Though Austin’s residential real estate market traditionally experiences a lag heading into the fall, the region saw double-digit growth in sales this September.

This is according to the Austin Board of Realtors' September market analysis which attributed the growth to decreased market activity during coronavirus shutdowns in the spring.

Residential home sales increased 31.5% year over year across the five-county Austin-Round Rock Metropolitan Statistical Area, per the analysis.

Additionally, sales dollar volume rose to $1.77 billion, reflecting a 51.7% surge from the previous year. Median home prices and pending sales also experienced double-digit growth in September.

However, active listings dropped by nearly 50%, and inventory remains low, at 1.2 months,…

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Cedar Park neighborhood aerial shot of Austin suburb

There's no way around it: Austin's suburbs are all the buzz, with Leander landing a massive entertainment hub and Round Rock earning a top spot among the fastest-growing cities. Now, Cedar Park is shining as one of America's best small cities for 2020.

The list comes from personal finance website WalletHub, which looked at 1,200 U.S. cities with populations between 25,000 and 100,000 for the study. Rankings in five individual categories — affordability, economic health, education and health, quality of life, and safety — were rolled up into an overall score, then assigned a percentage.

"Given the large sample of cities ranked in this study, we grouped cities by percentile. The 99th percentile represents the top 1 percent of small cities in…

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Austin homebuilder starting two Dallas-area projects

StoryBuilt is preparing to kick off its latest single-family community as the Austin area is seeing a record-low supply of housing on the market in part due to the Covid-19 pandemic.

Pre-sales on the 12-home community — dubbed Clementine — in South Austin will begin Aug. 18. The modern farmhouses will be constructed on roughly two acres at 5107 Menchaca Road, south of U.S. Route 290. The houses will be nestled under Heritage oak trees and built along a singular drive. Clementine will have a shared community pool.

“Clementine is all about living where you love, so not only in a house but in a thriving urban environment,” said Hank Parker, a StoryBuilt architect and development manager for Clementine.

StoryBuilt went under contract to…

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This rendering shows what The Village at Spanish Oaks should look like when it is built out in seven to 10 years. (Rendering courtesy city of Bee Cave)Construction on The Village at Spanish Oaks—an 80-acre, multiuse development that will complete the Spanish Oaks subdivision in Bee Cave south of Hwy. 71—is scheduled to begin this fall, according to city Planning Director Megan Will.

“The next step is commencing sitewide infrastructure construction (roads, utilities, regional stormwater),” Will told Community Impact Newspaper in an email.

Developers Greenbrier Southwest, in partnership with CCNG Development, first submitted plans for The Village at Spanish Oaks in 2018 that included room for shops, restaurants, office buildings, a swim club, an upscale inn and a spa as well as a range of residences.

On Aug. 17, developer submitted a final plat, which specifically breaks down how a parcel will be developed.…

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Mushroom House Waterfront Lake Travis

An iconic Lakeway treasure, The Sand Dollar House was completed in 1979 by John Covert Watson who studied architecture under the legendary Frank Lloyd Wright at the time he was building the Guggenheim Museum in New York. Organic modern architecture, the house is made of steel and gunite with sleek white curved walls throughout. It was designed for the artist Eugenia Hunt as a second home and has been admired for decades by all who pass by it on the lake and look up in wonder. Every room boasts commanding views of the lake through custom windows and sliding doors leading to balconies and patios that trail to the water's edge. In the Living room, a floating wood bench comes off of a curved wall and a fireplace that mimics a kiva provides a cozy…

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Homes at the Signal Hill development in Bee Cave are selling faster as interest in residential real estate throughout the Lake Travis-Westlake area begins to pick up momentum. (Courtesy Evan Loomis)

Though sales in the residential real estate market throughout Greater Austin took a hit as the effects of the COVID-19 pandemic began to take hold in March, developers in western Travis County have said they are now seeing an uptick in interest from builders and buyers.

Whether it is because the market is starting to correct on its own or because a growing interest in relocating away from dense urban areas is taking hold, sales of new homes in the Lake Travis area are rising.

The sales numbers reported by local developers and Realtors come as Texas is facing historic shortages in the real estate market.

A July 14 report from the Real Estate Center at Texas A&M University states that Texas’ months of inventory, or the amount of time it would take sell all…

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Luxury Home in Rough Hollow

Former showroom for a luxury Home Automation company, this spacious Grand Haven home is loaded with features. Two story Great Room, Gourmet Kitchen w/ stainless appliances and large center island, formal dining room, office and luxurious master suite on the main level. Upstairs includes a Game Room, theatre room, 3 beds / 2 baths. Rough Hollow amenities include complimentary paddle boards and kayaks, marina, 22 miles of nature trails, fitness center, multiple pools, splash pad, tennis courts & more!

 

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Lakeway City Council scoured the proposed fiscal year 2020-21 budget at a special meeting Sept. 8, looking for cost savings to avoid a proposed maximum property tax rate that would increase revenue by 3.5%.

On Aug. 17, Lakeway City Council voted to approve a 3.5% proposed maximum property tax rate—which would increase the rate to $0.1694 per $100 of assessed value—to help close the shortfall in the preliminary $15.06 million budget that starts Oct. 1. The current rate of $0.1645 has been in place since FY 2018-19.

Under the proposed new rate of $0.1694, the city tax bill for the owner of a $500,000 home would increase from $822.50 to $847 per year.

At the Sept. 8 meeting, council directed City Manager Julie Oakley to reduce or reallocate two expenditures…

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Live the best of Austin: City life combined with Barton Creek views! Incredible 3 bed 2 bath at Greenview on Barton Creek. Clean contemporary finishes. Incredible kitchen with prep island bar + seating, dining area with large open living that is a great space to entertain. Sanctuary-like master suite, three walk-in closets, oversize 103 sq ft terrace which features protected views of the Barton Creek Greenbelt, wine fridge. Amenities include, negative-edge pool, and outdoor summer kitchen.

 

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Propelled in large part by rock-bottom interest rates for mortgages, the homeownership rate in the Austin area has skyrocketed.

An August 12 report from the Texas A&M Real Estate Center shows the homeownership rate in Austin hit 65.3 percent in the second quarter of this year. That’s up from 59.4 percent in the first quarter of 2020 and represents the steepest climb in homeownership among Texas cities. 

Since the real estate center began tracking Austin’s homeownership rate in 1996, the highest rate was 69.3 percent, seen in the third quarter of 2006; the lowest rate was 49.2 percent in the fourth quarter of 1996.

The upward trend mirrors what's happening statewide. In June, Texas' homeownership rate hit a new high mark.

According to the…

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