By DeeinAustin™

A surprise announcement by Dell, Inc. earlier this week sent the Austin real estate community into shock. Dell plans to close it’s North Austin manufacturing facility, cutting almost 800-900 jobs in early 2009. Globally, the company will remove up to 10% of it’s workforce, about 8800 jobs, saving up to $3 billion.

Readers asked me to cover the topic. Specific questions:

"How will the closing of Dell’s North Austin manufacturing plant affect Austin real estate values?"

"Is this an indication that Austin is set for a real estate bust?"

These are good questions, but there are no easy answers. The purpose of this article is to start dialogs and create a basis for discussion.

Austin Real Estate Stats Since the Tech Bust of 2000 

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By DeeinAustin™

This Friday’s story focuses on Austin custom home builder involved with Maravilla. (NOTE. The builder has not been indicted for charges, so names will be kept anonymous.)

According to readers, local sources, and information available to the public, a ‘Maravilla Builder’ may soon be under investigation by several Texas legal authorities for accusations around their involvement in Maravilla, a subdivision that resulted in Texas Builder Mike Kelly filing bankruptcy.

Kelly confessed to an agreed order from Texas Residential Construction Commission (TRCC) for his actions.

One Maravilla Builder’s license was deactivated in February for reasons unknown to us.

We were told that current accusations from private individuals against a Maravilla  Builder include:

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DeeinAustin™

The Titanic-sized Villa Muse development is in trouble and sinking fast.The viability of the project in Austin took a controversial downturn
after Austin City Council narrowly denied their request to release
acreage in East Travis County.

As a result, News 8 Austin reported that developers are seeking bids from other cities.

You may recall that Villa Muse consists of a mixed-use arts and entertainment community and complex. The slated location is in East Travis County near Manor, just outside of Austin’s jurisdiction.

Villa Muse is an extremely critical decision for Austin. The $2.5 billion project promises up to 110,000 jobs.

WHAT’S SO CONTROVERSIAL ABOUT VILLA MUSE?

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By DeeinAustin™

Austin City Council Member Sheryl Cole is a local hero for cleaning up the Waller Creek Tunnel in Downtown Austin. The project will bring a new vibe to downtown and is likened to the Riverwalk in San Antonio.

Waller Creek is often called Austin’s lost stepchild. Located in the heart of Downtown Austin, Waller Creek is known for dangerous flooding, an "aggressive" homeless population, and pollution.

Some say Waller Creek puts a black eye on Austin’s reputation for being clean, green and safe. Many city leaders have tried to tackle the issue, but it Cole,  along with Mayor Pro Tem Betty Dunkerley, were finally victorious.

WHAT  WILL THE WALLER CREEK PROJECT DO?

The $127 million Waller Creek Project is basically a tunnel that will help control flooding, erosion, and pollution at the site, which is located around 12th Street and Red River. The project is mostly paid for by tax-increment financing. You may wonder…

"What are the benefits of a really expensive tunnel in this area of Downtown Austin?"

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By DeeinAustin™

Quick update on the real estate agent outrage with the new MLS system that was implemented last winter. 

The Austin Board of REALTORS® (ABOR) seems to agree that the issues have not truly subsided. Slowness, quirky interface, poor usability have negatively impacted Greater Austin buyers, sellers and real estate agents.

MLS PROBLEMS COST TIME & MONEY
As reported yesterday, there are hot areas in Austin where buyers are competing. At the same time, sellers want to see offers and quick CMAs. Agents have reported losing business and client confidence when a home search and price analysis was slow or didn’t work.

Bottom line: You probably already think most "real-a-tors" are stupid, so we try to avoid having our tools confirm the stereotype.

ABOR TO HOLD A TOWN HALL MEETING NEXT WEEK

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By DeeinAustin™

If green building is not a big issue in your area, it will be in 2008. I represent 5-star green builders who were  ahead of the curve years ago when they first became concerned with sustainable home design.

2008 will bring increased pressure to build green. To stay on top of this trend, real estate agents, contractors and home builders in Austin and nationwide will likely obtain their green certifications.

Two popular programs include EcoBroker as well as the Certified Green Professional Designation from the National Association of Home Builders.

SPECIAL GREEN WEEK AT TEXAS REALTY BLOG

This week is a special green real estate week for the Texas Realty Blog. Each article will highlight green real estate and green home building.

