Seasons Greetings! We’ll be on vacation through December 27th. We hope all of our friends and their families have a happy holiday season.

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Just an FYI that our team will be out of the office in observance of Thankgiving. We will be back on Monday!

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Texas A&M recently reported on Texas growth. 

In the five years ending in 2005, Texas was the only state to have more than one city among the fastest-growing in America, and it had four…Texas population patterns show the state’s large cities are not just growing rapidly, but even those such as Austin, which struggled during the post-2001 recession, have recovered…While such large U.S. cities as Detroit, Philadelphia and Chicago lost population in the first five years of this decade, big Texas cities attracted new residents by the thousands and drove real estate markets to record levels.

According to the article:

1. The Top Ten Most Populated Metros in 2005 were Houston (#4), San Antonio (#7), and Dallas (#9).
2. Fastest Growing Texas Cities 2000-2005 were San Antonio (#4), fort Worth (#5), Houston (#7), and El Paso (#10).
3. U.S. Rankings by Percentage Growth 2000-2005 were Fort Worth (#1), San Antonio (#4), El Paso (#7), and Austin (#10).

Although growth is expected to continue in fort Worth, recent reports from the fort Worth Star Telegram is expected to slow in 2007.

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I have a pocket listing that will be on the market soon. It’s on 1415 South Redondo in Austin, TX 78721. The 78721 zip is being revitalized as the hot 78702 area becomes too expensive for many families. The home was picked up by one of my investors and remodeled, so it is in move-in condition. It’s a 2/2 with a carport. Price will be set below $125k. We’ll have pictures soon.

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October 18th is the last day to register for this year’s annual East Austin Economic Summit. Many of the community initiatives that were started in 2004-2005 have been completed and others are on the way. The annual conference is sponsored by PeopleFund.org, who used to be the Austin Community Development Corporation. PeopleFund changed it’s charter to move towards land development and land trusts to help preserve affordability in East Austin.

As many of you are aware, the area is undergoing a great deal of appreciation. Gentrification has taken a stranglehold on the community and it’s becoming impossible for many current residents to stay in the area. I attended the 2005 Summit and there were hundreds of attendees. I met people from all walks of life and political affiliations.

This year’s summit should be even more popular since the news coverage of the issues raised awareness. Even though I already purchased tickets, I have a family member’s birthday to celebrate, so may not be able to make it. I hope to see everyone there otherwise. If you’re interested, RSVP by the deadline.

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The 700+ acre Robert Mueller Airport Redevelopment Project is still underway, with the first residential projects expected to be completed either Fall 2007 or early 2008. Catellus, the master developer, is planning to hold a Mueller Family Day this Sunday, October 15th from 2-4pm. There will be refreshments, family activities, and more information available.

The purpose of the Family Day is to keep the community involved and interested in the redevelopment. I’ve been writing about it extensively and have been following all details as closely as possible.

Their latest news is on their website and you can sign up to receive alerts.

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As you may be aware, there’s a huge redevelopment effort in South Central Austin near Riverside Drive and Barton Springs Road. This is a very popular area and the development should sell quickly. This recent announcement has been covered on the news extensively. I found a good article about it on the Austin American Statesman.

A local real estate investment firm plans an 840-unit apartment and
condominium complex on East Riverside Drive, the biggest project by far
in the residential boom in and near downtown.

The project will replace apartment buildings at 222 and 300 East
Riverside with three 18-story buildings, said Richard Suttle Jr., an
attorney for the developer. Two condo buildings each would have about 243 units. An apartment
building would have about 352. All buildings would include parking
garages. CWS would give the city about an acre of lakefront land worth
millions of dollars as part of the project, Suttle said, as well as
room for a park police substation.

Again, this is just in the plans. The developer will need to garner support from the residents and final approval from the city. I’ll keep you posted as I learn more.

Link: East Riverside project would add apartments, condos, extend hike and bike trail.

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Austin leaders want to encourage more housing downtown, setting a goal
of having 25,000 people living in the city’s center in the next 10
years, a fivefold increase from current levels.

From the Austin Statesman…

The tower would have 184 apartments, with units averaging about 1,100
square feet and renting for about $2,100 a month. Penthouse units would
rent for about $6,500 a month.
Legacy is buying about three-fourths of an acre for its project from landowners including Perry Lorenz and Robert Knight. Legacy expects to break ground in March, and the building will be ready for the first tenants in summer 2008.

Link: Ritzy apartment tower planned for Rainey St..

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I’d previously written about the Mueller Airport Redevelopment, which is the 700 acre tract of land where the old Austin airport was until it moved further South. Both residential and commercial investors are falling all over themselves to get a piece of the action. I purchased a home near this area of East Austin in 2004. I took out 80k in equity from the start and am now taking about another 50k to reinvest. My closing is next Monday.

The Mueller Neighorhood Coalition meeting is Wednesday, Oct. 4, 6:30 pm at the Asbury United Methodist, which is on the corner of 38 1/2 St. and Cherrywood Rd.

Other Upcoming Dates:
Sun., Oct. 15, 2 pm, Mueller Family Day
Thr., Nov. 9, 6 pm, Mueller 101

Draft Agenda:

- Construction Update

- University of Texas update, especially updating last meeting on re-scoping of UT’s space needs

- Reclaimed Water Tower update

- Wilshire Wood/Delwood II Water Line update

- Cap Metro update

- Other questions

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I liked this article from the Texas A&M Resource Center because it describes some of the new apartments and residences coming to Austin. I’ve been reporting that mixed-use projects are very popular. City officials are encouraging more mixed-use and residential developments in Central and Downtown Austin as we continue to grow.

The Domain Residences is one of many examples in the Austin area of housing being built above retail shops. Currently under construction and located off Braker Lane and MoPac Expressway in the Arboretum area, the project will feature 390 luxury apartment units within and above 750,000 square feet of retail. Residents who live above retail space are a short walk from eating and entertainment. This type of arrangement seems to be a particular fit with two types of renters and buyers: young professionals and empty-nesters.

These mixed-use conveniences come with a price tag. It’s more expensive to build "vertical structures," as they’re called in the commercial real estate industry. If you want housing on top of retail, that means you have to build the retail shell of concrete in order to support the weight of the housing above. Land prices for prime sites that are suitable for mixed-use projects also tend to go for a premium price. In turn, that means it won’t make sense for every project site to contain a mixture of commercial and residential properties.

In Austin, the intersection of Sixth Street and Lamar Boulevard is turning into a blend of work-live-play uses. A number of apartment or condo projects already exist, and more are on the way. It’s anticipated that the redevelopment of the Seaholm Power Plant site will act as another hub of activity. The Domain in Northwest Austin, the Mueller redevelopment’s planned town center in Central Austin and The Triangle project north of the UT campus prove rooftops and retail shops can coexist outside the main core.

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