Sep 2009
A Tale of Two Unemployment Rates
September 29, 2009 21:27 Filed in: Market Analysis
In the last week, the following two stories were published on regional unemployment:
"The unemployment rate in the Austin area dropped slightly in August as seasonally-expected hiring offset some of the significant job losses the region has endured."
"California’s unemployment rate in August hit its highest point in nearly 70 years, starkly underscoring how the nation’s incipient economic recovery continues to elude millions of Americans looking for work."
These stories continue to underscore how lucky we have been in Austin. When in comes to real estate values, nothing is more important than employment. People who don't have jobs don't buy houses. People who lose their jobs often sell their house, pushing values down. Job losses also lead to foreclosures which push down values significantly.
In general, Texas has been lucky with an unemployment rate of 8% -- significantly lower than the national rate of 9.7%. At 7.2%, Austin's rate is downright dreamy in these difficult times. In comparison, things are looking very bad in California.
According to the New York Times, "While job losses continue to fall, [California's] new unemployment rate — 12.2 percent, according to the Bureau of Labor Statistics — is far above the national average of 9.7 percent and places California, the nation’s most-populous state, fourth behind Michigan, Nevada and Rhode Island. Statistics kept by the state show California’s unemployment rate was 14.7 percent in 1940, said Kevin Callori, a spokesman for the California Employment Development Department.While California has convulsed under the same blows as the rest of the country over the last two years, its exposure to both the foreclosure crisis and the slowdown in construction — an industry that has fueled growth in much of the state over the last decade — has been outsized.
In Austin, by comparison, the Austin Business Journal reports that "The region added 900 jobs between July and August, with many of the gains coming in areas such as retail trade (600 jobs) and education and health services (300); gains in those sectors are typical in August. The professional and business services sector also saw an increase of 1,000 jobs, but that was offset by losses in areas such as construction (300 jobs lost) and manufacturing (200 lost)."
Throughout the turmoil of the last year, Austin is very lucky to have lost just 7,200 jobs --- less than 1% of its year ago job total. For anyone with a stake in local real estate, this is very good news.
"The unemployment rate in the Austin area dropped slightly in August as seasonally-expected hiring offset some of the significant job losses the region has endured."
"California’s unemployment rate in August hit its highest point in nearly 70 years, starkly underscoring how the nation’s incipient economic recovery continues to elude millions of Americans looking for work."
These stories continue to underscore how lucky we have been in Austin. When in comes to real estate values, nothing is more important than employment. People who don't have jobs don't buy houses. People who lose their jobs often sell their house, pushing values down. Job losses also lead to foreclosures which push down values significantly.
In general, Texas has been lucky with an unemployment rate of 8% -- significantly lower than the national rate of 9.7%. At 7.2%, Austin's rate is downright dreamy in these difficult times. In comparison, things are looking very bad in California.
According to the New York Times, "While job losses continue to fall, [California's] new unemployment rate — 12.2 percent, according to the Bureau of Labor Statistics — is far above the national average of 9.7 percent and places California, the nation’s most-populous state, fourth behind Michigan, Nevada and Rhode Island. Statistics kept by the state show California’s unemployment rate was 14.7 percent in 1940, said Kevin Callori, a spokesman for the California Employment Development Department.While California has convulsed under the same blows as the rest of the country over the last two years, its exposure to both the foreclosure crisis and the slowdown in construction — an industry that has fueled growth in much of the state over the last decade — has been outsized.
In Austin, by comparison, the Austin Business Journal reports that "The region added 900 jobs between July and August, with many of the gains coming in areas such as retail trade (600 jobs) and education and health services (300); gains in those sectors are typical in August. The professional and business services sector also saw an increase of 1,000 jobs, but that was offset by losses in areas such as construction (300 jobs lost) and manufacturing (200 lost)."
Throughout the turmoil of the last year, Austin is very lucky to have lost just 7,200 jobs --- less than 1% of its year ago job total. For anyone with a stake in local real estate, this is very good news.
Exclusive: Building-by-Building Condo Fees
September 24, 2009 21:46 Filed in: Market Analysis
One of the most common questions asked by first time condo buyers is how much individual buildings charge in monthly condo fees.
