Austin Real Estate Blog

According to Biz Journals, the Austin City Council recently approved a new ordinance that may make it easier for some developers to create new housing units in the area. 

Prior to the changes, all new construction had to meet compatibility standards that were established in order to make certain new construction was compatible with the other structures in the area.  As such, new high rise developments could not be built near homes located in certain parts of downtown Austin.  In addition, the compatibility standards restricted the height of buildings in areas that have homes located anywhere within a two and a half block radius.

Due to the compatibility standards, many development projects could not be initiated and developers had to redo their

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According to a story reported by KXAN news, the Green Water Treatment Plant in Austin will soon be transformed into a new $55 million development project. 

Five different development teams have presented their development plans to the Austin City Council, all with the desire to transform the area into housing and shopping opportunities.  The Council has set a few guidelines, however, including requiring the developer to offer 10% of the rental units to families with incomes of less than $57,000 per year.

The Green Water Treatment Plant was originally opened in 1925.  The plant is set to be decommissioned at the beginning of next year, however, and developers are excited to transform the area into living space.  Each of the five plans presented to the

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According to a recent study that was completed by graduate students at St. Edward’s University, business owners in South Austin do not like the thought of being referred to as “weird.” 

While the study itself sounds a little weird at first, it is actually quite interesting.  Apparently, the students wanted to know how much small business owners identified with the current “Keep Austin Weird” slogan that has been being used throughout the city.   The MBA students managed to uncover some interesting findings – namely, they found that South Austin small business owners aren’t weird.  Rather, they are unorganized.

According to the findings, over 70% of the business owners in South Austin did not have a marketing plan in place.  In addition, they found that

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Anyone that has been to Austin knows that there are always plenty of opportunities available for enjoying live music.  Similarly, Austin is well known for being a melting pot of cultures in which a wide variety of cultures are embraced and celebrated on a regular basis.  The first Pachanga (which means “party” in Spanish) Latino Music Festival took place in Waterloo Park this past Saturday – and it was a great success.

Over 20 different Latin rock groups from various parts of the country took place in the festival.  Of course, some Austin-based bands were also part of the festivities, including the rock ‘n roll band Vallejo, hip-hoppers Los Bad Apples, and Grupo Fantasma, which is a funk orchestra.  The organizer of the event, Rich Garza, hoped to

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According to the Associated Press, the Federal Reserve has approved Bank of America Corp’s move to purchase Countrywide Financial Corp. 

The 32 page order was issued on June 5th and Countrywide plans to hold a special meeting with its shareholders on the 25th in order to finalize the sale.  According to the Fed board, Bank of America will control approximately $773.4 billion in deposits once the deal is closed, which means it will remain the nation’s largest depository institution with 10.9% of the insured bank deposits in the country.

Bank of America had initially stated it would pay approximately $4 billion for Countrywide and would exchange 0.1822 shares of its stock for each share of outstanding Countrywide stock.  Over the past few months,

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Are you planning to visit the Austin area?  Or, perhaps you have someone coming to visit you and you don’t have room at your home for them to stay the night.  In either case, you will soon have a new hotel option available to you.  If you are looking for a great new condo to form a new residence in Austin, this new development will be even more exciting to you.

According to Commercial Property News, the Austin-based Stratus Properties Inc and the Canyon-Johnson Urban Fund have managed to secure a $165 million construction loan that will allow them to build the W Austin Hotel & Residences in Downtown Austin in the 2nd Street District.

The new hotel and residences are expected to be completed in early 2011.  It is scheduled to have 252 guest rooms and

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Killeen, which is located near to Austin, is working toward creating the first zero-emission energy recycling oxidation system power plant.  According to the Killeen Daily Herald, the city council has decided to start negotiations regarding the plant, which will likely be housed at the Killeen Transfer Station site on Hwy 195.

The plant will cost an estimated $250 million to $300 million to build, with the expense being paid for by private investors.  As such, the city will not need to make any bond payments in order to complete the project, which is expected to be completed in about three years if all goes as planned.

With the help of the new plant, hazardous organic waste will be chemically broken down in order to create power.  Some of the waste to

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Are you tired of smacking mosquitoes every time you go outside?  If so, you are not alone – no one enjoys contending with bothersome mosquitoes while spending time outdoors.  With all of the great recreational opportunities Austin has to offer, you certainly want to be able to spend as much time as possible outdoors. 

Thanks to city officials in Austin, you won’t have to worry quite as much about mosquitoes.  In fact, officials are planning to spend $25,000 this summer in order to purchase four different sprays to help control the mosquito population.

The Austin City Council officially approved to set aside the same amount of funding as last year to help control the mosquitoes with the help of the contractor More’s Ag Center.  While this may not seem

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An ordinance affecting new single-family homes in Austin was recently proposed by City Council Member Betty Dunkerley, but city officials have made a few modifications to the ordinance.  Namely, they have decided to remove the requirement to have wheelchair ramps included in all new single-family homes.  According to Dunkerley, however, she hopes to create a bonus or incentive program that will inspire builders to install no-step entrances or ramps in the homes.  For example, builders installing these modifications may be able to receive an increased floor-to-area ratio or receive impervious cover.

“This is a growing trend in our country because our population is aging.  [The plan] allows people to age in their homes,” said Dunkerley.

Other components

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Homeowners insurance has been a hot topic in recent years.  The Third Court of Appeals in Austin has now determined that a 2003 provision regarding homeowners insurance was unconstitutional.  The provision, which was part of the 2003 reform law, required the insurance rates of homeowners to be reduced. 

Known as Senate Bill 14, the law had actually required a 12% rate reduction to be implemented by 12 different companies.  One of these companies was State Farm Lloyds, which happens to be the largest insurer in the state. 

The law was initially passed out of concern regarding skyrocketing insurance rates, which resulted when State Farm and other companies found a loophole in the existing laws that allowed them to avoid having their rates regulated. 

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