill country properties. Visit www.gosecondhomes.com for more information.

SOURCE Sea Ray

Yet Another Reason Why Real Estate is a Great Choice...

There is a great article in Forbes this month about brokerage fee problems associated with buying and selling stocks. “Bum Wrap” is a fascinating article and seems to confirm what many of us have believed in the past about heavy fees associated with asset management, buying and selling stocks. Fee-based brokerage accounts are supposed to be a financial boon to investors, but a financial boon to stock brokers is more like it. The article discusses problems associated with large companies urging stock brokers to sell their portfolio items further profiting from their customers.

This seems to be another very solid reason why real estate is the obvious play at this point. Inflation seems to be imminent and with that comes talk of potentially higher capital gains taxes.

Interest rates are at historical lows, prices have bottomed and real estate is a tangible asset and the best hedge against inflation. Borrowing cheap money to finance the purchase of under-valued real estate just in time to watch the market bounce back seems like an obvious choice.

Forbes article: "Bum Wrap" By Asher Hawkins