The often outspoken owner says it’s not the last we’ll see of him. After having run in the past for both mayor and lieutenant governor, I believe him. But unfortunately, I’m afraid his next venture might not be in the restaurant industry at all, especially considering all of the ups and downs he’s experienced as business owner. Katz has filed for bankruptcy multiple times (most recently in July) and as well owes several thousand in back taxes.

Despite whatever poor business practices may have ultimately led to the decline of my former favorite West Sixth Street restaurant, there remains a beacon of hope for those of us willing to travel. Barry Katz, Marc’s son, is still operating the hugely popular (and hopefully hugely successful) Katz’s Deli in the Montrose area of Houston. So if you’re craving a reuben and cheescake shake – my absolute two favorites – then it’s time to come up with a reason to visit the Bayou City.

Legislative leaders of the proposition, backed by Comptroller Susan Combs, claim that writing out the requirement (in place since 1984) would save hundreds of millions of dollars and give the school districts “more flexibility” in education. But at who’s expense?

Well, there are several right answers here. For one, the change would cause the loss of as many as 12,000 teaching jobs, according to teachers groups backed by Democrats in the House and Senate. It’s no secret that a rise in unemployment only has the potential to further damage the economy (which is already part of the reason the budget is in such bad shape). Not to mention the fact that larger classrooms would only mean that students would receive less individualized attention and support – a factor I personally believe is quite important to students who are just beginning their educational development.

Regardless of the outcome and it’s potential effects,  there’s one thing that’s for sure – expect heated debates in the state Congress this week.

Con:  Personalization Abilities are Limited
One potential downside to living in a condo is that you are more limited in terms of personalizing your home. While you can make modifications to the inside of the condo, you can’t change the outside to suit your personal taste and lifestyle.

Pro:  You Don’t Have to Worry About Maintenance
While you can’t make modifications to the outside of the condo, you also don’t have to worry about maintaining the structure or performing routine tasks such as mowing the lawn or taking care of the landscaping.

Con:  Paying Fees
Of course, to enjoy a maintenance-free lifestyle, you will have to pay association fees when living in a condo. Although these fees generally are not too extravagant, it is certainly something to consider when trying to decide if condo living is right for you.

Pro:  Enjoying Amenities
In addition to having maintenance cared for, the fees you pay while living in a condo also grants you access to the amenities the condo has to offer. In many cases, condos have swimming pools, workout facilities, free parking and other attractive amenities available for their residents.

Cons:  Lack of Privacy
Since living in a condo generally involves living in the same building with many other people, condo living typically results in less privacy than living in a house. Therefore, if you are someone who places a premium on privacy, living in a condo may not be the right choice for you.

Pro:  Making Friends
While there is a certain lack of privacy involved with living in a condo, condo living does provide you with the opportunity to get to know your neighbors. In fact, many condos regularly host special events for residents that allow them to get to know each other better. Therefore, if you are someone who enjoys socializing with others, living in a condo might be just what you are looking for.

All in all, in my opinion, it comes down to how much free time you have and how you want to spend it. If you enjoy having the flexibility to come and go without concern for maintenance of the exterior of your property then this owning an Austin condo might be right for you.  If you’d rather work in the garden, enjoy the smell of fresh cut grass and then perhaps a single family home in the Austin area might be better.

About the Author: Brian Kinkade is a broker and team lead with Brokers Guild – Cherry Creek Ltd, one of Denver’s fastest growing full service Denver real estate firm. Brian’s team of Internet savvy agents service the Denver Metro area while specializing in Denver luxury homes and Denver luxury foreclosures.

Check on Liens

If the owner of the home has defaulted on the home mortgage loan, chances are good that there are liens on it as well. Therefore, you should be sure to find out if there are any liens from unpaid tax bills, repairs, association fees or any other organization that might have put liens on the property. Having liens doesn’t necessarily mean you shouldn’t purchase the property, but you need to keep these liens in mind when determining whether or not you are really getting a good deal.

