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	<title>El Paso Texas Real Estate Daily</title>
	<atom:link href="http://elpaso.texasrealestatedaily.com/feed/" rel="self" type="application/rss+xml" />
	<link>http://elpaso.texasrealestatedaily.com</link>
	<description>Featuring a daily updated El Paso, TX real estate blog.</description>
	<pubDate>Mon, 13 Oct 2008 15:00:19 +0000</pubDate>
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		<title>Demand For Office Space Slows Down</title>
		<link>http://elpaso.texasrealestatedaily.com/2008/10/13/demand-for-office-space-slows-down/</link>
		<comments>http://elpaso.texasrealestatedaily.com/2008/10/13/demand-for-office-space-slows-down/#comments</comments>
		<pubDate>Mon, 13 Oct 2008 15:00:19 +0000</pubDate>
		<dc:creator>Ron Park</dc:creator>
		
		<category><![CDATA[El Paso Real Estate News]]></category>

		<category><![CDATA[financial]]></category>

		<category><![CDATA[market]]></category>

		<category><![CDATA[turmoil]]></category>

		<guid isPermaLink="false">http://elpaso.texasrealestatedaily.com/?p=148</guid>
		<description><![CDATA[The ongoing financial turmoil, overbuilding and AT&#38;T’s corporate relocation caused demand in San Antonio’s office market to decline in the third quarter of 2008.
The market had 5,102 square feet of net absorption in the third quarter, compared with 73,000 square feet of net absorption in the third quarter of 2007, according to a report released [...]]]></description>
			<content:encoded><![CDATA[<p>The ongoing financial turmoil, overbuilding and AT&amp;T’s corporate relocation caused demand in San Antonio’s office market to decline in the third quarter of 2008.</p>
<p>The market had 5,102 square feet of net absorption in the third quarter, compared with 73,000 square feet of net absorption in the third quarter of 2007, according to a report released Thursday by Grubb &amp; Ellis.</p>
<p>Absorption is the square feet leased in a given time after deducting space vacated during the same period. So far in 2008, there has been 99,397 square feet of net absorption compared with 623,512 square feet during all of 2007.</p>
<p>“Real estate lags indicators in the economic market, so our slowdown has been coming for a while,” said Katie Edwards, research analyst with Grubb &amp; Ellis. “The reason we’re in the slowdown right now is because of new construction that has already hit the market as well as hesitant tenants in the market.”</p>
<p>There is currently more than 813,000 square feet of speculative office space under construction, 8.2 percent of which is pre-leased. So far this year, more than 648,000 square feet of speculative product has been completed, with about 20 percent of that space leased. This large amount of supply and the low lease rates has made it hard for the demand to keep up, Edwards said.</p>
<p>Many of the leases that were renewed in the third quarter were for three years as opposed to the more common five years, an indication of a “wait and see” attitude, Edwards said.</p>
<p>AT&amp;T’s move did not affect leasing in the central business district office submarket because AT&amp;T kept its leased space downtown. That submarket had 48,621 square feet of net absorption. But the move did affect the North Central submarket, where AT&amp;T vacated leased space at San Pedro Plaza. That submarket had -25,004 square feet of net absorption.</p>
<p>The overall vacancy rate jumped 2.2 percentage points from the second quarter to 14.1 percent. Full-service rents decreased 13 cents from the second quarter to $20.65 per square foot per year.</p>
<p>Edwards expects the slowdown to continue into next year. “A large amount of speculative space is anticipated to come on the market in 2009,” Edwards said. “A positive is that construction is slowing so we’ll have time to absorb existing space before new products come online.”</p>
<p>Credits: <a rel="nofollow" href="http://www.mysanantonio.com/business/30727384.html" target="_blank">My San Antonio</a></p>
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		<title>Texas Reps Want Next President To Think Again On Border Fence</title>
		<link>http://elpaso.texasrealestatedaily.com/2008/10/12/texas-reps-want-next-president-to-think-again-on-border-fence/</link>
		<comments>http://elpaso.texasrealestatedaily.com/2008/10/12/texas-reps-want-next-president-to-think-again-on-border-fence/#comments</comments>
		<pubDate>Sun, 12 Oct 2008 15:00:15 +0000</pubDate>
		<dc:creator>Ron Park</dc:creator>
		
