Luxe Austin Homes - affordable housing

"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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"Austin may allow tiny homes with wheels, RVs as permanent residences"

Austin Business Journal reports, "Austin homeowners may have an opportunity to transform their backyards and other open spaces into leasable dwellings as the local government works to create new options for affordable housing.

Austin City Council on Sept. 14 asked city staffers to draft an ordinance that would allow mobile tiny homes and recreational vehicles to be used as permanent residences in areas zoned for single-family housing. The draft of the code amendment is expected to be presented to Austin's Housing and Planning Committee and to Council by the end of November.

The effort would be another piecemeal change to Austin's land development code as city leaders work to eliminate barriers to creating additional housing. Affordability issues…

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"Wildhorn Capital aims to develop 2,000-plus apartments off East Riverside"

Austin Business Journal shares, "Austin-based real estate investment firm Wildhorn Capital LLC is moving forward with plans to redevelop hundreds of South Austin apartments. It could quadruple the number of residences on the site, potentially bringing more change to a busy pocket of the city and ramping up the debate over affordable housing.

The company wants City Hall to rezone the 530 units at 2207 Wickersham Lane and 2239 Cromwell Circle, which appear to be complexes called Hillside Villas and The Patten, and raise the site's building height limit from 40 feet to as high as 120 feet. The change would clear the way for the boutique investment firm to create 2,100 apartments in an area close to downtown, Austin-Bergstrom International Airport and…

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What could $350M affordable housing bond mean for Austin's economy?

With the fate of a $350 million affordable housing bond now in the hands of Austin's voters, the referendum carries the potential to inject a substantial sum of money into the hands of developers and contractors — while also addressing a mounting housing crisis.

But the idea has its opponents.

The $350 million bond, the largest of its type proposed in city history, if approved would increase property taxes by more than $45 a year for a "typical" Austin home, valued at $448,000 with a taxable value of $358,400, assuming there's a homestead exemption.

Such a gain could cause pain during this time of drastically rising prices. Yet proponents argue that is why now is the time to invest in much-needed housing for essential workers.

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