Luxe Austin Homes

Homes at the Signal Hill development in Bee Cave are selling faster as interest in residential real estate throughout the Lake Travis-Westlake area begins to pick up momentum. (Courtesy Evan Loomis)

Though sales in the residential real estate market throughout Greater Austin took a hit as the effects of the COVID-19 pandemic began to take hold in March, developers in western Travis County have said they are now seeing an uptick in interest from builders and buyers.

Whether it is because the market is starting to correct on its own or because a growing interest in relocating away from dense urban areas is taking hold, sales of new homes in the Lake Travis area are rising.

The sales numbers reported by local developers and Realtors come as Texas is facing historic shortages in the real estate market.

A July 14 report from the Real Estate Center at Texas A&M University states that Texas’ months of inventory, or the amount of time it would take sell all

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Lakeway City Council scoured the proposed fiscal year 2020-21 budget at a special meeting Sept. 8, looking for cost savings to avoid a proposed maximum property tax rate that would increase revenue by 3.5%.

On Aug. 17, Lakeway City Council voted to approve a 3.5% proposed maximum property tax rate—which would increase the rate to $0.1694 per $100 of assessed value—to help close the shortfall in the preliminary $15.06 million budget that starts Oct. 1. The current rate of $0.1645 has been in place since FY 2018-19.

Under the proposed new rate of $0.1694, the city tax bill for the owner of a $500,000 home would increase from $822.50 to $847 per year.

At the Sept. 8 meeting, council directed City Manager Julie Oakley to reduce or reallocate two expenditures

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Live the best of Austin: City life combined with Barton Creek views! Incredible 3 bed 2 bath at Greenview on Barton Creek. Clean contemporary finishes. Incredible kitchen with prep island bar + seating, dining area with large open living that is a great space to entertain. Sanctuary-like master suite, three walk-in closets, oversize 103 sq ft terrace which features protected views of the Barton Creek Greenbelt, wine fridge. Amenities include, negative-edge pool, and outdoor summer kitchen.

 

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Propelled in large part by rock-bottom interest rates for mortgages, the homeownership rate in the Austin area has skyrocketed.

An August 12 report from the Texas A&M Real Estate Center shows the homeownership rate in Austin hit 65.3 percent in the second quarter of this year. That’s up from 59.4 percent in the first quarter of 2020 and represents the steepest climb in homeownership among Texas cities. 

Since the real estate center began tracking Austin’s homeownership rate in 1996, the highest rate was 69.3 percent, seen in the third quarter of 2006; the lowest rate was 49.2 percent in the fourth quarter of 1996.

The upward trend mirrors what's happening statewide. In June, Texas' homeownership rate hit a new high mark.

According to the

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The housing market is in a unique situation this year as mortgage rates have hit record lows at a time when many Americans are struggling financially due to the COVID-19 pandemic.

But for those who have the extra cash on hand, buying a home right now could be the ideal situation--and Austin is one of the best real estate markets in the nation for buyers.

WalletHub looked at 300 cities across the U.S. to determine their rankings, including factors like median home-price appreciation to home sales turnover rate to job growth.

Austin came in at number 7 overall, and 3rd among large cities.

The survey graded Austin's real estate market health:

  • 42nd – Avg. Days Until Sale
  • 54th – Job Growth Rate
  • 102nd – Foreclosure Rate
  • 54th – % of
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Elegant home on a large lot with resort style pool on the iconic street of Balcones Dr! Renovated upscale transitional style Kitchen opens to the expansive living room with soaring ceilings. Fabulous architectural features and ample light throughout - Great room with two story ceilings, custom glassed in 1,100 bottle wine room, grand circular staircase, enormous master suite, french doors open to spacious covered al fresco dining area overlooking the refreshing pool and wood burning fireplace.

 

Search for homes in the neighborhood below:

 

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Unique Jester residence perched on a half acre hillside lot, nestled among native trees with spectacular NE views of the Hill Country. This spacious home features a contemporary interior design with an open floor plan, vaulted ceilings, ample natural light, fireplace, beautiful kitchen with granite counter tops & stainless appliances, amazing master bedroom with 180 degree views and access to oversize deck. Multiple living areas and covered porches, an ideal home for living and entertaining!

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The fast-growing community of Dripping Springs is about to grow even more. Meritage Homes recently kicked off the sale of more than 700 homes in the 200-acre, master-planned Big Sky Ranch development, about 25 miles west of downtown Austin.

Big Sky Ranch Prices for the single-family, one- and two-story homes start in the $260s. Square footage ranges from roughly 1,600 to more than 3,500. In all, the project — at U.S. Highway 290 and RR 12 near downtown Dripping Springs — features 21 home designs.

“The proximity of this project to the core city limits of Dripping Springs will encourage future residents to walk to destinations like our downtown historic districts, Founders Memorial Park, and other retail establishments within walking distance,” Ginger Faught,

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A rare combination of privacy and convenience on the south shore of Lake Travis.  The Lakehouse is a privately gated, 13 acre waterfront estate with an entrance from RR 620. Through the gates, a private hill country drive leads you to the iconic Lakehouse, a waterfront home of splendid detail.  Every detail Architecturally planned and elegantly executed by the finest Builders and Designers in Austin.  The residence boasts over 12,000 square feet inclusive of the detached guest house.  

 

  • Main house:

The main level is designed with entertaining in mind with three living areas, two dining areas, a Chef’s Kitchen and two powder baths, multiple patios and a grilling area.

The entire second level is a Master suite featuring a

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Coveted views of the Capitol and iconic Frost tower crown from this Luxury Northeast Corner Residence on the 40th Floor. Open floor plan with Gourmet Kitchen opening to spacious dining & living room with floor to ceiling windows & luxury finishes throughout. The Austonian amenities include a 75’ saltwater pool & spa, Outdoor Kitchen, Fitness center with 360 degree views, Billiard Room, Spa room, Dog park & grooming room, Theatre, Conference room & Austonian Club. Also available to lease for $10,000/month.

 

Check Out More Downtown Listings Here!

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