Parking spaces continue to make news, from the latest in Austin back-in spots to the merits of spots as an investment. Parking space availability in city centers has played a part in bolstering the existence of suburbs, automobiles, and a commuting lifestyle – without their existence or widespread availability, the population would be forced to either live in a downtown city center or rely upon public transportation options that are simply not terribly comprehensive or all out lacking in some US cities. Make alterations to what the general population has come to expect in parking spaces or alter the supply and demand in a city center and you have immediate public reaction.

Take Austin for example, where in July 2011 the city implemented what could be said to be a small change that had much bigger implications. On one late evening in early July, Austin road crews transformed South Congress Avenue in a matter of hours whereby “regular parking” spaces were all of a sudden “back-in angle parking” spaces. The city claims that the spaces will increase safety because drivers will have better visibility, especially visibility of the new bike lane that they also added to South Congress. Many drivers, however, have difficulty performing the new maneuver of backing into a parking space, on an angle no less. It can also be nerve-racking for drivers as well because signaling your intention to other drivers that you plan to stop and backup can sometimes prove to be difficult. Others simply ignore the backing in altogether and have been seen cutting across oncoming traffic pulling head first into parking spaces on the other side of the street. All said, this Austin parking space change has added 60 additional parking spots to a busy downtown area, thereby increasing the accessibility of everything Austin has to offer.

Parking availability in city centers is much about supply and demand, and in a city like Boston Massachusetts, where the demand outstrips supply especially during its long winter season, owning a parking space can be a blessing. Especially during the winter months, the popularity of garage parking spaces increases tremendously as drivers are forced to deal with digging out their cars and oftentimes scramble to relocate during mandatory street plowing. While that supply and demand fuels parking space purchases by residents, the same economic forces have led non-resident investors to look at Boston parking spaces for sale as a sound investment. With parking space prices ranging anywhere from approximately $30,000 up to $250,000, investors have used mathematical models to predict cash flow on parking space ownership as an investment, oftentimes yielding a 5% dividend style return on an underlying asset that holds its value, and because of supply and demand, would have the market drivers to appreciate in value over time.

It’s debatable whether Austin parking spaces will ever command the price points that are seen in Boston, but nevertheless, parking spots will continue to command the attention of Austinites, and perhaps some day in the future, non-resident investors too.

About the author: Shaun Gasparini is Broker and Co-Owner of Stuart St James (SSJ), a growing Boston real estate brokerage that’s focused on creating an environment where agents can grow while servicing their clients with excellence.

New Wilshire Luxury Home in Austin

With stunning natural beauty, a vibrant cultural scene stoked by a University and the famous SXSW music festival, and unemployment figures that beat national averages, Austin, Texas has been a population mecca for years now, and, for good reason, is one of the five fastest-growing metropolitan areas in the United States. Yet even with such dynamic growth, Austin’s real estate market remains affordable relative to cities with similar economic, social and cultural profiles (such as San Francisco), meaning that buyers looking for new homes in Austin, Texas have plenty of options to suit every need or desire.

Urban Housing in Austin

Homebuyers looking to stay close to the heart of the action in downtown Austin need look no further than Mueller, a new mixed-use urban village ideally situated near both downtown and UT-Austin. Located on nearly 700-acres left empty by the removal of Austin’s old airport, the property is being redeveloped to include retail, commercial and residential buildings, planned and constructed in a sustainable way. The village will be connected to public transportation, and will eventually house nearly 5,000 single- and multi-family homes, ranging in price from $100K to over $1 million. Options will include condos as well as single-family homes, all of which are designed with function, flexibility and the unique nature of urban living in mind.

The Austin Burbs

Those looking to spread out a little and enjoy the Austin suburbs will also find plenty to choose from. Nearly all of the largest national (and many regional) builders are busy putting their best work forward for Austin’s exacting new home shoppers. Prices in these communities range from the low 100s to the upper 500s, and offer space and convenience, with floor plans from 2,000 to 5,000 square feet, and 3+ bedrooms. Looking for an upscale, gated community within 15 miles of the city? KB Homes has it. Want a 1+ acre homesite a little further out? Mercedes Homes is happy to comply.

Green Homes in Austin

Finally, Austin, Texas is also known for its environmentally-conscious ethos, to which homebuilders pay homage through their various green building programs. Energy- and resource-efficient homes with thoughtful selections of lighting, HVAC, insulation and water-saving upgrades, as well as precautions for indoor quality, are widely available from a number of large homebuilders, as well as from some active niche builders, such as Austin’s Green Builders, Inc. The connection between green building and affordability is getting made in Austin, thanks to decades of cultural and environmental activism on the part of the city’s residents, and their unique blend of cosmopolitan sophistication and grassroots activism.

