Here’s a quick story.

I was reading a few stories about El Paso. Last year, it was an extremely hot market, but things seem to have cooled in 2007. Just like East Austin, sellers started pricing their homes ahead of the curve just as new home builders started catching up with demand.

According to news stories, homes that used to sell in weeks or days are not languishing on the market for months.

See the news video on this story.

I’ve come to realize that real estate is much like the stock market when it comes to predictions.

El Paso was at the top of many appreciation lists for 2007 due to previous growth expectations. Since so many investors flooded the market, the opposite has happened. The best bet when investing in an area, even as an owner-occupant, is to buy the best deal you can without betting on appreciation.

Read about the previous appreciation areas in Texas.

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Memorial Day weekend is a wonderful time to remember those who have served America. In our time of war, I find it ironic that the gas industry helps us celebrate by hiking gas prices to the highest they’ve been in American history. I understand that it’s customary for gas companies to raise rates during the "travel season" in the U.S, but reporters are speculating we will approach the $4 mark by end of Summer.

You can have much more fun with your $4 in Texas this weekend or others!

• Austin. If you’re under 18, you can visit the Bob Bullock Museum for only $3. It’s only a few dollars more for the rest of us, but seniors have a discount.
• Southeast Austin. Visit McKinney Falls State Park, which is only $4 per day.
• San Antonio. Park near the River Center Mall and take a stroll down the San Antonio Riverwalk.
• Corpus Christi. Children and Seniors can visit the very beautiful South Texas Botanical Gardens for less than $4. Adults pay only $5.
• Houston. Buffalo Bayou, a very cool master-planned community in Houston, has boat cruises the 2nd Saturday of every month for only $3 for children under 12 years-old. Adults pay $5.

I’ve reached the pain threshold of paying at the pump, so am looking into buying a motorcycle or moped at Woods Fun Center here in Austin or on Craigslist.

If you like the outdoors, try buying a Texas Parks Pass.

Read more: Gas prices approach record high.

What are some other great things we can do in Texas this weekend instead of spending our $4 on a gallon of gas?

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Texas has deep roots and a connection (besides our border) with Mexico. We were once called Tejas until the Battle of the Alamo in San Antonio. I grew up in San Antonio, so am familiar with celebrating Mexican Independence Day on May 5th of each year.

Here’s a list of just a few Cinco de Mayo celebrations across Texas this weekend.

• AUSTIN Cinco de Mayo at Central Market. Former City Council Member Raul Alvarez hosts today’s celebration. Sat., May 5, 4-10pm. Central Market North, 4001 N. Lamar, 206-1000. Free.
• AUSTIN. Annual Cinco de Mayo Music Festival at Fiesta Gardens. May 3rd-6th.
• EL PASO. May 5 — This “Taste of the Border” festival featuring mariachis, margaritas, tequila and a mole extravaganza kicks off at 3:00 and goes into the wee hours of the night.
• HOUSTON has several events this weekend, including Cinco de Drinko and a parade.
• SAN ANTONIO. May 4-6–San Antonio draws about 30,000 to its festivities with food booths at its historic Market Square, street dancing, handicrafts, concerts and other commemorations.

See the Cinco de May celebrations in your state and remember…margaritas taste better outside.

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Each generation has a big event that we remember with such passion that people know where they were when it happened. I’d seen a recounting on the History Channel in which U.S. Citizens described where they were when John F. Kennedy Jr. or Martin Luther King was shot. It has been said that Generation X and older will remember where they were on September 11th.

In residential real estate, we hear of Texas during the 1980’s. Interest rates were in the 20s, so homes with 24% interest rates were common. There was no use of Adjustable Rate Mortgages (ARMs) or zero-down loans. Homes were selling like hotcakes. The Multiple Listing System(MLS) did not exist, so you had to visit an agent who would look up listings in a big, thick book.

Then, President Ronald Regan recalled a tax incentive that was causing investors to buy properties at an alarming rate just so they can deduct the loss as a write off. The Savings and Loan Crisis sealed our fates.

HAVE WE LEARNED ANYTHING?

Please come back to read the continuation of this story, (Part 2 of 2).

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The new Senate Bill 270 is currently being discussed in legislature. The bill would require Texans to disclose the sales price of a home before the deed can be recorded. This presents a big controversy since Texas is currently a non-disclosure state, which means the sales price of a home is
kept out of public record.

HERE ARE THE TWO SIDES

AGAINST: From Houston Real News, Investors

The past President of the Texas Real Estate Investors Association is opposed to Texas Sales Price Disclosure. According to Ms. Crowe-League:

Senate Bill 270 by Wentworth would
prohibit the recording of an instrument that conveys real property
under a contract of sale unless the instrument contains the sales price
of the property…We need to do something…I just feel that it should
be your business to know what you paid, and I think people will use it
against you if they know what you paid.

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It’s almost the end of 2006, so it’s time for people around the nation to do three things:

1. Summarize 2006, the year "in review".
2. Drink stuff.
3. Predict stuff.

I don’t drink much and enjoy market predictions more than reviews. It’s always fun listening to the smart people tell us which stocks to buy or which real estate markets will be hot in 2007.

I used to buy stocks based on the advice of these experts, but the rest of the world always seemed to disagree with me, as they’d normally tank within months of my purchase. Now, I choose to take most predictions with a grain of salt, but I do see merit in the real estate market predictions that were reported in the recent Fortune Magazine.

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