Austinites Vote "Yes" to Public Transit Plans

In the recent November election, Austinites voted “YES” to both Proposition A & B, two public transportation improvement plans proposed in the upcoming years for our city. But just what exactly does a “YES” vote mean to these plans and what changes should we start to expect seeing in Austin over the next couple of years?

PROP A

Prop A will bring 19 new miles of light rail and 26 new stations to Austin over the next 10 years. To pay for this, Austinites can expect to see an almost 4% increase in their January property tax bill. Where will this money go? Prop A will dedicate 8.75 cents of the operations and maintenance portion of the tax rate for Project Connect, Capital Metro’s $7.1 billion public transit plan. To supplement the project and get it off the ground, the city of Austin will expect to receive about 45% of its needed money in federal funding. However, the rest of the plan funding plus the ongoing maintenance of Project Connect will be supplied through tax dollars.

According to KVue News, here is a breakdown of the initial phases of Prop A that we can expect to start see in development in Austin:

• Blue Line: A light rail line running from Austin-Bergstrom International Airport (AUS), connecting through the Downtown Station and running north to Lamar Boulevard at U.S. 183

• Orange Line: A light rail line running from North Lamar Boulevard at U.S. 183 south to Stassney Lane, connecting through Republic Square

• Downtown Transit Tunnel: The underground tunnel would run more than 20 city blocks (1.6 miles) from Cesar Chavez Street to 11th Street, from Guadalupe Street to Trinity Street, and from Fourth Street to the cul de sac near Lady Bird Lake at Trinity Street.

• Green Line: Like the current Red Line, the Green Line would serve as a commuter rail running from downtown to the Colony Park neighborhood in East Austin

• Gold Line: A new rapid bus route going from the Austin Community College Highland area, through the Downtown Station to the Republic Square Station.

• Three new MetroRapid routes, which are buses with frequent service and a limited number of stops

• Neighborhood circulators: 15 new zones or vehicles would be added to help neighborhoods gain better access to the main transit lines

• Community displacement: A $300 million investment that would help communities affected by transit line creation and construction

• Other features including park and rides, customer technology systems and maintenance facility improvements

PROP B

Prop B is a different sort of transportation plan in that its focused on climate change and pedestrian/commuter safety.

The plan does include a pair of bridges — a $16 million three-spoke pedestrian bridge spanning Lady Bird Lake on the upper side of the Longhorn Dam at Pleasant Valley Road, along with proposed improvements to the Barton Springs Road bridge over Barton Creek that will allow pedestrian and bicyclists safer access to Zilker Park and Barton Springs Pool.

Prop B will increase property taxes an additional 2%, or to put in dollars for a homeowner with a residence near the city’s year-to-date median home sales price of about $415,000, that would amount to an increase of approx $83 a year.

According to the City of Austin’s plans, here’s the breakdown of improvements that the $460 million Prop B will be used for:

Sidewalks: $80 million would go to build roughly 78 miles of new sidewalks and to rehabilitate existing sidewalks.

Urban trails: $80 million would go to build out urban trails such as Shoal Creek, the Red Line, Walnut Creek and the Bergstrom Spur, as well as design work for other trails.

Bikeways: $40 million would go to build out about 70% of bikeways identified in the Austin Bicycle Plan’s All Ages and Abilities Bicycle Network.

Safety/Vision Zero: $65 million would go for reconstruction of 25 intersections, pedestrian crossings and speed mitigation projects as part of Vision Zero, the city’s program that aims to eliminate traffic deaths.

Safe routes to school: $20 million would go to address about 8% of high and very high priority safe routes projects.

Transit enhancement: $19 million would go to projects addressing the safety of bus service and transit access as well as communication.

Substandard streets: $53 million would go to Ross Road and Johnny Morris Road for improvements — including widening roads and adding new drainage — that were recommended in engineering reports that were done as part of the 2016 Mobility Bond.

Capital improvements: $102 million would go to the construction of the Longhorn Dam pedestrian bridge, Congress Avenue urban design, South Pleasant Valley corridor improvements and various pedestrian infrastructure projects.

So, regardless how you might feel about the “YES” vote and the property tax increases, we should all prepare for upcoming rapid changes to our cities’ transportation infrastructure.

Who knows, maybe we will even eventually feel some congestion relief on Austin roads? Nah, don’t get your hopes too high just yet. :)

Austin Named #1 of the Top 5 Markets to Watch in 2020

One year ago, Austin was ranked sixth place in overall real estate prospects and fourth place in local expectation of investor demand. All that has improved even more in 2020. According to pwc.com Guide to Emerging Trends in US/Canada real estate, Austin is now the TOP market in both overall real estate prospects and local expectation of investor demand.

The top ranked cities in overall real estate prospects for 2020:

1. Austin, TX

2. Raleigh/Durham, NC

3. Nashville, TN

4. Charlotte, NC

5. Boston, MA

The report continues to identify Austin as a top-tier 18-hour city. Some of Austin’s defining characteristics, such as its motto, “Keep Austin Weird,” its incredibly talented pool of workplace skills, its outdoor lifestyle and its ongoing commitment to expansion, both in business and in real estate, were some of the reasons for Austin’s top ranking. In addition, Austin has the highest projected population growth rate for the next 5 years among any of the 80 markets that were analyzed for this report.