• Today, we’re covering upcoming green building events that you may want to attend in Texas, even if you’re from another state.
• Our popular Gotcha Guide™ series will see a green post mid-week. Look for our Gotcha Guide™ Intro to Green Building and Remodeling. We’ll tell you which quick green fixes bring the biggest bang for the buck.
• Friday’s Spotlight will be on the top green built communities in Central Texas and the U.S. You may be surprised at which developments made the list.

WHERE TO GET YOUR GREEN REAL ESTATE FIX IN 2008

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By DeeinAustin™

Here’s a quick riddle. What does Boxer Mike Tyson and Maravilla Home Builder Mike Kelly have in common? ANSWER: They both thought they were invincible, but were eventually smacked down by the legal system for beating up on the little guy.

MARAVILLA SCOOP: BEGINNING OF THE END!

The Texas Residential Construction Commission took action against a Maravilla home builder Mike Kelly and Primera Homes.

Mike Kelly and Primera are officially barred from working in the Texas home building industry for two decades. I was also told that Mike signed a 38-page confession, to be posted on the TRCC website soon.

TRCC PRESS RELEASE, PRIMERA HOMES FRAUD

Commission Levies Most Stringent Penalty Against Austin-Area Builder. 13 Other Builders Across State Also Penalized

At its February 13, 2008, meeting, the Texas Residential Construction Commission revoked the registration of Austin-area builder Primera Homes Ltd. According to an agreement with the commission, the company’s owner, Michael Kelly, is prohibited from working in the residential construction industry in Texas for 20 years.

"The commission took action against Primera Homes for committing multiple violations, including misappropriating trust funds in numerous instances and using false advertisements."~TRCC Press Release 2/13/08.

Primera Homes was responsible for several Austin-area subdivisions, most notably the troubled Maravilla community…

WHAT’S NEXT FOR MIKE KELLY,MICHAEL BREON AND MARAVILLA HOMES?

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By DeeinAustin™

Let’s take a stroll along East Riverside Drive in Southeast Austin, Texas for a mini site-seeing tour of present-day Austin. Picture yourself walking by my side as I describe the sites, sounds, and ambiance of the area.

Our tour begins on Riverside Drive, just East of IH35, as we head towards South Lake Shore Boulevard overlooking popular Town Lake.

There aren’t many homes on the street, because it’s mostly a commercial corridor, but that’s ok because the fumes from cars whizzing by has us lightheaded.

…the streets are a little grimy, but that’s ok. I’ll protect you while picking up litter along the way. The sweet smell of pizza, tacos, and "fried stuff" fills the air as we pass by the Capmetro bus stops taking students to campus.

A newspaper blows down the street. You catch one of the headlines,"Luxury high rise condos coming to East Riverside Drive in Southeast Austin".

WHY EAST RIVERSIDE DRIVE IN SOUTHEAST AUSTIN IS PRIME REAL ESTATE

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By DeeinAustin™

I was in a Austin real estate market update class this week where Residential Strategies gave a year-end summary and forecast for the Austin area.

Here is what was said for the January 2008 market summary.

1. Texas isn’t doing bad compared to other states, but many national builders are in trouble due to their activity in Florida, Arizona and California.

2. Dallas, Houston, and San Antonio real estate markets are overbuilt in the affordable home price ranges. Builders are doing auctions and fire sales to get rid of their sub-$150k inventory.

3. Austin continues to buck trends and will continue to do well in 2008. The downside is that national builders in Austin will still suffer because their parent companies are in trouble.

4. National builders located in Austin have already pulled back on inventory, which may cause a shortage in 2009.

WHY NEWMARK HOMES AND OTHER AUSTIN BUILDERS MAY BE IN TROUBLE

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By DeeinAustin™

If you’ve heard some rumbling lately, it’s not a thunderstorm. There’s trouble brewing in East Central Austin.

Small lot property owners are upset with limitations the City Planning Commission proposed on December 11th. The new changes will decrease the ability of over 1500 East Austin residents to build on their small parcels of land.

East Austin resident and property owner, "Hollywood" Henderson, sent a note to thousands of his fellow residents to corral them take a stand at the January 17th City Council Meeting for the final vote on this issue.

Here’s an excerpt from Mr. Henderson’s letter to his neighbors:

Dear Neighbor,

I have an urgent message about your current property rights. They are about to be taken. The City of Austin and a neighborhood group called OCEAN is planning to take away property rights that will forever affect your property values and your ability to add square footage to your existing home or your vacant lot.

EAST CENTRAL AUSTIN NEIGHBORS UNITE: THEIR ISSUES WITH THE PROPOSED CHANGE

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