Luxe Austin Homes - July, 2024

"Austin-area housing inventory edges higher in June with potential price relief on horizon"

Austin Business Journal shares, "Housing stock in the Austin area continues to edge higher, reaching healthier levels not seen in the metro in over a decade — and it's possible lower prices are on the horizon.

The Austin-Round Rock metro's housing inventory reached five months in June — the highest it's been since 2011, according to the latest Austin Board of Realtors and Unlock MLS market report. That's closer to the six months of inventory that housing experts say typically represents a healthy balance between supply and demand, and it's up from a level of 3.7 months of inventory in June 2023.

But what does an increase in inventory mean? According to Clare Knapp, an Unlock MLS and ABOR housing economist, buyers and sellers could expect to see…

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"Active Austin home listings keep rising in emerging 2024 trend, says report"

CultureMap Austin reports, "The latest real estate report from Unlock MLS and the Austin Board of Realtors (ABoR) has revealed that June saw a significant increase in the number of active home listings in the Austin metro area — continuing on a three-month high that began in April — and median sale prices are dropping to accommodate the rise in inventory.

New in the June report, Unlock MLS refers to the Central Texas region as the Austin-Round Rock-San Marcos metropolitan statistical area (MSA), whereas it was previously identified as the Austin-Round Rock-Georgetown MSA.

The data shows there was a 13.4 percent drop in home sales across the Austin-Round Rock-San Marcos MSA, with only 2,732 homes sold in June for a median price of $450,000. There…

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"'Samsung effect' spurs plans for 100-acre residential development in fast-growing Taylor"

Austin Business Journal reports, "A new 100-acre residential neighborhood could be coming to Taylor, where economic growth has been explosive thanks to Samsung’s 2,000-acre, multibillion-dollar semiconductor plant that's under construction in the city.

The development, called Turner Springs, would be home to single-family and multifamily residences as well as commercial and retail properties, according to Taylor Planning & Zoning Commission documents. The commission recommended the project for approval at its July 9 meeting.

If it comes to fruition, the project would be built on two properties that have been owned by an entity known as Turner Bobby Jr Etal since 2000, according to the Williamson Central Appraisal District. Insite…

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"Exclusive | The Sand Dollar House Near Austin Lists for $1.99 Million"

The Wall Street Journal writes, "In Texas, a circular, lakeside home with a roof that looks like a sand dollar is hitting the market for $1.99 million.

Located in the city of Lakeway, which is just outside of Austin, the roughly 2,300-square-foot home is perched on a bluff that overlooks Lake Travis.

The sellers are Karena Dawn, co-founder of the fitness brand Tone It Up, and her husband, Bobby Goldstein. The pair came across the home while boating on Lake Travis. When they found out it was for sale, they bought it for an undisclosed price in 2021.

“Anyone who has boated on Lake Travis in the last 40 years has looked up at it,” said the listing agent, Michelle Jones of Compass. She shares the listing with her colleague,…

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"Wilson Capital's recapitalization strategy continues with $35.2M loan"

Austin Business Journal shares, "Wilson Capital, one of the busiest multifamily development firms in Austin, continues a refinancing spree that began in January. 

The latest effort comes in the form of a $35.2 million loan originated from Southern Realty Trust Inc. for the refinancing of Jovie Belterra, a partially complete apartment complex in the Belterra neighborhood between Austin and Dripping Springs, according to a July 8 announcement.

“Since the beginning of the year, Wilson Capital has successfully refinanced multiple properties in the greater Austin area,” said Taylor Wilson, the company’s president, in a written statement.  “These transactions are consistent with a portfolio-wide recapitalization strategy to support lease-up activities…

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"Housing affordability got worse in Q2 — and homeownership costs hit a new high"

Austin Business Journal reports, "Homes across America remained unaffordable for many prospective buyers in the second quarter, with single-family home and condo prices less affordable during that three-month period compared to historical averages in 99% of the nation's counties.

That's according to a recent analysis by Attom Data Solutions LLC, which looked at housing data from U.S. counties with a population of at least 100,000 and that had at least 50 single-family home and condo sales in the second quarter.

The analysis also found that expenses for existing homeowners on median-priced homes are on the rise. Those costs consumed 35.1% of the average national wage in the second quarter, a high point since 2007 and meaningfully higher than the…

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"Austin inches closer to air conditioning mandates for residences"

Community Impact Austin reports, "A new city mandate for air conditioning in all residences is moving closer to final approval, and residents can weigh in on the change in July.

What's happening

The city is in the process of revising its technical codes, including its first proposed air conditioning mandate under the building code.

The update would require all residential property owners to keep rooms at least 15 degrees cooler than outdoor temperatures, and no hotter than 85 degrees Fahrenheit at most.

If implemented, the standards would apply for all existing properties and new construction in Austin.

Austinites can weigh in on the new building code items online until July 24. The revisions will also be discussed at the July 9 planning commission…

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"Sustainable East Austin community Whisper Valley gains new international homebuilder"

Austin Business Journal reports, "The latest homebuilder to get involved in East Austin’s Whisper Valley neighborhood — a Central Texas epicenter for innovation in sustainable housing — is pushing the limits of how quickly a home can be built.

Kosovo-based InstaBuilt LLC will build its first U.S. homes in Whisper Valley and also is establishing its North American headquarters in East Austin, according to a July 1 announcement.

The company's homes, which will take advantage of Whisper Valley’s geothermal and solar capabilities, are manufactured off-site and then assembled on-site in eight to 12 hours. Because of the technologies it uses, it's able to construct in an energy-efficient manner at a lower price than the average in Austin, InstaBuilt…

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"Wood Partners Celebrates Grand Opening of 267-Unit Alta Wildhorse Ranch Luxury Townhome Community in Austin, Texas"

MultifamilyBiz writes, "Wood Partners, a national multifamily real estate development leader, announced the grand opening of Alta Wildhorse Ranch, a luxury townhome community located directly off U.S. Highway 290 and Texas SH-130. Alta Wildhorse Ranch marks the third Wood Partners property opened in Austin within the past year.

"We are excited to bring our latest community to Austin," said Bart Barrett, Managing Director for Wood Partners. "Located down the street from downtown Manor and with easy access to the Austin metro, Alta Wildhorse Ranch is a luxury townhome property that fits in well with the small town feel of the local community."

Alta Wildhorse Ranch is situated in an ideal location, with access to major employers, recreation and…

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"Home industry experts talk landscaping with water restrictions"

Community Impact Ausitn writes, "As Austin Metropolitan Area cities remain in stage 1, 2 or 3 water restrictions in response to varying drought conditions, homeowners have to keep these restrictions in mind when landscaping—whether they’re buying, selling or staying where they are.

Adam Mosier, co-owner of of Austin custom homebuilder Mosier Luxury Homes, and Kent Redding, Austin Board of Realtors 2024 president, shared their insight on the most effective water restriction-friendly landscaping and how this can impact the local housing market.

The outlook

Mosier said there are many variables his team must consider when contracting with landscape installation contractors and thinking about a landscape plan for clients.

As an added layer to city regulations,…

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