Austin Real Estate News – March 2008 Compilation

, Apr 1, 2008

Information originally obtained from RECON.

GEORGETOWN, FORT WORTH AMONG ‘BEST PLACES’

Georgetown (statesman.com) — Fortune Small Business magazine says this Texas community of more than 40,000 is the second best place to live in America.

The April issue ranks Georgetown behind Bellevue, Wash., and ahead of Buford, Ga.; Marina del Rey, Calif.; Bethesda, Md.; Portland, Ore.; Denver, Colo.; Charlotte, N.C.; Fort Worth; and Franklin, Mass.

Cities were scored on job and population growth, new business startups, health-care facilities and other lifestyle factors.

DELL TO LAY OFF THOUSANDS

AUSTIN (Dallas Morning News) – Dell Inc. announced Monday that it expects to save $3 billion a year by closing a computer factory in Austin and laying off thousands more workers around the globe.

The Round Rock computer maker reiterated its intention to cut at least 8,800 jobs – about 10 percent of its workforce worldwide. It has already cut about 3,200 positions in the past three quarters.

Dell will close its Topfer Manufacturing Center by Jan. 1, cutting about 900 of its 17,500 Austin-area positions in the process.

“In addition, the company will take further actions to reduce total product costs across all areas, including design, manufacturing and logistics, materials and operating expenses. Dell expects that the initial benefits from these actions will begin to be realized in the second half of this fiscal year,” company officials said.

The company will also decide by the end of the third fiscal quarter whether it should sell its Dell Financial Services unit.

TUSCANY CENTER TALLIES TWO MORE

AUSTIN (Austin American-Statesman) – McShane Corp. and TAG International will construct two more buildings for the Tuscany Center at Walnut Creek. The project will cover 52 acres overall.

Tuscany Technology Center 3 will be a five-acre build-to-suit capable of accommodating up to 65,184 sf of office-flex space.

Tuscany Technology Center 4, located at 9100 US 290 E., will have 54,865 sf of office-flex space.

Ground has broken on Center 4, and it is expected to be completed toward the end of the year.

ST. CROIX BUYS BRAKER TRIO

AUSTIN (Austin Business Journal, globest.com) – Dallas-based Westmont Realty Capital has sold Braker Centers 6, 7 and 11 to San Diego–based St. Croix Capital Corp.

Westmont’s 18-month hold before the sale included renovations, upgrades and significant increases in occupancy for the three buildings.

The 216,522-sf flex complex is 93 percent leased and located at Metric Blvd. and Braker Ln.

Holliday Fenoglio Fowler LP brokered the transaction. Bank of America Corp. provided senior debt and Alex Brown Investment Management LLC supplied the equity.

LENDING STANDARDS TIGHTEN FOR MANY

WASHINGTON (Associated Press) – Mortgage insurers have flagged nearly a quarter of the nation’s ZIP codes where they refuse to insure some home loans, making it harder for many homebuyers to borrow, even if they have good credit.

In recent weeks, mortgage insurers have flagged more than 9,600 ZIP codes in at least 34 states where they will not insure certain types of home loans — those for investment properties or second homes, those with riskier adjustable-rate or interest-only mortgages, or for buyers making down payments of less than 3 percent.

The entire states of California, Florida, Arizona, Michigan, Ohio and Nevada, which have seen the highest foreclosure rates and the worst price declines, are blackballed on some mortgage insurers’ lists.

For new homebuyers and those seeking to refinance, this can mean higher down payments and a higher bar for credit scores, among other requirements. The toughest restrictions are in markets where home prices are falling, though regions where property values are rising are not immune.

THREE TENANTS FOR TECH RIDGE

AUSTIN (Austin Business Joural) – Office Depot, Petco and Castle Dental are joining anchors H.E. Butt Grocery Co. and JCPenney at Tech Ridge Center in North Austin.

The 200-acre Tech Ridge tract at the southeast corner of I-35 and Parmer Lane is being built in phases. Developer Quentin Corp. is working on the second stage of retail that will bring total shop space to around 200,000 sf.

The three newest tenants are scheduled to open in November.

Future phases will include another 280,000 sf of retail and hotel space plus a 400,000-sf office complex to be called the Pavillion at Tech Ridge.

Durham & Bassett Realty of Austin represented Quentin Corp. on all three leases.

PARTNERSHIP’S COTTAGE TAKEOVER

AUSTIN (Mosaic Residential) – An affiliate of Harbor Group International LLC, in partnership with Mosaic Residential Inc., has purchased the 167-unit Camden Ridgeview apartment complex from Camden Property Trust.

Harbor Group and Mosaic Residential will invest $1.2 million for interior and exterior upgrades on the property, which has been renamed The Cottages at Wells Branch.

The 93 percent leased complex was built in 1984 on more than seven acres and consists of 167 garden-style apartments. The units average 859 sf.

CapMark arranged the Freddie Mac financing. Mosaic will oversee the renovation and manage the property.

