Elon Musk may be moving to Texas, but another tech billionaire isn't following in his footsteps. Oracle founder Larry Ellison announced while he is leaving California, he is headed for blue waters.
We've compiled the latest Austin news and information to help you keep up with interesting stories and breaking news around the city. Here is what we have shared so far this week:
Dec. 15: Housing market isn't matching historic trends this time of year and 4 more headlines you might've missed
Real estate immune to pandemic: Austin's housing market was already hot before major tech companies started relocating here. KXAN reports that record-low housing inventory is causing homes to sell faster—35 days—and at higher levels—$441,000 median sales price—in Austin than usual. Even the usual holiday sales dip seems unlikely this year, experts claim.
Another Silicon Valley departure: Oracle may be moving here, but Oracle's founder is heading the other direction. Billionaire Larry Ellison already moved from California to Hawaii, using "the power of Zoom" to keep connected with the continental U.S. Ellison, the world's seventh-wealthiest person, also has some business interests in Hawaii, Austin Business Journal reports.
Return of The Pier?: Historic restaurant The Pier on Lake Austin could soon return long after being forced to shut down in the mid-2000s, but it won't make any progress until at least January, Austin Monitor reports. The Pier, a Lake Austin restaurant for 47 years, is attempting to reopen at its old location but requires a zoning change to make needed repairs. A Lake Travis version of the restaurant was short-lived.
Tiny desk treatment: Black Pumas recently hosted an at-home, stripped-down set for the Tiny Desk music series hosted by NPR. Playing a Tiny Desk show has become a right of passage for many musicians, adding to the accolades Black Pumas has received this year, including three more Grammy nominations to follow up their Best New Artist nod.
P. Terry's ventures south: The 19th location of P. Terry's Burger Stand will debut Wednesday in New Braunfels, representing the Austin-based chain's southernmost location yet. It's a precursor to P. Terry's first San Antonio location, CultureMap reports, originally scheduled for this fall but moved to summer 2021.
Dec 14: H-E-B responds to reports and 4 more headlines you might've missed
HEB leadership responds: After last week's report from VICE that anti-maskers caused H-E-B to relax mask enforcement, Austin Business Journal talked with one of the grocery company's executives about mask use in stores and supply chain issues. Just as VICE reported, ABJ learned that mask-less patrons are not forced to leave H-E-B stores.
Country great dies of COVID-19: Charley Pride, a country music legend and trailblazer, died this weekend from COVID-19 complications. Pride, 86, was inducted into the Country Music Hall of Fame 20 years ago, becoming the first Black singer to receive such recognition. He's also one of only three Black members of the legendary country music venue Grand Ole Opry in Nashville. Austin City Limits TV recognized his 1981 performance during Season 6 of the long-running live music series.
Latin voices during the pandemic: Voces Oral History Center has interviewed nearly 100 people as part of its "Voices of the Pandemic" project documenting how the Latinx community members has coped with COVID-19. Austin Monthly profiled The University of Texas project, which began in 1999 well before the pandemic.
Hemp farmers in Hays County: The first-ever Taste of Texas Hemp Cup, a contest recognizing the state's top hemp farmers, took place this weekend in Hays County. Hemp, used to produce legal CBD products sold in Texas, looks like marijuana but doesn't give you the psychoactive effect of THC. KVUE reports the contest attracted hemp growers from the far corners of the state.
Stock cars at COTA: When NASCAR visits the Circuit of the Americas racing venue next year, the entirety of the 3.41-mile road course will be utilized. Originally designed for Formula 1 racing, COTA has 20 turns as opposed to oval track used in most NASCAR races. Jalopnik reports the late May race will be part of a full NASCAR weekend of events at COTA that will also include the Truck Series.
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So you want to buy a house?
To anyone trying to get on the "housing ladder," it's been a discouraging couple of years as prices skyrocketed in a market crowded with buyers bidding against each other for just about any available home.
Things may be calming down, with the Austin Board of REALTORS reporting fewer sales and more available homes this summer.
