Luxe Austin Homes

"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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"Some median home prices increase in Lake Travis, Westlake in September"

Community Impact writes, "a few ZIP codes in the Lake Travis-Westlake market saw an increase in home sales and median home prices compared to last year, according to data from the Austin Board of Realtors.

While prices and sales were down across the market, there were a few outliers. Homes in 78732 saw the biggest price jump at over 17% year over year. Sales were also up the highest year over year in this ZIP code by 40%.

Median prices in 78733 dropped the most in the market, going for $1.5 million last September to just under $900,000 this September.

Sales in the market were also a mixed bag. Homes in 78746 sold 15 homes both last year and this year. For the remaining six ZIP codes, three had more home sales than last year, and three had fewer sales…

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"10 Things Most Homebuyers Get Wrong About Getting a Mortgage Today"

Realtor.com writes, "while buying a home has always been a challenging milestone, today’s high interest rates have made this dream even harder to achieve.

Over the past two years, interest rates on home loans have nearly doubled from the 3% range to around 7% today. This tacks many hundreds extra onto the monthly expense of housing, stretching some homebuyers’ budgets to the breaking point. And while there are ways to lower those costs, navigating the home loan process is extremely complicated—particularly for first-time homebuyers.

“It’s very important for first-timers to do research and understand all their options before they start looking for a home,” says Cara Ameer, a real estate agent with Coldwell Banker who is licensed in California and…

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"First tiny home village in Austin suburb sees big demand"

Culturemap Austin reports, "a Round Rock developer built a first-of-its-kind community to bring a tiny solution to a large problem. He's tackling affordability with a new tiny home community called Mustard Seed Village.

"Very grateful. I mean, it's almost like a miracle in a sense," Mohammed Mbaya said.

Mbaya searched all over Cental Texas for an affordable place to live.

"Houses are expensive all around Round Rock, just like Austin. So to find a place like this in Round Rock, it's like, perfect," Mbaya said.

He said when he first found these homes, he wasn't immediately convinced. "Honestly, at first I was like, 'Tiny home, I don't know. I'm not sure how tiny it is,'" he said.

But after seeing the layout, he said it just made sense.…

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"Where tens of thousands of new apartments will rise between Austin, San Antonio"

Austin Business Journal reports, "the San Antonio and Austin metros have more more than 55,000 apartment units under construction, highlighting the immense fortune developers are poring into the emerging metroplex.

Just looking at the I-35 corridor between the two big cities, 23,000-plus units are proposed, under construction or have come online in the past 12 months, according to data from MRI ApartmentData, a multifamily analytics firm tracking Sun Belt markets.

That shows multifamily developers and investors are eager to keep pouring money into dense housing in the region. To be sure, there are thousands of single-family homes in the pipeline as well, although many experts have said denser, more affordable housing is desperately needed to…

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"Housing Market Predictions For 2023: When Will Home Prices Be Affordable Again?"

Forbes.com writes, "though winter may still be months away, housing market activity—already cooling due to eye-popping home prices and interest rates—may be on the verge of a deep freeze.

The national average 30-year mortgage rate rose to a 23-year high of 7.49% in the first week of October, according to Freddie Mac.

Given current rate conditions, it’s no wonder that year-over-year existing home sales sagged for the third consecutive month, slipping by 0.7%, with all four major U.S. regions posting declines, according to the National Association of Realtors (NAR).

Nonetheless, the housing market remains competitive for prospective buyers. With many homeowners “locked in” at low interest rates and unwilling to sell, demand continues to exceed…

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