		<category><![CDATA[El Paso Real Estate News]]></category>

		<category><![CDATA[building]]></category>

		<category><![CDATA[government]]></category>

		<category><![CDATA[taxpayers]]></category>

		<guid isPermaLink="false">http://elpaso.texasrealestatedaily.com/?p=146</guid>
		<description><![CDATA[A Texas congressman, citing skyrocketing costs to build a fence along the U.S.-Mexico border, said Thursday he would push the next presidential administration for more cost-effective measures to control drug smuggling and illegal immigration.
U.S. Rep. Henry Cuellar, D-Laredo made the comments after a Rio Grande flyover to view efforts on the ground by U.S. Customs and [...]]]></description>
			<content:encoded><![CDATA[<p>A Texas congressman, citing skyrocketing costs to build a fence along the U.S.-Mexico border, said Thursday he would push the next presidential administration for more cost-effective measures to control drug smuggling and illegal immigration.</p>
<p>U.S. Rep. Henry Cuellar, D-Laredo made the comments after a Rio Grande flyover to view efforts on the ground by U.S. Customs and Border Protection.</p>
<p>“Let&#8217;s regroup and provide border security in a smart way and not just waste the taxpayers&#8217; dollars,” Cuellar said.</p>
<p>Rep. Michael McCaul, R-Austin,  who favors the fence, called for more state and local funding to bolster law enforcement efforts, saying, “What spills across our border is a problem for every community in Texas.”</p>
<p>A report released by the Government Accountability Office just before Congress adjourned in September said the cost of building pedestrian fencing has shot up to $7 million per mile from estimates of $4 million per mile in February.</p>
<p>Ralph Basham, the CBP commissioner, has said the cost overruns are the result of rising prices for steel, materials and fuel.</p>
<p>Cuellar said the increased cost should prompt a serious review by the next Congress and the incoming administration.</p>
<p>Local officials agree.</p>
<p>Eagle Pass Mayor Chad Foster, chairman of the Texas Border Coalition, said he wants comprehensive immigration reform, not just fencing, to stop unauthorized immigrants.</p>
<p>“We look forward to working with the new administration, whoever it may be, to provide real solutions that will finish the job of securing our borders and reforming a broken immigration system,” Foster said.</p>
<p>A goal to build 670 miles of fence this year under the Secure Border Initiative, undertaken by the Department Homeland Security, cannot be met, officials concede.</p>
<p>Lawsuits have contributed to the delays, particularly in Texas, where cities and citizens along the U.S. side of the border object to the fence construction, according to the GAO, the investigative arm of Congress.</p>
<p>Of the 122 border landowners who have refused to sell their U.S. property to the government for fence construction, 97 are located in the Rio Grande Valley, a GAO report said.</p>
<p>In addition, 20 of the Rio Grande Valley landowners are defendants in lawsuits filed by the federal government, on advice of Homeland Security Secretary Michael Chertoff, for condemnation or taking of property, according to the GAO.</p>
<p>Richard Stana, GAO director for homeland security issues, said in the report, “Costs are increasing, the life-cycle cost is not yet known, and land acquisition issues pose challenges to DHS in meeting the goal it set.”</p>
<p>Of the 670 miles of border fencing planned, 109.5 miles are located in Texas. A short stretch of fence near El Paso is completed, and other sections are under construction in Hudspeth County and Eagle Pass.</p>
<p>To date, fencing costs in Texas have reached $575.6 million, said DHS spokeswoman Angela de Rocha.</p>
<p>Rep. Silvestre Reyes, D-El Paso; Rep. Ciro Rodriguez, D-San Antonio; Rep. Ruben Hinojosa, D-Mercedes; and Rep. Solomon Ortiz, D-Corpus Christi, have also urged a complete review of fence construction.</p>
<p>Credits: <a rel="nofollow" href="http://www.mysanantonio.com/news/state/30728139.html" target="_blank">My San Antonio</a></p>
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		<title>Three Downtown Projects</title>
		<link>http://elpaso.texasrealestatedaily.com/2008/10/11/three-downtown-projects/</link>
		<comments>http://elpaso.texasrealestatedaily.com/2008/10/11/three-downtown-projects/#comments</comments>
		<pubDate>Sat, 11 Oct 2008 15:00:59 +0000</pubDate>
		<dc:creator>Ron Park</dc:creator>
		
