Luxe Austin Homes

"D.R. Horton could bring around 1,500 homes to Bastrop"

Austin Business Journal shares, "The busiest volume homebuilder in the region plans to bring around 1,500 homes to a small town outside Austin.

Bastrop City Council was shown new plans for a public improvement district called Valverde on Aug. 13 that could be valued at $557 million at full buildout. The property is owned by D.R. Horton Inc. through its Continental Homes of Texas LP subsidiary, according to property records.

The Valverde plans are the latest evolution of a project that was formerly called Viridian, which was also a D.R. Horton project.

Valverde would rise on 399 acres north of State Highway 71, and plans call for both single and multifamily development. In a statement, D.R. Horton Austin Division President Scott Wilburn…

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"Homeowners and developers can now build on smaller lots under HOME Phase 2"

Austin Business Journal reports, "Developers can now build on smaller lots as part of an effort to allow denser and more affordable housing throughout Austin.

Beginning Aug. 16, homebuilders and homeowners can apply to participate in the second phase of the HOME Initiative, a city of Austin spokesperson confirmed, which allows homes to be built on lots as small as 1,800 square feet — down drastically from the previous minimum lot size of 5,750 square feet.

Many density and affordable housing advocates in Austin have long pushed for smaller minimum lot sizes for single-family homes, calling the change one of many code updates that could move the needle for affordability and housing stock concerns. HOME Phase 2 also establishes new rules for lot…

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"Where wealthy people live"

Austin Business Journal writes, "In his 2005 State of the City address, then-Austin Mayor Will Wynn — fresh off leading the Downtown Austin Alliance — had a goal of 25,000 people living in downtown Austin.

At the time, about 5,000 people called the Central Business District home. Almost 20 years later, downtown is still far short of that goal but growth has ramped up as thousands of new apartments and condos rise toward the sky. 

The DAA now pegs downtown's population at about 15,000. Almost 900 were added last year, DAA reports. They come for the high-rise living, entertainment, quality restaurants and urban hike-and-bike trails.

It's an appealing package if you can afford it — the downtown ZIP code, 78701, is now the wealthiest in the area…

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"Austin home sales slip as more buyers look outside the city, report says"

CultureMap Austin writes, "It's been a long-established trend that Austinites will relocate to a much more affordable part of town, even if it means sacrificing shorter work commutes and coveted Austin zip codes. The latest real estate report from Unlock MLS and the Austin Board of Realtors (ABoR) shows home sales have dropped in the Austin-Round Rock-San Marcos MSA, but are on a steady rise in neighboring Central Texas counties.

Residential home sales fell 3.5 percent year-over-year from July 2023, totalling 2,652 closed sales in the Austin-Round Rock-San Marcos MSA. Median prices have plateaued at $450,000 for the second consecutive month. With more than 3,800 new home listings added — a 0.3 percent drop from this time last year — the total…

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"Home sales volume continues to remain low in Central Austin"

CommunityImpact Austin writes, "The real estate market for the Central Austin area experienced some decline in home sales volume in July year over year; however, home sales volume increased compared to June, according to data from the Austin Board of Realtors.

This was coupled with an increased amount of time on the market and a decline in sale prices year over year, according to the data.

The details

Home sales volume declined in half of the ZIP codes in the Central Austin market, with the biggest percentage decrease in 78701, while the largest percentage increase was seen for 78731. In June, all 12 ZIP codes experienced a decline in sales.

There was also an increase in all but two of the 12 ZIP codes in days on the market, with the largest increase…

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"Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again?"

Forbes Advisor writes, "The housing market might finally be entering a transitional phase.

Summer sales have been tepid thus far, but there are signs that activity could heat up by the end of the summer as mortgage rates edge down and much-needed resale inventory continues to enter the market, giving buyers more options.

Other good news for home shoppers is the ongoing decline in the median price for a new home—now below the median resale home price—even as builders continue offering buyer incentives.

Nonetheless, experts say the housing market will only see renewed momentum once mortgage rates drop enough to ease affordability challenges and incentivize homeowners locked in at low rates to move so inventory grows substantially to meet…

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"Million-dollar markets: America's most expensive ZIP codes for housing"

Austin Business Journal writes, "California's 94027 stands alone when it comes to the nation's most expensive ZIP codes for housing.

The typical home value in 94027 - Atherton, which is located near San Francisco, was $7,711,460 in March 2024 — leading the way among all ZIP codes in America.

That’s according to research obtained for The Business Journals Wealthy 1000, a recent ranking of the nation's wealthiest ZIP codes based on a weighted formula that looks at numerous wealth metrics, including typical home value data from Zillow.

California's 94027 stands alone when it comes to the nation's most expensive ZIP codes for housing.

The typical home value in 94027 - Atherton, which is located near San Francisco, was $7,711,460 in March 2024…

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"Multifamily spigot opens with Endeavor’s North Burnet development"

TheRealDeal reports, "Endeavor Real Estate Group is moving forward with an apartment project on a 4.3-acre site in Austin’s North Burnet neighborhood. 

The Austin-based developer will bring 396 units to 2320 Kramer Lane, in an area that has relaxed zoning under the city’s North Burnet/Gateway plan, Towers reported. 

The project will feature five floors of residential units, 14,000 square feet of amenity space, and a central parking garage. It is set to replace a Culver’s fast food restaurant and the Copenhagen Imports furniture store. 

The location is half a mile from Q2 Stadium, near CapMetro’s McKalla and Kramer light rail stations. Construction is expected to start sometime next year.

Atlanta-based Dwell Design Studio is the…

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"3 Austin neighbors shine on new list of America's safest suburbs"

CultureMap Austin shares, "Crime may be a concern for some Austinites, but life is a little more relaxed just beyond the city limits. Cedar Park, Georgetown, and Round Rock were just named among the safest suburbs to live in the U.S., as declared in a new report by financial advisor marketplace SmartAsset.

The report ranked 360 suburbs of major U.S. cities based on their crime rates, vehicular and drug poisoning mortality rates, and the percentage of the population engaging in "excessive drinking." Housing affordability was an additional factor considered for the 35 safest suburbs.

The No. 1 safest American suburb is Lehi, Utah, which is nearly 30 miles south of Salt Lake City.

Cedar Park (No. 45) was the highest ranking Austin suburb,…

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"Luxury home prices hit a new high, more 'starter' homes now cost $1M"

Austin Business Journal reports, "The U.S. luxury housing segment has bucked some of the trends affecting the rest of the residential real estate market, in large part because those buyers and sellers are less affected by affordability issues.

But like the broader housing market, luxury homes continue to see a surge in prices. In fact, luxury home prices hit a new high in the second quarter of this year, with a typical home in the category selling for $1.18 million, an 8.8% increase from the same quarter last year, according to Redfin Corp. data.

Redfin defines luxury homes as those estimated to be in the top 5% of their respective metro areas, based on market value, while non-luxury homes are estimated to be in the 35th to 65th percentile based…

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