Film Industry Shifts to Austin

April 26, 2008 | Leave a Comment

austin becomes home to the film industry

With a great deal of work on behalf of the film community in Austin, our city has become the LA/NY alternative for the filming industry. There are countless reasons, but the most important have to do with the local film societies and the University of Texas’ efforts not only to compete head to head with famous film schools such as NYU and UCLA but to create alternatives to the UT program and bring film screenings and festivals to our city.

Although the Film/Act/Live Villa Muse development stalled in Austin due to the City Council’s red tape and heel-dragging (and despite local objections to the Council’s move), they are entertaining a move to a city as near Austin as possible. We will continue to see projects like Villa Muse come to fruition here because it would be insane NOT to capitalize on this shift from the east and west coasts to Austin as the popularity of filming here increases because:

  • Austin labor is less expensive than on the coasts.
  • There is no state income tax in Texas.
  • Austin isn’t dominated by unions like the coasts.
  • Rental space and costs for location shots are much lower.
  • The landscape here looks like California and is a great replacement for filming.
  • The talent pool is fresh here.
  • Austin is a hotbed for Indie filming as well as the Indie culture.

So, what does this mean to Austin real estate?

  • We should see a diversification in our workforce to include the film industry.
  • This means Austin has yet another reason that it is attractive for residential relocation.
  • I suspect Austin will eventually be the location of many film professionals’ “second home.”
  • This will likely create a trickling surge of demand for the condo high rise and Hyde Park homes in the higher price brackets.
  • Depending on where the most dense area becomes for filming, Austin will have an injection of Hollywood/New York culture… we should be seeing more Starbucks and Seattle’s Best coming to that area.
  • Despite the South Park episode where a city is torn apart by film festivals, I think Austin will become home to more and more prestigious festivals resembling Cannes Film Festival.

Austin is a diverse, growing city and it is no surprise that it is so attractive to the east and west coasters, especially for their businesses.

Creative Commons Photo Credit

Posted by Lani, Asset Director | Filed Under Austin News, Blog 

Why Resale Is Hot

April 23, 2008 | Leave a Comment

austin resale market is hot!

Today, I just wanted to note that the Austin home resale market is hot not only because Texas hosts more Fortune 500 companies than any other state, it is ALSO because Austin caters also to the startup industry better (in my opinion) than almost any city in America.

With people making it big with their startups and others having been recruited from other states to work at the larger corporations here, Austin is in a good place. Other areas have to rely on the move-up buyer or the first-time buyer to buy their homes for sale, but Austin attracts an extremely diverse buyer pool that matches the extremely diverse workforce.

For example, our last three calls while writing this article were either from abroad or other states relocating in the technical field. Now that’s sayin’ something!

Posted by Lani, Asset Director | Filed Under Blog, Selling 

Radical Austin City Council Mandates

April 9, 2008 | 12 Comments

austin-city-council-mandates.jpg

Austin, it’s time to get involved because the City of Austin has proposed two radical mandates that will make selling your home incredibly difficult.

  • Single family homeowners will be required to obtain a license from the city of Austin prior to selling their homes.
  • Also, they’re proposing to mandate energy efficiency retrofits for all types of properties in Austin, including single family owner-occupied homes prior to the sale of any single family owner-occupied home, a certificate of compliance proving the required efficiency retrofits have been done must be done prior to closing.

On Thursday, April 10, Austin REALTORS® are sponsoring a City Council Candidates’ Forum and lunch for industry professionals. We will be in attendance to express our strong opinions on the proposed ordinances. If you have any thoughts you’d like us to share with the City Council on your behalf, leave your concerns in the comments and we’ll be sure to make them public.

What this means to Austin homeowners

(according to the Austin Board of Realtors)

  1. Without a Certificate of Compliance filed of record prior to closing or at point of sale, a single family home cannot be legally sold in Austin.
  2. Delays in the time from escrow of a purchase agreement to closing due to the compliance and inspection process could exceed, by days or weeks, the typical 30 to 45 day time frame in a sales transaction today.
  3. Immediately upon the effective date of the ordinance, the city will have to implement methods and processes to meet the demand created by the sale of some 25,000 homes per year. That’s 25,000 inspections, assuming the first inspection results in the issuance of a certificate of compliance. City inspectors say that at least 50% of all inspections result in a subsequent inspection to correct problems found. That’s an additional 12,500 inspections, at a minimum, or some 37,500 new inspections in a typical year to determine if single family owner-occupied properties comply with the new proposed ordinance. Who will pay?
  4. Homeowners will bear the expense of retrofits to obtain the certificate of compliance. These expenses will vary from home to home, but the range could be anywhere from $1,500 to $10,000 per home.
  5. Expect delays in acquiring another home as homeowners scramble to comply with the new ordinance, especially if that homeowner needs to sell his or her existing home prior to closing on a new one.

Austin, think about what you’d like to say to the City Council and if you don’t think you’ll have the chance to have face time with them, we will be printing the comments to this article and taking them with us, so speak up!

Posted by Lani, Asset Director | Filed Under Austin News, Blog 

What ARE those things?

April 8, 2008 | Leave a Comment

austin home search. and grackles.

One of the most common questions Austinites get from people moving here are, “what are those things?” as the less-than-shy black birds swarm anywhere serving Mexican food on a patio or offering power lines outside a mall. “What ARE you?” people from outside of Austin shout at the sky. Never fear- despite what locals may tell you (they’re mythical creatures that grant wishes or that they are rats with wings), they are just the common grackle bird, related to the crow.

Grackles are harmless and friendly and they really just want your snacks. So, make a friend and feed a bird- we promise that there are a thousand of their friends hiding in wait, just hoping you’ll be the sucker who throws them a tortilla chip. Can you say grackle party??

YOUR austin realtor. no, not the chump on the left… the person taking the picture!

Posted by Lani, Asset Director | Filed Under About Austin, Blog