		<category><![CDATA[El Paso Real Estate News]]></category>

		<category><![CDATA[crisis]]></category>

		<category><![CDATA[economic]]></category>

		<category><![CDATA[hotel]]></category>

		<guid isPermaLink="false">http://elpaso.texasrealestatedaily.com/?p=144</guid>
		<description><![CDATA[


The Doubletree Hotel will &#8220;knock your socks off,&#8221; the Mills Plaza project is over budget but on schedule, and you might soon be eating in the railroad depot visible from I-10 to the east of Downtown.
That was the gist of the updates given by representatives of the three Downtown projects to a crowd of about [...]]]></description>
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<p>The Doubletree Hotel will &#8220;knock your socks off,&#8221; the Mills Plaza project is over budget but on schedule, and you might soon be eating in the railroad depot visible from I-10 to the east of Downtown.</p>
<p>That was the gist of the updates given by representatives of the three Downtown projects to a crowd of about 60 at the Central Business Association luncheon Wednesday.</p>
<p>J. Curtis Noe spoke first, and described the multimillion-dollar Doubletree venture. He said the project, headed up by lawyer and landowner Jim Scherr, will be finished by spring. It will include 200 rooms, convention facilities and a restaurant that will “knock your socks off,” he said.</p>
<p>Noe said he was glad the term “Hotel Baghdad,” the nickname of the dilapidated property when Scherr bought it, was being laid to rest. Noe, , the general manager of the project, also announced he would be hiring 75-110 people for the hotel, which would include 24-hour room service and several bars.</p>
<p>Following Noe, Brent Harris, President of Mills Plaza Properties LP, spoke about the renovation of the Anson Mills building, specifically plans to connect it to two parking lots. &#8220;We’re not quite on budget but we are on schedule,” said Harris, adding that the project would be finished before the end of next year.</p>
<p>“We’ve got to get the history folks to sign off on it,” said Harris, referring to plans to power wash and paint the building&#8217;s exterior. He also touched on the difficulty of meeting the requirements to qualify for tax credits from state, local and federal governments.</p>
<p>It had been an “interesting and at times frustrating process” getting through all the paperwork involved in restoring the building. Restoration aims to allow El Pasoans to “enjoy it for what it once was” from an architectural perspective while creating new spaces Downtown for dining and shopping, he said. Mills Plaza Properties, controlled by Western Refining CEO Paul Foster, were “talking to a lot of retailers” about setting up shop once renovations were completed, Harris said.</p>
<p>Last to speak was Juan Uribe, who is leasing the El Paso and Southwestern railroad depot from local businessman William Abraham, owner of many historic but run-down local properties. The century-old building had been placed on the state’s most endangered historic properties list by Preservation Texas. It was designed by Henry Trost, who also designed the Anson Mills building and the Plaza Hotel. Though most of the space will be dedicated to dining, Uribe said he plans to install a museum on the ground floor, funds-willing.</p>
<p>For a Southwestern city, El Paso enjoys a unique concentration of historic buildings in the Downtown area. This is ironically due to an utter lack of investment over the last half century. That catalogue of neglect may turn out to be why El Paso (thankfully) doesn’t look like Dallas.</p>
<p>But will Downtown&#8217;s regeneration be affected by the fallout on Wall Street? “The economic crisis taking place is not slowing us down,” said Harris. Let’s hope that remains true for the whole of El Paso over the coming months.</p>
<p>Credits: <a rel="nofollow" href="http://www.newspapertree.com/news/2931-three-downtown-projects" target="_blank">Newspaper Tree</a></div>
</div>
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		<title>Forum Will Focus On Green Homes</title>
		<link>http://elpaso.texasrealestatedaily.com/2008/10/10/forum-will-focus-on-green-homes/</link>
		<comments>http://elpaso.texasrealestatedaily.com/2008/10/10/forum-will-focus-on-green-homes/#comments</comments>
		<pubDate>Fri, 10 Oct 2008 14:00:50 +0000</pubDate>
		<dc:creator>Ron Park</dc:creator>
		
