Plaza Saltillo, a New Multi-Use Development, Coming to East Austin

Delivering in 2019 along the rail tracks of the East Cesar Chavez neighborhood just east of I-35 is the Plaza Saltillo multi-use development.  Plaza Saltillo will occupy six blocks from I-35 to the Saltillo Rail Station, which is a Capital Metro Stop.   

The 10-acre Plaza Saltillo site will feature a mixture of 800 apartments, 110,000 square feet of retail space, 120,000 square feet of office space and over an acre of open green space tailored to both pedestrians and bikers.  This open space will have expansive sidewalks, pocket parks, and an extension of the Lance Armstrong Bikeway, which connects East Austin to downtown.  The acre plus of open space will be ideal for picnics, outdoor activities, rest & recreation.

 Restaurants that have already signed on to lease a space in Plaza Saltillo include Hopdoddy Burger Bar, Pinch Boil House, Dolce Neve, Barcelona Wine Bar, Snooze, Epoch Coffee, Tarka Indian Kitchen, Austin Juicery, The Ginger Man bar, and Stout Burgers and Beers.  In addition to the restaurants that have signed on, Whole Foods Market has leased the largest space to build a 30,000 square-foot store. Although originally intended to be a Whole Foods 365, the less expensive and more local version of Whole Foods, the company has now decided to cease opening more 365 concept stores and to just focus on strengthening its Whole Food brand instead. 

The developer for the Plaza Saltillo project is the Endeavor Real Estate Group, a local company best known for its work developing the Domain in north Austin.  What impact will the arrival of Plaza Saltillo make on the East Cesar Chavez housing market, which had a median price of $479,700 in 2018? East Cesar Chavez will continue to be a hot spot for real estate development and growth as multi-use sites like Plaza Saltillo contribute to the revitalized interest in the area.

Are you interested in an East Cesar Chavez Property? Check out active listings below!

US Army to Austin with $37 Billion to Give Out

You may have heard the Apple or Amazon buzz, but there is one major economic development in Austin you may not have gotten the news about. Last summer, the US Army said, “We Want You!” to Austin, Texas, as they made a decision to locate their base for the country’s new high-tech, four-star Army Futures Command here.

 The new Command Center will be located in The University of Texas System’s building in downtown Austin and will not only be looking for partners in innovation from the University of Texas’ Cockrell School of Engineering,  but from many private sectors as well. In short, the Futures Command is all about developing newer, faster, stronger and better technology for the Army’s future. Many Army defense contracts of old can take decades to work through large corporate systems, and the Army wants to speed up that process with Austin’s young, agile, ambitious and incredibly talented high-tech entrepreneurs.  

 It’s the perfect symbiotic relationship, as the 500 person Command Center will have access to researchers and academia on UT’s campus as well as an initial relationship with Capital Factory, a co-working space in Austin that houses over 1000 entrepreneurial & start-up tech firms. Federal research grants, development dollars, and high-tech contracts are sure to follow, with an initial modernization budget of as much as $37 billion already awarded to the Army Futures Command (www.defenseone.com).

 The Army’s decision to locate in Austin will continue drawing innovative tech companies to Austin as they compete for Army contracts and help the Army implement innovations and modernize their processes.  So, when you consider the major tech leaders of the future in Austin, TX, don’t forget to add the US Army to your list!

What to Consider When Buying a Home

The key turns, the door opens, the excitement mounts. Will this be the home of your dreams or a potential nightmare? What items should you beware of when checking out a home to buy? Follow this simple list below to help make sure that you are not just looking at the outward appearance of the home but also at the inward “bones” or structure of the home as well.

What to Look for When Buying a Home:

1.     Turn on faucets and even the shower—Does the home have the kind of water pressure that you like or need? If not, could this be easily fixed?

2.     A/C Unit-Air conditioning units are a major expense, and some houses can have multiple units that need upkeep or replacing. Make sure to take a look at the physical unit for signs of rust or decay and note how the home feels. Is the A/C working well to regulate the temperature? Ask the seller for the age of the unit or to see the service record & upkeep of the unit over the years.

3.     Roof-A new roof is a major expense. A quick visual examination of the roof will give you an initial idea of its age and condition, but you really will need an inspector to get up and walk on the roof to truly know how many more years you will be able to get out of it. Make sure to ask the sellers for the age of the roof and for a list of any roof repairs that have been done along the way!

4.     Appliances-Open all appliances that convey with the home and look inside of them. Don’t be afraid to turn them on and make sure they work properly (and then turn them back OFF again!). If you are planning on replacing appliances, take measurements to make sure that your new appliance will fit within the alcove/space of the current appliance!

