AUSTIN (globest.com) – The Preiss Co. of North Carolina and Chicago-based Harrison Street Real Estate Capital have purchased Crossing Place, a student housing project about three miles from the University of Texas.
The five-year-old, 348-unit property was in foreclosure when it was sold. According to Dean Egerter, a principal at Harrison Street Real Estate, occupancy is in the mid-90 percentile.
Tuesday, December 19, 2006
Walmart at Northcross?
COALITION CROSS WITH NORTHCROSS
AUSTIN (Austin Business Journal) – Facing local opposition, Wal-Mart Stores will voluntarily suspend action on a proposed store at Northcross Mall for 60 days while the company gathers more input from neighborhood residents.
A coalition of concerned citizens called Responsible Growth for Northcross had formed in opposition to the project. In November, the Mall's new owner Lincoln Property Co. had announced plans to redevelop part of the mall to make way for the city’s first two-story urban-style Wal-Mart Supercenter.
AUSTIN (Austin Business Journal) – Facing local opposition, Wal-Mart Stores will voluntarily suspend action on a proposed store at Northcross Mall for 60 days while the company gathers more input from neighborhood residents.
A coalition of concerned citizens called Responsible Growth for Northcross had formed in opposition to the project. In November, the Mall's new owner Lincoln Property Co. had announced plans to redevelop part of the mall to make way for the city’s first two-story urban-style Wal-Mart Supercenter.
THE SUPER BOWL OF HOME BUILDING
AUSTIN (Austin American-Statesman) – The 70-member crew of ABC's "Extreme Makeover: Home Edition" is building a house in 106 hours for the O'Donnells, an Austin family of eight, including five childen with autism. It normally takes six months to tear down a house and build a new one.
The new home in the O'Donnells' Milwood neighborhood in northwest Austin will be ready, with paint and furnishings, by Sunday. Diane Korman, the show's lead producer, called the effort "the Super Bowl of home building."
More than 300 companies and countless volunteers are donating everything from food to furniture to labor. The O'Donnells will come back to a new house filled with RoomStore furniture and Dell Inc. technology.
Jimmy Jacobs Custom Homes of Georgetown has been selected to build the home. The company will build the home for free.
The new home in the O'Donnells' Milwood neighborhood in northwest Austin will be ready, with paint and furnishings, by Sunday. Diane Korman, the show's lead producer, called the effort "the Super Bowl of home building."
More than 300 companies and countless volunteers are donating everything from food to furniture to labor. The O'Donnells will come back to a new house filled with RoomStore furniture and Dell Inc. technology.
Jimmy Jacobs Custom Homes of Georgetown has been selected to build the home. The company will build the home for free.
Wednesday, December 13, 2006
Area housing market still sizzling
11/23/2003 - Austin American Statesman
Increases in October home sales and prices put Central Texas on pace for another record year.
By Claudia GrisalesAMERICAN-STATESMAN STAFFThursday, November 23, 2006
The Central Texas housing market is on track to end the year with more record sales.
Sales of existing homes in Central Texas rose more than 8 percent in October from the same month a year ago, according to an Austin Board of Realtors report released Wednesday. Last month, a record 2,073 single-family homes were sold, up from 1,913 sold in October 2005.
This, combined with a higher median price, relatively quick sales and a higher number of pending sales, is good news, says Charles Heimsath, president of Austin-based real estate consulting firm Capitol Market Research.
"All those taken together says to me it's a very strong market that shows little signs of weakening," Heimsath said.
The Central Texas region has posted a strong pace of home sales this year, signaling that the region continues to buck national trends of a cooling housing market.
It also bodes well for 2007, as economists expect the region to hold on to its strong sales and growth.
Last month, the area's median home price was up almost 9 percent to $175,000. And homes are staying on the market for 66 days on average, which makes it a seller's market.
Pending sales were up 19 percent to 2,417.
And sales of condominiums and townhomes are also posting gains, up 25 percent from October 2005.
