Homes and Real Estate in Austin, Texas

The Future’s So Bright We Have to Wear Shades
If you regularly check out our blog, it’s no secret: we think Austin is a heck of a place to call home. We’ve written about the consistency and integrity of our real estate market, about the vibrant local economy and the spend-happy residents, the strong and soon-to-be-booming again downtown condo market, and about the resiliency of the Texas economy overall. Well recently Kiplinger Magazine bestowed another impressive accolade on Austin,TX – we were recently named the #1 best city for the coming decade. WOW. What a statement. And from Kiplinger’s – the pros in personal finance, investing, and forecasting – that’s nothing to sneeze at.

What Makes Austin #1?
It’s only natural to ask: how do they decide who’s number 1?

According to the article, the focused on places that specialize in outside-the-box thinking, because we all know new ideas generate new business. The “numbers guru” who decided on Austin as the #1 pick, Kevin Stolarick, knows that innovation is the name of the game: “In the places where innovation works, it really works.” The three elements most important to this determination are smart people, great ideas, and collaboration, and the combination of a winning university, strong local government, plethora of business organizations and community programs, and creative workforce just can’t be beat in the ATX.

Austin is also home to a dozen VC (venture capital) firms as well as 20 business associations. And as we all know, it’s also among the most tech-savvy US cities, having recently landed Google and Facebook as local employers to add to our already impressive array of tech companies including 3M, Motorala, AMD, Intel, Texas Instruments, and more.

Austin also topped the Portfolio.com small-business-vitality chart in 2010, and between 2004 and 2009 (a time when national employment fell), Austin’s employment increased more than 15%

Check out the following story of a successful entrepreneur from the article:

Everything may be bigger in Texas, but Austin’s genius is nurturing the power of small. Just ask Rob Neville, who wants to develop his biotech firm, Savara Pharmaceuticals, into a major player in the field of inhaled-drug therapy. The firm started in Kansas, but Neville transplanted it to Austin because the city is arguably the country’s best crucible for small business.

Neville, a native of South Africa, has rooted his company in a city with, he says, “a huge angel-financing network, billionaires who will freely offer you advice,” plus a culture that “attracts the best and brightest, who will work for less just to be in Austin.” Savara is based in the city’s renowned Austin Technology Incubator. Austin Technology is a joint project of the University of Texas, which is a research powerhouse, the city of Austin and the business community — just one example of the collaboration that characterizes the city.

Neville isn’t himself a scientist. “Many people could have done a life-sciences company better than me,” he admits. But he has faith in Austin. His first company, software firm Evity, blossomed in Austin; Neville sold it to BMC Software for $100 million in 2000.

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Some new data just in from the Austin Board of Realtors shows that home and condo sales are continuing to rise in the ATX – home sales increased 31% and condo sales increased 63% over April 2009!

Not only that, but the supply levels are indicative of a balanced market, meaning that there’s reason for optimism about what’s coming now that the homebuyer’s tax credit has recently expired.

The Numbers
Home sales for the month totaled $486 million with 2,043 single-family homes sold, which is a remarkable figure when considering the fact that the overall economic climate is recovering only marginally nation wide. And when compared to April 2009, the median price of real estate was unchanged in Austin at $190,700. And another, perhaps even more impressive, figure is in the number of pending home sales, which increased 47 percent to 2,813 for April. Home sales also increased month to month compared with the March $422 million sales total, or 1,784 single-family homes sold, and median prices also rose by $10,700 over last month.

From the Austin Business Journal report:

“The considerable increase in sales and pending sales indicates increased activity among buyers trying to beat the April 30 tax credit deadline,” says Austin Board of Realtors Chairman John Horton. “Although the tax credit has expired, we are entering a growing economic, real estate and seasonal cycle which we hope will continue to provide momentum to carry our market upward.”

But what about condos and townhouses? Sales here were even stronger in April, increasing 63 percent to 213 sold compared with the same month 2009. Pending sales for condos and townhouses also increased 70 percent to 338.

