Reported by Suzy Juncker, REALTOR, Broker, CRB, CRS, GRI
Updated September 7, 2009.
Current Market Rating: 3
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Current Price Trend: 3
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From the August 28, 2009, Neal Spelce Austin Letter. . .
Austin sits in the middle of the Texaplex, one of the most dynamic US regions now and for the foreseeable future. Drawing a line from San Antonio, to the Dallas-Fort Worth area, to Houston, and back to San Antonio creates the Texaplex, and Austin sits in the center of the triangle.
The Texaplex is home to 80% of the state's population, America's 3rd largest airport, and its 2nd busiest port. Of the ten largest cities in America, three are in the Texaplex. California urbanologist Joel Kotkin, as well as the Brookings Institution, have found independently that the Top Five job creation spots in the nation are the five main Texaplex cities.
The Texaplex has emerged as the Lone Star State's economic engine.
From the July 31, 2009, Neal Spelce Austin Letter. . .
Two national reports released in the past week-or-so are touting Austin as a bellwether during these tough economic times. . .
Forbes.com says Austin is poised for the quickest economic rebound in the nation and "Entrepreneur" magazine ranks Austin as the 10th best start-up city in America.
The Forbes analysis highlighted the diverse base of business in Austin and projected that the Austin economy will grow by $5 billion by the end of 2010, to rank tops in the nation for economic recovery. . .
"Entrepreneur" examined population growth, openness to new ideas, government incentives and affordability of commercial rents. It called Austin the cross- pollinator among the Top Ten cities, singling out the range of businesses that feed off one another.
FOUR REASONS TO BUY A HOME THIS YEAR IN AUSTIN. . .
1. Affordability is RIGHT NOW. Austin home prices have remained stable throughout the downturn. There is no reason to believe they will lose significant value.
2. There is a large inventory to choose from. In many cases it is taking several months to sell a home, creating a great deal of inventory--new homes, existing homes, foreclosures. "If you put off a purchase until inventory shrinks substantially, you might not get as good a price," said Eddie Fadel, author of the book "Don't Rent, Buy!"
3. Mortgage rates have been low historically and are beginning to climb. It's not just the price of the home that affects affordability; mortgage terms also will affect your monthly payments. This year the 30-year-fixed-rate mortgage hit the lowest level in decades and stayed there for weeks.
4. Qualifying buyers can get a Federal Tax Credit. The credit in the American Recovery and Reinvestment Act of 2009 doesn't have to be repaid if the home remains the buyer's main home for at least 36 months from the purchase date, according to the IRS. The Act defines first-time buyers as those who haven't owned a home in three years. Purchases must be made before December 1, 2009. Buyers can claim 10% of the purchase price up to $8000, or $4000 for married individuals filing separately, according to the IRS. Buyers' adjusted gross income must not exceed $75,000, or $150,000 for joint filers.
Location Characteristics: Austin is an amalgamation of the best of each region of a very diverse state; then it adds its own magic to the mix. The result is an incredible city with a dynamic population and fabulous resources.
The heartbeat of Austin is Zilker Park, specifically Barton Springs Pool, fed by natural springs whose temperature is 68 degrees year round. A claim to fame: Robert Redford learned to swim here when he was five years old.
The Barton Springs waterway itself meanders through the city and beyond, providing miles of incredibly beautiful recreational opportunity. Every day finds cars parked beside the access trails and Austinites along the creek.
Downtown Austin hosts the State Capitol as well as many fine restaurants and music venues. As highrises have continued to be built, downtown also has become a popular residential area. Lady Bird Lake, adjacent to downtown, is lined with miles of hike and bike trails. Sculling is a popular sport on the river, as well. Riverboat and bat watching tours are popular activities.
Mid-March is the time of year the largest North American urban bat colony (1.5 million Mexican free-tail bats) returns to live beneath the Congress Avenue Bridge. Each evening at dusk they provide a spectacular display as they blanket the sky to begin their search for food.
Austin calls itself the Live Music Capital of the World, and with good reason. South by Southwest in the spring and the Austin City Limits Music Festival in the fall attract international music and film talent every year. Any night of the week it's possible to listen to world class music at any number of casual venues in town.
The University of Texas at Austin, St. Edwards University, Concordia College, Austin Community College, and a variety of other educational institutions call Austin home.
Public schools are good, and a host of private schools is available, as well.
Austin is a technology mecca, home to Dell Computer and many clean manufacturing companies.
Just a short distance away is Lake Travis, a huge manmade lake created by damming the Guadalupe River. It's a hugely popular recreational, residential and growing commercial area.
Farther out Highway 71 as far as Horseshoe Bay, Lake Buchanan, and Lake LBJ, new residential opportunities are appearing regularly.
Everyone who knows Austin wants to live here. The rest of us got here as soon as we could!
