Texas Realty Blog

First Development Proposal in for Brackenridge Tract in Central Austin

By Carey Eskridge

A couple weeks ago Dee posted about the report issued by the University of Texas Brackenridge tract Task Force relating to the large parcel of land owned by the school in West Austin. It didn't take long for the first development proposal to surface.

Several faculty members of the School of Biological Sciences at UT-Austin have proposed that a biodiversity institute be located on the property. With a price tag that exceeds $100 million, the institute would house research facilities, storage for millions of plant and animal specimens, classrooms, greenhouses, and a natural history museum.

The institute would also encompass other already existing research facilities such as the Lady Bird Johnson Wildflower Center and the Plant Resources Center.

OTHER POTENTIAL USES OF THE BRACKENRIDGE TRACT

Volume Builder Lennar Pulls out of Reserve at Southpark Meadows Project in Austin

National volume home builder, Lennar, may be on the brinks of financial failure. According to sources, they posted a loss of $514 million in the third quarter.

Bad news on the local front is that they're already pulling out of what seemed like successful projects. We previously reported their upcoming Reserve at Southpark Meadows Subdivision in South Austin, but it looks like they've already sold all of their lots to another builder.

The selling of the lots is good news to residents because it at least shows the Reserve at Southpark Meadows will move forward. Originally, home prices were to start in the 280s-300s.

THE TIMELINE OF LENNAR'S QUARTERLY PROFIT WOES

Today's Trinity River Vote to Affect Dallas Real Estate Market

A hot issue in Dallas politics right now is the upcoming vote on whether or not to allow the proposed Trinity Toll Road to be built.

A number of Dallas residents oppose the project as they would prefer to keep the Trinity River area traffic-free, which seems like a good thing.

SO WHY THE OPPOSITION?

The problem is, though, that JPI, the developer that owns a large portion of land in the Trinity River area, has made its plans for major residential and office projects contingent upon construction of the toll road.

JPI Executive Vice President Jim Fadley has stated that he thinks voters' rejection of the toll road could call a halt to any such development, resulting in a net loss of hundreds of millions of dollars in lost tax revenue.

Weekend Job Alert: Paypal Data Center Opening in Austin

We recently covered the Austin real estate update via an audio slideshow. A portion of the audio market overview discussed job growth in Austin, which has been at an impressive rate of about 3% in past years.

The Paypal Data Services center is close to opening in Austin. I hear that they've stepped up their hiring for well-paying technical and engineering positions.

Jobs are available online at Paypal.com/jobs. You can view the press release online as well.

University of Texas may develop Brackenridge acreage in Central Austin

By DeeinAustin™

I was listening to KLBJ radio Friday when a news story broke about 345 acres of land along Lake Austin Boulevard in Austin. It is currently occupied by student housing, a golf course, youth athletic fields, and the (Lower Colorado River Authority) LCRA.

The task force says the school needs to find a way to produce more revenue from the property for the good of the university.

WHAT'S SO BAD ABOUT DEVELOPING THE LAND?
Most Austinites love the University of Texas. The academic and athletic programs are superstars in their own rights. The problem they see with UT is that it has a tendency to buy and hold a LOT of land. When the university later decides to develop land, it comes as a surprise because it's such a large tract and locals are accustomed to the current use.

For instance, the Lyons Municipal Golf Course's lease is up in the year 2019. Lyons and the beloved park around it are both on the chopping block. Click the photo (by Robert Caldaza at the Austin Statesman) to enlarge.

Austin Planning Authorities to Toll Five Existing Roads

Austin residents who opposed tolling existing roads have lost their battle. The Capital Area Metro Planning Organization (CAMPO) went against citizen opposition and voted to toll five existing roads in Austin.

CAMPO says they would like to build freeways, but can't afford to do so because the gas tax fund has a shortage. I would like the accusation validated, but heard that the gas tax shortage is due to CAMPO and other authorities spending funds on pet projects and causes other than the primary purpose (transportation).

WHICH ROADS WILL HAVE TOLLS?
The following existing Austin roads will be tolled as soon as CAMPO can implement their plan: US Hwy 290 East, Hwy 183 South, State Highway 71 East, US Hwy 290 and SH 71 at the Y in Oak Hill, and SH 45 Southwest.

Link: CAMPO Votes to Toll Five Existing Austin Roads.

Read the previous articles: Toll Road Talks Stir Controversy. Austin Toll Party tries to stop tolling. Read the Austin Toll Party Alternative Solution.

The Top 6 Population Trends that Will Affect Texas Real Estate by Year 2030

Remember when you were young and the future seemed so far away? When I growing up in San Antonio circa the late 1980s, I imagined that the Year 2000 would feel foreign.

I thought we'd still have rush-hour traffic, but our flying cars would improve it. We'd colonize Mars after our natural resources were depleted. We'd talk to people in other worlds via video phones and tiny electronic devices.

25 years or so later, my childhood predictions still haven't fully materialized. Now futurists are thinking about the years 2030. What are the population trends? Where will people live in the year 2030?

POPULATION TREND PREDICTIONS FOR THE YEAR 2030
According to a Realty Times article published this year....

Dallas Commercial Real Estate Continues Growth

Dallas, Texas is a pretty attractive real estate market. Like Austin and Houston, it has steady job and population growth although residential home prices have decreased about 1.4% since last year.

When I was on Austin Business District's radio hour, I noted that residential investors, home buyers and real estate agents should pay close attention to the commercial real estate markets. Commercial firms have the financial resources to know where to expand.

Houston will always be a commercial real estate haven, as will Dallas. Although Austin has seen a drop in the residential foreclosure rate, Dallas has increased. Still, now seems to be a good time to buy and upgrade small "B" and "C" grade apartment complexes.  New construction projects are booming around the city, so smaller investors may have a good opportunity to enhance older buildings to reach a more affordable renter market.

Read more at about the Real Potential in Dallas/Fort Worth. Rockwall county among fastest growing in U.S.

Austin Agents Rally..."Buy Here!"

The real estate industry is making a backlash against the national news media for "overblown" hype around the supposed "real estate bust" for 2007. Texas REALTORS® have especially been trying to make it clear that, while the national market has cooled, Texas has always been considered one of the best places to buy.

Austin, Dallas, and Houston are particularly great real estate markets and were reported among the Top 10 U.S cities to boom in 2008. Here's some of the recent acclaims for Austin:

Houston Investor Launches CashOffersToday.com

Investor Steven Johnson, recently launched his CashOffersToday.com website, where he can make a cash offer on a home within 23 hours. Steven been a full-time investor for many years wholesaling properties in Central Texas, including Houston, Austin and San Antonio.

Out-of-state investors sometimes ask if they can really wholesale in a hot market like Texas. The answer is always yes, but you have to buy the right deal.

One of Steven's current deals is a property in Port Arthur for $35k and rents of $800 (picture) through the Katrina Evacuee Voucher Program. He will probably flip that home to a rental investor within the next week or so.

Other investors like Paul of PaulPaysCash.com in Georgia are seeing that marketing themselves on a professional level has been paying off. 

If you want to be like Paul of Georgia or Steven in Houston, read the investment books we've reviewed in the left column. They provide excellent advice on getting started as a real estate investor or taking an investment business to the next level.