Condo fees fund the daily operations and maintenance of most condo buildings. They cover security, landscaping, cleaning of common area, common area energy use, maintenance, and other key building functions. In addition -- and this is very important -- a portion of condo fees are held by the building as reserves to fund major maintenance projects. On average, our research shows, condo unit owners can expect to pay $0.41 / SF / per month or $410 in monthly condo fees for a 1,000 SF unit.
Looking at detailed MLS records on a broad range of units and through tips from buyers, we've calculated the rough fees for most of the major downtown condo buildings. The fees are universally calculated on a dollar-per-square foot basis that typically, but not always, remains constant throughout each building. Generally, condo fees are not higher for more expensive units, or units with more bedrooms, or units on higher floors compared to less desirable units of the same size in the same building.
The prices in new buildings that we have looked at are surprisingly varied -- they range from $0.28 / SF / Month to $0.64 / month -- an amazingly broad range. If anyone has numbers for other buildings, send them to us and we will add them to the list. Apprearing for the time on the list is Barton Place with monthly condos fees of $0.38 per square foot and Austin City Lofts with condo fees of $0.48 per square foot.
Here is our updated list of condo fees by project:
Fee by Building - - - - - $ / SF / Month
Avenue Lofts.................$0.28
Milago.......................$0.31
The Sabine...................$0.33
360..........................$0.33
Plaza Lofts..................$0.33
The Shore....................$0.36
Spring...................... $0.38
Barton Place................ $0.38
Five Fifty Five Condos.......$0.40
Austin City Lofts............$0.48
W Hotel & Residences.........$0.61
Four Seasons Residences......$0.61
Austonian.... . . . . . . . .$0.64
Average......................$0.41
Condo fees fund the daily operations and maintenance of most condo buildings. They cover security, landscaping, cleaning of common area, common area energy use, maintenance, and other key building functions. In addition -- and this is very important -- a portion of condo fees are held by the building as reserves to fund major maintenance projects. On average, our research shows, condo unit owners can expect to pay $0.41 / SF / per month or $410 in monthly condo fees for a 1,000 SF unit.
Looking at detailed MLS records on a broad range of units and through tips from buyers, we've calculated the rough fees for most of the major downtown condo buildings. The fees are universally calculated on a dollar-per-square foot basis that typically, but not always, remains constant throughout each building. Generally, condo fees are not higher for more expensive units, or units with more bedrooms, or units on higher floors compared to less desirable units of the same size in the same building.
The prices in new buildings that we have looked at are surprisingly varied -- they range from $0.28 / SF / Month to $0.64 / month -- an amazingly broad range. If anyone has numbers for other buildings, send them to us and we will add them to the list. Apprearing for the time on the list is Barton Place with monthly condos fees of $0.38 per square foot and Austin City Lofts with condo fees of $0.48 per square foot.
Here is our updated list of condo fees by project:
Fee by Building - - - - - $ / SF / Month
Avenue Lofts.................$0.28
Milago.......................$0.31
The Sabine...................$0.33
360..........................$0.33
Plaza Lofts..................$0.33
The Shore....................$0.36
Spring...................... $0.38
Barton Place................ $0.38
Five Fifty Five Condos.......$0.40
Austin City Lofts............$0.48
W Hotel & Residences.........$0.61
Four Seasons Residences......$0.61
Austonian.... . . . . . . . .$0.64
Average......................$0.41
New Federal Courthouse to Rise Downtown
September 17, 2009 21:45 Filed in: News
A bold new federal courthouse is set to rise on the same prime downtown site that Intel abandoned earlier in the decade. With a recent groundbreaking, the project will be constructed on the Western edge of Republic Square Park.
During the tough years of the tech bust, the City lobbied hard for the GSA (Government Services Administration) to build on the Intel site to eliminate a very public eyesore. At this time, there was very little downtown development and few takers for downtown lots. During the peak of the boom, the City changed its mind, lobbying the GSA this time to build on another site and to once again free a very important and valuable piece of downtown real estate.
Federal courthouses come with a few problems. First, they are single-purpose buildings. This means that they do not contain retail, do not engage the street, and are absolutely dead at night and on weekends. In the rapidly expanding second street district, the courthouse will inevitably break the pedestrian-friendly grid. The second big issue is that security requirements will require the City to close the street between the courthouse and Republic park, interrupting the flow of traffic downtown.