Although Austin comes out on top for this year, the report did not ignore some ongoing problems that will need to be addressed if Austin is to stay at the top real estate market. Traffic congestion and housing affordability where two of the ongoing issues mentioned that will need to be intentionally addressed by city officials. But for now, Austinites can take pride that we are the very top market in 2020 for the United States and Canada, which is a feat in any season, much less during a pandemic!

Tesla's Largest Plant Coming To Austin

No matter what you think of Elon Musk or his famous brand, Tesla, a decision this past month on selecting Austin for the site of Tesla’s biggest production plant is a win for all Austinites, especially in these pandemic times. Tesla’s new plant is slated to bring on 5,000 new employees in the Austin area who will specialize in assembling two models for Tesla: its new pickup truck slated to be introduced next year, and a Tesla SUV that is already in production. Tesla plans to pay an average salary of $47,147, with entry-level positions starting at $35,000.

Incentive to Come to Austin

Musk was looking for a centralized location in the country for his new plant, and while other locations like Tulsa, Oklahoma, put up a good fight, the city of Austin won out due to its overall incentive package.

Tesla will build on a 2,100-acre site in Travis County near Austin and will receive more than $60 million in tax breaks from the county and a local school district over the next decade. Work on the plant, which will be over 4 million square feet, is already underway, Tesla CEO Elon Musk said.

Where Will Tesla Locate?

Tesla is building the factory on a plot of land east of the Austin-Bergstrom International Airport, next to about two miles of Texas’ Colorado river. The land is largely unused right now, although a sand and gravel mining company does operate in the center of the development.

Future site of Tesla plant in Southeast Austin

The Irony

While we are happy to have this economic boost come to Austin, the irony of Tesla choosing ATX as its largest location is that currently, Tesla isn’t allowed to legally sell its vehicles in Texas. Why? Because Texas state law requires that cars can only be sold through franchised dealers, not company stores like Tesla. We will see if that law flexes over time, but for now, Texans will only be allowed to make Teslas, not buy them!

More Efficient, Easier on the Environment

While many Tesla executives were pushing for Austin as the next choice, the ultimate reason Tesla chose Austin was to cut down on its delivery timeline to customers in the Northeast. East Coast customers will no longer have to wait for a car to be transported from Tesla’s Fremont factory in Northern California, and the company will save on fuel and transport costs as well.

What do you think about Tesla coming to Austin? Let us know in the comments below!

Virtual Reality is Not the Same as 360-Degree 2D Images

Let’s review the differences between a 360-degree 2D image versus virtual reality. A 360-degree video is a compilation of 2D images connected. A buyer consumes the 2D images that are put in front of them; they cannot take part in what is happening because they are limited to the photos provided. The buyers experience is always the same, as you can’t change the photo sequence, move to a different perspective (other than what is provided), or get a 3D spatial feel of the room.

Virtual Reality is an interactive experience. Buyers can walk around, explore the space and even change the space. Does your project have different finishes? The VR technology allows buyers to switch in and out finishes so they can see the difference.

In VR, buyers are also not limited to a predefined sequence as they can access every aspect and area of the property. A buyer’s decision to interact with a certain area will change their experience. Every buyer is unique; so, during the VR walk through, buyers can focus on what is important to them (i.e. spend more time in the kitchen, master bathroom, or admiring the views from the bedroom). And this is what makes VR technology so engaging and attractive to a buyer.

http://www.360homephoto.com/ Example of a 360 Degree 2D image Home Tour

Virtual Reality tour—envision the project before it is even completed

Why Virtual Reality Works For Real Estate

By embracing the VR transformations, a sales team or real estate professional can shorten the buying journey and help buyers and sellers navigate a purchase of a property while under construction. The main advantages to adopting VR in real estate include:

• Accelerates The Sales Process : While 2D renderings were a technology advancement in sales tools, many buyers have trouble visualizing the property until construction is complete. With VR technology, buyers can virtually “walk-through” the non-existent property, see the finishes, and understand the spacial layout for the property. Buyers don’t need to visualize the property as the technology displays the property as if it was built.

• Cost Effectiveness : VR will eliminate traditional marketing initiatives and provides a cost-effective solution. How many model properties were built for the sales team? What was that cost? Access to VR technology, which gives buyers a similar “walk-through” experience plus the ability to display all finish options, is a cost-effective solution. Alternatively there may not be a model home; the VR walk through would provide a cost-effective marketing solution while the property is under construction.

• Global Reach : Customers can virtually view properties from anywhere in the world, opening up the target market. Is your target market limited to the local audience or throughout the world? Provide access to the VR walk through and anyone can virtually view the property.

• Enhanced Customer Experience : Buyers have freedom to explore the property as they wish. Each buyer is unique and will focus on what is important to them. One buyer may focus on the kitchen while others may focus on the master bathroom, pool, library, media room, etc. Every VR walk through allows buyers to personalize their tour of the property.

• Customer Feedback : With every buyer VR walk-through, sales team members receive key insights into the buyers behavior and preferences, allowing them to improve future interactions with that buyer.