Mortgage rates have more than doubled in the last year, from around 3% to well over 6% on a 30-year fixed rate loan, getting even more of a bump this week after the Federal Reserve raised bank rates on Wednesday.
So how affordable are homes right now? That, of course, depends on what you want and how much you're able or willing to pay, but here are some rough estimates of what a typical buyer would pay to buy a $650,000 home, which would be considered "mid-price" in today's market.
Mortgage banker Chris Holland (NMLS 211033) of Austin's Sente Mortgage ran some numbers for Austonia to illustrate a typical purchase.
Holland says that while the 30-year fixed rate mortgage is often mentioned in the media, the most popular loan that he's seeing now is a 7/1 adjustable rate mortgage, which has a fixed rate for 7 years and then adjusts every year based on market rates, with a limit on how much it can increase each year. The interest is amortized over a 30-year period. Adjustable Rate Mortgages (ARMs) offer lower rates than fixed rate loans.
Here are the numbers, which are examples. In practice, exact numbers vary with a buyer's credit rating and overall financial situation, and with the rate, which can move up or down at any time.
- $650,000 home purchase price
- 7/1 ARM at 5.875%
- 5% down payment, equals $32,500
- 95% financed, equals $617,500
- $4,990 payment, including principle and interest (P&I), insurance, and property tax
- Typically, a borrower's debt to income ratio needs to be at or below 45%. So for this mortgage, a borrower, or borrowers, would need income of roughly $11,100/month, or $133,200/year. That number could be higher, depending on the buyer's outstanding credit balances on things like credit cards and car loans.
Holland says he's had a lot of clients approved for loans who were house hunting but have put that on hold, hoping prices come down.
Camp Fimfo Waco, a brand new camping resort, is kicking off football and fall camping season in style! With top-notch amenities, premium accommodations, and 10 weekends of fall fun, there’s no better place to have a fall camping getaway, especially if you’re a Baylor football fan!
Fall promises to be a one-of-a-kind camping experience. From Sept. 16 to Nov. 24, weekends will be packed with fall-themed activities, including special Halloween weekends in October. Campers can enjoy activities like fall crafts, campground trick-or-treating, costume contests, site decorating, outdoor movie nights, and more!
Packages and Ways to Stay
Camp Fimfo Waco
Located just 5 miles from McLane Stadium, Camp Fimfo Waco is the perfect place to stay during home game weekends. Skip the stuffy hotel room and embrace the great outdoors before cheering on the Baylor Bears! Campers can purchase a Baylor Tailgating Package that includes a pre-game meal from Executive Chef Sean Kelley and transportation to and from the game! Chef Kelley will also be cooking up delicious, elevated tailgating meals near the stadium so make sure to check out The Plaid Plate food truck before the game.
Stay in style and comfort, no matter your camping preference! At Camp Fimfo Waco, there are multiple ways to stay. Red Carpet RV sites come with a concrete pad and patio, full hook-ups, cable hook-up, a charcoal grill, fire ring and fire pit. Back-in or pull-thru options are available, as well as coveted spots tucked along the Bosque River!
Don’t have an RV? Not a problem, Camp Fimfo Waco has cabins too! Book a Riverview Firewheel Cabin if you’re looking for an air-conditioned oasis for the whole family. Complete with a kitchen and private bathroom, this cabin can fit up to 10 people. Elevate your stay by adding on a golf cart or snag a private cabana by the pool for guaranteed shade. With wifi available throughout the park, you can stay connected during your stay!
Amenities and Activities
Camp Fimfo Waco
Camp Fimfo Waco features lots of amenities to fill your days with fun, whether you’re a kid or kid at heart. After challenging your friends to a game of pickleball, basketball, or mini golf, go for a dip in the resort-style, heated pool - open daily through October! Stay on the weekends through October to enjoy the interactive splash playground. With plenty of ways to burn off energy, like the jumping pillow or playground, you can be sure to end the day with a peaceful night around the campfire!
Right now, you can get the fourth night FREE when you book three nights with the promo code BONUS! Check out the Offers page for full details and more promo codes!