Luxe Austin Homes - August, 2023

"Homebuilders in the Austin area - volume builder"

Austin Business Journal presents, "The 2023 Austin Business Journal list of volume homebuilders is home to builders working in the Austin area. This includes Travis, Williamson, Hays, Bastrop, Caldwell and Burnet counties.

These builders typically offer spec homes in master-planned neighborhoods around Central Texas, along with an assortment of floor plans and prices for new construction.

The ABJ gathers data from surveys sent to company representatives. Only builders that responded to requests for information are included.

In addition to the ABJ list, housing market advisory firm Zonda regularly gathers home starts of local builders.

Between July 1, 2022 and June 30, 2023 Zonda counted a total of 16,943 new homes starts in the Austin area. This is down from…

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"Big neighborhoods pitched for tiny towns south of Austin"

Austin Business Journal writes, "while housing starts across the Austin metro have retreated from pandemic highs, large residential communities continue to be pushed forward, especially in areas expected to see rapid population growth in the coming years.

That includes on the fringes of the emerging "metroplex" between Austin and San Antonio. An approximately 1,185-home subdivision called Haney Park is proposed for 245 acres in Hays County. It would in the extra-territorial jurisdiction of the small city of Uhland, between Cotton Gin and High roads, according to public documents.

In addition to the homes, the development would have three commercial lots ranging from 1.3 to 4.2 acres and an 18-acre lot for multifamily residential. Haney Park…

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"What’s next for the Austin housing market heading to fall 2023"

AUSTIN (KXAN) — "Mortgage rates have hit a 21-year high, and KXAN wanted to see what it could mean for Central Texans.

KXAN Anchor Jennifer Sanders spoke with Dr. Clare Losey, a housing economist with the Austin Board of Realtors, about key housing data, such as new and existing home sales.

JENNIFER: So as mortgage rates top 7% It’s a two-decade high. What does this really mean for homebuyers as well as homeowners here in Central Texas?

CLARE: Well, the primary effect of higher mortgage rates is on homebuyers purchasing power, right? So anytime the mortgage rate increases, it reduces the maximum home price affordable to any potential buyer. So, what we anticipate to see in Austin really in any housing market is just somewhat of a moderation in…

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"Homebuilder GFO Home offering 4.75% fixed rates on North Austin metro homes"

Community Impact Austin writes, "homebuilder GFO Home is expanding into Austin-area communities. In August, the builder is offering a variety of promotions, such as 50% off upgrades on to-be-built homes or a 4.75% fixed rate on quick move-in homes—available in Pflugerville, Georgetown, Liberty Hill and Manor—at no cost to customers.

A closer look

According to a news release, GFO Home has homes for sale at pre-grand-opening prices in two new Austin-area communities: Saddleback at Santa Rita Ranch in Liberty Hill, opening in September, and Enclave at Cele in Pflugerville, opening in October. GFO is also starting a new community in Leander near the San Gabriel River.

What else?

According to GFO Home, the builder currently has more than 50 inventory homes…

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"Will 'golden age of remodeling' persist with economy, housing-market slowdown?"

Austin Business Journal writes, "home-remodeling activity, which boomed during the height of the Covid-19 pandemic, is beginning to taper off from what experts say was unsustainable growth, but current conditions in the housing market may ultimately provide medium-term tailwinds for the sector.

Harvard University's Joint Center for Housing Studies' most recent Leading Indicator of Remodeling Activity, a quarterly assessment of future demand for remodeling projects, is projecting a decline for remodeling activity beginning early next year. Its forecast also calls for activity for the current year to end at a 3% annual growth from the previous year, a deceleration from pandemic years — where double-digit annual growth was typical.

Abbe Will, a…

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"Lund Farm pitched as big neighborhood in rural area near Elgin"

Austin Business Journal reports, "a 570-acre community may be coming to the Elgin area with more than 1,800 single-family homes, hundreds of multifamily units and nine acres of commercial space.

A little-known company called Blossoms Development has proposed Lund Farm off State Highway 95, north of Elgin. The company wants to have a diversity of home types and prices, according to a public presentation posted online by the city of Elgin. It also aims to create a walkable neighborhood that leverages the natural features of the site by using floodplains as amenity space and restoring historic blackland prairie.

In addition to the single-family homes, Lund Farm could have nearly 650 multifamily units, plus parks, an amenity center and a possible…

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"July data shows high interest rates not slowing Austin metro housing market"

Community Impact Austin reports, "while homes in cities across the Austin-Round Rock metropolitan statistical area have been hit with high interest rates in recent months, data from the Austin Board of Realtors shows that the market is continuing to stabilize.

According to July ABoR data for the metro, closed listings increased 0.6% year over year to 2,815 sales. Homes spent an average of 59 days on the market—37 more days compared to last year—and the number of new listings on the market also fell, but active listings and overall home inventory increased. Additionally, median home prices across the metro is down 10% for an average of $462,000.

The breakdown

In Travis County, year over year:

• There were 5.5% more sales, 15.8% more active listings…

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"What a more normal Austin housing market looks like"

Austin Business Journal writes, "Austin's housing market has had a full year of "normalization," experts say, but we aren't out of the woods yet.

After years of soaring prices and diminished inventory fueled by a pandemic-era buying frenzy, home prices began falling back toward more normal levels and inventory began rising in July 2022. Market observes have framed this as a return of more normal conditions, dictated by actual supply and demand and affected by typical season fluctuations.

A year later, what does that look like? The Austin Board of Realtors this week reported that the metro had a median sales price of $462,000 last month, down 10% from a year prior and much lower than the peak of $550,000 in April and May 2022.

Inventory, which…

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"Q&A: Austin Board of Realtors housing economist helps others ride the waves of Austin market"

Community Impact Austin shares, "Clare Losey joined the Austin Board of Realtors as its housing economist in March. She graduated from Texas A&M University with a PhD in August 2021 and previously worked at the Texas Real Estate Research Center. This interview has been edited for clarity and consistency.

What made you choose Austin?

I attended [The University of Texas] for undergrad and just really fell in love with Austin, and I love just the outdoorsy aspect of it. I think folks here tend to strike a happy medium; they tend to find jobs that they’re at least reasonably passionate about, but yet they have hobbies on the side that they really enjoy.

What do you do as a housing economist for the ABoR?

Much of what I do is focus just on digesting what’s…

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"Luxury homes replace church in Brentwood, a new normal juxtaposition for Austin"

Austin Business Journal writes, "a handful of new luxury homes have started hitting the market in Central Austin’s Brentwood neighborhood.

Brentwood Heights, as the community is called, is a 1.4-acre, eight-home co-development from Cascade Homes and Urbane Roost, and the luxury residences come with a hefty price tag: $1.6 million to $1.9 million, according to an Aug. 17 announcement.

It's a price point that even those already living in Brentwood may struggle to afford. But new luxury homes for sale right beside older and cheaper properties is the direction Austin is trending in, Ashley Jackson, 2023 president of the Austin Board of Realtors. The Brentwood area is located a few miles west of where U.S. Route 183 meets I-35.

Two of the homes…

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