As 2018 is officially here, the holiday season is drawing to a close. Here are 4 stories from the Lake Travis-Westlake are that you may have missed when you were on holiday break.
1. The future of Lakeway will include development of remaining parcels of vacant land in the city center with a major development site plan expected in the first half of 2018, a key developer said. A big tract known as the Lakeway MUD tract is about an 80-acre parcel slated for a City Center mixed-use development by Legend Communities. The company plans to share its site plan with the city in early 2018, Legend officials said in December. The second large land tract is the Stratus Properties planned development district made up of 37 acres behind the existing Oaks at Lakeway shopping center. Stratus has proposed a 350-unit condo complex with an offer to gift the remaining 25 acres to the city. Lakeway’s mayor has a different vision—buying all the land to preserve it as green space, a scenario that would prompt a possible May 2018 bond election.
2. An overhaul of the federal tax code was signed into law by President Donald Trump. The 1,101-page Tax Cuts and Jobs Act could have implications that will be felt in 2018. Here is what you should know about how the law will affect Texan taxpayers.
3. Median home prices in November for the Lake Travis-Westlake area increased again to $534,500. The number of homes sold in 2017 was on pace to hit 2,745, placing sales volume in between 2,731 homes sold in 2015 and 2,768 homes sold in 2016.
“The number of homes sold in the Westlake area went up, as did the average price per square foot,” Brian Talley owner of Regent Property Group in Westlake told the Community Impact Newspaper Dec. 20.
However, according to ABOR, Lake Travis-Westlake area home sales decreased by 6.7 percent year-over-year in November, following an October where home sales decreased by 5.9 percent year-over-year.
“Austin is not immune to bigger global issues, but barring that we’ll continue that positive momentum in 2018,” Talley said.
4. Austin-area toll roads are seeing an increase in prices starting in 2018. The Central Texas Regional Mobility Authority board approved increases in mid-December based on the Consumer Price Index increase of 2.23 percent. Increases amount to 1-3 cents per toll plaza and began Jan. 1.