Again, from the Austin Business Journal report:

“The significant increase seen in the condo and townhouse market can most likely be attributed to the first-time homebuyer tax credit,” Horton said. “The median price for condos and townhouses is approximately $30,000 less than the median price for a single-family home; and therefore, these properties can be a more affordable alternative for first-time buyers.” Horton remains optimistic because the month’s supply of inventory in April was approximately 6.5 months, which represents a balanced market. “There are a lot of buyers who have been waiting to purchase until they were confident in the economy,” Horton said. “Now that we are seeing recovery in the economy and real estate market, in combination with historically low interest rates, those potential buyers who have been on the fence are now taking the leap and entering the housing market.”

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Just announced: lenders have posted the office building at University Park, the former Concordia University campus, for the June 1 foreclosure auction.

The original construction loan was for $39 million – provided by U.S. Bank and Texas Capital Bank – and they joined in the filing against the owner, East Avenue Holdings LP, according to the foreclosure petition. This does not bode well for the future of the former site of Concordia University, as the office building is merely the first component at the mixed-use site with lots of other space sin the planning stages. Read on to learn more about this development and about the future of the University Park Site, and check out the Austin American Statesman article here.

The University Park District - Location of the Foreclosing Office Building

Office Building at University Park Posted for Foreclosure
So what’s happening at University Park? First off, you may have heard of the project called East Avenue – this was the original project name – this is now being called University Park. So far the only tenant of the building (officially) is Texas Monthly Magazine. And as touted on the University Park website (screen shot below), the Aveda Institute training school is supposed to move in to the building later on this summer. The building ia a huge 215,000 square foot, 8 story facility with an attached parking garage, but the vast majority of those spaces are unfilled. According to Andy Sarwal – the Austin developer who’s leading the project and who acquired the land from Concordia with a winning bid in 2006 – the explanation is the general economic climate, even in a city as (relatively) unscathed as Austin.

From the Statesman: “Like many other projects in Austin, leasing has been slow with the current economy, but we really believe the project is turning the corner,” Sarwal said. “We are working hard and doing our best to come up with a solution that works for the banks.”

According to the developers, this setback will not impact the planning or the schedules associated with all of the other structures set for the 23-acre site right on IH35 in central Austin, and it’s not as if this is the first large office building in the market to end up with a foreclosure filing in the past few years. Sarwal actually sold off slightly less than half the site earlier this year, but still plans to work with Hyatt on a 203-room hotel on the site as well. It’s not all bad news though: all signs point to things getting back on track when construction financing becomes available, and like so many other Austin projects, success seems to be less a matter of luck than a matter of time.

Again, from the Statesman: local real estate consultant Charles Heimsath said in March that it “looks like a ‘win-win’ for both the developer and the note holder.” Sarwal is “freed from his debt obligations at a time when construction financing is nearly impossible to obtain, and the lender secures title to an excellent, fully entitled site that will be one of the first to go (forward) when new construction resumes,” Heimsath said.

An Image from the Green-Focused University Park Website

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Are we gearing up for the Downtown Austin condo boom 2.0 version?

Recently we’ve written about the high-profile project in the planning and approval stages at the historic Seaholm Site, as well as the recent new project announcement from Novare Group (developers of the 360) of the Ovation condos that are set to be built just a few blocks away in Downtown Austin, TX. Then the Aquaterra project even came back from the grave with rumors that it’s going to be rebooted as a rental-only project. Well now there’s been yet another major announcement for a new, ambitious residential project in the 78701 – this time by Constructive Ventures, the developers of the Spring Condos – and it raises the question: are we gearing up for the Downtown Austin condo boom 2.0 version?

Artist's Rendering of the Forthcoming Towers - Name Not Yet Announced

Two New Point Towers Coming to Downtown Austin 78701
The new projects consists of two 400-500 foot point towers (similar to the Spring Condos) on the site just West of the 360 that’s currently owned by Austin Energy (map below).