		<category><![CDATA[El Paso News]]></category>

		<category><![CDATA[forum]]></category>

		<category><![CDATA[green]]></category>

		<category><![CDATA[homes]]></category>

		<guid isPermaLink="false">http://elpaso.texasrealestatedaily.com/?p=142</guid>
		<description><![CDATA[The message of &#8220;going green&#8221; is hitting home.Professionals in the home industry are planning to educate others at the Eco-El Paso &#8216;08 symposium on Oct. 16 at the Camino Real Hotel.
Frederic Dalbin, of Wright &#38; Dalbin Architects Inc., said that after talking to people in the home-building industry, he found that more information on sustainable [...]]]></description>
			<content:encoded><![CDATA[<p><span>The message of &#8220;going green&#8221; is hitting home.Professionals in the home industry are planning to educate others at the Eco-El Paso &#8216;08 symposium on Oct. 16 at the Camino Real Hotel.</span></p>
<p>Frederic Dalbin, of Wright &amp; Dalbin Architects Inc., said that after talking to people in the home-building industry, he found that more information on sustainable building design and construction in El Paso is needed.</p>
<p>&#8220;This is the trend, and it&#8217;s happening throughout the United States. And the construction industry is one of the worst polluters and creators of CO2 emissions,&#8221; he said.</p>
<p>The symposium is aimed at building owners, architects, designers, contractors and building product manufacturers, and it&#8217;s open to the public. It is sponsored in conjunction with the El Paso Chapter of the American Institute of Architects, American Planning Association, American Society of Interior Designers, and El Paso Association of Builders, among others.</p>
<p>Talks will include &#8220;Beyond Carbon: How Disruptive Thinking Could Save the World,&#8221; &#8220;The Green Globes Approach to Sustainable Design and Operation,&#8221; &#8220;Introduction to Daylighting Principles and Devices&#8221; and &#8220;CSI Green Format,&#8221; and a panel discussion on &#8220;Water Conservation Inside &amp; Outside.&#8221;</p>
<p>Credits: <a rel="nofollow" href="http://www.elpasotimes.com/living/ci_10671279" target="_blank">El Paso Times</a></p>
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		<title>Home Foreclosures Rise In EP, Many Reluctant To Buy</title>
		<link>http://elpaso.texasrealestatedaily.com/2008/10/09/home-foreclosures-rise-in-ep-many-reluctant-to-buy/</link>
		<comments>http://elpaso.texasrealestatedaily.com/2008/10/09/home-foreclosures-rise-in-ep-many-reluctant-to-buy/#comments</comments>
		<pubDate>Thu, 09 Oct 2008 15:00:53 +0000</pubDate>
		<dc:creator>Ron Park</dc:creator>
		
		<category><![CDATA[El Paso Real Estate News]]></category>

		<category><![CDATA[auction]]></category>

		<category><![CDATA[foreclosures]]></category>

		<category><![CDATA[homes]]></category>

		<guid isPermaLink="false">http://elpaso.texasrealestatedaily.com/?p=140</guid>
		<description><![CDATA[Home foreclosures are not only on the rise nationwide as a result of the economic crisis, they&#8217;re also up in the Sun City.
Tuesday, there was a crowd of people outside the County Courthouse hoping to get a good deal on foreclosed homes sold at auction.
Although there were about 400 homes for them to choose from, [...]]]></description>
			<content:encoded><![CDATA[<p><span><span style="x-small;">Home foreclosures are not only on the rise nationwide as a result of the economic crisis, they&#8217;re also up in the Sun City.</span></span></p>
<p>Tuesday, there was a crowd of people outside the County Courthouse hoping to get a good deal on foreclosed homes sold at auction.</p>
<p>Although there were about 400 homes for them to choose from, many were hesitant to buy.</p>
<p>&#8220;I come every month and the average [of foreclosed homes] was only about 200,&#8221; said Adrian Chavez. &#8220;Right now, it&#8217;s 400. It&#8217;s just an indication of how the market is reacting to this foreclosure mess.&#8221;</p>
<p>Chavez likes to buy houses, fix them up and sell them. &#8220;I&#8217;m a house flipper,&#8221; he said. Still, he is hesitating at the opportunities. &#8220;It&#8217;s really hard to sell, and for some reason, we are not seeing good deals right now,&#8221; he said.</p>
<p>&#8220;I&#8217;ve been in the real estate business all my life,&#8221; said Ruben Schaeffer, 83, who also flips houses. &#8220;The market is so unpredictable right now, you really don&#8217;t know what you&#8217;re buying.&#8221;</p>
<p>Schaeffer said last month only five out of about 300 foreclosed homes in El Paso sold at auction. He believes a lack of knowledge on the true value of a home is the cause for the reluctance. &#8220;It&#8217;s not an easy market to understand when builders are going broke and they have inventory they can&#8217;t sell.&#8221;</p>
<p>He added many are scared to buy, even at auction,  because they don&#8217;t know what they&#8217;re buying due to all the economic turmoil. &#8220;This is the worst I&#8217;ve ever seen it. There are millions of people losing their homes in the U.S.,&#8221; he said, &#8220;I lived through the depression, when most people did not own their homes. Back then, there weren&#8217;t the number of home loses there are now.&#8221;</p>
<p>Credits: <a rel="nofollow" href="http://www.kvia.com/Global/story.asp?S=9141836&amp;nav=AbC0" target="_blank">KVIA</a></p>
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		<title>El Paso Economy: Building Projects Continue</title>
		<link>http://elpaso.texasrealestatedaily.com/2008/10/09/el-paso-economy-building-projects-continue/</link>
		<comments>http://elpaso.texasrealestatedaily.com/2008/10/09/el-paso-economy-building-projects-continue/#comments</comments>
		<pubDate>Thu, 09 Oct 2008 14:00:09 +0000</pubDate>
		<dc:creator>Ron Park</dc:creator>
		