AUSTIN OFFERS MOVIE MAKERS NEW INCENTIVE

AUSTIN (Austin Business Journal) – City officials hope shouts will ring out around town thanks to a new ordinance approved this week. Specifically, they want to hear “lights, camera, action” a lot more.

Austin City Council voted to waive facility use and rental fees for qualifying film, television and video productions in the area.

According to the ordinance, the city will provide as many as two peace officers for 15 days for filmmakers spending at least $1 million on local goods and services. Commercial, music video or video game crews must spend at least $100,000.

Films and television productions benefitting from the ordinance must credit the City of Austin in each episode.

City officials say film and video media production already contributes more than $35 million annually to the local economy. MovieMaker Magazine has ranked Austin the number one place to make movies.

5,500 HOMES FOR LEANDER, LIBERTY HILL

AUSTIN (Austin Business Journal) – Work has begun on the first two sections of a residential development that could bring as many as 5,500 new homes to Leander and Liberty Hill. Gunn & Whittington Development is the developer of the three subdivisions.

Rancho Sienna on Parmer Lane in east Leander is 610 acres. Middlebrook, along Hwy. 29 in Liberty Hill, is 400 acres. Santa Rita, also in Liberty Hill, is 1,200 acres.

Construction on the first 167 lots of Rancho Sienna and the first phase of Middlebrook has begun. Buildout is expected to take five years. Plans for Santa Rita call for buildout completion in nine or ten years.

Middlebrook homes will range from the $140,000s to $220,000s. In the other two subdivisions, prices will be from the $200,000s to $400,000s.

About the Author

Last updated: 10/19/2021

2300+ Client reviews!

I cannot speak highly enough about the outstanding service we received from Kasey Gilliam and Kim Jowers with Bramlett Residential Real Estate during the recent sale of our home. They are a fantastic team! From our initial consultation to the successful closing, Kasey proved to be an invaluable asset, guiding us through every step of the process with expertise and professionalism. Kasey demonstrated an in-depth understanding of the local market dynamics and economic headwinds. Throughout the entire process, Kasey was proactive, communicative, and always available to address any questions or concerns we had. She provided regular updates and feedback that kept us informed and reassured, making the selling experience remarkably smooth. I wholeheartedly recommend Kasey to anyone looking for a top-notch real estate agent who truly prioritizes her clients’ needs!

Tara McGuire recently sold our house in Circle C and did an amazing job. She is so easy to work with, knowledgable, and responsive. I believe she got us top $$. Highly recommend working with Tara and her team at Bramlett! Their service was all inclusive with staging, marketing, etc. No nickel and diming. Just great service.

It was pleasure working with Tammy Costello from Bramlett Residential Real Estate in finding our home. We could not have imagined the process to be as seamless and easy as it was! As first-time home buyers, Tammy walked us through the process and guided us through each step. She is meticulous, has great communication and negotiation skills. With her help and years of experience, we were able to find our dream home. Thanks for making it so easy, Tammy!

I had the pleasure of working with Vicki Duran and I couldn’t be happier with the experience. From the very beginning, Vicki demonstrated deep knowledge of the market and a genuine commitment to understanding my needs. Her communication was exceptional – always prompt, clear, and informative. Throughout the process, Vicki went above and beyond, negotiating on my behalf, explaining the process/each step along the way, and ensuring every detail was taken care of. Her professionalism, dedication, and personalized approach was exceptional. She truly cared and I felt like I was working with a close family friend (having never met her before the process began). I can’t emphasis enough how seamless she made the process for me. People have the perception that buying a house is an extremely stressful process. My experience could not have been farther from the truth. I joked with her at times how smooth/easy buying a house was, all because of Vicki!

I could not have asked for a better agent. I’ve already referred a few friends to Vicki and will continue to do so in the future. Thanks again, Vicki!

Blessed to have connected with Kristen! I can’t say enough great things about Kristen. Her professionalism, market knowledge, and communication were beyond compare. She was incredibly patient throughout our home search. We looked at a countless amount of homes (we are very picky), and never once felt she was trying to push us in to something that wasn’t the right fit for the sake of a sale. We always felt she had our best interest in mind. Couldn’t recommend her more!!!

Sally was referred to me via a business network when I first moved to Austin in 2022. She helped me understand the area, evaluate my options, and find the perfect spot in a tough market. Sally has been a joy to work with because she creates partnerships + friendships with her clients!

I was impressed by Sally’s expertise in selling both my investment property and my primary residence, and in helping us buy our dream home. At our initial meeting, we found Sally knew the real estate market, but found even more impressive her emotional quotient in understanding and navigating the differences between my partner’s and my very different personalities. For my investment property, she timed the showings and sale perfectly and created a helpful Excel spreadsheet comparing the many offers. She was also savvy enough to suggest we pay the tenants a fair amount of money to make the property available for viewing from 9am – 5pm on the first weekend to make it as easy as possible for potential buyers to get through, and we let her deal directly with the tenants because we could tell her people skills would serve us well

We got multiple offers by the deadline on Monday afternoon with one outlier that was $150K higher than what we had unsuccessfully listed the property for (with a different realtor) a year earlier!

