Southwest Austin - Community Impact Newspaper

More documents

Recommendations

Info

12 | February 2009 Community Impact Newspaper • Southwest Austin Edition Transportation Report Toll 45 SE I-35 KEY TO LINES Ultimate Access/Exit Ramps Interim Access/Exit Ramps Toll 45 SE By Teresa Pione Construction on Toll 45 SE has begun and is expected to be complete by late April. The 7.4-mile, four-lane roadway will connect IH 35 to Toll 130 just south of FM 1327 near the City of Mustang Ridge. This corridor will create easier access from south Austin to Georgetown allowing motorists to avoid IH 35. Six exits, three for eastbound traffic and three N. Turnersville Rd. Turnersville Rd. Palmer Rd. for westbound traffic, will allow access to Crane Road, Wright Road, FM 1625, Turnersville Road and US 183. The project is funded by the Texas Department of Transportation’s Mobility Funding and will cost an estimated $139 million. Although a complete highway loop around Austin may not be possible due to the sensitive biological factors in the area’s FM 1327 Wright Rd. Crane Rd. terrain, the toll road is being created to better link existing roadways. In 2006, Toll 45 SE was delayed by a lawsuit filed by the Save Our Springs Alliance. SOS’s concern was that Toll 45 SE would be eventually linked to Toll 45 SW, crossing the Barton Creek Watershed, to create a loop around Austin. The loop has been planned for about 20 years, but FM 1625 Aquaplex Dr. has no funding or immediate plans for completion. After the lawsuit, the Federal Highway Administration approved a new environmental impact study brought about by the lawsuit, so a federal judge dismissed the case. TxDOT spokesman Marcus Cooper said Toll 45 SE will help the southwest Austin traffic flow more easily. Evelyn Rd. 130 183 “It’s necessary because it’ll provide a vital link and bypass for travelers who want to skip the congestion in downtown Austin,” he said. “It will also be a great link for eastbound drivers because we have a lot of travelers in the Houston area who want to access Austin, so if they head south on [Toll] 130, they’ll have access to IH 35, as well.” Find yourself immersed amongst age-old trees, graceful rolling hills, and a beauty that can only be described as Texas Hill Country. From golf to biking to boating to outdoor cooking, this community touts acclaimed Lake Travis schools and virtually every amenity and convenience needed by families of all sizes. Falconhead West offers award-winning home designs, resort-style living and a convenience of location without equal in the Lake Travis area. • PGA Tour Signature Series Golf Course. • Lake Travis - 5 Minutes Away • Hill Country Galleria - 3 Minutes • Beautiful Hill Country Views Homes From the $330’s (512) 263-5196 www.taylormorrison.com Homes From the Mid $300’s (512) 263-5806 www.dreeshomes.com Homes From the Low $300’s (512) 402-1800 www.ryland.com Mustang Ridge F ind Your Happy Place • Acclaimed Lake Travis School District • Nationally ranked Middle Schools • Exceptional Home Designs and Builders • FalconheadWest.com N
Housing CONTINUED FROM |1 he said. “I would not even think of selling a house until two years from now, at least. “ If homeowners must sell, Angelou advises they consider renting their house out for the near future, as the rental market remains stable, and use that money to help cover the payments on a new home. “If you’re buying, now is the best opportunity to buy,” he said. “I wouldn’t wait for the market to go down any further, necessarily, because the minute it goes down further and the credit market is unfrozen, then a lot of people are going to jump in it.” RE/MAX real estate consultant Shara Parker said, thanks to lower interest rates and home prices, selling now can be a viable option, depending on the move a seller is looking to make. “It is an excellent time to sell if you’re going to move up. If you’re buying more equity for a higherpriced home, then you’re cutting your losses,” Parker said. “And if you’re looking to buy, absolutely, you need to go ahead and buy.” But being a buyer’s market does not mean property in the booming 78749 ZIP code, ranked the second fastest selling ZIP code in the country late last year by BusinessWeek magazine, is going to come cheap. “It’s a little different here,” Parker said. “I think a lot of people get confused with the national news. A big challenge that we face is that the buyers come in and think they can buy a house in this area for pennies on the dollar.” The drop in home values in some parts of town has put more homes within the average buyer’s price range, but Parker said at the same time it has become harder to get credit. “The guidelines have tightened so much now that even A+ credit buyers are challenged,” she said. “I don’t think it can get any tighter than it already is.” The psychology of a recession Despite Austin’s high-tech reputation, Angelou said it works to the city’s advantage that not all of the local economy is tied into the technology industry. “When 25 percent of your economy is the government, another 25 percent is professional services and another 20 percent is retail trade, 70 percent of Austin’s economy has nothing to do with technology and is fairly stable, with the exception of retail,” he said. Pointing to 2010 as a likely date for economic recovery, Angelou said 2009 may be a rough year, and as more people are out of work, the more pessimistic the national picture will become. “The