Saturday, April 24, 2010
Tuesday, April 6, 2010
Digital Luxury Magazine
http://issuu.com/realpropertymg/docs/aletii1_covera?mode=embed&layout=http%3A%2F%2Fskin.issuu.com%2Fv%2Flight%2Flayout.xml&showFlipBtn=true
Tops again!
Out of the top 50 Metros, Austin is projected to be the best performing economy in terms of the quickest recovery. In the following article, Beverly Kerr also summarizes reports from several excellent economic sources that report on Austin.
Central Texas Economy In Perspective
By Beverly Kerr, Chamber Vice President of Research
Recent reports from the U.S. Conference of Mayors and the Brookings Institution provide perspective on the relative pace of recovery among different metropolitan areas in this recession. And a new assessment of the state of the Texas economy from the Federal Reserve Bank of Dallas provides additional context for Austin.
The annual U.S. Metro Economies report from the U.S. Conference of Mayors provides a wealth of both historical and projected data on jobs, unemployment, and gross metropolitan product. Their projections include unemployment rates through 2013 and what quarter each metro will return to their former peak employment level.
As we’ve heard in numerous reports on the recession, job growth and reductions in unemployment will lag the return to economic growth that signals the end of the recession. Though Austin’s had a relatively moderate recession this time around, we know well from this region’s experience of the 2001 recession that the job market hangover can be prolonged.
The Mayors’ report, with data from Global Insight, gives the time frame for our return to peak employment as Q2 2010. Austin’s previous peak employment relative to this recession was Q4 2008, so regaining that within 6 quarters is considerably better than what is expected for almost all other metros. The prerecession peak for all U.S. metros, Q4 2007, will not be returned to until Q3 2012. In Austin’s experience of the 2001 recession, we peaked in Nov. 2000 with 690,300 jobs and did not see that total again until April of 2005—54 months or over 13 quarters.
Austin’s also had a better experience of the recession, relative to other metros, as measured by the unemployment rate. However, currently at 7.2% (NSA) or 7.0% (SA), unlike job growth/loss, this metric is higher than the rates seen here in the previous recession. Unemployment in Austin averaged 4.4% in 2008, but with projections in the Mayors’ report only going to 2013, we don’t know when Austin will again see rates that low. Rates appear to be projected to hover over 7% through 2011 and only drop to 6.1% by the end of 2013. In the last recession unemployment did not go above 6.7% here and only exceeded 5% for about 35 months. The unemployment rate is in uncommon territory statewide as well, at over 8%, its highest level in 22 years. The Mayors’ report projects the majority of U.S. metros will still have unemployment rates over 6% at the end of 2013.
The new Dallas Fed report of March 23 provides a broad ranging update and outlook, including how employment, unemployment and gross state product indicators in this recession compare to previous Texas recessions. The review indicates that job growth will return to positive territory, gaining 1%-2% in 2010, putting the state ahead of the nation again, but below the 2.8% pace seen historically. They also indicate that unemployment has probably peaked, but do not give any indications of the pace or magnitude of improvement that might be expected for this indicator for 2010 or beyond.
The Brookings Institution’s latest quarterly MetroMonitor tracks recession/recovery to date in the nation’s 100 largest metros, but does not provide projections. Austin has consistently placed in the best performing quartile through the recession. This quarter, the metropolitan profiles offer an interesting perspective on the initial 8 quarters of employment through the last four recessions.
This same perspective is available for Dallas-Fort Worth, Houston, and San Antonio, or any other metros you might like to examine such as Phoenix, San Jose, Raleigh-Cary, etc. If this graphic’s legend isn’t presenting very readably, note that the current recession is yellow, 2001 is blue, 1990 is green and 1981 is red.
Central Texas Economy In Perspective
By Beverly Kerr, Chamber Vice President of Research
Recent reports from the U.S. Conference of Mayors and the Brookings Institution provide perspective on the relative pace of recovery among different metropolitan areas in this recession. And a new assessment of the state of the Texas economy from the Federal Reserve Bank of Dallas provides additional context for Austin.
The annual U.S. Metro Economies report from the U.S. Conference of Mayors provides a wealth of both historical and projected data on jobs, unemployment, and gross metropolitan product. Their projections include unemployment rates through 2013 and what quarter each metro will return to their former peak employment level.
As we’ve heard in numerous reports on the recession, job growth and reductions in unemployment will lag the return to economic growth that signals the end of the recession. Though Austin’s had a relatively moderate recession this time around, we know well from this region’s experience of the 2001 recession that the job market hangover can be prolonged.
