Welcome to the November Victoria Chamber Quick Facts. We hope that the information in this email will benefit your business.
The average sales price for residential homes was $166,559 for the 12 months ending September 2013, up 3.7% versus the same period ending September 2012. Total sales of residential homes in the Victoria MLS for the same period was 891, 3.6% higher than the same period in 2012. Median home price for Victoria over the past 12 months is $150,000 up 6.8% from the same period in 2012. Total volume of sales was $148,404,445 compared to $138,100,588 up 7.5% from 2012. Active listings are 244 compared to 308 in 2012 down 24.3%. The average Days on Market for residential homes for the 12 months ending June, 2013 was 100, 2 % longer than the same period last year.
There is a 2.8 Months Inventory in the Market. Six months of inventory is considered a balanced market.
- Information provided with permission by Lee Swearingen Report.
City Building Activity
The month of October saw 12 new residential permits issued. The total permitted valuation for residential permits is $2,343,371. There was 4 new commercial construction permits issued in Victoria for the month of October totaling $1,788,822. New signs permits for the month of October were 12 with a total permitted amount of $116,806. So for this fiscal year, 12 residential permits were issued with a valuation of $2,343,371 and 25 new construction permits were issued with a total valuation of $1,788,822. The City’s fiscal year begins in October.
Constitutional Amendment Election Results 2013
Prop 1 – Property tax exemption for surviving spouses of certain service members. Approved with 86.98% of the vote
Prop 2 – Removing provisions for the State Medical Education Board. Approved by 84.96% of the vote.
Prop 3 – Allowing extension of exemption of inventory taxes for aircraft parts. Approved by 57.37% of vote.
Prop 4 – Tax exemption for disabled veterans whose homesteads were donated by a charity. Approved with 85.14% of the vote.
Prop 5 – Authorizing a reverse mortgage loan for the purchase of homestead property. Approved with 62.62% of the vote.
Prop 6 – Creating funds to assist in the financing of priority projects in the state water plan. Approved by 73.37% of the vote.
Prop 7 – Allowing home-rule cities to decide how to fill vacant elected seats. Approved 74.39% of the vote.
Prop 8 – Repealing the provision authorizing a hospital district in Hidalgo County. Approved by 72.36% of the vote.
Prop 9 – Expanding the State Commission on Judicial Conduct’s sanctioning authority. Approved by 84.65% of the vote.
Eagle Ford Oil Expected to Surpass 1 Million Barrels Per Day Next Year
Eagle Ford Shale oil production is expected to reach 1 million barrels per day next summer — and keep growing as operators add tens of thousands of more wells to the giant South Texas field.
“This is a huge oil producer,” said Subash Chandra, a managing director and at the investment banking firm Jefferies & Co. He spoke to more than 4,000 people attending Hart Energy’s third annual DUG Eagle Ford Conference in San Antonio.
More than 11,100 wells have been permitted in the Eagle Ford since 2008, but the research firm DrillingInfo estimates there are at least another 85,000 wells left to drill in the field.
“Consider that to be a floor estimate,” said Allen Gilmer, chairman and CEO of DrillingInfo. “It’s not going to be less than that.”
The firm expects Eagle Ford oil production to peak in 2022 at around 1.8 million barrels of oil per day — around double the current production — and start declining from there.
Fitch Affirms Victoria County Navigation District, Texas, GOs at “AA” Rating
Fitch Ratings has taken the following action on Victoria County Navigation District, Texas’ (the district) general obligation (GO) bonds:
–$350,000 GO refunding bonds, series 2003, affirmed at ‘AA’.
The Rating Outlook is Stable.
Petrochemical Industry Says New Rules Could Turn Boom Into Bust (The Texas Tribune)
As the U.S. Supreme Court prepares to hear a Texas-backed challenge to new greenhouse gas limits for big polluters like petrochemical plants, the industry is warning of dire consequences should the rules take effect. Read the full story at http://app1.kuhf.org/articles/1384179891-As-Texas-Petrochemical-Industry-Booms,-Warnings-Of-What-Could-Cause-Bust.html
UHV Purchases Adjacent Land for Future Academic Building
The University of Houston-Victoria continued implementing its campus expansion plan on Thursday by purchasing nearly 5 acres of land on the east side of Ben Wilson Street across from the university.
The land eventually will be used for a new academic building, which UHV will seek approval to build when it submits its construction bond package in 2014 as part of its appropriation request for the 2015 Texas legislative session.
The property was purchased in two separate sales from Image-Riggle Corp. and Casa Del Rio Ltd. for a combined $4.23 million.
“Adding this property on Ben Wilson Street is an important step forward in building UHV into a dynamic, destination university,” UHV President Phil Castille said. “Our Victoria campus is growing fast and setting new enrollment records. We also are adding new academic programs to be more responsive to the students and communities we serve. The last thing we ever want to do is cap enrollment because we lack academic space, so having room to grow is essential.”
The property contains two apartment complexes built in the 1960s: The Arlington, 3106 N. Ben Wilson St., and Casa Del Rio, 2902 N. Ben Wilson St. Because the land won’t be immediately redeveloped, tenants can remain in place for now. UHV and the current property managers will assist tenants in future relocation
Victoria Chamber of Commerce’s New Comers Quarterly Social
The Victoria Chamber of Commerce’s Quarterly Newcomers Social with be held on November 21, 2013 from 5:30 pm to 7:00 pm at the Museum of the Coastal Bend at Victoria College located at 2200 E. Red River. If you are new to Victoria, come out and join us as we introduce you to some of the amenities of Victoria and tell you a little bit about our community. Appetizers will be provided. Wine and beer courtesy of the Museum of the Coastal Bend. For more information call (361) 573-5277.