"That's a trend we want to watch going forward," Heimsath said.
The median price of these properties is up 28 percent to $168,250, inching closer to home prices.
And that could signal a shift in more baby boomers downsizing to condos or townhomes, combined with younger, first-time buyers, Heimsath said.
The strong trends are expected to continue if favorable mortgage rates and the region's healthy job growth remain intact, said John Rosshirt, chairman of the Austin Board of Realtors.
By contrast, national home sales fell in 38 states, including Nevada and California, during the summer months.
"Most parts of the country would love to have our stats," Rosshirt said. The mortgage and job growth rates "will lead to a strong real estate market. So it looks like an excellent year on all regards and an optimistic 2007."
So far this year, the Central Texas region is posting a 10 percent increase in sales compared with the same period a year earlier. The median price during this same period is up 7 percent to $174,000.
There are fewer homes selling for under $120,000 so far this year, which is down 6 percent or more compared with the same period a year earlier.
Home sales in the $200,000 to $249,000 price range, however, are up 18 percent.
Among the Central Texas submarkets, the South Austin area known as area 10 posted the highest "hotness" factor, which is calculated by the number of pending sales versus active listings, Rosshirt said.
In that area, which includes neighborhoods such as Cherry Creek and Tanglewood Forest, active listings took about 18 days to sell, the report found.
Real estate agent Corey Yañez, whose specializes in area 10, says activity was fueled in part by many first-time buyers.
And that means quicker sales as well, Yañez said.
"People need to move quickly; area 10 is more affordable than other areas in Austin, but it's very close to downtown," said Yañez, who is with Ultima Real Estate Services.So "for me, it was a very busy month and one of the best months I've had all year," she said.
http://www.statesman.com/business/content/business/stories/realestate/11/23/23homesales.html
Increases in October home sales and prices put Central Texas on pace for another record year.
By Claudia GrisalesAMERICAN-STATESMAN STAFFThursday, November 23, 2006
The Central Texas housing market is on track to end the year with more record sales.
Sales of existing homes in Central Texas rose more than 8 percent in October from the same month a year ago, according to an Austin Board of Realtors report released Wednesday. Last month, a record 2,073 single-family homes were sold, up from 1,913 sold in October 2005.
This, combined with a higher median price, relatively quick sales and a higher number of pending sales, is good news, says Charles Heimsath, president of Austin-based real estate consulting firm Capitol Market Research.
"All those taken together says to me it's a very strong market that shows little signs of weakening," Heimsath said.
The Central Texas region has posted a strong pace of home sales this year, signaling that the region continues to buck national trends of a cooling housing market.
It also bodes well for 2007, as economists expect the region to hold on to its strong sales and growth.
Last month, the area's median home price was up almost 9 percent to $175,000. And homes are staying on the market for 66 days on average, which makes it a seller's market.
Pending sales were up 19 percent to 2,417.
And sales of condominiums and townhomes are also posting gains, up 25 percent from October 2005.
"That's a trend we want to watch going forward," Heimsath said.
The median price of these properties is up 28 percent to $168,250, inching closer to home prices.
And that could signal a shift in more baby boomers downsizing to condos or townhomes, combined with younger, first-time buyers, Heimsath said.
The strong trends are expected to continue if favorable mortgage rates and the region's healthy job growth remain intact, said John Rosshirt, chairman of the Austin Board of Realtors.
By contrast, national home sales fell in 38 states, including Nevada and California, during the summer months.
"Most parts of the country would love to have our stats," Rosshirt said. The mortgage and job growth rates "will lead to a strong real estate market. So it looks like an excellent year on all regards and an optimistic 2007."
So far this year, the Central Texas region is posting a 10 percent increase in sales compared with the same period a year earlier. The median price during this same period is up 7 percent to $174,000.
There are fewer homes selling for under $120,000 so far this year, which is down 6 percent or more compared with the same period a year earlier.
Home sales in the $200,000 to $249,000 price range, however, are up 18 percent.