Long and short of it? In many ways, Austin is a  new home buyer’s paradise, and the endless options offered by Austin home builders are enough to make anyone consider making this one-of-a-kind city home.

See Also:

Austin unemployment data

image credit: Wilshire Homes – Stonewall II in Austin, Texas

My third day in Austin started with rainy weather throughout the day which, although a bummer for walking, made me glad I rented a car today. Three days in and I started to feel like I needed something that reminded me of New York. The answer to my New York woes ended up being pepperoni pizza at Roppolo’s Pizza on 6th St in Downtown Austin Texas. As with most things, the story of how it came to be is even better than how it ends.

Why I Picked Roppolo’s Pizzeria

During my stay I’ve been using the Yelp iPhone app to help guide me on restaurant picks in the city. The Yelp app will give you a list of matches (if you search for “pizza” it’ll show you nearby pizzerias) with useful info within each result like distance from your current location, reviews (1-5 stars) and how pricey the food is. There’s more info on there but for my needs the above features do the trick. Sitting about half way down the results was Roppolo’s Pizzeria with 3-stars out of 51 reviews. That didn’t look promising.

Ordinarily I would dismiss the idea of going to a place with a low review but I didn’t want to walk too far from the hotel and, more importantly, I was starving.

Heading down the street to check it out I once again noticed how truly unique Austin is. There is just art, music, hobos, college life and luxury all balled up into one cool town.

Artwork along San Jacinto Blvd

Solid Location

Roppolo’s is located on 6th St in the Entertainment District of Downtown Austin. 6th St gets pretty crazy every night though hotel staff and other locals have noted that it gets even more rowdy on weekends. There are a ton of bars (dive or otherwise), restaurants and my personal favorite: Shop24; a 24-hour convenience store.

6th St Entertainment District - Austin Texas

The significance of Roppolo’s location is that you can go out for the night, get rowdy, grab pizza and head straight back to your hotel. They’re open ’til 3:00 am, seven days a week.

What’s Roppolo’s Like?

Inside Roppolo's Pizzeria

First, the atmosphere of the pizzeria is pretty cool. It’s not upscale by any means and it’s readily apparent who their primary clientele is: drunk revelers seeking late night grub. The unpretentious setting is perfect for a quick bite to eat. If you’re seeking a romantic ambiance you would be better suited to the Old Pecan Street Cafe a few doors down.

There is a certain charm to the place that I really liked. It’s Americana at its finest from the bluesy music in the background to the decadently cheesed pizzas sitting behind the counter.

How Was The Pizza?

Speaking of pizza, I would say it’s in the top 10 best pieces of pizza I’ve ever had. The crust had the perfect crunch factor — enough to make it feel like you’re not eating lasagna but not so crunchy that you walk out with bleeding gums — and the cheese was enough to make it a treat worth breaking a diet for. Roppolo’s pizza is far better than most higher end brick oven restaurants I’ve dined at and a tasty force to be reckoned with. In the end it was a surprising illusion: The humble exterior and eclectic interior of Roppolo’s belied the amazing quality of their pizza.

Would I Recommend It?

Absolutely. This is THE pizza joint to stop in while hanging around 6th St. There are still places in New York that do pizza better (hey, it’s New York!) but Roppolo’s is one of the top few I’ve ever seen do pizza this good outside of NYC.

Pennybacker Bridge - Austin, TX

I’ll be in the Austin area from Sunday, September 20th to Saturday, September 26th so if you’re in the area or know of cool stuff to do/see locally drop a comment in the box below!

During my trip I’ll be doing a ton of awesome stuff including:

• Checking out the restaurants & Sixth St
• Looking at some of the coolest high rise condos/rentals in Downtown Austin
• Seeing what makes Austin weird
• Meeting Austonians from the interwebs

Along the way I’m going to blog about the trip right here so stay tuned. In the end these posts will serve as a sort of raw visitor’s guide to Austin Texas full of pics and maybe even video. Remember, if you know of any must do’s that you think I should try while I’m in town post them in the comments below and I’ll add them throughout the week!

Image Credit: Igor Bespamyatnov

Despite the current economic troubles and the fact that many consider the real estate industry to be in dire straits, some experts in the industry are looking at the situation a bit differently. In fact, some consider the setback to be more of an opportunity for the industry, as it will help bring about changes that will put more power back into the hands of the buyers and sellers rather than in the hands of the real estate agents.