5.     Ceilings-Many buyers forget to look up and take note of the condition of the ceiling. Make sure to notice if there are any visible water leaks or if there are ceiling patches and fresh paint. If so, ask questions about roof leaks and past water damage. Take note of cracking and settling lines as well. If the cracks run along the seams of the house, then they could just be regular settling. However, if the cracks run down a wall or in an unusual pattern, then they could be evidence of a larger foundation problem.

6.    Foundation-In addition to looking up, make sure to look down and all around the house at the foundation. Does it look like it is in good visible condition? Do you see any cracks on the outside of the house running in an unusual pattern through the exterior of the home? A foundation repair is one of the most major repairs you can do on a house—and a good reason to run the other way when considering a home purchase.

7.     Loose wires— Any loose wires that you see are obviously a safety issue. Make sure to ask questions about any light fixtures or electrical outlets where you see loose wires that don’t make sense.

8.     Under the sink—Make sure to take the time to look under all sinks at the pipes. Do any pipes look cracked or rusted? Do you see any water stains on the cabinetry or flooring below?

9.     Windows—Make sure to go over by the windows and stand for a while. Can you feel the outside air? Note the quality of the windows (single paned? double paned?) and how well they are doing at keeping the weather out of the home. This will have direct impact on your energy bills!

10.  Outside—Make sure to note the environment outside of the home. Is it located on a busy traffic street? Take a listen and make sure you like what you hear. Is it located in a potential flood zone?  Do you see any fire hazards?  Is there anything you need to be made aware of about living on or near a gas line? Make sure you are aware of any outside environmental hazards that could impact your peace of mind in your new home.

11.  Smell-Take note of how the home smells as you enter and remember that smells are hard to get out of a home.  Whether it’s cigarette smoke, a sewage line, mildew, etc, these odors can be difficult to expunge and should be considered when purchasing an existing home.

12.  Turn on all lights & open all cabinets –Make sure everything works well in the home.  For example: Is there a kitchen cabinet that collides directly with the dishwasher door when it is open? These are the sorts of functional, spatial issues that many buyers overlook when considering the purchase of a home.

13.  Flooring/countertop surfaces- Take note of the materials and condition of the flooring and countertops in the home. Although these may not be a deal breaker, they can be expensive to replace and need to be taken into consideration when considering the price tag of a home.

14. Think through the design & layout of the home—Does it fit with your lifestyle? Will there be a functional place to use most of your existing furniture? Is there wall space for your favorite wall hangings? Does the layout line up with what you value? For example, if you value hosting large parties, is there a great room space where people could mingle that would help facilitate this value?

15. Part of town/school districts—Location is a huge part of a home and can be one of the largest determiners of resale value. Make sure to do your homework about neighborhoods and schools before you begin looking!

What to Overlook:

1.     Paint- Many buyers let paint colors persuade them too much in the sale or refusal of a home. Remember that paint is a relatively cheap fix and can easily be changed in a matter of days in a home. If you love the home and the above list checks out, then overlook the paint color!

2.     Normal settling lines-As houses age, they develop normal cracks and settling along the seams of the house. However, these cracks can be “unsettling,” especially to first-time home buyers. If the foundation checks out, you do not need to worry about these normal crack lines (they can be caulked!), and the home is still safe to purchase.

3.     Small repairs- I’ve seen home buyers walk away from a home because they didn’t like the stone surrounding the fireplace, or the tile on the backsplash of the kitchen. Keep in mind that, on the grand scale of things, these are small jobs that can be replaced for anywhere from $800-$1000. So, if the rest of the house is wonderful, don’t let a small job like a fireplace surround or kitchen backsplash throw you off of your game.

4. If it isn’t PERFECT—Here’s a little secret for you: no house is totally perfect and there is a bit of compromise involved in every home transaction. So, if the home meets the most important criteria on your list then don’t eliminate it just yet. Continue to develop its potential in your head and see if the advantages of the home significantly outweigh the disadvantages. If so, then this still may be the home for you! For example, one client loved all the natural light in the house but was frustrated that there was not a window directly above the kitchen sink to look out of. After many weeks of debate, the clients decided to go ahead and get the house as the lack of window was the only hiccup for them. The clients then ended up using a mirror in that space instead that reflected all the natural light from the house, kept the kitchen light and bright, and helped the homeowners keep an eye on their kids while they were doing the dishes! The moral of this story is to keep an open mind about the home and know that you are looking for the home that speaks to you and your family’s needs the most!

Austin's Changing Skyline--Downtown Development in ATX

Austin continues to boom. Business Insider says Austin had the second highest rate of job growth among the 40 largest metro areas in America, with employment rising 3.7 percent between February 2017 and February 2018. The most visible representation of our rapid economic development is our ever changing downtown skyline. Just think about this: of the 8 tallest buildings in downtown Austin today, not a single one of them existed 10 years ago!

