I think commercial property owners are going to be very surprised by (this) increase in appraised values, particularly since in most areas, rental rates have not increased by the same percentage that the appraised values have increased.

I think there is a market. I don't know if there is a market for 700 units.

As long as the job growth continues, we'll continue to see rapid sales of new single-family homes and absorption of apartment units.

Development has accelerated in that part of the region over the last few years largely due to the increasing traffic congestion on the north side of Austin. In many instances you can buy essentially the same home in South Austin or in Hays County that you would in Williamson County, and if you are working downtown, your commute time would be half as long.

The Second Street Retail District, as it's evolving, will support a higher-end residential project such as one being proposed (by Benchmark).

I think it reflects an aggressive positioning of the major national builders to capture market share. What they are doing is throwing a lot of product out in the market and hoping that the sales will match the starts.