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Hays Free Press
Kyle, Texas
July 31, 2013     Hays Free Press
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July 31, 2013

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i CLASSIFIEDS PUBLIC NOTICES SERVICE DIRECTORY July 31, 2013 Supply demands monikers THE REAL " any of us are familiar with the .real estate terms "buyers market" or "sellers market." But what exactly what does that mean and how does it affect how people buy and sell homes? Like any commodity, the law of supply and demand plays a big role in how something is bought and sold. One way of calculating the current housing market condition in a specific area is a formula known as the absorption rate. The absorption rate can be used to view the current market by type of home, square footage, number of bedrooms, subdivision, area, zip code, city, state and so on. The absorption rate is calculated by the number of homes for sale in a specific area divided by the number of homes sold, which equals the months of inventory. For example, according to the Austin Board of Realtors on July 10, 2013, there were 144 Homes for Sale in the 78640 (Kyle) zip code. From June 6 to July 8, 2013, a total of 61 of these homes were sold. The abso/ptiofi rate - or months of inventory during this time - is 2.36. That means at the current rate, if no other homes came on the market and homes continued to sell at the same rate, the 78640 area code would have a total of 2.36 months of inventory. The months of inventory determine the current market condition of the area. If it's four or less, it's typically a seller's market. Five months of inventory is considered a balanced market and six months or more is a buyer's market. The absorption rate or the month's home inventory can change quickly. It is important for both homebuyers and sellers to be aware of the current market conditions. Your realtor can calculate the absorption rate for your specific area. This data is available to them through the local real estate board. However, the local real estate board does not include homes sold by owners or all new homes. Knowing if it is a buyer's or seller's market has benefits. For example, Austin and surrounding areas are in a seller's market. With fewer homes for buyers to choose, the number of days homes are on the market is reduced. In some areas, sellers are receiving multiple offers, all of which causes home values to rise. In a buyer's market, the inventory of homes available is increased. The number of days a home is on the market also increases. Buyers can be more selective when making an offer to purchase a home. Sellers tend to be more willing to negotiate terms. Regardless of market conditions, each real estate transaction is completely unique. This information is meant to be a generalization of the real estate market as a whole. Each transaction has to be agreed upon by both parties and specific criteria must be meet. Allen Dearer is a real estate agent who lives in Kyle. He works with Sky Realty. Buda, Hays CISD welcome Estancia BY MOSES LEOS III After years of talk and speculation, Estancia Hill Country is on its way. In what used to be a sprawling 600- acre tract of land owned by the Heep family, scores of residential housing and commercial space will now take its place. In 2007, Dallas-based company Stratford Land purchased the property from Hatsy Heep Shaffer, one of the well-known heiresses of the expansive 10,000-acre Heep family farm. Plans on the Estancia Hill Coun- try website call for more than 270,000 square feet dedicated to retail and din- ing space. Additionally, it will feature a 1.9 million-square-foot corporate campus. However, numerous delays have hindered development. Issues regarding the distribution of water, along with who will develop in Estancia were solved by 2013. In June, the city of Austin annexed the prop- erty. The Austin City Council also ap- Plans on the Estancia Hill Counby website call for more than 270,000 square feet dedicated to retail and dining space. Additionally, it will feature a 1.9 million-square-foot corporate campus. proved a public improvement district (PID) for the land. On July 22, the Lennar Corporation purchased 107 acres from Stratford, where it will begin the process of build- ing residential and mixed-use build- ings. Lennar estimates approximately 385 home sites in the 107-acre parcel. Closely watching the upcoming de- velopment will be the city of Buda. Ann Miller, executive director for the Buda Economic Development Corporation (EDC), believes the city can benefit from Estancia. "[Estancia] provides a unique op- portunity for Buda to capitalize on," she said. Miller believes Estancia will increase the sales traffic in Buda. Those living in the development will be drawn to the city, avoiding the hustle and bustle of Austin. She also said the proposed corpo- rate campuses will be "employment hubs," helping to increase the city's population. While Buda will see some form of retail leakage, Miller believed the city would not be adversely affected. Es- tancia was not factored into the