Mixed Use Development Plans to Revitalize Downtown Arlington

A recent article in the Star Telegram by Susan Schrock reveals that a 43 million dollar mixed use development will be replacing Arlington Central Library. The Development is set to start next summer and will have 40,000 square feet of street level space, and 240 apartments wrapping around a parking garage. Arlington like many US cities is working to revitalize its downtown areas. Many of the people involved think this is a big step toward the revitalization effort. “This is really exciting for Arlington,” Councilman Robert Rivera said. “What I think I personally like about it most, it mirrors the structures you see in successful downtowns across America. I have a feeling this will be a genesis of new things for our downtown.”  The library will open up north of city hall and will be larger than the one being replaced so it seems like Arlington is getting a win win situation for it’s central city. Overall, I think this is going to be great for the area. I think that mixed used developments add so much particularly in the tight quarters of a downtown area. Living, working, and playing all in the same area without the use of an automobile limit pollution, encourage exercise, and decrease traffic. With this new area downtown will become more attractive to businesses and particularly young professionals who are more likely to live in central city areas. In my opinion this is a step in the right direction for the city of Arlington and should help the economy and culture of their downtown area.

Find out more at Fort Worth Star Telegram

Increasing Supply of Apartments Keep Rent Growth Down in Austin

A recent article in the Austin American Statesman addressed the supply and demand of the Austin apartment market. The Apartment market in Austin is one of the strongest in the nation with an occupancy projected to be about 95.5 percent for the year. That number is practically full occupancy, and would lead one to believe there is a lack of supply. However, 14,500 units have been finished or are about to be completed by year end and an additional 8,700 units are predicted to come into the market next year. Now, one might ask how can all these units be filling up? Well, there is high demand for apartments in the area with a 2.6 percent increase to 20-30 year olds. A good aspect of this increased supply is that finally rents are starting to slow down a bit. Rent growth rates have slowed from 4.8 percent last year to 3.6 percent this year.  Still, Austin is an extremely strong market and plans to absorb all the supply with the growth of its high tech companies and its inviting culture for millenials. Only time will tell now how much more supply Austin’s apartment market can handle but one would think that the sky may be the limit.

Read more at Austin American-Statesman

Blog Assignment #2

BLOG ASSIGNMENT #2

1. Real Estate is the land and anthing reasonalby fixed to the land. Real propety is the rights associated with owning real estate.
2. In an article from the LA Times Mike and Chantell Sackett wanted to build a home on Priest Lake in Idaho but couldn't afford it. So they bought a residential lot across the road that offered a distant view of the water. They cleared the land and laid gravel in hopes of building their dream home. But instead, the Sacketts found themselves trapped in a four-year legal battle with the Environmental Protection Agency over whether their dry lot is a protected "wetlands,” making it off-limits for building. The Sacketts are clearly in a tough position and did not clearly understand the full property rights before purchasing the property. Which is most likely why the property was cheaper than some of the others they had looked at.
3. Private restrictions or encumbrances are restrictions and limitations on the fee simple ownership rights that generally run with the land. Examples include Covenants, Liens, Easements, Profit a prendre, Adverse possession, and Encroachments.
4. In Thornton, Colorado, Century Community townhome owners are facing liens placed by a painting company. The painting company claims it is owed 44,000 dollars from the developer and is demanding payment. Century Community claims it has already paid the painters for the work done. Clearly these home owners are caught in the middle of a dispute they had little to do with. In addition to this problem many of the townhome owners have encountered other problems from the developer. Century Community might be in bigger trouble than being late on payments to a painting company.
5. Public restrictions on real estate, also called government powers is where Governments create limitations on the ownership of real estate. Examples include Taxation, Eminent Domain, Police Power, and Escheat.
6. In Atlantic City, New Jersey a man is fighting an eminent domain case against the Casino Reinvestment Development Authority. The CRDA wants to take his home he inherited from his parents. The house is located on the boardwalk near the recently closed Revel Casino Hotel. The state is trying to obtain the house under its efforts to revitalize it’s slumping gambling and tourism industry. The man has signed a petition and has people behind him, but it may be for not because a judge has ruled against him. The man is appealing the case. The land is planned to be used for a mixed land use project.

Home Ownership is Alive and Well With Teens

A recent CNBC.com article reveals that the American dream of owning a home is still alive and well with teenagers. “The study, conducted for real estate service Better Homes and Gardens Real Estate, found that 97 percent of those ages 13-17 believe they will own a home in the future. Compared with the 40 percent of millennials who said in an earlier Better Homes study that they expected to buy a home in the near term, these new figures prove that the younger generation may be more attached to the notion of home ownership.” However, this information can be interoperated in a number of differ ways. First, teenagers may not realize the massive amounts of student debt and low wage growth that face them down the road. Many of the millennials surveyed probably have seen or are going to see the previously mentioned problems as well as other problems like high rent and the difficulties involving loan approval. I think millennials surveyed are just trying to be realistic with their expectations of owning a home in the near term, but looking forward long-term, I do not think that millennials are completely divorced with the idea of home ownership. The article goes on to say that half of millennials may soon be shopping for homes and with the recovering economy this number could even increase.

            One might wonder why is there such a strong connection for teens to own their own home and many people don’t have much of an idea. The article says that some may have the connection of having to move from their childhood home because of the great recession. This makes sense to me because home ownership was and still is important to similar generations who were children during the great depression. The mindset stemming from the recent recession for theses teenager may be based on the idea that having a physical investment like a house cannot be taken from them after it is payed off. Going through these hard times and having to leave a place they enjoy could clearly have effects like the ones previously described.

            Only time will tell if millennials begin to become more prominent home owners and begin to embrace what many people view as the American dream. Also, it will be interesting in time to see if todays teenagers, generation z, will truly become the home owners they are surveyed to be.

Check the full article out at CNBC.com

Millennials and the American Dream

The recent article from CNBC.com titled, “Are millennials starting to embrace the American Dream?” by Diana Olick, addresses the differences between millennial and previous generation’s home ownership. The “American dream” for previous generations was purchasing a home of their own often time in the suburbs of cities. Today, millennials faces challenges like high unemployment, the fresh memory of the great recession, increased credit score requirements to get a loan, and the high levels of student debt. These challenges have hindered millennials home ownership presently but there are mixed reviews on whether they will become homeowners like previous generations before.

            A popular mindset of millennials is captured by Ken Wetzel’s statement; “I didn't want to be another statistic or another number of someone who got in over their head because they didn't understand what they were getting into. I didn't want to live and work just to support my four walls.” I think that millennials are going to be more cautious and make sure their finances are up to par before applying for their first home. Also, millenials are breaking the mold by purchasing homes and condos in the city, instead of retreating to the suburbs like past generations have.

            Overall, I think developers and city planners need to take notice of the way millenials are living because this generations is going to be buying and renting many homes within the next few years. City planners need to take advantage of the millennials mindset to live in the city. If city planners can improve public transportation and revive the inner city it will attract more millenials to stay in the city even if they can afford to move elsewhere. This shift from suburbanization to a city-focused approach would add a great deal of benefits in regards to traffic, pollution, public health, and cultural diversity within the city. Also, Developers need to look at mixed use residential as well as more contemporary single family housing that doesn’t add to the suburbanization problem many cities already have. Many groups will be able to benefit from the millennial generation, they just might have to shift their mindsets in order to serve this unique group of people.

Check the full article out at CNBC.com