Among the Central Texas submarkets, the South Austin area known as area 10 posted the highest "hotness" factor, which is calculated by the number of pending sales versus active listings, Rosshirt said.
In that area, which includes neighborhoods such as Cherry Creek and Tanglewood Forest, active listings took about 18 days to sell, the report found.
Real estate agent Corey Yañez, whose specializes in area 10, says activity was fueled in part by many first-time buyers.
And that means quicker sales as well, Yañez said.
"People need to move quickly; area 10 is more affordable than other areas in Austin, but it's very close to downtown," said Yañez, who is with Ultima Real Estate Services.So "for me, it was a very busy month and one of the best months I've had all year," she said.
http://www.statesman.com/business/content/business/stories/realestate/11/23/23homesales.html
MOO-VE OVER: DAIRY BECOMES DEVELOPMENT
12/12/2006
AUSTIN (Austin American-Statesman) – Goodnight Ranch, the 700-acre former dairy farm about ten miles south of downtown, will be home to a giant mixed-use development including 3,500 homes and 250,000 square feet of neighborhood shops and offices.
Developers Dean Goodnight, Terry Mitchell and David Mahn say Goodnight will have about 100 acres of open space and more than three miles of hike-and-bike trails around the mixture of single-family houses, condominiums, townhouses and apartments.
Slowed by a lack of utilities, Austin city officials recently agreed to reimburse the developers $3.8 million for the cost of extending water lines to Goodnight Ranch. The area on the east side of I-35 and south of the future Slaughter Lane extension falls within the Creedmoor-Maha Water Supply Corp.'s service area. No agreement has been reached on whether the city or the water corporation will eventually serve the area. Developers will not be reimbursed for the cost of extending city wastewater service..
Developing lots for the first 300 homes will begin in the spring, with move-in beginning by the end of 2007. Target price for the first condominiums, single-family houses and townhomes is about $100,000 to $300,000.
AUSTIN (Austin American-Statesman) – Goodnight Ranch, the 700-acre former dairy farm about ten miles south of downtown, will be home to a giant mixed-use development including 3,500 homes and 250,000 square feet of neighborhood shops and offices.
Developers Dean Goodnight, Terry Mitchell and David Mahn say Goodnight will have about 100 acres of open space and more than three miles of hike-and-bike trails around the mixture of single-family houses, condominiums, townhouses and apartments.
Slowed by a lack of utilities, Austin city officials recently agreed to reimburse the developers $3.8 million for the cost of extending water lines to Goodnight Ranch. The area on the east side of I-35 and south of the future Slaughter Lane extension falls within the Creedmoor-Maha Water Supply Corp.'s service area. No agreement has been reached on whether the city or the water corporation will eventually serve the area. Developers will not be reimbursed for the cost of extending city wastewater service..
Developing lots for the first 300 homes will begin in the spring, with move-in beginning by the end of 2007. Target price for the first condominiums, single-family houses and townhomes is about $100,000 to $300,000.
GOIN' DOWN TO SOUTHPARK
12/12/2006
AUSTIN (Austin Business Journal) – Transwestern Austin will begin construction this February on a $20 million addition to the Southpark Commerce Center Industrial Park near Ben White Blvd. and I-35.
The 417,400-square-foot Southpark Commerce Center IV will consist of three buildings on 29 acres. One flex building will contain almost 79,000 square feet, while two bulk warehouses will each contain more than 169,000 square feet. The center should be completed by the end of next year.
Transwestern is developing the center on behalf of investment company Cornerstone Real Estate Advisers LLC.
AUSTIN (Austin Business Journal) – Transwestern Austin will begin construction this February on a $20 million addition to the Southpark Commerce Center Industrial Park near Ben White Blvd. and I-35.
The 417,400-square-foot Southpark Commerce Center IV will consist of three buildings on 29 acres. One flex building will contain almost 79,000 square feet, while two bulk warehouses will each contain more than 169,000 square feet. The center should be completed by the end of next year.
