Back on September 30, we posted the breaking news that The Austin Business Journal designated Southeast Austin as the "next big spot" in town based on the $250 million F1 track going in on the SH-130 corridor. (That post also has a number of source links if you want to read up on the background of the project.)

Okay, so, latest news -- and it's good news. Construction on the track, which is near FM 812, will get underway in December with a slated completion in 2012. The numbers attached to the project are looking fantastic for Austin:

- 3,000 seasonal and construction jobs
- $100 million pumping into the economy

They're looking at developing a year-round calendar of events, starting a motorsport driving club, getting a kart track going, and

This week my email box was just too full to deal with each message individually. Many of you were asking for me to clear up my thoughts on investing in Austin based on parts or regions of the city. One writer said:

"I know what you like about north Austin -- bedroom communities, the school systems, the infrastructure. It's the place where people go when they leave Central Austin. I get that, but you seem to like South Austin a lot and I'm not clear why. What's up with that choice?"

Okay. Here's the order of my buying preferences by area:

- Central Austin
- South Austin
- North Austin
- East Austin
- West Austin

I don't want to muddy the waters any more, but West Austin comes in last because it's our version of Beverly Hills. If you're an

Your first goal -- really your only goal -- is to limit your buying to densely populated areas with strong appreciation. Screw up in your choice of location and purchase price, and your adventure in flipping is sure to head south fast.

It's true that you'll have more opportunities to find housing when you get out of the downtown area, but there's more demand on housing in Central Austin than in outlying areas. Again, you're thinking in terms of the land. Go where land is scarce.

If a home buyer is looking to stay in one school system and ten minutes away there's a resale house, but 20 minutes away there's a brand new house, you, as the seller, will feel the pull of the brand new house over your resale.

As an investor, you're looking at picking