Grossman & Jones Real Estate Blog - austin

"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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"Austin earns top 10 ranking for the best foodie cities in the U.S., new report says"

Culturemap Austin writes, "just a week after Austin was deemed a top 10 city for vegans and vegetarians, the city is making waves as the No. 9 best city in the U.S. for foodies, according to a new study by personal finance experts WalletHub.

Major culinary events like the Austin Food and Wine Festival are a major draw for foodies, with more than 90 chefs and culinary experts providing signature bites from local, regional, and nationally-acclaimed restaurants. Austinites can catch the next fest on the first weekend in November.

WalletHub's study looked at more than 180 culinary hotspots from all over the U.S. and ranked them based on 28 different "foodie-friendliness" factors, including the accessibility and affordability of high-end restaurants;…

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"Guess which downtown Austin high-rise with a posh private club has a new name?"

Austin American-Statesman writes, "Chase Tower, a high-rise that looms as a 21-story landmark in downtown Austin, is getting a new name.

The name — Procore Tower — was revealed Wednesday. An unveiling event featured a 4-foot-tall cake replica of the building at 221 W. Sixth St., between Colorado and Lavaca streets.

It's being named after Procore, which provides construction management software. Procore leases eight floors —almost 107,000 square feet of space — in the building. The tower, which has undergone multiple changes of ownership and renovations since being completed in 1974, is owned and managed by CIM Group.

Los Angeles-based CIM co-owns the tallest completed building on Austin's skyline — the 58-story downtown high-rise named the…

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"Pilot program could make zoning reviews more predictable, Austin staffers say"

Austin Business Journal reports, "a pilot program intended to improve Austin's rezoning process is set to be considered by City Council.

The six-month pilot program would extend deadlines for zoning and rezoning applications in addition to neighborhood plan applications with the intention of giving developers and landowners more time to refine their requests and avoid potentially missing a deadline that would require them to start the process from the beginning.

For example, land use cases will be extended from a 60-day consideration period to 120 days while whole neighborhood plan amendments will increase from 90 days to 120.

Jordan Feldman, a principal planner with the city, said the proposed changes would decrease the need for staff…

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"Hundreds of home lots for sale near Caldwell-Hays border"

Austin Business Journal reports, "more than 500 homes could rise in the borderlands between Caldwell and Hays counties.

Misty Farms, as the neighborhood will be known, is primed for development on roughly 99 acres just off State Highway 21 at the intersection of Misty Lane and Farmers Road in Caldwell County, according to a marketing brochure. The property is owned by Maxwell Farms Partners LP, though broker and land development firm La Tierra Realty LLC is the entity that is marketing the development site.

Homebuilders will be able to negotiate to purchase specific chunks of the development or the entire property, said La Tierra broker Trevor McManis, who estimated that if a builder started working on the development now, it could start turning…

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"Luxury homes with hefty price tags rise in West Austin"

Austin Business Journal shares, "a new, gated luxury housing development is rising south of West Lake Hills.

The development itself may be small by most standards — five homes on 5.5 acres — but the size of the homes and their price point are not. The homes at Five, as the development is called, range from 6,700 to 8,900 square feet and list prices start at $12.5 million, according to Moreland Properties' Eric Moreland Group, which is marketing the homes for Houston-based developer Unicus Developments LLC.

Five isn't the sort of development that your typical Austinite could spring for, but it is the type of development that can serve a growing population of wealthy homebuyers as Austin's population continues to surge. Last year, the Austin metro…

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"Compass adds 630 agents, acquiring firm that did $5B last year"

TheRealDeal reports, "on the heels of its first cash-flow positive quarter as a public company, Compass is taking a big bite out of the Central Texas resi market. 

The firm has acquired Realty Austin and Realty San Antonio, an independent brokerage that posted $5.24 billion in sales last year. With the purchase, Compass expands its Texas headcount by about 630 agents and absorbs one of the region’s top brokerages. The sale price was not disclosed. 

Local leadership will stay in control of day-to-day operations, according to a news release. The Realty brokerages are led by Gabe Richter and were co-founded by Jonathan Boatwright and Yvette Flores. 

The firms said they expect Compass’ technology will help Realty Austin and Realty San Antonio get…

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"Austin land use changes to see joint review by Council, Planning Commission"

Austin Business Journal reports, "amendments to Austin's land development code intended to boost building density throughout the city will soon be considered in a joint public hearing between the Austin City Council and Planning Commission. The changes could have a significant impact on housing supply in the city.

A meeting date has not been yet been scheduled but is expected to occur this year. Council on Sept. 21 approved a resolution calling for the joint public hearing, which was recommended by the city’s Housing and Planning Department.

The hearing shows there is political momentum behind the city's effort to address the housing shortage and correlated affordability concerns — as well as controversy. After a previous effort to overhaul the…

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"The housing market is slowing but home prices are still going up"

Austin Business Journal writes, "this year's housing market, beset by high interest rates, is on track for the lowest number of homes sold in 12 years.

Fannie Mae, the government-sponsored mortgage financing organization, projects total home sales in 2023 to be about 4.8 million, the lowest since 2011, and only slightly higher in 2024 at 4.9 million. The total amount of mortgage originations for 2023 is expected to be about $1.56 trillion, down from what Fannie Mae had originally projected to be $1.6 trillion this year.

Fannie Mae sees personal spending to be at unsustainable levels relative to American incomes and it projects a "modest economic contraction" in the first half of 2024, combined with mortgage rates hovering above 7%.

And while…

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"For Pearlstone Partners, $700 million in new investment is on tap for Austin market"

Austin American-Statesman writes, "Pearlstone Partners is doubling down on its commitment to growing in Austin.

Over the next three years, the Austin-based real estate investment firm said it plans to add three new projects totaling upwards of $700 million to its expanding portfolio. The new developments will further redefine the skyline and urban living in the city, Pearlstone officials say.

The privately held Pearlstone — one of the largest providers of for-sale housing in and near downtown Austin —already has invested about $500 million in two completed residential projects and three that are under construction.

Now, it is seeking capital partners for three future projects. The planned projects will add an additional $700 million to…

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