Pega- sus retail study in March, but it was discussed. "Overall, our estimates on Buda [in regards to Estancia] are positive," she said. "We hope to capitalize on Estancia." In addition, the corporate campuses will attract new residents and those who may want a shorter commute. Hays CISD will also be keeping an eye on Estancia. Tim Savoy, public information of- ricer for the district, said many of the single-family homes in Estancia would not fall into the Hays CISD boundary. But planned condominiums and town homes could send students to the dis- trict. "Estancia will have an impact on us," Savoy said. Currently, the proposed condos and town homes would fall into the Tom Green attendance zone. Savoy anticipates Estancia to con- tribute to the growth of the district. With Hays CISD named the sixth-fast- est growing district in the state, it is bracing for the influx of students. "There are some challenges to growth, but it is a good problem to have." Savoy said. "Growth will attract services; the new Austin Community College campus in Kyle is a prime ex- ample. It will also help small business- es as well." Texas Cinema's rendering shows its proposed $13 million entertainment center to be built at the intersection of Kyle Crossing and Kohler's Crossing. Two movie theaters race to open up shop in Kyle next summer BY ANDY SEVILLA About a month after an entertain- ment complex- featuring a movie theater, bowling lanes, video arcade, meeting rooms and a restaurant- agreed to break ground in Kyle, a second similar project is now stealing its thunder. A San Marcos group, Texas Cinema, submitted an application for a Condi- tional Use Permit for their proposed 75,000-square-foot entertainment center. The facility is proposed to feature an 11-screen movie theater, 14-lane bowling center, game area with 40-plus arcade and redemption games, multi-story laser tag, and full- scale restaurant and bar, according to Mitchell Roberts, who is heading the proposed project. Roberts said the "unique" family entertainment complex would pro- vide $8 million in taxable revenue to the city, as well as many employment opportunities for the residents and students of Hays County. But can the Kyle market support two similar entertainment complexes? Economic Development Director Diana Blank said the city's market could "successfully" support one movie theater/entertainment com- plex, but it would be "difficult to sup- port two." In a special city council meeting June 20, council members unani- mously approved entering into a de- velopment agreement with Schulman Partners, LTD, for the construction of the first proposed entertainment facil- ity- which features a movie theater, Texas Cinema is proposing a 75,000-square-foot entertainment center for Kyle, featuring an 11-screen movie theater, 14-lane bowling center, game area with 40-plus arcade and redemption games, multi-story laser tag, and full-scale restaurant and bar. bowling lanes, video arcade, meeting rooms and a restaurant - scheduled to open its doors by next summer at the Villages of Kyle Shopping Center, adjacent to the Target store. The owner of the second proposed project, David Roberts, submitted a Conditional Use Permit (CUP) appli- cation to the city's planning depart- ment on July 18, according to city documents. That proposed project is slated to break ground in the Kyle Towne Center subdivision and also open its doors by next summer. Mitchell Roberts said his office has been working on the proposed enter- tainment center for "quite some time," and they have now obtained financing for their proposed $13 million proj- ect and are coming to Kyle with their plans. The Kyle Planning and Zoning Com- mission will take up Roberts' CUP application at its August 13 meeting. In the development agreement the city entered into with Schulman Partners, LTD, which has not yet been made public, council members of- fered up financial incentives spanning over a 15-year period, according to a June 21 city news release. The development agreement in- cludes financial incentives in the form of property tax and sales tax rebates, as well as waivers for city develop- ment fees. City officials estimated the total value of the incentives to the developer at $1.1 million. Blank told the Hays Free Press in June she spent the last six years nego- tiating a deal mutually beneficial to Schulman Partners and the city, and said that "it's been a long time com- ing, but it was worth it." Blank said that in the past while looking for movie theater interests to come to town, Cinemark told her the Kyle market was not ready. Now, Texas Cinema, which is not part of Cin- emark corporate but related through family, is ready to break ground in town. Blank said Schulman Partners have not pulled out of their project, and instead are tweaking their plans to get moving faster. Texas Cinema, owned and head- quartered in Hays County, has been "providing quality entertainment for 35 years," with theaters in San Mar- cos and New Braunfels, Roberts said, adding that he is "extremely excited to bring an entertainment venue of such quality to the city of Kyle."