The courthouse brings one advantage: bold architecture. Today, Austin is relatively weak when in comes to bold modern architecture. There is city hall and . . . . well . . . .that's about it. Like it or not, the bold brutalist monolithic courthouse soon to rise is adventurous architecture. It will be a strong presence downtown and will add character to an area filled with generic buildings. Over the last few years, the GSA has won praise for investing in innovative architecture, something the government is not expected to do.
Here are the renderings of the project as designed by Mack Scogin Merrill Elam Architects:
For architecture fans, here is the project description from Mack Scogin Merrill Elam Architects:
Read More...
During the tough years of the tech bust, the City lobbied hard for the GSA (Government Services Administration) to build on the Intel site to eliminate a very public eyesore. At this time, there was very little downtown development and few takers for downtown lots. During the peak of the boom, the City changed its mind, lobbying the GSA this time to build on another site and to once again free a very important and valuable piece of downtown real estate.
Federal courthouses come with a few problems. First, they are single-purpose buildings. This means that they do not contain retail, do not engage the street, and are absolutely dead at night and on weekends. In the rapidly expanding second street district, the courthouse will inevitably break the pedestrian-friendly grid. The second big issue is that security requirements will require the City to close the street between the courthouse and Republic park, interrupting the flow of traffic downtown.
The courthouse brings one advantage: bold architecture. Today, Austin is relatively weak when in comes to bold modern architecture. There is city hall and . . . . well . . . .that's about it. Like it or not, the bold brutalist monolithic courthouse soon to rise is adventurous architecture. It will be a strong presence downtown and will add character to an area filled with generic buildings. Over the last few years, the GSA has won praise for investing in innovative architecture, something the government is not expected to do.
Here are the renderings of the project as designed by Mack Scogin Merrill Elam Architects:
For architecture fans, here is the project description from Mack Scogin Merrill Elam Architects:
Read More...
683 Feet: Austonian Reaches the Top
September 17, 2009 21:45
When the rains came last week, there was a day when the clouds simply hovered over downtown. The clouds were so low that they seemed to hover just above all of the tallest downtown buildings. All except for one. If you were working on the top floors of the Austonian, you would have been the only people downtown actually in the clouds.
And so today the Austonian officially stopped its seemingly endless ascent. With the addition of the first of six 32-foot steel beams that will define the decorative glass top, the building has finally reached its final height of 683 feet and 56-stories. One of the amazing things about a building this tall is that redefines the view of downtown from almost any angle. The building can be seen from parts of mopac north of 183, 360 west of the hills, and from the tower of the Wildflower center in far south Austin --- places where downtown was never previously visible.
Construction on the $250 million, 188-unit luxury condo tower began two years ago and is scheduled for completion next spring.
And so today the Austonian officially stopped its seemingly endless ascent. With the addition of the first of six 32-foot steel beams that will define the decorative glass top, the building has finally reached its final height of 683 feet and 56-stories. One of the amazing things about a building this tall is that redefines the view of downtown from almost any angle. The building can be seen from parts of mopac north of 183, 360 west of the hills, and from the tower of the Wildflower center in far south Austin --- places where downtown was never previously visible.
Construction on the $250 million, 188-unit luxury condo tower began two years ago and is scheduled for completion next spring.
Ballet Austin Party Held at Austonian
September 17, 2009 21:45 Filed in: News
This past weekend, the Austonian hosted one of Austin biggest galas --- the Ballet Austin Fete. With dinner on the 33rd floor, a cabaret on the 10th floor, and a wild party in the lobby, it was quite an event for an active construction site. Hundreds of guests moved between venues on rickety construction elevators as the real ones aren't yet operable.
New FHA Rules for Condo Mortgages
September 15, 2009 21:35 Filed in: News
FHA loans provide qualified buyers an opportunity to purchase units with loans that they would not otherwise qualify for. In particular, FHA loans allow for smaller down payments, often as low as 3% of the purchase price. Next month, the rules behind these Federal loans will be changed substantially, making many condo projects and buyers ineligible for the first time.
When it comes to downtown Austin, FHA loans are the exception and not the rule. Many new condo developments require deposits and down payments beyond the FHA minimums, diminishing the advantages of an FHA loan. In addition, many units are priced beyond the FHA loan maximum eliminating these loans as a viable financing option. Finally, since the process has always been complex and painful, few projects go through the hassle to be certified.
