Develop Austin Texas

The 2010 Texas Construction Outlook, released last week my McGraw-Hill, expects a 30% increase in Austin’s construction starts, and a 16% increase statewide, for a $52.5 billion industry. Austin is leading the other metropolitan areas, with Houston expecting a 17% boost, Dallas 16%, El Paso 8% and San Antonio 6%.

The biggest category for growth is expected to be in residential housing. Single family housing starts will increase by 31%, and multifamily by 34%. Nonresidential housing construction is expected to slip 1%, but public works and utilities should increase by 21%, boosted by federal stimulus funding.

For more than 100 years, McGraw-Hill “has compiled project and product information, plans and specifications and industry news and forecasts” to make their predictions.

Now is a great time to invest in development land in Austin and central Texas.

Pictured: The Falls – 315 Acres on Lake Travis

Beginning in February, the run down airport corridor on East 7th Street between 183 and downtown will be undergoing major renovation. A year of planning and $11.5 million are going into the project which should improve traffic, businesses, and general conditions in the area.

“East Seventh is considered a gateway to our airport, if not the gateway,” said developer Perry Lorenz. “If you think of it as a gateway for first-time visitors, ‘sad’ is what comes to mind.”

Developers and businesses are already interested in the renovation in the area. Project managers from the two Austin firms who won the project (Capital Excavation and Cash Construction) say to expect the difference to be “like day and night,” with cracked pavement replaced by brick layers, and palm trees lining the streets.

Two .2 acre lots on Tammye Lane in Austin are available for development or workspace opportunity. To be built on each are 2,000 sq ft garage/office spaces – 1,800 sq ft of storage space with 16 ft ceilings, 200 sq ft separate entry office, and 8 ft garage door.

The land is cleared of cedars and brush, with no zoning and no restrictions. Just minutes to Lohmans and 1431, this area is surrounded by development. Additional land available.

See the listing here.

As the Austin Business Journal reported on Monday, a new Grubb and Ellis Co. forecast ranked Austin as  the number one market “for long term office, industrial, retail, and multi-housing investment potential.”

One other city in Texas, Houston, appeared on the list, in the sixth spot.

Says Bob Bach, Grubb and Ellis Senior Vice President and Chief Economist: “The good news is that the freefall we saw in 2009 is over and the future is more certain, giving owners and users of real estate the confidence to begin making decisions again.”

Grubb and Ellis Co. is a real estate and investment services firm out of Santa Ana, California.  You can view their entire 2010 Forecast for the whole US or your local area. Now is the time to look at the commercial real estate opportunities Austin has to offer.

The Falls: 315 Acres on Lake Travis

This stunning piece of property features Lake Travis waterfront and views, with cleared fields and mature trees.

This property includes frontage on two paved, maintained county roads with a hard corner. The land gently slopes to the approx. 3700 feet of waterfront on deep Bee Hollow Cove on the Lake. Many waterfront and lake view build sites sit on the property, that is surrounded by high-end waterfront homes and ranches.

Lake View

Located in the Lago Vista, water and sewer will be provided by the city. Lago Vista ISD is an exceptional school district, with Lago Vista High School rated as one of the top ten high schools in Central Texas (Austin Monthly). With the completion of the 183A Tollway, this area will not just be attractive to second home buyers from around Texas, but for primary residences as well.

This location would make an excellent personal ranch or land investment. Take your chance to see the listing today.

305 acre ranch featuring over 3,500 ft. on crystal clear Double Horn Creek and a deep pool perfect for swimming and fishing. 20 mile panoramic views of surrounding Hill Country from hilltop.

These 305 well maintained acres sit on beautiful, spring-fed, rock bottomed, year-round Double Horn Creek – with about 2400 feet on each side of the creek, and 1200 feet to the center of the creek. A waterfall spills into the very deep pool, perfect for water recreation. About 300 feet of Gridiron Creek spills into Double Horn Creek. A good road at the entry leads to a dam on the creek.

A big hilltop gives 20 miles of views of the surrounding hill country. A 25-30 acre cleared pasture is perfect for cattle grazing or a pecan orchard. The ranch is filled with mature trees: pecans, oaks, elms, sycamores, ash and more.

Borders large acreage properties including LCRA parkland. Ag exempt, taxes were $489 last year. Frontage on CR 404 and CR 402 – both are paved public roads. Electricity, telephone, septic and well on property. 15 minutes to Marble Falls, 25 minutes to the Hill Country Galleria.

See the listing or virtual tour for more information and pictures.

Photo taken at: Bella Tesoro

The results are in, and Texans have voted to pass all 11 proposed amendments to the state constitution, including those we’ve reported on, for appraisal reform.

Proposition 11, which limits the government’s power to eminent domain, was hugely popular and passed by an 80-20 margin. “The amendment bans governments in Texas from seizing private property and giving it to a private developer to boost the tax base,” reports KXAN News.

Over 43,500 residents voted in Travis County.