The Mayors’ report, with data from Global Insight, gives the time frame for our return to peak employment as Q2 2010. Austin’s previous peak employment relative to this recession was Q4 2008, so regaining that within 6 quarters is considerably better than what is expected for almost all other metros. The prerecession peak for all U.S. metros, Q4 2007, will not be returned to until Q3 2012. In Austin’s experience of the 2001 recession, we peaked in Nov. 2000 with 690,300 jobs and did not see that total again until April of 2005—54 months or over 13 quarters.
Austin’s also had a better experience of the recession, relative to other metros, as measured by the unemployment rate. However, currently at 7.2% (NSA) or 7.0% (SA), unlike job growth/loss, this metric is higher than the rates seen here in the previous recession. Unemployment in Austin averaged 4.4% in 2008, but with projections in the Mayors’ report only going to 2013, we don’t know when Austin will again see rates that low. Rates appear to be projected to hover over 7% through 2011 and only drop to 6.1% by the end of 2013. In the last recession unemployment did not go above 6.7% here and only exceeded 5% for about 35 months. The unemployment rate is in uncommon territory statewide as well, at over 8%, its highest level in 22 years. The Mayors’ report projects the majority of U.S. metros will still have unemployment rates over 6% at the end of 2013.
The new Dallas Fed report of March 23 provides a broad ranging update and outlook, including how employment, unemployment and gross state product indicators in this recession compare to previous Texas recessions. The review indicates that job growth will return to positive territory, gaining 1%-2% in 2010, putting the state ahead of the nation again, but below the 2.8% pace seen historically. They also indicate that unemployment has probably peaked, but do not give any indications of the pace or magnitude of improvement that might be expected for this indicator for 2010 or beyond.
The Brookings Institution’s latest quarterly MetroMonitor tracks recession/recovery to date in the nation’s 100 largest metros, but does not provide projections. Austin has consistently placed in the best performing quartile through the recession. This quarter, the metropolitan profiles offer an interesting perspective on the initial 8 quarters of employment through the last four recessions.
This same perspective is available for Dallas-Fort Worth, Houston, and San Antonio, or any other metros you might like to examine such as Phoenix, San Jose, Raleigh-Cary, etc. If this graphic’s legend isn’t presenting very readably, note that the current recession is yellow, 2001 is blue, 1990 is green and 1981 is red.
Friday, February 26, 2010
Enjoy Life
"In terms of balancing human values, I would give the enjoyment of life first priority and justify that on the grounds that if you don’t know how to enjoy life, you’re going to be a burden to other people."
John D. Drake
My wife Amy has this posted in a cabinet in our house and I believe it to be very true. I, as many of us do have a hard time dealing with the stresses of life and the certainty of death. Enjoying life means different things to different people but ultimately comes down to living by your core values and when you go to bed and wake in the morning you can look at yourself and know you are doing the absolute best you can and if today was your last day of life, the people who love you and care about you know that you love and care about them.
Enjoy Life!
John D. Drake
My wife Amy has this posted in a cabinet in our house and I believe it to be very true. I, as many of us do have a hard time dealing with the stresses of life and the certainty of death. Enjoying life means different things to different people but ultimately comes down to living by your core values and when you go to bed and wake in the morning you can look at yourself and know you are doing the absolute best you can and if today was your last day of life, the people who love you and care about you know that you love and care about them.
Enjoy Life!
Thursday, February 4, 2010
Market Stats
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Sunday, January 17, 2010
20723 Lakeshore Dr.
With No ETJ, Zoning or Restrictions, your imagination is the only limit to this multi-use property. Three separate lots included (6, 7, and 55) as well as a .3 acre conservation easement. The home has expansive views of the south shore of Lake Travis along with a remodeled kitchen, metal roof, huge game room, sports court, 3 bedrooms and 2 baths. The property will accommodate both investors and home owners alike. With commercial zoning and no restrictions you can build on each lot or keep together. Walk to HOA Park with boat dock and gazebo. You must visit this property to appreciate.
Austin Texas Median Home Price
As home prices continue to decrease the number of active properties do as well. There are currently under 10,000 active listings in the Austin area for the first time since 2004.
With the shortage of inventory it is getting harder and harder for qualified buyers to find quality porperties. Also as we get closer to the end of the first time home buyer (8,000) and move up buyer (6,500) tax credits competition for the best properties will continue to increase.
Now is the time to Buy!
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