According to the Austin Downtown Alliance, downtown will grow by 50 percent if it only completes projects currently under construction and those proposed for redevelopment. However, downtown Austin has the potential to double in size if it reaches its full build out potential in the next 5 years.

Below is just a glimpse of the developments that are shaping or will continue to shape the Austin skyline…

1. 6th X Guadalupe St—when completed this will be the tallest building in Austin. 837 feet high & 66 stories of apartments and offices stacked atop each other. An acre of parks in the sky are in the plans for this skyscraper.

2. The Independent— luxury high rise condominiums and currently Austin's tallest building, taking the title away from The Austonian, which laid claim to the tallest building in Austin for about eight years.

3. The Republic at 401 W Fourth St, just south of Republic Square Park, will have 711,401 square feet of office and 21,463 square feet of retail.

4. 70 Rainey—a 34-story skyscraper with 164 condos that tower over Rainey Street.

5. 48 East Ave—a 33-story, 215 condo tower also located in the Rainey Street Historic District.

6. Waller Park Place—more than 3 million square feet of residential, commercial and office space at Red River and East Cesar Chavez streets. This will be a big property—roughly the size of six Frost Bank Towers!

7. Block 71—Indeed Inc. will lease the top 10 floors of this office tower under construction at the intersection of Sixth Street and Colorado Avenue.

8. 5th & West—154 luxury condos that stand 37-stories tall.

9. The Austin Proper Hotel—a 32-story luxury hotel and residential combo.

10. Third + Shoal — an office tower near The Independent, the new library and Google’s tower — with tenants such as Facebook and Bank of America.

11. 300 Colorado Office— at Colorado and Third Street will be redeveloped into a 32-story office tower with about 390,000 square feet of space.  Fourteen of the building’s 32 floors will be dedicated to parking. 

12. ZaZa Tower—This 24-story tower on West Fourth Street near Lavaca Street will offer more than 200 apartments and more than 150 rooms at Hotel ZaZa. Retail stores will line the bottom of the building.

13. Genesis Real Estate plans to build a 50-story apartment tower in the Rainey Street area on the site of the vacant Villas on Town Lake condos.

14. Block 185— Google has leased the entire building. set to start construction in 2019. This building will take on a sail-like shape due to its proximity to Lady Bird Lake and Shoal Creek.

15. 93 Red River—347 Units; 40 stories of Multifamily, Office & Retail including five levels of underground parking and seven levels of above ground parking.

16. 405 Colorado—a 197,056 SF building with 12 stories of parking with 12 levels of office space on top.

How do you feel about Austin’s dynamic skyline and economic boom? Like it our not, our city is currently one of the most rapidly changing metro areas in the country, so we need to be prepared to flex and change with it, especially in the real estate sector.

Apple's Big Announcement and Its Impact on Austin

In early December, while all eyes were on Amazon’s HQ2 announcement, Apple made an important one of its own:  the decision to invest $1 billion in a new 133-acre Austin campus that will increase Apple to upwards of 15,000 employees in the coming years. With the completion of this campus, Apple will surpass other well-known names such as H-E-B and Dell to earn the title as the largest private employer in the city of Austin.

The Apple campus will be located right next to its counterpart just over the county line in Williamson County, placing it 12 miles from the city center. It will bring in a good mix of middle to upper range jobs in technology, research and customer call centers. In addition to catapulting Austin into the big leagues as a technology center, the incoming Apple campus will impact all sectors of life, such as housing, restaurants, traffic, and retail marketplaces.  Some estimate that the overall impact of the new Apple campus could result in over 30,000 new jobs across all sectors of real estate, construction, and the marketplace in Austin. 

What impact will this swell of jobs have on the Austin housing market? Prices will continue to rise if more supply is not created to meet these additional demands. As housing prices in the urban core of Austin continue to escalate, look for more incoming Apple employees to search for homes in the Round Rock, Pflugerville, and Hutto areas because of their close accessibility to the Robinson Ranch area (where Apple is located) via SH 45. Other communities that will likely see further development are Liberty Hill and Leader as I-35 will also become a main thoroughfare for Apple employees.

What might the arrival of Apple mean for your housing sale or purchase? If you are shopping in the housing market right now, the answer is simple.  The sooner you can buy, the better.  Competition and prices are only looking to increase. However, if you own a home in North Austin, you might want to hold onto it for a couple more years.  That is, if you can afford its increasing property taxes!

The addition of the new Apple campus will only contribute to Austin’s reputation as a knowledge and talent center and will continue to draw more people from the West Coast who are looking for solid tech jobs in more affordable housing markets.  However, the infrastructure will have to work hard to keep up with the demands of this brand new influx of people to make this a win for all Austinites.