The towers are set to consist of about 425 condo units and about 15,000 square feet of retail space. It’s adjacent to the 360 condos as well as a decommissioned City of Austin water treatment facility on a 1.7 acre site. The total cost of the project is expected to be about $220 million and construction should begin in 2013 provided that financing goes through. This project brings the total to 4 MAJOR projects discussed just in the last week, and it seems as if 2012-2014 will be another huge boom for Downtown Austin, with more projects being proposed all the time (not all of which will get through the approval and financing stages, of course) and lots of downtown real estate still un(der)-utilized. Stay tuned for more news as it breaks on new developments in the Downtown Austin condo market in the 78701.

From the Austin American Statesman:

The community benefits from the project would include contributions for public art and $2.7 million for the city’s affordable housing fund, the largest proposed payment from a developer for a project to date, said Rodney Gonzales, deputy director of the city’s Economic Growth and Redevelopment Services Office.

“This is a really good chance for the city to convert an underutilized piece of downtown property into one that generates property and sales taxes for the city and brings forth a substantial contribution for the affordable housing trust fund,” Gonzales said.

Those projects are part of the city’s grand plan to transform downtown’s southwestern edge, including the former Seaholm Power Plant, into a lively, densely developed district. A new central library is also planned along Cesar Chavez.

Larry Warshaw, a principal with Constructive Ventures, said the condominium buildings would be so-called point towers — slender buildings on a wider base like the Spring condominium high-rise, of which he was a co-developer — and would soar between 400 and 500 feet.

“Financing will be the most likely factor dictating a start date,” he said

Future Site of the Constructive Ventures Project (marked by the red circle)

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

The Next Downtown Austin Condo Project by Novare: The Ovation

For those who follow the downtown Austin condo market and are interested in high rises in the 78701, the 360 Condos need no introduction. As one of the most popular and successful downtown Austin condo projects (search Austin downtown condos for sale here), the 360 condos sold out quickly and for solid prices when it was first built by the Novare Group – a successful developer out of Atlanta, GA. They are also a prominent feature in Austin’s growing skyline, and a project that has, to put it simply, garnered more positive reactions than many others.

Well now the Novare Group is at it again, with another large, high-profile project in the planning stages just two blocks away from the 360 Condos: The Ovation.

The popular 360 Condos in Downtown Austin sold out QUICKLY

The Ovation + Adjacent Office Tower

The Ovation won’t be breaking the mold too much as far as design – it will in fact be quite similar in terms of design and construction quality to the 360 – but all signs point to it becoming another hot seller due to what promises to be attainable pricing.

The Ovation will be a 250-unit, 28 story residential building at the 1.2 acre site that’s between 5th Street, 6th Street, San Antonio, and Nueces, and there will also be a 16-story office tower adjacent to it. It will be just one block west of the downtown post office and just a block from Republic Square Park.  There was originally going to be another 400-unit building at the same site, but the developers opted to go with 250 instead despite the fact that the 360 was by far one of the most successful (and largest) downtown condo projects. All 430 units at the 360 Condos sold out (and there was minimal discounting or specials offered), and perhaps the most critical element to the success of the project was attainable pricing. Most units were between $200,000 and $500,000, and there will most likely be very similar pricing models for the units at The Ovation as well.

According to the Austin American Statesman, the new “residential tower, called Ovation, is for 250 units with ground-level commercial space” and “the office tower would include a restaurant, bank and a parking garage with 567 spaces.” In addition to the condo building, the plans call for “a 153,634-square-foot office building, a 5,000-square-foot “high-turnover” restaurant, 14,000 square feet of specialty retail and a 4,000-square-foot drive-through bank.”

Awesome stuff Novare Group, keep it up.