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If you’re used to not voting when it isn’t a big ticket year, or if you’ve never voted before, skipping your chance to vote this year may be a mistake you’ll be paying for, for a long time. Some of the propositions on Texas’ ballot this year deal directly with home values and appraisals, and it’s important that we understand what we’re voting for and why, even if someone would still decide it’s not important and not go. Even if you don’t own a home now, it may be an issue that affects you in the future. Here is a re-print of October 16th’s blog.

November 3^rd’s ballot in the State of Texas won’t have the same hot button races as a presidential election year, but the propositions on it will directly affect Texas homeowners and their money, right now and in the immediate future. The language can be tricky and there is misleading information floating around from misinterpretation, but it is important to understand the proposed amendments and vote.

Gabriel Lopez wrote a great column translating the amendments into simpler terms. The Houston Chronicle also offered an interpretation. There are a few amendments in question, namely, Propositions 2, 3, and 5.

Proposition 2

As it will appear on the ballot: “The constitutional amendment authorizing the legislature to provide for the ad valorem taxation of a residence homestead solely on the basis of the property’s value as a residence homestead.”

What it means: We’ve talked about the increases in appraisal rates in the state. Currently, “the central appraisers are using a practice called ‘highest and best use,’ which allows a property to be valued on potential use rather than current use,” Lopez writes. In other words, if this amendment passes, if an area is experiencing rapid commercialization, the land can’t be valued for the potential value – it will mandate “that a residence be valued only as a residence, regardless of what the ‘highest and best use’ is.”

“This amendment is intended to protect less affluent homeowners from situations in which rapid commercialization in their area threatens to drive up property taxes unreasonably year after year,” writes the Chronicle. “…such development can occur quickly and with potentially difficult consequences for homeowners. The measure would be strictly limited to residences qualifying for the home-owners exemption, thus eliminating the potential for use by speculators.”

Proposition 3

As it will appear on the ballot: “The constitutional amendment providing for uniform standards and procedures for the appraisal of property for ad valorem purposes.”

What it means: This amendment is another reaction to the state appraisal policies leading to inflated rates recently. It would require uniformity in appraisal processes statewide, allowing the state to have oversight and enforcement over every district. “This is important because state funding for public schools is based on the taxable property in each school district,” says Lopez.

Writes the Chronicle: “Unfortunately, the proposition has been plagued by Internet rumors that it is a back-door method to introduce a statewide property tax. It is no such thing, assures state Sen. Tommy Williams, R-The Woodlands, an author of the amendment. Williams says it is simply a means to achieve uniformity of appraising methods in the interests of more equitable appraisals in all areas.”

Proposition 5

As it will appear on the ballot: The constitutional amendment authorizing the legislature to establish a single board of equalization for two or more adjoining appraisal entities that elect to provide for consolidated equalizations.

What it means: The board of equalization would hear appeals from homeowners regarding their home’s appraisal value. It can be difficult to find qualified individuals for these boards in rural and less populated counties; this amendment would assist them. “It is written to be ‘permissive,’ which means a larger entity cannot force a smaller one to participate without its consent,” says the Chronicle.

Along with the Houston Chronicle, The Texas Board of Realtors endorses “yes” votes for propositions 2, 3, and 5. A quick, concise flyer is available here.

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Lake Travis, Montandon Ranch

Lake Travis has risen even more since our update yesterday; it is now at 645 feet and still rising. You can see up-to-the-minute conditions here.

With Lake Travis up and the creeks flowing again, now is the perfect time to buy. Ranch sales are still down and sellers are extremely motivated to move their property. With the recent rains and forecasts for more rain throughout the coming months, once spring time rolls around and the market really gets going sellers might not be as motivated to sell. There are still great rates and good terms for land deals. Capital Farm Credit is offering 30 year term and 5 year fixed rates at 6.25% with 20% down. Give us a call and we can get you in touch with a loan officer there.

Featured Properties on Lake Travis

Rancho Estacia A luxurious waterfront gentlemen’s ranch on Lake Travis. A 6,694 Sq Ft home, guest cabana, stables and 700 ft of Lake Travis Waterfront make this Mediterranean oasis with Texas ranch comforts.

Rivercliff Frank Lloyd Wright architecture & contemporary interiors create this stunning masterpiece on bluff overlooking Pedernales Arm of Lake Travis. Can be combined with a 32 acre equestrian center and guest home to create your dream ranch.

The Montandon Ranch Looking for deep, Lake Travis waterfront? 171 Acres with 1,800 ft. of Lake Travis waterfront. Paved roads, electricity, 3 wells. One of the Largest Lake Travis Pieces on the Market.

100-459 Acres on Lake Travis Gently sloping terrain to the Lake, high bluffs overlooking the Lake, draws, pecan bottoms, spring fed creeks and pond.

0 Bee Creek Road 46.66 Acre Prime Commercial Corner Near New Lakeway Development – The Highlands. 1,000 ft. of frontage on Bee Creek Cove of Lake Travis. Panoramic Lake and Hill Country Views.

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