		<category><![CDATA[El Paso News]]></category>

		<category><![CDATA[banking]]></category>

		<category><![CDATA[construction]]></category>

		<category><![CDATA[economy]]></category>

		<guid isPermaLink="false">http://elpaso.texasrealestatedaily.com/?p=137</guid>
		<description><![CDATA[In El Paso, the motor and metal sounds of new construction indicate we&#8217;ve been staving off the ongoing world financial crises; buildings are going up Downtown and on Fort Bliss, as two examples. And it was good news this week when Texas Gov. Rick Perry proclaimed a strong state-wide economy.
A lot of El Paso&#8217;s good [...]]]></description>
			<content:encoded><![CDATA[<p><span>In El Paso, the motor and metal sounds of new construction indicate we&#8217;ve been staving off the ongoing world financial crises; buildings are going up Downtown and on Fort Bliss, as two examples. And it was good news this week when Texas Gov. Rick Perry proclaimed a strong state-wide economy.</span></p>
<p>A lot of El Paso&#8217;s good fortune has to do with builders having secured loans prior to the banking problems &#8212; the housing crisis &#8212; involving credit. Perry points out Texas&#8217; good fortune is because the state is home to more Fortune 500 companies than any other state, which helps make Texas a good place to do business.</p>
<p>In El Paso, two major Downtown projects are ongoing and unimpeded by the financial crises.</p>
<p>The Mills Plaza Properties project hasn&#8217;t slowed; in fact demolition of an adjacent parking garage, in order to build a new, larger garage, was ongoing as Congress wrestled with a plan to bailout the nation&#8217;s financial institutions.</p>
<p>Meanwhile, the long-vacant International Hotel, more aptly nicknamed the Baghdad Hotel because of its then-blighted appearance, has been spiffed into what will be a Hilton Doubletree Hotel. The new signage and the new facade are already apparent to the thousands of motorists who travel on Interstate 10.</p>
<p>On Fort Bliss, which is undergoing billions of dollars of federal construction, all projects are on schedule. Fort Bliss Commander Maj. Gen. Howard Bromberg said last month that the goal of completing one new building per week is on schedule.</p>
<p><span>There are obvious concerns. As Perry said, Texas&#8217; economy is still interlaced with economies in other states, where conditions are much worse.And a local example of the crunch could be Hunt Communities having pulled out of the multi-million-dollar Northeast Plan &#8212; the modern-day quality-of-life community &#8212; because it can&#8217;t secure the needed bank financing at this point in time. Hunt is such a large corporation that it, a la Perry&#8217;s concern, is also interlaced with the nation&#8217;s economy.</span></p>
<p>Still, most news is good news. It&#8217;s a good feeling that El Paso is ahead of other cities in the U.S. when it comes to an ongoing, healthy economy.</p>
<p>Credits: <a rel="nofollow" href="http://www.elpasotimes.com/opinion/ci_10661570" target="_blank">El Paso Times</a></p>
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		<title>Foreclosed Homes To Be Auctioned</title>
		<link>http://elpaso.texasrealestatedaily.com/2008/10/08/foreclosed-homes-to-be-auctioned/</link>
		<comments>http://elpaso.texasrealestatedaily.com/2008/10/08/foreclosed-homes-to-be-auctioned/#comments</comments>
		<pubDate>Wed, 08 Oct 2008 14:00:29 +0000</pubDate>
		<dc:creator>Ron Park</dc:creator>
		