Transwestern is developing the center on behalf of investment company Cornerstone Real Estate Advisers LLC.
New retailers sign up at The Domain
Austin Business Journal - 2:56 PM CST Wednesday
As its March opening rapidly approaches, more upscale retailers begin to emerge at The Domain.
Anne Fontaine, Lacoste and Lily Pulitzer are joining an already long list of fashion retailers, including Intermix, Barneys Co-Op, Betty Sport, BCBG Max Azria and Calypso Christiane Celle.
"We are thrilled to bring these fine retail stores to Austin," says Kathleen Shields, vice president of development for Simon Property Group Inc. (NYSE: SPG), which is developing the project. "With such a remarkable collection of chic and elegant retail stores, The Domain will be a high fashion destination not only for Austin, but for all of Central Texas."
Anne Fontaine first opened in Paris in 1994. The designer women's apparel store has expanded to 12 states across the country. This is the company's third Texas store following one each in Dallas and Houston.
Since opening as a men's sportswear store in 1933, Lacoste has expanded to 800 boutiques and 2,000 mall locations worldwide. Today the retailer offers a wide range of clothing, footwear, fragrances and home textiles.
Meanwhile the Lilly Pulitzer line of women's apparel is in more than 70 of the retailer's signature shops, company-owned stores and department stores nationwide.
Anchored by Neiman Marcus and Macy's, the 650,000-square-foot first phase of The Domain is scheduled to open in March. The initial phase, which is already 93 percent leased, will include 60 different retailers and 14 restaurants. The 50,000-square-foot second phase will come online sometime in late 2008 with additional retail and three more restaurants.
Restaurants already announced in the first phase include Kona Grill, Jasper's, California Pizza Kitchen and The Steeping Room. Other components will include a large-scale bookstore and small community-style grocery.
Other components of The Domain project include 75,000 square feet of Class A office space and 390 apartment units being developed Columbus Realty Partners Ltd.
The Austin office of real estate company Transwestern is handling the leasing of the office space and Lincoln Property Co. is marketing the apartments.
As its March opening rapidly approaches, more upscale retailers begin to emerge at The Domain.
Anne Fontaine, Lacoste and Lily Pulitzer are joining an already long list of fashion retailers, including Intermix, Barneys Co-Op, Betty Sport, BCBG Max Azria and Calypso Christiane Celle.
"We are thrilled to bring these fine retail stores to Austin," says Kathleen Shields, vice president of development for Simon Property Group Inc. (NYSE: SPG), which is developing the project. "With such a remarkable collection of chic and elegant retail stores, The Domain will be a high fashion destination not only for Austin, but for all of Central Texas."
Anne Fontaine first opened in Paris in 1994. The designer women's apparel store has expanded to 12 states across the country. This is the company's third Texas store following one each in Dallas and Houston.
Since opening as a men's sportswear store in 1933, Lacoste has expanded to 800 boutiques and 2,000 mall locations worldwide. Today the retailer offers a wide range of clothing, footwear, fragrances and home textiles.
Meanwhile the Lilly Pulitzer line of women's apparel is in more than 70 of the retailer's signature shops, company-owned stores and department stores nationwide.
Anchored by Neiman Marcus and Macy's, the 650,000-square-foot first phase of The Domain is scheduled to open in March. The initial phase, which is already 93 percent leased, will include 60 different retailers and 14 restaurants. The 50,000-square-foot second phase will come online sometime in late 2008 with additional retail and three more restaurants.
Restaurants already announced in the first phase include Kona Grill, Jasper's, California Pizza Kitchen and The Steeping Room. Other components will include a large-scale bookstore and small community-style grocery.
Other components of The Domain project include 75,000 square feet of Class A office space and 390 apartment units being developed Columbus Realty Partners Ltd.
The Austin office of real estate company Transwestern is handling the leasing of the office space and Lincoln Property Co. is marketing the apartments.
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