Procedural Differences

Purchasing a foreclosed property involves following different procedures from the standard home purchase. As such, you don’t enjoy the same safeguards and other protections that are found with a regular home purchase. Furthermore, the purchasing process is different with foreclosed properties. In fact, in many case, you will need to have proof of financing as well as 5 to 15 percent of the purchase price to provide as a deposit. Therefore, you need to be prepared to come up with a significant amount of money within a short period of time if you plan to purchase a foreclosed property.

Dealing with Unwanted Tenants

In some cases, the previous occupants of foreclosed properties will be reluctant to leave. In this case, you might have to go through the trouble of evicting them. While the law will be on your side in this situation, it can be a very stressful experience.

The Condition of the Property

While there are plenty of foreclosed properties that are in great shape, some are in less than desirable condition. In fact, some previous owners will purposely damage the home simply out of spite. Since the properties are generally sold “as is,” you could potentially find yourself in a bad situation when purchasing a foreclosed property. To protect yourself from this possibility, you should be sure to get a thorough inspection of the property before you make a purchase.

Foreclosed Property Listings Can Be Found in Many Places

The best way to find out about available foreclosures is to contact a Broker or Realtor, but you can also obtain lists of foreclosures from a variety of different sources. These include the REO departments of various banks, the US Marshall’s Office, the VA and the IRS. If you wish to purchase a HUD foreclosure, however, you will need to go through a Broker.

About the Author: Brian Kinkade is a broker and team lead with Brokers Guild – Cherry Creek Ltd, one of Denver’s fastest growing full service Denver real estate firm. Brian’s team of Internet savvy agents service the Denver Metro area while specializing in Denver luxury homes, Colorado horse property and International sales. They invite you to visit their advanced real estate website today to search for homes, gather local information, and learn about Denver neighborhoods. Brian and his team are standing by and ready to assist with your home purchase, property sale or relocation needs.

• Alumni giving
• Difference between predicated and actual graduation rates
• Faculty resources
• Financial resources
• Graduation rates
• High school counselor ratings
• Retention rates
• Student selectivity
• Undergraduate academic reputation

With a total of 100 points possible in the system developed for this particular study, the University of Texas earned 59. Some of the reasons the university earned such high rankings included the school’s admissions selectivity and the fact that it is located in a city with one of the “best city atmospheres for students.” The fact that the university has more than 900 clubs and 50 fraternities and sororities also helped it earn high marks, as did the fact that it is home to some of the most highly regarded graduate and undergraduate programs in the country.

Harvard University, Princeton University, Yale University, Columbia University, Stanford University and the University of Pennsylvania took the top five spots, with Stanford and the University of Pennsylvania tying for the fifth position. Other Texas schools that made the list include:

• Rice University (Number 17 with a score of 82)
• Southern Methodist (Number 56 with a score of 53)
• Texas A&M University (Number 63 with a score of 52)
• Baylor University (Number 79 with a score of 47)
• Texas Christian University (Number 99 with a score of 42)
• University of Texas-Dallas (Number 143 with a score of 32)
• Texas Tech University (Number 159 with a score of 28)

In all, 262 schools were included in the list.

Interestingly, in related news, the University of Texas was recently granted two grants from the Texas Higher Education Coordinating Board totaling $490,000. Approximately $400,000 of this grant is to be used for an initiative that is meant to improve college readiness as well as developmental education by providing the funding needed for students to participate in a summer bridge program, unique learning communities and non-course-based remediation options.

“By developing and testing innovative approaches to developmental education, we can positively impact the future success of not only University of Texas at Austin students, but students across the state,” said Dr. Cassandre Alvarado, who is the co-director of the grant as well as the assistant dean, in an Austin Biz Journals article.

As one of only nine schools participating in the study, this initiative only further demonstrates why the University of Texas was ranked so highly by U.S. News & World Report on its list of the nation’s best schools.

“I think this report shows there is life for Austin real estate after tax credits,” said John Horton, who is the chairman of the Austin Board of Realtors. “Sales volume was down only 4 percent compared to June 2009, which was last summer’s peak month.”

