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Sick of filling up for $45 or more? So are some savvy Austin home buyers, who are now looking for listings close to rail stops |
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Will You Say Goodbye to Gas?
Austin's next lucrative real estate investment
Facing the unsavory potential of $4 per gallon gas, many Austin home buyers are now positioning themselves to break free of gasoline.
As a Realtor here in Austin, I've been hearing from many clients wanting to purchase homes within walking distance - or at least a quick car, bus or bicycle ride - of Capital Metro's new commuter rail stations, which are set to open this fall.
The Leander-to-downtown Austin line will initially have trains running every 30 minutes during morning and evening rush hours, with one midday round trip planned. Hopefully, as gas prices soar, public demand for this service will lead to even more frequent scheduled rail runs.
The transit system's own website makes it all sound like a commuter's dream come true:
"Could it be a dream? You go to work, but you’re not stuck in traffic. You don’t check your watch, wondering if you’ll be late. Instead, you read the sports section or choose a song on your iPod. You arrive early for a change and are remarkably stress free. Soon, sleek new trains and buses will make this dream a reality. Thanks to the All Systems Go plan that you helped create, you might make Capital Metro your second car."
According to the transit agency's brouchure, the nine stops on Cap Metro's first "red line" rail service include:
- DOWNTOWN/CONVENTION CENTER: Of course, this first stop right in front of the Austin Convention Center is a short walk away from most of the entertainment venues and many of the current and future downtown condominiums.
- PLAZA SALTILLO: This east Austin stop at 5th & Comal is a short walk from many single-family homes and brand new lofts and condos in the immediate area.
M.L. KING JR.: I've noticed many brand new single-family homes and condos are being built close to this stop, which will be located at MLK & Alexander Street. I've heard that an interesting mixed-use development featuring condos and street-level restaurants & retail is slated to appear right next to the station.- HIGHLAND MALL: This stop, located on Airport Blvd. just across the street from Highland Mall, is close to the north Hyde Park neighborhood.
- CRESTVIEW/NORTH LAMAR: This station will sit on N. Lamar Blvd, near St. John's. It provides easy access to a corridor of shopping and restaurants in the area, and is a relatively easy walk from the Crestview neighborhood. A new development of single-family homes, specifically tailored toward future rail communters, is planned here.
- BURNET ROAD: This particular location hasn't been finalized yet, as Cap Metro is still wrapping up land negotiations. But it appears this stop is within walking distance of those who live and shop in the upscale Domain development, and is a short bus or car ride away for residents of many neighboring subdivisions such as Mesa Park and Great Hills.
- MOPAC @ HOWARD/WELLS BRANCH: The perfect stop for those living in the north Austin neighbhorhoods of Wells Branch, Milwood and Scofield Farms, among others.
- LAKELINE: This station will replace the existing park-and-ride location at Lakeline Blvd. & Lyndhurst Street, and will serve commuters from Cedar Park & northwest Austin.
- LEANDER: This last stop (or first, depending on your perspective!) will be located at Hwy 183 and FM 2243. This area offers extremely affordable new and existing homes, as well as highly-rated schools.
Again, Cap Metro initially plans to only offer weekday "rush hour" rail service. But my wife and I - and many of our clients - are licking our chops at the possibility of round-the-clock rail service that could save time and money for connoisseurs of downtown nightlife.
There was a time when it appeared Austin was a long way off from truly embracing this kind of public transportation. Now, thanks to the ever-hungry oil & gas cartel, that process seems to be speeding up considerably.
The biggest winners in Austin's next real estate boom won't be boasting about marble countertops or downtown views. Instead, they'll be bragging about the short walk to the neighborhood light rail station.
To request a list of properties currently for sale near a light rail station, fill out the form below:
