I attended an East Austin Economic panel discussion last week, hosted by Peoplefund. Interest in East Austin has grown since I first started following the area in 2002. My first purchase in East Austin was a duplex in the Oltorf area in 2003. I didn't have enough money for the down payment, so borrowed funds from my 401k, then lived in one unit while renting the other side.
In 2004, I purchased a home in East Central Austin, zip code 78702. My street housed drug dealers, prostitutes, and gangs. All of whom felt no problem with doing their business outside in the middle of the day. By that time, I had obtained my real estate license, so served as my own buyer's agent. I'll never forget a comment from the listing broker, who was frustrated with my request for him to quickly respond to my offer.
He asked "Why do you want to buy this shack in the ghetto anyway?"
I didn't answer, except to say that I valued the area and wanted to live there. Well, a lot has changed since then. Real estate agents, investors, and buyers are no longer being asked WHY they want to buy Central East; they're asking how and when.
- According to the Economic Panel last week, the area has grown 68% from 1999-2005.My property taxes doubled even though I have made no significant changes to the outside.
- My neighbors passed away or sold their homes while neighborhood pioneers move in.
- Many new residential mixed-use projects have started or been completed. This includes the recently opened Mueller Austin, the largest master-planned "urban village" in Central Austin.
With all of the new developments and demographic changes, will our vision of East Austin be what we hoped in one, three, five, or even ten years? I've heard some dissenting opinions on this topic and am not one to lose hope that we will have the most diverse, multi-cultural community within the City of Austin even though prices are higher than expected.
I'm only one person, but I want to support Mueller by purchasing a home in the development and continuing to serve on the advisory commission. My goal is to help us achieve as much of the vision as we can.
I encourage other relocation buyers, professionals, and Austin residents to (re)consider Mueller and East Austin as their future home so we can shape the future of the redeveloped areas together. Feedback, input, ideas, and proactive problem-solving is needed at the commission and neighborhood meetings, which I post here each month.
1.) How can you be a pioneer in a community that already existed before you moved into it? That statement parallels with saying that Columbus discovered America.
2.) I am excited about the redevelopment that is happening in East Austin, however the community is becoming increasingly less diverse. What is your vision of East Austin? Because the demographics is definitely changing, and consequently gentrification is prevailing.
"With all of the new developments and demographic changes, will our vision of East Austin be what we hoped in one, three, five, or even ten years?"
Posted by: Cindi | Tuesday, February 19, 2008 at 12:39 PM