Horton further reported that that the average time it took to sell a home went down once again in June, which is the sixth month in a row the Austin area has experienced this positive trend. When compared to June of last year, the time homes spent on the market fell by 14 percent. In addition, while the volume of homes sold did decrease, the median price of the homes sold in June 2010 grew by 4% when compared to June of the previous year. The total dollar volume of properties sold also increased by 6 percent to $554 million, a phenomenon that is largely contributed to the fact that there was a larger demand for higher priced homes.

“The federal tax credits were most successful in getting first-time homebuyers into the real estate market, with most purchasing ‘entry-level’ homes,” said Horton. “This helped existing homeowners purchase ‘move up’ homes, which in turn helped spur activity in higher price ranges.”

Pending sales did decrease by 23% when comparing June 2010 to June 2009, but new listings went up by 2 percent during this same time period. Furthermore, active listings went up by 16 percent.

Although the federal first time homebuyer tax credit has expired, those interested in purchasing a home in Texas may still be able to take advantage of the $500 million Bond 77 program that was launched by the Texas Department of Housing and Community Affairs in May. Through this program, eligible first-time homebuyers can obtain mortgage loan assistance. For example, Texas homebuyers may be able to use the program to help them obtain a lower interest rate or they may be able to receive assistance with making a down payment.

“It appears that we are seeing some stabilization and the office market is turning the corner,” said Rick Whitely, who is a partner at Oxford Commercial, in a recent Austin Biz Journals article. “Most of all new construction has come online already so the vacancy rate should stabilize more easily.”

The Central Business District within the downtown area is showing particular promise, as its direct vacancy rate has now fallen for the third straight quarter in a row. In fact, during the fourth quarter of 2010, the rate was at 15.05%, but it fell to 14.98% during the first quarter of 2010 and then to 14.53% in the second quarter.

The retail market is also showing promise, with the Austin retail market being the only major Texas metro to show an increase in its retail occupancy rates during the first half of 2010. At the end of 2009, the retail market was reporting an occupancy rate of 91.5%. By the middle of 2010, the rate was just under 92%.

“While the increase remained small, it was still positive, thanks in part to the continued absorption of major vacancies on the market, as well as a major new project that opened substantially leased,” said Ian Pierce, who is a spokesman for Weitzman.

The largest vacancies within the Austin market were reportedly caused by the failure of the national chain Circuit City, which occurred in 2009, as well as the 2008 failure of national chains Shoe Pavilion and Linens ‘n Things. Many of these retail spaces, however, are now being re-used or have been backfilled. Furthermore, the capital city is on track to add another 600,000 square feet of new retail space in 2010. Most of the new space will be developed in phases and are part of projects that have already been set into motion, such as those involving the relocation or expansion of existing retailers. This still falls short of previous growth, such as the 2.8 million square feet that was added in 2008 and the 1.4 million square feet that was added in 2009.

While Austin certainly has earned its bragging rights when it comes to being a great city for young professionals, the city still has room for improvement in terms of its volunteer rates. In fact, according to a report released by the Corporation for National Community Service, the Austin-Round Rock area ranked number 36 out of 51 metro areas when it came to the volunteer rates of large cities. When it came to Baby Boomer volunteers, Austin ranked number 14 out of 51 cities, but the city came in the number 40 position when it came to the volunteer rates of young adults and teenagers. In all, just 25.3% of the city’s residents volunteered for a total of about $885.5 million worth of volunteer services being provided from 2007 through 2009.

Although researchers aren’t certain why Austin has such low volunteer rates, one theory is that the lower homeowner’s rate may be a contributing factor. With the national homeowner’s rate being 66.6% compared to the 60.6% rate in Austin, this is certainly one possible explanation. On the other hand, Austin has a lower-than-average poverty and unemployment rate as well as a higher-than-average education rate, both of which tend to be associated with higher volunteer rates.
According to the results of the report, Austin appears to be following the dominant trend found throughout the state of Texas. In fact, Austin has the second highest volunteer rate when compared to other metropolitan areas in Texas. Dallas, which took the number 19 spot, has the highest ranking in Texas, while Houston and San Antonio tied for 40th and San Antonio took the 46th position. As a whole, the state of Texas took the number 40 position.