Future Site of the Ovation Condos (marked by the red circle)

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Ari Guerrero, one of our top sales consultants over at Red Home Realty, has recently been featured in a good old fashioned (although very hip) print publication in Austin. The most recent issue of Rare Magazine features a piece on Austin’s “Flipped Market” - it deals with the changes in the flipping game as a result of the shifting Austin, TX real estate market. You can check out the full text of the article here, and here’s an except from Ari:

“Some Austinites don’t like the suburban feel: You’re looking for worn-in houses that have character,” says Realtor Ari Guerrero. “The way Austin goes through redevelopment is different from any other city. Look at how South Congress was transformed into a funky hangout. In San Antonio or Dallas that part of town would have ended up as a strip mall and all the buildings would look identical. But we don’t do it like that here.”

Want to have Ari help you flip your next project? She’s only an email away: ari@rojorealestate.com.

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

If you’re at all familiar with Downtown Austin, TX you know the Seaholm site when you see it.

The distinctive art-deco building has been an Austin landmark since it was first constructed. Now that the aging facility is no longer needed in the way it once was, it’s only natural that the space would be repurposed for something more useful. And beginning a few years ago that’s exactly what the city of Austin approved: to redevelop the Seaholm site into a vibrant, mixed-use community that capitalizes on what can only be described as one of the most valuable parcels of Austin real estate while preserving what makes the site (and the original structure) unique.

The agreement and planning phase has taken about three years (they got approval for the master plan in 2008), and there are still a NUMBER of issues that have to be resolved before the project comes to fruition. But a recent Austin Towers report outlines the positive developments that have taken place at the site and outlines the way forward. Read on to learn more about what’s going to be built on the site and what the obstacles are standing in the way.

The Old Seaholm Site and it's Prominent Location in Austin

Preliminary Rendering of the Future Seaholm Development

Project Updates
The Seaholm Project is a $117.2 million partnership between the City of Austin and Southwest Strategies, and will result in a 22-story hotel, 60 residential condos, and 180,000 square feet of retail and commercial space all in the heart of the West side of Austin’s downtown. The decommissioned power plant (over 150,000 square feet) is supposed to serve as the centerpiece of the property. The project was originally conceived back in the late 90s, and the original plan was to begin construction in 2009 and open in 2001. Obviously the project has been delayed, but it’s still very much alive.

There are two primary issues halting progress at this point. First, the Union Pacific company that controls the active railway lines that surround the site are concerned about the increased pedestrian and bicycle traffic and want to ensure that steps are taken to make sure everyone is safe. Second, there’s an issue with the proposed 315-space parking garage that’s supposed to go up on the corner of the site. The city has already allocated about $4M to the project and has approved the structure, but because of the Capital View Corridor restrictions, the height is limited to 40 feet which makes finding a way to fit all those spaces quite a challenge.

Only once these issues are resolved can the lot be split and the private developers can start to line up their financing and make the project happen. One interesting aspect of the project is that it will be another force pushing the heart of downtown Westward: whereas the heart was once further east closer to the bar scene on East Sixth (Old Pecan Street) it’s now moved westward as Whole Foods, the 2nd Street and Warehouse Districts, and new residential development have all come on the scene.

Perhaps the coolest part of the Seaholm project is the amazing redevelopment of the original facility itself, which will be a dramatic 100,000+ square foot retail and restaurant complex incorporating the cool, all-original art deco structure. It will certainly be an exciting part of Downtown Austin for years to come, and despite the barriers we’re confident that the project will be completed in the next several years.

Map of the Seaholm Redevelopment Plan on Lady Bird Lake

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Welcome to the April 2010 edition of our Austin monthly market statistics analysis for home and condo sales in Austin, TX.

In the month of April, the most interesting piece of the puzzle is the HUGE bump in the number of new listings. Along with the increases in the number of pending and closed sales, this points to a solid month for the Austin market and to the fact that people are increasingly positive about their ability to sell their Austin home or Austin condo for the right price (and more quickly) than they did last year. Read on to learn more about the April market data and about how things looking in the Austin, TX real estate market!

The Big Picture

The biggest change in the “major” stats for April 2010 was a 11.7% drop in the amount of time homes were on the market prior to sale.The drop of 11.7% isn’t the biggest we’ve had so far in 2010, but it contributes to a SOLID year-to-date change in this statistic that speaks to the high buyer demand in Austin, TX.

