The Good Life in Austin Texas

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Has Texas managed to dodge the bullet (and avoid most of the current economic downturn)?

Austin Skyline ViewI wanted to continue my posts about how well Austin and Texas is doing and recently came across the following comment posted by a buyer:

"Of course all the realtors are optimistic about buying in Austin, it is their job and their bread and butter."

It is a shame that much of the general public has such a low opinion of our industry but that is just how it is these days. I offer the following information as reassurance that the current state of affairs in Texas is not just some realtor "pie in the sky" optimism. In reviewing 2007 and the first half of 2008.

  • No. 1 greenest city in America, MSN.com
  • No. 1 in terms of job growth, Forbes' "Best City for Singles"
  • No. 1 city for growing businesses, Expansion Management's "2007 Mayor's Challenge Rankings
  • No. 1 overall economic vitality, Moody's Economy.com, "Business Vitality Index"
  • No. 1 of top four cities to watch, AARP's The Magazine's "Great Places to Live"
  • No. 2 for overall characteristics, Travel + Leisure's "America's Favorite Cities"
  • No. 2 best eco-neighborhood (SoCo took the honors), Natural Home magazine
  • No. 2 best walking city, Prevention Magazine
  • No. 2 fastest-growing wine region (Hill Country), Orbitz.com
  • No. 3 adventure city, National Geographic Adventure's "50 Best Places to Live and Play"
  • No. 3 best city for young singles, Kiplinger's Personal Finance
  • No. 3 top city for making movies, MovieMaker magazine
  • No. 5 luxury housing market, Unique Homes magazine
  • No. 7 hottest job market for young adults, Bizjournals
  • No. 10 healthiest city in America, Sperling's Best Places
  • No. 16 hottest entrepreneurial city, Inc. magazine, "Boomtowns 2007"

The high-tech, a booming film industry and the University of Texas all helped propel Austin to the top of Forbes' 2008 list of America's Fastest Growing Metros. Forbes credits the local boom to high-tech employers like Dell Inc. (NASDAQ: DELL) and IBM (NYSE: IBM) as well as the University of Texas, which is producing ample engineering talent.

I wanted to emphasize that we are stiil going to feel the effects of the nationwide slump but confidence in the Texas economy and a continuing population growth are helping us avoid the extreme downturn ths is occuring elsewhere so there is good news here!

Russell M. LewisPage copy protected against web site content infringement by Copyscape 

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9 commentsRussell Lewis, Broker,CLHMS,GRI • July 21 2008 02:14PM

Comments

I was watching a news clip - regarding TX economy and how it is the one exception not following the national trends --- a good thing. Of Course - it is the oil, but every geo area has it's high's and low's so ride it while you can...... it still fuels the economy and good for you taking advantage of this market to make a decent living. Why not???? 

TX offers so much for all kinds of people. I especially like the Austin demographics. You have quite a mix - students, tech, oil, housing with a generally educated population. You have a lot to offer no matter what the state the economy is.

Good Luck! 

Posted by Patricia Murray (Premiere Plus Realty Co.) over 2 years ago

Russell,

This is more great information to pass on to the referrals we have that are thinking of moving to Texas!

Posted by Allysoun Musslewhite (AvenueOne Properties, Inc.) over 2 years ago

Great information, thank you!

Posted by Donna Harris, REALTORĀ® & ASP - Hill Country Austin Lakeway Homes (RE/MAX Austin Skyline) over 2 years ago

Hi Rusell,

This is great info!  One other thing that seems to be very positive about TX is that you did not have the rapid inflation of home prices that happened in some markets.  Now those formerly high flying cities are seeing big price declines, and grabbing most of the media attention, while you guys continue to have a solid real estate market.  In fact, after taking a quick look at your numbers, Austin looks like it is a strong market.

Posted by Not Yet Licensed over 2 years ago

Hi there,

Thanks for your comment, you are absolutely correct and on top of that, more folks are moving here than any other past of the country. As you have already seen, that is driven by a number of positive factors!

Russell

Posted by Russell Lewis, Broker,CLHMS,GRI (AvenueOne Properties, Austin Texas Real Estate) over 2 years ago

Russell, Thanks for geeting the news out. Ther are so many people stillsitting on the fence here in Texas and this is excellent information to pass along to our buyers,

PS. Thanks for telling me about active rain, it's a great site!

Posted by Allysoun Musslewhite (AvenueOne Properties, Inc.) over 2 years ago

Hi Allysoun,

Thanks you for commenting and thank you for looking into the site. I hope we can generate some interest in our fellow agents because active rain has so much to offer!

Posted by Russell Lewis, Broker,CLHMS,GRI (AvenueOne Properties, Austin Texas Real Estate) over 2 years ago

Hey, Russell.

I thought I'd come over here and see what a couple of your oldest posts were about.

I tried to move from College Station (home of the Fightin' Texas Aggies! Whoooooooooop!) one time, but I went to Austin on Super Bowl Sunday in preparation for my interview on Monday. The Super Bowl got about one minute of time on the sports and the other 23 hours and 59 minutes was filled with University of Texas football, basketball, baseball, swimming, diving, track, etc., news. I decided there was too much burnt orange in Austin for this maroon-blooded Aggie -- LOL.

Posted by Russel Ray, San Diego home inspector (Russel Ray, Property Consultant) about 1 year ago

Hi Russel Things have changed quite a bit since I first posted this seven months ago. I should probably post an update. The situation is not as positive as back then but thankfully we are not suffering as much as folks in other parts of the country!

And I completely understand your reaction to Asutin's All orange, all the time state of mind. I attended for a short time and honestly I enjoy my Aggie friends as much as my tea-sipping pals!

Posted by Russell Lewis, Broker,CLHMS,GRI (AvenueOne Properties, Austin Texas Real Estate) about 1 year ago

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