Luxe Austin Homes - Grossman & Jones Group

"As The Austin Housing Market Grows, So Does Its Innovation"

Forbes writes, "Austin, as the country’s fastest growing city and now the tenth largest city in the country, is at the forefront of housing challenges, and taking the opportunity to explore innovative solutions.

Bryan Glasshagel is senior vice president at housing data and consultancy firm Zonda, and tracks Texas markets. He points out that as some of the world’s largest tech companies like Tesla, Samsung, Apple, Meta and Oracle, arrive in Austin, the job growth brings in new housing demand.

The city gained 13 headquarters along with 8 expansions in 2022. Many are tech companies, but others like John Deere, Wise, inKind, INK Games, BAE Systems, and Nomi Health, have entered the market as well.

While adding to the city’s economic base, the…

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"Austin unlocks top 10 ranking among U.S. cities with most million-dollar homes"

CultureMap Austin reports, "with median home prices sitting at $550,000, it takes quite the leap for the average Austin home to be considered a luxury listing. And yet there are many; 24.7 percent of all real estate listings in Austin are homes worth over $1 million, according to a new study.

The report, by online real estate marketplace experts Point2, ranks Austin No. 10 nationwide among U.S. cities with the highest shares of luxury homes. Austin ranks No. 1 in Texas, with Dallas and Houston right behind.

In Point2's 2021 report, Austin ranked No. 9 with only 19.9 percent of real estate listings with a price tag for more than $1 million. These new findings confirm that Austin is on the rise as the best housing market for growth, while also…

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"Stop Believin’! 4 Housing Market Myths Hurting Today’s Buyers and Sellers"

Realtor.com writes, "the housing market has been decidedly stuck of late. Sellers with low mortgage rates are holding on to their homes, leaving buyers with scant listings to choose from.

And buyers who do find a house face substantial economic challenges as median home prices and mortgage rates remain high.

With sellers and buyers at an impasse, misconceptions and outright myths are popping up on both sides about the state of the market on social channels and forums.

However, some of the supposed housing issues that are coming up time and again aren’t true. Here are the four biggest myths about the current housing market and why experts say they’re wrong.

1. The housing market is about to crash, just like in 2008

Today’s buy-sell…

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"Austin housing market improved over the first 6 months of 2023, despite economic challenges"

CultureMap Austin reports, "despite economic struggles, lack of housing availability, and affordability woes making up a majority of concerns with the Austin-Round Rock housing market, overall trends have improved through the first half of 2023. The latest Austin Board of Realtors (ABoR) report details a need for more inventory to address rapid population growth.

"Despite a slight uptick in mortgage rates in June, the median sales price rose a modest 2.7 percent from May," said ABoR's housing economist Dr. Clare Losey. "Overall, the moderation in home prices throughout the region over the past year has eased the affordability constraint posed by higher rates, but more work needs to be done across the region and into the future to fully address this…

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"Tri Pointe Homes developing neighborhood of its own"

Austin Business Journal reports, "Tri Pointe Homes Inc. broke ground earlier this month on its first Georgetown neighborhood, the developer announced July 12.

The neighborhood, called Park Central, will bring more than 400 single-family and attached homes to the fast-growing city north of Austin from Tri Pointe (NYSE: TPH), a national homebuilder that is one of the busiest in the region. While Tri Pointe's Austin division has jointly developed communities in Central Texas, Park Central will be the first community it self-develops on its own, Division President Bryan Havel said in an email.

Park Central is rising on 77.8 acres at Sam Houston Avenue and Bell Gin Road in southeast Georgetown. Homes will sit on 45- and 50-foot lots and range from…

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"What Are FHA-Approved Condos?"

Realtor.com shares, "an FHA-approved condo is a property that can be purchased using FHA loans—or loans that are insured by the Federal Housing Administration. These FHA loans are for first-time homebuyers (or someone who hasn’t owned a home in the previous three years).

The fantastic news about FHA-approved condos is that these properties require lower down payments and have looser credit requirements than conventional loans. The not-so-great news is that FHA-approved condos may require homebuyers to jump through a few extra hoops.

So what requirements must these condominiums meet to be approved by the FHA? And where should you go to search for available properties?

What are FHA-approved condos?

FHA condos are simply residential…

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"FHA vs. Conventional Loan: Which Mortgage Is Right for You?"

Realtor.com writes, "FHA versus conventional loan: If you need a mortgage to buy a house, you may find yourself weighing these two options. What’s the difference, and which one is right for you?

While the majority of homebuyers might assume they should get a conventional home loan, about 40% end up with FHA loans, which are insured by the Federal Housing Administration.

To help you decide whether an FHA or conventional loan is better for your circumstances, here’s more information about each, including their distinct advantages to you as a home buyer as well as what you’ll need to qualify (which may vary by lender).

Conventional loan requirements

Minimum down payment: 3% to 20%
Minimum credit score: 620
Maximum debt-to-income ratio: below…

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"New development company behind project on Williams Drive in Georgetown"

CommunityImpact Austin writes, "Savvy Development, a new development company working in Williamson County, is spearheading its first project on Williams Drive in Georgetown.

The 24-acre site located at 4775 and 4795 Williams Drive will include multifamily housing, restaurant, retail and office space, said Travis Wilkes, Savvy Development co-founder and chief operating officer.

Diving in deeper

Wilkes said Savvy has owned the Williams Drive property for about a year and half.

During that time, the company sold 9 of its 24 acres to Georgetown real estate company Novak Brothers, which plans to build a 216-unit apartment community on the site, he said. Novak is scheduled to begin construction Oct. 28.

Additionally, Savvy sold one other piece of the…

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"Austin booms as No. 7 U.S. metro for new home construction in 2023"

CultureMap Austin writes, "Austin already has one of the most active real estate development markets within the last decade and holds a top 10 rank for the most built-to-rent homes. Now, the Austin metro area has now earned another top 10 spot for the seventh-highest new home construction rate in 2023, according to a recent analysis by Chamber of Commerce.

The booming housing construction is just one way Austin is trying to keep up with its remarkable population growth.

The June 2023 edition of the "Cities with the Most New Homes" analysis discovered that despite new home permits being down over 20 percent year-over-year from 2022, the state capital's housing market is still on the rise.

"Numerous factors such as limited inventory in the…

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"3 new developments in the works in New Braunfels"

CommunityImpact Austin reports, "the following three developments are under construction in New Braunfels, bringing more multifamily and retail spaces to market.

Equinox Townhomes

Construction is underway on a 122-unit townhome development on 10 acres next to the future site of Mission Hill Park along Independence Drive near West Hwy. 46. The developer, Grocapitus Investments, is producing them as two-, three- and four-bedroom rental units.

Space: 122 units; 1,032-1,425 square feet each

Timeline: spring 2023-TBD

The Devereaux Apartments

A new multifamily apartment complex is being constructed off of Loop 337 at 1661 Independence Drive, New Braunfels. Contractor Blazer Building said the apartments will be eligible for U.S. Department of Housing and…

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