psychology of the market is very important. If you expect that the economy is going to get better, it instantly gets better. But we’re going to see massive layoffs in Austin, and I say ‘massive’ by Austin standards,” he said. “The unemployment rate will exceed historical highs: 6.5 percent. The national unemployment rate will go higher than 9 or 10 percent.” Last one in, first one out The oft-repeated conventional wisdom that “Texas is the last one in a recession and the first one out” may have been true in the past, but Angelou said the stakes are higher now than during previous economic rough patches. “There may be a difference here, because this is no longer a real estate and housing bubble — this is the collapse of the U.S. economy including technology,” he said. “When we’re hit by both a real estate-led recession, as well as the high-tech recession, it may be that we may not come out as soon as we anticipate.” Angelou said the good news is Austin home values have never appreciated to the degree national values have. Helen Edwards, president and chief operating officer for Coldwell Banker in Austin, said she sees the potential for a housing shortage, but is skeptical about a drastic increase in price for southwest Austin homeowners. “I believe that there will probably be a time when we will experience a higher demand than supply. That’s the way it always is in real estate,” she said. “Do I think it’s going to be an overwhelming shortage? No, I do not.” 5,000 4,000 3,000 5,000 2,000 4,000 4,061 1,000 3,000 2,000 0 1,000 100 80 0 100 60 40 80 20 60 40 0 20 The 2008 Austin real estate market 3,636 impactnews.com February 2009 | 13 4,432 4,061 4,166 4,344 3,636 4,087 3,963 Jan Feb Mar Apr May Jun Jul Aug 3,546 Sep 3,027 Oct 3,082 Nov Dec 2,262 1,943 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 80 72 Southwest Austin: A balanced market 4,166 New properties listed 4,432 4,344 4,087 64 64 66 63 3,963 3,546 Average days on market Edwards points to the amount of land available for subdivisions and an ample supply of homes costing more than $500,000. “As soon as it becomes viable to do so again, the builders will build again,” she said. Describing the market as balanced, Edwards said the southwest Austin housing market has retained its strength while other parts of town have seen decreases in value. “This area has continued to have good, strong numbers because the sellers have been reasonable about what their houses are worth,” she said. 3,027 3,082 71 72 76 78 2,262 80 Jan 72 Feb Mar 64 Apr 64 66 71 72 76 78 85 87 May Jun 63 Jul Aug Sep Oct Nov Dec Source: Austin MLS Market Data 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec $260,000 $255,000 $250,000 $245,000 $240,000 $235,000 $249,897 $251,577 $230,000 $238,161 $239,638 $241,365 $225,000 $231,582 $220,000 $215,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec $253,949 $260,000 $255,000 $250,000 $245,000 $240,000 $235,000 $249,897 $251,577 $230,000 $238,161 $239,638 $241,365 $225,000 $231,582 $220,000 $255,392 $215,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec $237,504 $239,606 $238,947 $231,053 $253,949 “[Values] are not likely to go down as much as they have nation- “When conditions do improve have lost their jobs in smaller mar- nationally, Austin will be well-pokets will move to Austin and other ally,” he said. “But we’re not imsitioned for a rebound because the areas like it. mune from the national cycle, so overall inventory levels are low,” “In a way we’re kind of blessed we’re seeing the impact.” Rude said. “At this point, the most that we have a housing market Rude said job losses, the credit significant variable impacting local that has a lot of challenges, but crisis and uncertainty about how demand for housing is depressed nowhere near what those chal- much the national economic consumer confidence. When conlenges might be elsewhere,” he stimulus package will help houssumer confidence returns, possibly said. “[The housing] market will ing markets make it difficult for in 2010, home production will gain very quickly recover.” MetroStudy to predict when the momentum.” $255,392 housing industry will stabilize In anticipation of the economy’s Comment and find links to related websites $237,504 at more.impactnews.com/3404 $239,606 $238,947 or recover. recovery, Angelou said many who $231,053 Buying, Selling or Leasing a Home? ® Let a REALTOR work for you. 85 1,943 If you are buying, selling or leasing a home, you need a professional who can help guide you through the process. A REALTOR ® can manage complicated matters such as deciphering disclosures, researching legalities and negotiating contracts. REALTORS ® also commit to a strict code of ethics. Visit Austinhomesearch.com to find the right home or REALTOR ® for you. Brought to you by the members of the Austin Board of REALTORS ® . 87
Page 1 and 2: Largest distributed newspaper in Ce
Page 3 and 4: My sister’s 30th birthday is comi
Page 5 and 6: 3 Newflower Farmers Market 4 Texas
Page 7 and 8: Business Profile The Congress House
Page 9 and 10: Neighborhood Dining Nutty Brown Caf
Page 11: Community Corridor Brodie Lane MoPa
Page 15 and 16: Police CONTINUED FROM |1 getting of
Page 17 and 18: At the Capitol Local representative
Page 19 and 20: What got you into fighting fires? A
Page 21 and 22: Residential Real Estate Neighborhoo

Southwest Austin - Community Impact Newspaper

Create successful ePaper yourself

Delete template?

Save as template?