Starting October 1, new FHA rules will be introduced that will make these loans even more difficult for buyers to obtain. Here are the new requirements:
- Projects not deemed to be used primarily as residential real estate will be ineligible.
- Because of noise worries, FHA insurance will be unavailable when properties are within 1,000 feet of a highway, freeway, or heavily traveled road; 3,000 feet of a railroad; one mile of an airport; or five miles of a military airfield. Projects must take action to avoid or mitigate such conditions before completing the loan review process.
- There will be no more FHA loans if the “property has an unobstructed view, or is located within 2,000 feet, of any facility handling or storing explosive or fire-prone materials.”
- FHA loans will bot be available if the property is located within 3,000 feet of a dump, landfill, or super-fund site.
- Not more than 25 percent of the property’s total floor area can be used for commercial purposes.
- No more than 10 percent of the units may be owned by one investor. This will apply to developers/builders that subsequently rent vacant and unsold units. For two and three unit condominium projects, no single entity may own more than one unit within the project; all units, common elements, and facilities within the project must be 100 percent complete; and only one unit can be conveyed to non-owner occupants.
- No more than 15 percent of the total units can be in arrears (more than 30 days past due) of their condominium association fee payment.
- For new developments, at least 50 percent of the total units must be sold prior to endorsement of any mortgage on a unit. Valid presales include an executed sales agreement and evidence that a lender is willing to make the loan.
- At least 50 percent of the units of a project must be owner-occupied or sold to owners who intend to occupy the units. For proposed, under construction or projects still in their initial marketing phase, FHA will allow a minimum owner occupancy amount equal to 50 percent of the number of presold units (the minimum presales requirement of 50 percent still applies).
- Projects in designated wetland and flood zones will not qualify for FHA insurance.
- All current condominium project approvals will be invalid (with the exception of projects approved on or after October 1, 2008) and projects must be re-approved under the new options available. Going forward, all projects will require recertification every two years
It's not clear yet how these new rules will effect the downtown Austin condo market. That said, the fewer available funding options, the more difficult it will be for future condo sales to be completed.
When it comes to downtown Austin, FHA loans are the exception and not the rule. Many new condo developments require deposits and down payments beyond the FHA minimums, diminishing the advantages of an FHA loan. In addition, many units are priced beyond the FHA loan maximum eliminating these loans as a viable financing option. Finally, since the process has always been complex and painful, few projects go through the hassle to be certified.
Starting October 1, new FHA rules will be introduced that will make these loans even more difficult for buyers to obtain. Here are the new requirements:
- Projects not deemed to be used primarily as residential real estate will be ineligible.
- Because of noise worries, FHA insurance will be unavailable when properties are within 1,000 feet of a highway, freeway, or heavily traveled road; 3,000 feet of a railroad; one mile of an airport; or five miles of a military airfield. Projects must take action to avoid or mitigate such conditions before completing the loan review process.
- There will be no more FHA loans if the “property has an unobstructed view, or is located within 2,000 feet, of any facility handling or storing explosive or fire-prone materials.”
- FHA loans will bot be available if the property is located within 3,000 feet of a dump, landfill, or super-fund site.
- Not more than 25 percent of the property’s total floor area can be used for commercial purposes.
- No more than 10 percent of the units may be owned by one investor. This will apply to developers/builders that subsequently rent vacant and unsold units. For two and three unit condominium projects, no single entity may own more than one unit within the project; all units, common elements, and facilities within the project must be 100 percent complete; and only one unit can be conveyed to non-owner occupants.
- No more than 15 percent of the total units can be in arrears (more than 30 days past due) of their condominium association fee payment.
- For new developments, at least 50 percent of the total units must be sold prior to endorsement of any mortgage on a unit. Valid presales include an executed sales agreement and evidence that a lender is willing to make the loan.
- At least 50 percent of the units of a project must be owner-occupied or sold to owners who intend to occupy the units. For proposed, under construction or projects still in their initial marketing phase, FHA will allow a minimum owner occupancy amount equal to 50 percent of the number of presold units (the minimum presales requirement of 50 percent still applies).
- Projects in designated wetland and flood zones will not qualify for FHA insurance.