		<category><![CDATA[El Paso News]]></category>

		<category><![CDATA[foreclosed]]></category>

		<category><![CDATA[homes]]></category>

		<category><![CDATA[properties]]></category>

		<guid isPermaLink="false">http://elpaso.texasrealestatedaily.com/?p=135</guid>
		<description><![CDATA[Hundreds of foreclosed homes here in El Paso will be auctioned off Tuesday morning beginning at 10 o&#8217;clock on the first floor of the county courthouse. More than four hundred homes will be auctioned for a cash in hand purchase.
There is no opportunity to inspect the properties , and there are no guarantees on the [...]]]></description>
			<content:encoded><![CDATA[<p><span style="x-small;">Hundreds of foreclosed homes here in El Paso will be auctioned off Tuesday morning beginning at 10 o&#8217;clock on the first floor of the county courthouse. More than four hundred homes will be auctioned for a cash in hand purchase.</span></p>
<p><span style="x-small;">There is no opportunity to inspect the properties , and there are no guarantees on the value of the homes. </span></p>
<p><span style="x-small;">Auctions are held on the first Tuesday of every month.</span></p>
<p>Credits: <a rel="nofollow" href="http://www.ktsm.com/news/local/30550519.html" target="_blank">KTSM</a></p>
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		<title>County Proposes Keeping Tax Rate</title>
		<link>http://elpaso.texasrealestatedaily.com/2008/10/07/county-proposes-keeping-tax-rate/</link>
		<comments>http://elpaso.texasrealestatedaily.com/2008/10/07/county-proposes-keeping-tax-rate/#comments</comments>
		<pubDate>Tue, 07 Oct 2008 15:00:01 +0000</pubDate>
		<dc:creator>Ron Park</dc:creator>
		
		<category><![CDATA[El Paso News]]></category>

		<category><![CDATA[county]]></category>

		<category><![CDATA[property]]></category>

		<category><![CDATA[taxes]]></category>

		<guid isPermaLink="false">http://elpaso.texasrealestatedaily.com/?p=133</guid>
		<description><![CDATA[The county expects to adopt a budget for the new fiscal year during its meeting on Monday that calls for level property taxes.After more than a month of budget sessions, Commissioners Court ironed out the details on a budget that is funded by the effective tax rate, or the rate that allows homeowners to pay [...]]]></description>
			<content:encoded><![CDATA[<p><span>The county expects to adopt a budget for the new fiscal year during its meeting on Monday that calls for level property taxes.After more than a month of budget sessions, Commissioners Court ironed out the details on a budget that is funded by the effective tax rate, or the rate that allows homeowners to pay roughly the same amount in property taxes as last year.</span></p>
<p>&#8220;I&#8217;m glad it&#8217;s behind us,&#8221; Commissioner Veronica Escobar said. &#8220;It&#8217;s the most rigorous part of the year in government, and I&#8217;m glad that we did not increase taxes this year.&#8221;</p>
<p>Commissioner Dan Haggerty said he was pleased with this year&#8217;s budget process.</p>
<p>&#8220;We did a lot of good stuff and effectively kept the tax rate the same,&#8221; he said.</p>
<p>The effective tax rate is 34.2 cents per $100 of home valuation.</p>
<p>The county&#8217;s expenditures on nonmandated functions, such as quality of life programs, should be seriously looked at in the future, he said.</p>
<p>&#8220;I think there&#8217;s a lot more we can squeeze out of that budget, but it&#8217;s going to take time,&#8221; he said. &#8220;I pride myself that for 13 years I&#8217;ve beaten them up about the nonmandated stuff, and I haven&#8217;t won very much, but we haven&#8217;t grown at all in nonmandated.&#8221;</p>
<p>He said someone on the court must take a leadership role in editing some of those expenses.</p>
<p>Escobar said the court must remain concerned about the national and international economy, and how shifts there could affect the county&#8217;s future budgets.</p>
<p>&#8220;I feel like there&#8217;s a sigh of relief related to this <span>budget, but I&#8217;m going to be very concerned about the upcoming two to three quarters to see what that means for our upcoming budget in 2010,&#8221; she said.She said in the future, the county will have to look at the services it provides to the elderly and to veterans, and whether they are appropriate.</span></p>
<p>Credits: <a rel="nofollow" href="http://www.elpasotimes.com/news/ci_10647368" target="_blank">El Paso Times</a></p>
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		<title>Local Economy: Realtors Hear Optimistic News</title>
		<link>http://elpaso.texasrealestatedaily.com/2008/10/07/local-economy-realtors-hear-optimistic-news/</link>
		<comments>http://elpaso.texasrealestatedaily.com/2008/10/07/local-economy-realtors-hear-optimistic-news/#comments</comments>
		<pubDate>Tue, 07 Oct 2008 14:00:46 +0000</pubDate>
		<dc:creator>Ron Park</dc:creator>
		
