Dee Copeland, Principal Broker

Like many U.S. cities, the Austin area has a challenge with traffic congestion. Traffic on U.S. 290 has increased more than 78 percent since 1990 as Manor and surrounding cities increase in population.

The Central Texas Regional Mobility Authority is proposing construction of the Manor Expressway to alleviate congestion. This 6.2-mile toll road would be constructed in the median of the existing highway. Construction would begin in late 2009, with the road opening in 2013.

Residents learned the details of the Manor Expressway project last week at an Open House. A follow-up meeting to collect public input is planned for August 12.

The Mobility Authority focus is to create the modern regional transportation network in Central Texas. Current and future projects are key elements in a carefully planned, multi-modal transportation system designed to meet the diverse mobility needs of our fast-growing region.

The first modern toll roads in Central Texas began opening in the fall of 2006. First, the Texas Turnpike Authority opened the Loop 1 extension and portions of SH 45, and SH 130. Then in March 2007, the Central Texas Regional Mobility Authority opened the 183A project in Cedar Park and Leander. Throughout 2007 and 2008, the Texas Turnpike Authority continued opening segments of SH 45 and SH 130. In all more than 75 miles of new toll roads were constructed during this period at a cost of more than $4 billion.

Visit the Mobility Authority's website for maps of current and future projects, along with a new interactive tool showing what the Manor Expressway and other planned expressways in the region will look like. High speed tooled roads are planned to be built in the medians of currently congested highways. Drivers will have both tolled and un-tolled options.

Also read:
Will Light Rail Solve Downtown Austin Transit Woes?
Forbes Study Puts Austin's Growth Rate Among Best in Nation

Also visit:
Austin Real Estate Today

The buying season heated up in Central Texas in May according to the Austin Board of REALTORS® Multiple Listing Service (MLS) May 2008 sales report.  Single-family home sales in May are up slightly over April 2008 numbers, when 1,981, homes sold. Homes are spending fewer days on the market and overall, the real estate market continues to reflect conditions similar to those of 2005, before the unusual boom in 2006.

Take a look at May single family sales statistics compared to 2007:

No matter which city you live in, inventory is still high. Still, Texas is fairing better than the rest of the nation. Austin's current home inventory is below.

AUSTIN REAL ESTATE MARKET FORECAST- Mid Year Update 2008

The Austin Home Builder Association (HBA) held their semi-annual market update last week. Their research shows that the market is slated to remain low through Third Quarter 2008, then pick up by Winter 2008 or early 2009. Mark Sprague with Vesta Strategies thought buyers and sellers should be relieved to see a "cleansing of the market", which was overheated by real estate speculators.

Great areas to buy include the Southtown area in South Austin, but also other areas such as Round Rock, Pflugerville and Kyle due to coming Seton Hospital complexes and other large mixed-use developments.

Read Also: Austin real estate is a great buy for boomers and empty nesters.

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The Austin Board of REALTORS sent an alert last week to encourage agents to vote for Austin city council candidate Cid Galindo.

Galindo faces Laura Morrision in a runoff that ends on June 14th. The main point of contention is the recent Point of Sale Ordinance that is part of the Mayor Wynn's Climate Protection Plan.

Read also: Austin Board of Realtors Opposition to the Point of Sale Ordinance

REALTORS support the Climate Protection plan, but oppose the specific provision that requires upgrades before an Austin home sale is completed. REALTORS think this will increase Austin real estate sales times, hampering home sales and causing grief to Austin home buyers and sellers.

Read also: Mayor Will Wynn's Climate Protection Plan.

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According to a recent survey by BizJournals.com, Austin ranks as the number 2 city in America for young adults to live and thrive in the job market. The survey surveyed the 67 largest metro areas in America and then ranked them according to many factors, including size of the young adult population, job opportunities, and overall quality of life offered.

Of all the metro areas surveyed, Austin has the highest concentration of young adults, with 29% of residents between the ages of 18 and 34.

Young Crowds Pay

The results showed:

• Areas with a higher concentration of young adults experience seven times greater population growth annually, 75% more job growth, and a greater rate of growth of personal income.
• The effect of a growing young adult population is cyclical; more young people relocate to areas like Austin after graduation to look for work, purchase real estate, and start business and families.
• Those people prosper, the economy is stimulated, and, in return, even more young adults head to the area to continue the trend.

Austin was ranked using factors that BizJournals thought would appeal most to workers in their 20's and early 30's. There were:

• Relatively low cost of living
• Strong growth rates
• Large concentrations of young college-educated adults

Competition for real estate and jobs is beginning to escalate as more young people are becoming choosier about where they settle. "College-educated young people are looking for greater control over where they live," concluded a 2006 study by The Segmentation Co., a national research firm.

The conclusions from this study make it an excellent time for young people to consider investing in Austin, TX real estate. They can start building the wealth they came to Austin looking for, but it also helps to further stimulate the local economy and real estate market, allowing the cycle of prosperity to continue.

We know that the Baby Boomers account for a large part of the real estate owning population in America. But did you know that they may be the latest trend-setters in Austin real estate also?

Sounds unlikely, but it is very true! As this article in the Wall Street Journal explains, designers and architects are catering more and more toward this fast-growing segment of the population. According to the latest data, most boomers plan to remain in their own homes as opposed to moving into retirement or "assisted living" communities as they age.

Innovating Better Living

Recently, this "aging in place" phenomenon has triggered home renovations and new construction including halls and doorways wide enough for walkers and wheelchairs, and master suites and laundries on the ground floor so residents can avoid stairs. Now, the technology behind home appliances and fixtures is catching up - making all kinds of appliances and home design elements more senior-friendly.

Some of the innovations in home design and appliance re-design include:

• Stoves that monitor pots to prevent boiling over
• Adjustable typeface on appliance control panels
• Faucets that turn on and off with just a touch anywhere on the spout
• Dishwashers designed to be mounted at a more comfortable height
• Refrigerators with doors and storage designed to reduce bending over
• Adjustable volume/pitch of oven alarms

Last but not least - yes, there is even a toilet on the market with an electric-blue nightlight built in and a motorized heated seat cover that rises with the touch of a button. I don't think you'd have to be a senior citizen to enjoy that kind of amenity during a late-night bathroom visit!

The impact these trends will have on the real estate market as a whole is uncertain; manufacturers, meanwhile, are certain of one thing - marketing to baby boomers now is sure to pay off in the long run. With the Austin TX real estate market gaining more and more of a reputation as haven for retirees, we might even be seeing heated/lightup/electronic toilets at our home improvement stores sooner than you think!