New Chamber Members
Cash America Pawn of Victoria First State Bank
5508 N. Navarro 5101 John Stockbauer
Victoria, Texas 77902 Victoria, Texas 77901
(361) 576-6051 (361) 648-5430
First United Methodist Church Freedom Bail Bonds & Insurance Services
407 N. Bridge St. 306 W. Rio Grande, Suite B
Victoria, Texas 77902 Victoria, Texas 77902
(361) 578-2701 (361) 579-0204
House of Bread- Victoria Riverside Golf Course
6304 N. Navarro 302 McCright Dr.
Victoria, Texas 77904 Victoria, Texas 77902
(361) 579-0221 (361) 573-4521
Royalty Nail Spa James Stokes
7916 NE Zac Lentz Pkwy 307 Buena Vista
Victoria, Texas 77902 Victoria, Texas 77902
Studio 84 Salon & Spa Victoria Lions Club
1507 N. Liberty P.O. Box 2347
Victoria, Texas 77902 Victoria, Texas 77902
Wal-Mart Super Center Victoria
4101 Houston Hwy.
Victoria, Texas 77902
The U.S. Supreme Court has agreed to hear Texas’ challenge of federal regulations on greenhouse gas emissions from stationary sources like power plants and factories, the court announced Tuesday. But it declined to hear the state’s appeals of two other decisions, effectively upholding rules that limit such emissions from vehicles and maintaining the Environmental Protection Agency’s assertion that greenhouse gases endanger public health and welfare.
Federal judges had previously knocked down efforts by Texas and several other states, along with powerful industry coalitions, to challenge the EPA’s efforts to regulate greenhouse gas emissions. Should the Supreme Court justices determine otherwise after hearing oral arguments next year, there could be severe implications for rules limiting emissions from big power plants and other facilities. The EPA recently proposed rules to limit carbon dioxide emissions from coal plants, prompting critics to accuse the agency of trying to destroy the coal industry and economy while drawing praise from environmental advocates.
At issue is whether the EPA can use the Clean Air Act, which gives it the authority to regulate emissions of toxic air pollutants and to limit emissions of greenhouse gases as well. In 2007, the court had ruled in the landmark case Massachusetts v. EPA that the EPA could do so for motor vehicles, which has led to stringent fuel-efficiency requirements for cars.
But Texas, joined by states like Mississippi, Alabama and South Carolina, and industry coalitions including the American Petroleum Institute, is arguing that the Clean Air Act was never meant to apply to anything other than air pollutants, because greenhouse gases like carbon dioxide and methane “[do] not deteriorate the quality of the air that people breathe.” Attorneys representing the groups added that “carbon dioxide is virtually everywhere and in everything,” and called the EPA’s proposed regulations of greenhouse gases “absurd.”
Of the nine petitions the group of states and industry leaders had filed to the Supreme Court regarding its challenge of climate change rules, the justices agreed to hear six, but only want to consider one question: “Whether EPA permissibly determined that its regulation of greenhouse gas emissions from new motor vehicles triggered permitting requirements under the Clean Air Act for stationary sources that emit greenhouse gases.”
In other words: Does the fact that the EPA can regulate greenhouse gas emissions from motor vehicles also give it authority to do so for facilities that don’t move, like power plants and factories? More specifically, can the EPA require those facilities to apply for special permits that allow them to emit large amounts of greenhouse gases?
Attorney General Greg Abbott, a Republican candidate for governor, applauded the news as a victory for Texas. “The EPA’s illegal regulations threaten Texas jobs and Texas employers,” he said in a statement, adding, “This is a runaway federal agency, so we are pleased the Obama administration will have to defend its lawless regulations before the U.S. Supreme Court.”
Environmental advocates saw the court’s decision as equally supportive of their cause.
“The most important thing about today’s Supreme Court ruling is that it reaffirms EPA’s authority and responsibility to act on the overwhelming science showing that carbon pollution is driving dangerous climate change,” David Doniger of the Natural Resources Defense Council wrote on his blog.
David Spence, a professor of law and business at the University of Texas at Austin, said it wasn’t likely that the Supreme Court would forbid the EPA from regulating greenhouse gas emissions from stationary sources altogether. But the justices could say it must do so based on different standards, threatening the years of work that have gone into proposing the current rules for limiting emissions from power plants and other facilities.
“The worst that could happen is they make EPA go back and do things again,” Spence said.
Come join us at the November Victoria Chamber Luncheon on November 13, 2013 starting at 11:30 am at the Multi-purpose Room located at 3007 N. Ben Wilson on the UHV Campus. This month will feature Dr. Robert Jaklich. Dr. Jaklich will speak to the Chamber about the State of the School. Should be very interesting. For reservation or more information call (361) 573-5277.
Come join us at the October Victoria Chamber Luncheon on October 9, 2013 starting at 11:30 am at the Multi-purpose Room located at 3007 N. Ben Wilson on the UHV Campus. This month will feature Mayor Paul Polasek and Victoria County Judge Don Pozzi. Mayor Polasek and Judge Pozzi will speak to the Chamber about the State of the City and County. Should be very interesting. For reservation or more information call (361) 573-5277.