		<category><![CDATA[El Paso News]]></category>

		<category><![CDATA[business]]></category>

		<category><![CDATA[Downtown]]></category>

		<category><![CDATA[real estate]]></category>

		<guid isPermaLink="false">http://elpaso.texasrealestatedaily.com/?p=131</guid>
		<description><![CDATA[In the midst of all the dreary economic news lately, it&#8217;s good to hear a glimmer of optimism. &#8220;If you&#8217;re in the real estate business, the future looks bright. Over time, it&#8217;s coming &#8212; a lot of customers are coming.&#8221;
That&#8217;s what attendees at the annual Greater El Paso Association Realtor Rally and trade show at [...]]]></description>
			<content:encoded><![CDATA[<p><span>In the midst of all the dreary economic news lately, it&#8217;s good to hear a glimmer of optimism. &#8220;If you&#8217;re in the real estate business, the future looks bright. Over time, it&#8217;s coming &#8212; a lot of customers are coming.&#8221;</span></p>
<p>That&#8217;s what attendees at the annual Greater El Paso Association Realtor Rally and trade show at the El Paso convention center Downtown heard last week from James Gaines, a research economist at the Texas A&amp;M Real Estate Center.</p>
<p>We know that El Paso&#8217;s population is going to grow tremendously in the next several years as Fort Bliss expands.</p>
<p>But Gaines said El Paso County&#8217;s population should hit more than 1.1 million by 2030.</p>
<p>We&#8217;re now at about 730,000. In the Lone Star State as a whole, the population should grow by about 13.6 million by 2030. It&#8217;s now at 24 million.</p>
<p>While real estate is a pretty iffy business these days, what with the mortgage and credit crises, things are looking up for the future market. And while the real-estate markets in El Paso and the rest of Texas have slowed this year, it&#8217;s been nothing like the precipitous declines that have been seen throughout the rest of the country.</p>
<p>As we&#8217;ve seen in past weeks and months, it&#8217;s difficult to predict what&#8217;s going to happen with the economy.</p>
<p>And, of course, another variable is the presidential election. As Gaines said, &#8220;all bets are off&#8221; after the first of the year until it becomes clear where the new administration and Congress are heading.</p>
<p>Gaines also left some interesting economic insights at the meeting. Among them was the prediction that the U.S. economy in 2009 will be marked by high inflation, negative economic growth, more job losses, low interest rates &#8212; and a possible stock market rally.</p>
<p>That sounds like a mixed bag, but then, given the incredible economic volatility we&#8217;ve experienced lately, it&#8217;s certainly not beyond possibility.</p>
<p>However, it&#8217;s good to hear that there are at least a few reasons for optimism concerning the El Paso economy.</p>
<p>Credits: <a rel="nofollow" href="http://www.elpasotimes.com/opinion/ci_10645792" target="_blank">El Paso Times</a></p>
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		<title>El Paso Projects Survive Crisis</title>
		<link>http://elpaso.texasrealestatedaily.com/2008/10/06/el-paso-projects-survive-crisis/</link>
		<comments>http://elpaso.texasrealestatedaily.com/2008/10/06/el-paso-projects-survive-crisis/#comments</comments>
		<pubDate>Mon, 06 Oct 2008 15:00:01 +0000</pubDate>
		<dc:creator>Ron Park</dc:creator>
		