- All current condominium project approvals will be invalid (with the exception of projects approved on or after October 1, 2008) and projects must be re-approved under the new options available. Going forward, all projects will require recertification every two years
It's not clear yet how these new rules will effect the downtown Austin condo market. That said, the fewer available funding options, the more difficult it will be for future condo sales to be completed.
Starwood "Hotel 1" Concept Proposed for Warehouse District
September 09, 2009 21:26 Filed in: Development Watch
It's been a long time since a new building was announced downtown. Today, Starwood announced plans to build a new 17-story concept hotel called Hotel 1 (Hotel One? One? 1? Hotel1?) on the southwest corner of 5th and Colorado across Colorado from Kenichi.
The new eco-luxury concept will feature 250 - 275 rooms and will be developed by Woodbine, the Dallas hotel developer that built the Hyatt Lost Pines just outside Austin and the Hyatt Hill Country and Westin Las Cantera in San Antonio.
The 210+ foot building will require a zoning change to allow for additional density. In the past, the City has council has typically approved these requests for non-lake front downtown properties in an effort to drive additional downtown density. The warehouse district, however, is an important low-rise neighborhood that will likely require a more careful review of the project.
The new project is one of the first Hotel 1 hotels to be developed in what will become a new Starwood franchise (Starwood operates W, Westin, Sheraton, Aloft, St. Regis, and a few other brands). Previous Hotel 1 projects have been announced for Washington DC, Seattle, and other markets. Recent reports, however, suggest that these other projects may now be on hold.
While every hotel will likely be uniquely designed, renderings of the planned 11-story Washington DC Hotel 1 provide hints of how they may develop the 5th and Colorado site:
Renderings of the Washington DC Hotel 1
This is the first hotel project to be announced in downtown Austin in two years. During that time, a number of major hotel projects have been put on hold including the much dreaded Congress Avenue Marriott (originally proposed as three hotels), the 290 room Hotel Van Zandt and a planned Westin in the warehouse district.
The new eco-luxury concept will feature 250 - 275 rooms and will be developed by Woodbine, the Dallas hotel developer that built the Hyatt Lost Pines just outside Austin and the Hyatt Hill Country and Westin Las Cantera in San Antonio.
The 210+ foot building will require a zoning change to allow for additional density. In the past, the City has council has typically approved these requests for non-lake front downtown properties in an effort to drive additional downtown density. The warehouse district, however, is an important low-rise neighborhood that will likely require a more careful review of the project.
The new project is one of the first Hotel 1 hotels to be developed in what will become a new Starwood franchise (Starwood operates W, Westin, Sheraton, Aloft, St. Regis, and a few other brands). Previous Hotel 1 projects have been announced for Washington DC, Seattle, and other markets. Recent reports, however, suggest that these other projects may now be on hold.
While every hotel will likely be uniquely designed, renderings of the planned 11-story Washington DC Hotel 1 provide hints of how they may develop the 5th and Colorado site:
Renderings of the Washington DC Hotel 1
This is the first hotel project to be announced in downtown Austin in two years. During that time, a number of major hotel projects have been put on hold including the much dreaded Congress Avenue Marriott (originally proposed as three hotels), the 290 room Hotel Van Zandt and a planned Westin in the warehouse district.
Shore Closeout Promotion
September 07, 2009 21:55 Filed in: News
Since May 2, the Shore has been aggressively trying to closeout sales on the last 82 units. Amazingly, the developers successfully sold 62 units in the first 10 weeks of the promotion between May 2 and July 23. This is twice as many sales as were recorded during the same period for all other DT MLS listings. This is an amazing success stoiry and shows how many people are on the sidelines and ready to move when bargains appear.
As of a few weeks ago, approximately 20 units remained. These units are being offered at 10-25% off list price -- or as little as $206K for a 715 square foot one bedroom apartment.
Here are the most recent details we've been able to uncover for this condo closeout sale:
The Shore Close-Out Promotion: Take 25% off list price
As of a few weeks ago, approximately 20 units remained. These units are being offered at 10-25% off list price -- or as little as $206K for a 715 square foot one bedroom apartment.
