Luxe Austin Homes - October, 2023

"The rental market’s downward slide: 5 straight months of falling rents"

The New York Post writes, "rents continued to fall around the country as more rental units hit the market.

September marked the fifth month in a row of year-over-year rent declines, with prices decreasing 0.7%, according to a recent Realtor.com® report. The median asking rent dropped to $1,747 in September. That was a $5 dip from August 2023 and a $29 decrease from July 2022, when rental prices peaked.

Renters are still paying more than pre-pandemic times, however. September 2023 rents were $338 — a whopping 24% — higher than September 2019.

The report looked at rents for studios and one-bedroom and two-bedroom apartments, condos, townhomes, and single-family homes in the 50 largest metros. (Metros include the main city and surrounding towns,…

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"Hundreds of multifamily units, offices planned for Crestview neighborhood"

Austin Business Jounral reports, "a revised vision for Crestview Village first introduced two years ago is taking shape as plans gain momentum to build a high-density, mixed-use development with affordable housing near a transit hub in North Austin.

Owned by brothers Ben Barlin and Peter Barlin, 3423 Holdings LLC gained the Austin Planning Commission’s recommendation on Oct. 24 to seek an increased building height to 160 feet — about 15 stories — and participate in the city’s density bonus program, which will yield at least 10% dedication to affordable housing.

If brought to fruition, the project would help the city's goals for denser, transit-focused development along its primary corridors. It would also help Austin reach its net-zero…

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"North Austin neighbor has one of the hottest ZIP codes in the U.S. for new apartments, report finds"

CultureMap Austin writes, "nearly all of Austin has experienced a flurry of apartment construction to accommodate the equally expanding population in the last few years. In fact, five Austin-area zip codes were the hottest markets for new apartment construction between 2018 and 2022, according to a new rental market analysis by RentCafe.

Pflugerville makes a pflying leap over Austin
Most impressive in the Austin metro region, ZIP Code 78660 in Pflugerville was the No. 20 hottest market in the U.S., with a 64.5-percent growth rate for apartments. Nearly 3,900 new apartments were built in the last five years, according to the study.

Austinites and newcomers pflocking to Pflugerville likely moved there for its easygoing city life. H-E-B has also…

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"Amid surging demand for industrial space in Central Texas, more is underway in Austin"

Austin American-Statesman writes, "amid ongoing demand for industrial space in Central Texas, a project near Austin-Bergstrom International Airport landed $18 million in financing.

MDH Partners, an Atlanta-based real estate investment company, closed on $17.8 million in financing from Regions Bank for the project, called 71 Logistics Center.

The industrial building, which will have 216,000 square feet of space, broke ground in August on 45 acres near the airport. 

The building is at Texas 71 and Norwood Lane, 6 miles southeast of the airport, in the five-county Austin region that is home to more than 2.2 million people.

Once completed in the second quarter of next year, 71 Logistics Center will increase MDH Partners’ Texas footprint to…

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"Homebuilders turn to incentives to draw in priced-out buyer pool"

Austin Business Journal writes, "homebuilders continue to see sales momentum — despite surging mortgage rates and persistent affordability challenges — in part because they're pulling out the stops to lure buyers and ensure deals cross the finish line.

While a growing share of buyers have been locked out of the housing market because of rising mortgage rates, persistent home-price appreciation and a lack of existing-home inventory, the current environment also is creating some tailwinds for builders that can offer more competitive financing.

Housing starts increased 7% in September to a seasonally adjusted annual rate of 1.36 million units, according to the Department of Housing and Urban Development and U.S. Census Bureau data.

In fact, 31%…

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"Madrone Canyon to add luxury homes in wealthy area"

Austin Business Journal reports, "a luxury housing project is rising on a 140-acre canyon in Bee Cave where developers are touting unparalleled Hill Country views.

Ames Design Build LLC is behind the development, called Madrone Canyon, which will be home to more than 100 residences. Ames Design Build owner Brett Ames is also the founder and managing principal of Inspire Development, which is behind the $2 billion mixed-use Pearson Ranch development in southern Williamson County.

Madrone Canyon will feature a mix of custom and spec homes, Ames said. Lot prices begin in the high $400,000 range, while homes are expected to range from $3 million to over $5 million, according to an Oct. 10 announcement. The development will add more pricy homes to a…

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"Ryman plans $40M renovations to ACL Live at the Moody Theater, W Austin hotel"

Austin Business Journal reports, "Opry Entertainment Group, a subsidiary of Ryman Hospitality Properties Inc. (NYSE: RHP), will begin work this week on a $40 million renovation of downtown Austin’s Block 21, the Second Street mixed-use development home to Austin’s ACL Live at the Moody Theater and the W Austin hotel.

The renovation will include the construction of a new 2,060-square-foot terrace enclosure over the existing PNC Plaza, which will serve as a private event space designed to serve both ACL Live and the W Austin and is planned to be completed by the summer of 2024. Other improvements include a facelift to the W Austin entrance and other public spaces on site including its coffee shop, restaurant and bars. Renovations of the hotel’s more…

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"September data shows Austin metro housing inventory hit 8-year high"

Community Impact Austin shares, "housing inventory in the Austin-Round Rock Metropolitan Statistical Area hit the highest levels in more than eight years in September, according to the Austin Board of Realtors’ metro data for September.

The overview

According to ABoR officials in a news release, in September, Travis County and Hays County both had more than four month’s worth of inventory while Williamson County had slightly more than three months worth. Bastrop County had the highest inventory in the MSA with five months worth.

In addition to high inventory, data shows that year-over-year home sales and median home prices dropped across the MSA—by 18.2% and 4.3%, respectively—while active listings increased by 7.8%. Homes also spent an average of 65…

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"Austin-area housing inventory rises as affordability challenges mount"

Austin Business Journal reports, "the Austin metro’s housing inventory is the highest it’s been in more than eight years.

Inventory in the region hit the four-month mark in September, according to the Austin Board of Realtor’s monthly market data. Inventory represents how long it would take to sell all of the homes on the market if new listings stopped, and housing experts say six months of inventory typically represents a healthy balance between supply and demand.

While that may sound promising for a region that's experienced a dearth of new homes, it takes some pain to have the gain. The number of closed sales is notably down. ABOR housing economist Clare Losey said this could be caused by a number of factors, including high interest rates and…

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"Median home prices in Central Austin mostly up in September"

Community Impact reports, "most Central Austin ZIP codes saw an increase in median home prices year over year in September, but there were a few exceptions, according to data from the Austin Board of Realtors.

Like median home prices, the average number of days homes spent on the market and the number of home sales were also mixed. Days on market were up and home sales were down, but there were some exceptions.

In September, median home prices in 78703 dropped by 50% from $1.8 million to just over $889,000. In 78701, median prices dropped nearly 50% from $1.13 million to $570,000.

Conversely, median prices in 78756 jumped over 50% from $603,500 to $926,750, the biggest increase in the market. In 78751, homes went from $822,500 to over $1 million.

The…

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