		<category><![CDATA[El Paso News]]></category>

		<category><![CDATA[companies]]></category>

		<category><![CDATA[construction]]></category>

		<category><![CDATA[projects]]></category>

		<guid isPermaLink="false">http://elpaso.texasrealestatedaily.com/?p=129</guid>
		<description><![CDATA[ While some companies may be having trouble securing financing for construction projects because of the nationwide credit crisis, at least two major projects in Downtown El Paso are proceeding as planned.At the Mills Plaza Properties project, the renovation of the Mills Building is apparent. Scaffolds cover the outside of the building, and construction workers [...]]]></description>
			<content:encoded><![CDATA[<p><span> While some companies may be having trouble securing financing for construction projects because of the nationwide credit crisis, at least two major projects in Downtown El Paso are proceeding as planned.At the Mills Plaza Properties project, the renovation of the Mills Building is apparent. Scaffolds cover the outside of the building, and construction workers scurry around inside. Next door, a demolition crew is almost done removing what was once the Jack in the Box parking garage.</span></p>
<p>A block away, at the intersection of El Paso and Missouri streets, workers continue plastering and painting the outside of the Hilton DoubleTree Hotel, preparing it for a 2009 opening.</p>
<p>While officials with both Downtown projects would not give specifics on their finances or how the Wall Street financial crisis may or may not be affecting them, both said the projects are moving along.</p>
<p>&#8220;We are not dependent on that type of credit or financing,&#8221; said Brent Harris, president of Mills Plaza Properties. &#8220;Everything is a go right now and we are on schedule.&#8221;</p>
<p>Mills Plaza Properties is the name of the company formed by Paul Foster, Western Refining CEO, to develop the Mills Building and several other Downtown properties. Harris said the renovation of the 12-story, 96-year-old Mills Building is on schedule and will be completed next year.</p>
<p>He said that they are talking to several prospective tenants about moving in at the end of 2009, and that by June they will begin modifying the <span>offices to fit the needs of individual tenants.&#8221;The building will be ready for occupancy by the fourth quarter of &#8216;09,&#8221; Harris said.</span></p>
<p>Jim Scherr, an El Paso lawyer whose family company bought the vacant International Hotel in 2004 for $1 million, would only say that financing for the project is not an issue because City Bank El Paso &#8220;has stood by the project since the start.&#8221;</p>
<p>&#8220;El Pasoans are catching a glimpse of the 21st century in action,&#8221; said Scherr of the work being done at the hotel.</p>
<p>The former Holiday Inn is being turned into a 200-room state-of-the-art Hilton DoubleTree Hotel. This $18 million hotel development has been billed as one of the largest private investments in Downtown El Paso in more than 20 years. It, too, is scheduled for completion in 2009.</p>
<p>While these two projects are unaffected by what is happening on Wall Street and by the credit crisis, others projects and corporations throughout the country are being affected.</p>
<p>Nationally, McDonald&#8217;s Corp. officials have expressed concerns about not being able to obtain credit, although Bank of America officials say that is not an issue.</p>
<p>And some national banks are refusing to lend money to other banks.</p>
<p>Locally, Hunt Communities, one of the largest developers in the nation, had to pull out of a $131 million deal with the city of El Paso to buy and develop 4,833 acres of land in Northeast El Paso. Hunt officials said they had to pull out because the billion-dollar company could not obtain financing.</p>
<p>Tim Roth, chairman of the University of Texas at El Paso economics and finance department, said the credit crisis is one of the worst he has ever seen.</p>
<p>&#8220;It is indisputable that some major corporations are having trouble securing financing and credit,&#8221; Roth said. &#8220;This credit crisis is real, it is not a phantom.&#8221;</p>
<p>In the public sector, the credit crisis is not affecting governments because no bonds are being sold at this time.</p>
<p>Thomas Eyeington, Socorro Independent School District assistant superintendent for district operations, said SISD has four major construction projects in progress that are continuing.</p>
<p>&#8220;We are concerned about the credit crisis, but it doesn&#8217;t affect these projects because the financing was done before the crisis,&#8221; he said.</p>
<p>The Socorro district is building a new high school near Horizon City, a new ninth-grade center near Pebble Hills Boulevard and a new elementary school. It is also remodeling a warehouse.</p>
<p>No new bond sales, which could be affected by the credit crisis, are planned, Eyeington said.</p>
<p>Credits: <a rel="nofollow" href="http://www.elpasotimes.com/ci_10639733?source=most_viewed" target="_blank">El Paso Times</a></p>
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