When it came to selling my primary home, Sally’s expertise in the luxury market, and in historic homes in particular, truly shone. She understood that selling a high-end property, with various restrictions, required a different approach. Sally crafted a listing for the home that perfectly captured its unique character and premier location. Her marketing strategy was well timed and appropriate for the more limited market, attracting the right buyer pool and creating a sense of exclusivity around the property. She suggested listing it on the private market for a week or two before sending a message that it would be listed on the MLS. She organized private showings that allowed buyers to experience the warmth and charm of the home and the neighborhood, which I believe was instrumental in securing a sale.

The pricing and marketing strategy Sally recommended was spot-on, and we sold the home at a price that far exceeded our expectations. Sally helped thread the needle perfectly.

Sally is also accessible. We found more well-known realtors would respond to our email days later, whereas she was always available right away to answer my questions, and provided us with regular updates, making sure every detail was handled with care. Selling a high-end property can be a stressful experience with fewer potential buyers and some downtime inherent in waiting for the right buyer, but Sally made it a smooth and surprisingly easy process encouraging us to be patient while giving us enough information on what was happening to satisfy both me and my partner. In the end, we were thrilled with the results

Sally’s rep of us as sellers could not have been more professional, but her work repping us as buyers is the most memorable. We were trying to be our dream home in an overheated market, and Sally gave us advice that at each turn proved invaluable. She recommended offering just the right amount above the offer price for us to make it to the next round of offers. She handled a very difficult appraisal process by advising us on financing sources, even offering to help us put down a higher amount by loaning us money herself! We were able to finance the home without taking her up on that offer, but how many realtors make that kind of offer to their clients? In the end, we closed on the house ontime and ended up with the home of our dreams, thanks to Sally’s world-class advice and service.

We cannot say enough good things about Sally’s technical knowledge, people skills, and responsiveness. You won’t find a better realtor in Austin.

I have lived here in Austin for more twenty-five years, and have bought and sold several homes and rented others during those years. I have worked with five realtors during that time. SALLY IS BY FAR THE BEST OF ANY IN TOWN. Her work ethic is simply unmatched. She hides her competitive streak underneath a layer of Austin hip and friendly, but she will absolutely get you the best home, the best deal, and stop at NOTHING to get your home sold as well!

Sally loves real estate. She has a genuine passion for Austin, too, and for her client’s well-being. She took time to understand my needs and was always available to answer any questions and provide me with honest and insightful advice.

We toured many homes in Barton Hills and settled on a great home that was hotly contested by builders and homeowners. Sally understood how we could be the preferred buyer without getting into a bidding war. She knew the motivations of the Seller and we maneuvered and negotiated the contract and secured my dream home.

Furthermore, at the 11th hour, the day before we were set to close, our lender said we needed to put a fence around the pool before they would release the funds. The seller was not inclined to extend the closing again. We were out of town. Sally saved the day by racing to Home Depot and getting the largest tarpaulin available and then securing it over the pool at the house. Sent pics to the lender and we were set to close.

In short, Sally will work harder and smarter than anyone. She’s simply the best.

Sally is incredible! She spent nearly 2 years with us – understanding our very specific preferences and needs – to help us find our dream home. She was the first agent to reach out when the home was listed and negotiated the contract astutely so that we secured the home. The home was only in the framed stage, still had a few months until completion. Once it was completed, however, our plans had changed and we needed to get out of the contract. We were expecting to have to relinquish our very considerable deposit. But Sally spent the entire weekend working on a way to get us out of the contract AND get our deposit back. Everyone we have spoken to about this extraordinary outcome has been surprised that Sally managed to get our deposit back for us. Thank you Sally, we can’t recommend her highly enough.

Sally is reliable, diligent in her research, prompt on exchanges, creative in deal making, and has a tremendous work ethic. She is the sole reason we were able to close on our primary residence, which has been our dream home and a fantastic investment. From there, we’ve gone on to close on multiple rental property purchases in Austin together. Thanks to her astute analysis, we’ve passed on many deals as well, which has proven just as valuable. I cannot recommend her highly enough.

I highly recommend Kiel if you’re looking to rent a place in Austin. We originally met him to look around a particular unit, and when it was not to our satisfaction, he was able to quickly take us around many more units that day. He also set up a whole day of viewings for the very next day! Within 48 hours we had done enough viewings to be confident in choosing a new home. The landlord accepted our offer and Kiel handled all of the paperwork, even stopping by our hotel to pick up the needed checks. We couldn’t be happier.
Kiel is highly organized and unlike some realtors in the Austin area, he is responsive and ready to move quickly. We were always able to contact him and never left waiting.

Kiel has your BACK!! We are so grateful to have had his guidance and knowledge while navigating the intense, frustrating and way competitive Austin rental market. He quickly picked up on our taste and designed a game plan to help us push through the clutter and get to the properties that best suited us. He was ALWAYS available to us and answered our emails, calls and texts with great speed. We’re so grateful to have had him on our search team. Because my goodness, it really is a crazy market out there!

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