This change is already beginning to develop as a growing number of individuals look into getting involved in real estate investment. With real estate prices at record lows in many areas of the country and with mortgage interest rates being so low, there has never been a better time to make real estate investments. Furthermore, according to Barbara Heil-Sonneck, who is a mother, author and real estate investor, it is the “soccer mom” who should most consider getting involved in the world of real estate investing. Not only is real estate investment a sound way for a soccer mom to prepare for her future, it is also a profession that can be easily worked into her busy schedule.

“I used to inspect potential real estate investment homes pushing a baby stroller and my son has attended more real estate closings before the age of three than most people do in a lifetime,” Heil-Sonneck said in an interview with FOXBusiness.

Heil-Sonneck and S.A. Phillips, who worked together to write their new book The Venus Approach to Real-Estate Investing – America’s Most Successful Women Real-Estate Investors Reveal It All:  Trade Secrets, Stiletto Methods and Motherly Love, takes a closer look at the inherent traits that make women good real estate investors. Some of these traits include their ability to interact with others, to identify sound business opportunities, to negotiate deals, and to set up successful systems.

“Many women hold the key to success in this field already in their hands and it’s time for them to quit sitting on the fence and instead educate themselves on how to invest in real estate,” said S.A. Phillips in a press release.

Of course, soccer moms aren’t the only people who should consider investing in real estate and taking advantage of the low prices that are currently available. Anyone with the financial means to make a real estate purchase should seriously think about meeting with a real estate agent in order to take a closer look at the many great investment opportunities that are currently available.

Shane Pollock is part of the Greater Raleigh Realty Team, and is a resident of Cary, North Carolina. Greater Raleigh Realty specializes in Cary NC Real Estate and Relocation Services.

A 36-story apartment community was recently announced.  Altavida will feature 255 total units with an average of 1500s.f. & $3300/month.  The condominium project plans to begin delivering to residents in May of 2009.  Downtown Austin’s rental market has remained extremely tight, and there is an increasing demand for downtown Austin living.

Email forwarded from Jude Galligan…

********************

Austin residents are invited to attend a public meeting on Wednesday, April 30, hosted by the Waller Creek Citizen Advisory Committee, as a follow-up to last Novembers workshop. At the upcoming meeting, the City of Austin will report back to the community and share new schematics of the Waller Creek Tunnel features, based on feedback received at the previous workshop. The Waller Creek Tunnel will provide flood control that will allow redevelopment to occur along the creek.

The meeting will take place:

Wednesday, April 30, 2008
6:30 to 8:30 pm
Auditorium at the University of Texas Thompson Conference Center
2405 Robert Dedman Drive
(Southwest corner of Dean Keeton and Red River)

Note: Parking is free in Lot 40 located just east of the center

For more information and to RSVP to the April 30 meeting, please contact Kimberly Springer, Public Works, Public Information and Community Outreach Coordinator, 512-974-7139, or Kimberly.Springer@ci.austin.tx.us.

***********************

You know what my vote is!

Alright…this is old news, but I wanted to post it anyways.  360 Condos are celebrated their “topping out” on 11/12 by hoisting a live oak to roof of the 44-story project. The 360 condos will be completed early next year.

360 Condos will be the first completed high rise project of the many in construction. They sold briskly & were priced on the entry level side of downtown condos. The finish out is still extremely nice, as is the project overall.

The Monarch, which started out initially as an apartment highrise & flipped to condo sales, has flipped back to its original conception as an apartment community. The project looks to be about 80% complete, and the word through the grapevine is that its investors set an end of October goal of 80% sold in order to move forward with the project as a condo sale.

There’s been a ton of speculation about the downtown Austin condo market. I’m a little leery of it – especially with the recent shifts in the mortgage market. Most of the projects are very close to sold out in pre-construction. However, I think that a large percentage of the buyers downtown are in the volatile “alt-A” category & will be very curious to see how many of the contracts convert.

Regardless, I think the Monarch’s conversion back to a rental apartment community is a good shift for downtown. It adds much needed lease units, and takes a nice chunk of sale inventory out of the market – which will help prop up the prices.

Seriously…and it would actually be super-sweet. “Waller Creek Whitewater Trail” a local group that’s put together the proposition, says that it’s actually perfect.  In order to get ~1 million s.f. of downtown real estate out of the floodplain, the city has approved a $125m tunnel that’s going to be used to divert water underneath the creek when it storms. This same tunnel can be used to pipe water up the creek from Town Lake (I refuse to call it Ladybird Lake) whenever it’s NOT storming. By doing this, we can have controlled rapids in the middle of downtown Austin 365 days out of the year.

Let me say…I think this would be a first for any major city’s downtown.