Luxe Austin Homes - apartments

"Are bidding wars over? Here's how many Austin homebuyers are paying above asking price"

Austin Business Journal writes, "while high interest rates are prompting many sellers to drop prices at a record pace nationally, 13% of homes in the Austin metro are still selling above the listing price.

That's according to a new analysis of data from Redfin Corp., which found 32% of homes nationally sold above listing price in October — up 2.7 percentage points from a year ago.

As we've noted, a variety of factors suggest the housing market is shifting to give buyers more leverage in many markets. However, prices remain significantly elevated and, in many metros, are still on the rise — just not at the rapid pace of recent years.

In the Austin metro, homes sold for an average of 97% of the listing price in October.

Housing supply and…

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"Luxury senior living moves into hot Austin neighborhoods"

AXIOS Austin writes, "aiming to win older empty nesters, Austin apartment developers are now including spas and libraries.

Why it matters: More senior communities look like modern luxury apartments.

Driving the news: America is going gray. Baby boomers and their kids make up a growing share of the country's population, according to Census Bureau data.

• In greater Austin, the share of renter households that are 55 or older has hopped from 11.1% in 2005 to 17.6% last year.

What's happening: Apartment developers are courting empty nesters as young as 55 years old, dangling prime locations, easy living and amenities you'd expect at a five-star hotel, senior living expert James Hill with Houston-based Kirksey Architecture tells Axios.

…

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"River City Capital plans 700-plus apartments near Tesla, airport"

Austin Business Journal reports, "River City Capital Partners is planning a big apartment complex in Southeast Austin near the airport.

The project is set to include more than 700 apartments northwest of Austin-Bergstrom International Airport, according to site plans filed with the city. That's about a 15-minute drive from Tesla's Gigafactory, which has ramped up to more than 20,000 employees. The project will be developed in multiple phases and will have an affordability component.

River City Capital did not respond to requests for comment.

The project will rise on about six acres at 6610 E. Riverside Drive and will consist of 708 apartments. While the site plan did not indicate the total square footage of the project, it did specify…

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"The rental market’s downward slide: 5 straight months of falling rents"

The New York Post writes, "rents continued to fall around the country as more rental units hit the market.

September marked the fifth month in a row of year-over-year rent declines, with prices decreasing 0.7%, according to a recent Realtor.com® report. The median asking rent dropped to $1,747 in September. That was a $5 dip from August 2023 and a $29 decrease from July 2022, when rental prices peaked.

Renters are still paying more than pre-pandemic times, however. September 2023 rents were $338 — a whopping 24% — higher than September 2019.

The report looked at rents for studios and one-bedroom and two-bedroom apartments, condos, townhomes, and single-family homes in the 50 largest metros. (Metros include the main city and surrounding towns,…

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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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"5 New Braunfels developments to watch"

Community Impact Austin writes, "from apartment buildings to industrial complexes to local elementary schools, check out updates on five developments being constructed in New Braunfels." 

1. Bainbridge at Creekside

• Project details: The garden-style apartment homes will feature walk-in closets, 9-foot ceilings and quartz countertops. The development will also offer a resort-style pool with a sundeck and a clubhouse with social areas, a television and firepits. The property will also feature a state-of-the-art fitness center and pet park.
• Location: 770 Barbarosa Road, New Braunfels
• Timeline: July 2022 -May 2024
• Size: 14.02 acres total, 291 units

2. Equinox Townhomes

• Project details: The triplex and fourplexes townhome community…

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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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"Luxury residential community coming soon to San Marcos"

Community Impact reports, "Alta Center Point, a luxury residential community located at 625 Gregsons Bend, is being built in San Marcos.

The multifamily residential community is being developed by Wood Partners and Pursuant Ventures Development, led by Tyler Sibley and will offer 330 apartment homes with a mixture of one-, two- and three-bedroom floor plans.

Alta Center Point will have a resort-style pool, outdoor kitchen and a dog park along with a clubroom. Residents will also have access to a high-tech fitness center, conference area with multiple personal workspace offices and a variety of entertaining spaces.

According to Donya Mansoorian, an assistant account executive for the Wood team, the development anticipates opening its first unit in the…

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"Nearly complete, Sixth and Guadalupe skyscraper takes Austin skyline to new level"

Austin Business Journal shares, "the end of construction is in sight for the Sixth and Guadalupe high-rise. But already, the view from the top of Austin's tallest building is unlike anything else in the city.

The 66-story mixed-use tower, which broke ground in 2019, could welcome its first apartment residents in October, said Tony Curp, senior vice president of development at Kairoi Residential. Sixth and Guadalupe is being developed by Kairoi, which is handling the residential portion; Lincoln Property Co., which is handling the commercial portion; and investor DivcoWest. The tower was designed by Gensler and JE Dunn Construction Group is the general contractor.

Curp this week hosted Austin Business Journal on an exclusive first-look tour of…

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"These towers could raise the bar for North Austin's skyline"

Austin Business Journal writes, "while The Domain and its surroundings are often referred to as Austin’s second downtown, buildings there have never reached the heights of the Central Business District. But that may be starting to change.

In February, Austin City Council approved revised building regulations for the region known as North Burnet/Gateway that allow for denser and taller construction up to 491 feet, or about 45 stories. The previous limit was 360 feet.

While some towers were already planned to reach 300 feet in this area, more recent projects are stretching toward the new upper limit of construction,

"They are responsive to energetic growth in this area of my district," said Council Member Leslie Pool, who represents District 7,…

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