Here are the most recent details we've been able to uncover for this condo closeout sale:
The Shore Close-Out Promotion: Take 25% off list price
| 1 Bedroom | |||||
Type | Floorplan | Unit # | Interior SF | Terrace SF | List Price |
| 1 BR | A5 | 2005 | 714 | 79 | $275,000 |
1 BR | A7 | 2206 | 842 | 103 | $335,000 |
1 BR + Den | D9 | 2008 | 923 | 77 | $355,000 |
1 BR + Den | D8 | 1807 | 879 | 80 | $325,000 |
1 BR + Den | D8 | 2007 | 879 | 80 | $345,000 |
1 BR + Den | D8 | 1707 | 879 | 80 | $315,000 |
1 BR + Den | D9 | 1708 | 923 | 77 | $355,000 |
1 BR + Den | D8 | 1907 | 879 | 80 | $335,000 |
2 Bedroom + 2 Bath | |||||
2BR | B10 | 1610 | 1122 | 186 | $470,000 |
2BR | B10 | 1910 | 1122 | 186 | $500,000 |
2BR | B10 | 1810 | 1122 | 186 | $490,000 |
2BR | B4 | 2105 | 1141 | 347 | $455,000 |
2BR | B4 | 2205 | 1141 | 119 | $465,000 |
2BR | B3 | 2204 | 1193 | 66 | $495,000 |
2BR | B9 | 1809 | 1206 | 204 | $510,000 |
Close-Out Promotion Take 10% off list price for a limited time! | |||||
Type | Floorplan | Unit # | Interior SF | Terrace SF | List Price |
| 1 BR | A4 | 802 | 905 | 229 | $337,000 |
2 BR + Den | E4 | 2202 | 1513 | 98 | $725,000 |
2 BR + Den | E3 | 2203 | 1610 | 111 | $755,000 |
Live Work | LW1 | 101 | 1674 | 35 | $450,000 |
July Downtown Condo Sales Show Improvement
September 03, 2009 21:57 Filed in: Market Analysis
We've updated the AustinTowers | urbanspace Downtown Austin Condo Market Index for July, 2009 and, for the first time this year, MLS sales were higher than the previous year numbers.
In the month of July, 12 downtown Austin condo units were transacted on the MLS: 2 more than in July of 2009 with a 5% lower price per square foot. In addition, the % of asking price jumped significantly from a June low of 87% returning to a more typical 97%. Average days on market for units that sold came in at 88, a 17% drop over last year. From an inventory perspective, months inventory droped from 33 months to 24 months -- a significant drop. This number, however, remains high as buyers seem to prefer units in new projects over MLS inventory.
As always, the results show the weakness of the MLS. While 12 units sold through MLS, additional units went ton sale at the Shore and other new projects outside of the MLS. While the MLS numbers continue to show a surprisingly small transaction volume, it is difficult to know whether sales were weakening or whether the most recent sales were simply closed off MLS.
A final observation is that the units that are moving are priced at less than $350,000. In July, 2 of the 12 units were priced uner $200K, an additional 7 were priced under $300K, and only 3 were priced over $300K with the highest priced unit fetching $350K. So far this year, there has only been one sale on the MLS for more than $1,000,000.
See the full index here.
| Month | Sales | Avg. Price | $/SF | Avg SF | Avg Year | % Ask | ADOM |
| Jul-08 | 10 | $307,500 | $279 | 1,098 | 1985 | 97% | 106 |
Jul-09 | 12 | $265,450 | $265 | 1,021 | 1987 | 97% | 88 |
Change | 20% | -14% | -5% | -7% | 2.00 | 0% | -17% |
In the month of July, 12 downtown Austin condo units were transacted on the MLS: 2 more than in July of 2009 with a 5% lower price per square foot. In addition, the % of asking price jumped significantly from a June low of 87% returning to a more typical 97%. Average days on market for units that sold came in at 88, a 17% drop over last year. From an inventory perspective, months inventory droped from 33 months to 24 months -- a significant drop. This number, however, remains high as buyers seem to prefer units in new projects over MLS inventory.
As always, the results show the weakness of the MLS. While 12 units sold through MLS, additional units went ton sale at the Shore and other new projects outside of the MLS. While the MLS numbers continue to show a surprisingly small transaction volume, it is difficult to know whether sales were weakening or whether the most recent sales were simply closed off MLS.
A final observation is that the units that are moving are priced at less than $350,000. In July, 2 of the 12 units were priced uner $200K, an additional 7 were priced under $300K, and only 3 were priced over $300K with the highest priced unit fetching $350K. So far this year, there has only been one sale on the MLS for more than $1,000,000.
See the full index here.