But the real story and the biggest changes from April 2009 to April 2010 are in two crucial categories: the amount of homes sold (both number and volume) and the HUGE increase in the number of new listings put on the market.

New listings shot up by a remarkable 21.1% from last April, and the number of listings sold rose by over 23% to more than 2100 in April. That corresponds to a 25% increase in sales volume since April last year. This is a truly impressive figure and bodes well for the start of what promises to be a busy buying season in Austin as the weather gets warmer and school is out for the summer.

There were also modest bumps in the listing price per square foot (2.7%) and, more importantly, the sold price per square foot (3.6%). While these numbers don’t seem substantial, they are part of a continuing and substantive upward trend in all of the critical data since last year, and speak to the resiliency of the Austin market and the positive outlook for 2010.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Phase II of the Domain: Open for Business
The Domain mixed-used project by the Simon Property Group has become one of the most divisive and high-profile development projects in Austin, TX.

The battle over the massive tax subsidies promised to the Domain that were a big part of the decision to move forward with the project in North Austin got quite heated and lead to an intense political battle in 2008.

It’s changed the face of mixed-used in our city, has dramatically altered the real estate and retail environment in North Austin, and has brought high-end retail previously unavailable in the South to Austinities spending like crazy despite the recession.

Along with projects such as the Triangle in central Austin, it’s changed the local real estate game for good. And just recently, after years in the making, Phase II of the 600,000 square foot Domain project opened its doors on April 23rd.

Read on to learn more about the recent grand opening at the Domain including which retailers are going to be present, and what’s to come in the future for the project in 2012 and 2013.

Retail Galore
The Phase II project and its stores actually had a soft opening back in February, so many shoppers have already grown accustomed to the presence of the new businesses. But not they are all officially open for business.

The HUGE mixed-used property has 136,000 square feet of retail. The biggest players in Phase II are Dick’s Sporting Goods, Dillard’s, and a large movie theater called Gold Class Cinema.

There’s also 438 residential units and about 78,000 square feet of office space. Other national retailers that are now open in Phase II include:

• American Eagle Outfitters
• Aeropostale
• Bath & Body Works
• Buckle
• Bui-yah-kah
• Charming Charlie
• Coffee Bean & Tea Leaf, Express
• Finish Line
• The Limited
• Maggiano’s
• Payless Shoes
• Shasa Collections
• Stride Rite
• Sushi Zushi
• VANS
• Yogurt Planet
• Zumiez.

While the first phase of the Domain was anchored by the retail giants Neiman Marcus and Macy’s (they opened in March of 2007), the third and final phase will feature Whole Foods and Nordstrom, and will be opening in late 2012 or early 2013.

The final totals for the development are going to be astounding: 3 million square feet of office space, 4,000 residential units, just shy of 1 million square feet of retail space, and two large hotels.

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

The Latest News on the Texas Economy

A recent report on the Central Texas Economy from Jon Hockenyos of Texas Perspectives reveals some very positive new data related to the strength of our local economy. Much attention has been focused strictly on home prices and and fluctuations in the number of homes for sale, etc., but this report focuses on the wider economic picture beyond simply home prices. Read on to learn more about the data in the report and check out the HUGE difference between the last 12 months of jobs figures in Austin compared to the national data.

The big picture:

Jobs Figures:
While the national employment growth has been in the negative column for each quarter since Q2 of 2008 (including a 4.3% drop in Q3 of 2009 and another 3.5% in Q4), the Austin employment growth shows a different story.

Every single year since 2004 Austin has added jobs, and then after (in 2009) losing the 2.3% gain made in 2008, Austin has actually added jobs again so far in 2010.

It’s a remarkable figure when considering the fact that the national economy is hardly back on track (with Goldman executives being taken to task, lenders finally acquiescing about mortgage compromises to keep people in their homes, etc.). Check out the two charts below for a snapshot:

Want to check out the full text of the extensive economic report comparing the Texas (and specifically Austin) economy to the national figures? Download the PDF here.

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.