Luxe Austin Homes - Buyers

"It’s the perfect starter home. But it’s only for rent."

"Adam and Tahnya Gaston arrived in this Austin suburb in June with a toddler, a dog and enough money for a down payment. But within days they scrapped their plans for buying a house, deterred by soaring home prices and rising mortgage rates. Instead, they’re paying $4,000 a month to lease a three-story house in a new development aimed squarely at renters.

As the housing market sours, families around the country are eschewing homeownership and turning instead to new homes in rental-only developments such as the one where the Gastons landed. When completed, the Oaks on Chisholm Trail will have 113 stand-alone homes, each with a kitchen island, two-car garage and tiny plot of lawn — all exclusively for rent.

It’s one of…

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"Austin housing market continues to stabilize, fueled by skyrocketing inventory and 'normal' price growth"

According to CultureMap Austin, "For the third month in a row, the Austin Board of Realtors reports that the local housing market is returning to normal. Following the unprecedented price growth experienced in early 2022, the market is shifting back to a normal pace, fueled by skyrocketing inventory and normalized home price appreciation.

The latest monthly report shows that in August 2022, the metro's median home price jumped 5.5 percent year over year, to $496,038. While a record high for the month of August, ABOR says the growth "[indicates] a normalization of home price appreciation that economists say is consistent with historical norms."

In the city of Austin, the median price grew 3.6 percent year over year to $555,000; Travis County's…

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"Crane Watch: More condos to rise in S. Austin; More warehouses slated for I-35 corridor"

According to Austin Business Journal, "There’s another industrial development sprouting in the fertile I-35 corridor.

Mississippi-based EastGroup Properties Inc. broke ground Sept. 12 on Stonefield 35, a 275,559-square-foot project in Buda, the company announced Sept. 22. The development comes amid impressive growth, especially for industrial space, in the corridor between Austin and San Antonio.

The development will be built on about 21 acres at the northeast corner of I-35 and Robert S. Light Boulevard. EastGroup is constructing three buildings with varied dimensions.

The largest building will be 148,233 square feet and equipped with 51 dock doors and two ramps, according to marketing material. The building will have 195 parking spaces.

…

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"Phoenix real estate firm on a roll in Austin area, with another home rental community planned"

According to the Austin Business Journal, "A Phoenix-based builder of rental homes is increasing its investment in the Austin area to $164 million with its latest land purchase.

NexMetro Communities LLC announced Sept. 16 the purchase of 25 acres in Liberty Hill, where the company will construct a neighborhood of 260 single-family rental homes called Avilla Rio Oaks. It will join two other NexMetro projects in the works for in the suburbs around Austin; the company already announced another in Liberty Hill and an additional community in Georgetown.

"NexMetro is actively seeking new sites ideal for our luxury leased Avilla Homes neighborhoods in multiple Austin submarkets," stated Jason Flory, managing director of NexMetro's Austin division.…

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Forecast shows Austin-area population could surpass San Antonio by 2040

No one can gaze into a crystal ball and tell us what the population of the Austin metro area will be two decades from now. Forecasts from professional prognosticators give us a pretty good idea, though.

A CultureMap analysis of the most recent population projections from the Texas Water Development Board, a government agency that helps manage the state’s water supply, shows the Austin area may enter eye-popping territory by 2040. The analysis indicates the population of the Austin metro area will exceed the population of the now-larger San Antonio metro area in just 18 years.

Based on the water board’s county-by-county outlook for Texas, the population of the five-county Austin area will reach 3,340,450 in 2040. By comparison, the population of…

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Austin has highest housing inventory since 2018, report says

The Austin housing market continues to become a healthier ecosystem for buyers — a welcome sign for many after years of sellers having heavy hands.

The metro’s housing inventory increased to 2.9 months in August, according to the Austin Board of Realtors’ monthly market report. That’s the highest level of inventory since September 2018, well before the Covid-19 pandemic era that saw Austin’s housing inventory crater even further. Additionally, median home sales prices continued to fall since setting a record of $550,000 in April and May, and are under $500,000 for the first time since February.

The inventory is bolstered by declining home sales and an increase in active listings.

August saw 2,924 closed home sales, a 23% decrease from last…

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In a twist, NY developer approved for $65M purchase of prime South Congress property with redevelopment potential

In a wild twist, one of the nation’s most prolific developers has emerged as the frontrunner to buy out of bankruptcy a six-acre South Congress Avenue site primed for redevelopment.

After the top two bidders for the South Congress site proved either unwilling or unable to timely close on the sales, The Related Companies LP, a New York-based developer with an estimated $60 billion portfolio, negotiated with a Chapter 7 trustee to make a $65 million offer.

Related was approved by a bankruptcy judge Sept. 15 to purchase the site for $65 million, provided it can close on the deal by Sept. 30.

An attorney representing the company, Josh Judd of law firm Andrews Myers PC, told ABJ Sept. 16 that his client is "not anticipating any problems" closing…

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Tens of millions of dollars of new homes rising in small neighborhood

Five local architecture firms will showcase their designs in a high-end residential development coming to West Lake Hills.

Custom homebuilder Foursquare Builders LLC announced Sept. 7 it will build an enclave of six ultra-luxury homes in the tony suburb west of downtown Austin, designed by five renowned firms. The development, called the Wildcat Club, will have home prices starting at $11.75 million. All of the home listings in the development are with Darin Walker of Kuper Sotheby’s International Realty.

"The vision was to develop this parcel where we can bring a very select group of architects to work with us on these six properties, so that we have a community of architecturally significant homes that are held to a standard that’s…

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200-plus homes may sprout in Northeast Austin subdivision

Sixty-eight acres in Northeast Austin have been zoned for single-family, small lot construction by the city’s Zoning and Platting Commission.

Plans indicate there are 211 plots at 4806 Blue Goose Road, just east of Cameron Road. Commissioners approved the zoning as part of the consent agenda at their Sept. 6 meeting, following a recommendation by city staffers.

The final number of homes could change.

The project is spearheaded by RR Braker Valley LP and Jeremy Smitheal, a partner at Austin-based real estate investment firm Riverside Resources. The company is behind several major commercial projects across the city, including plans to transform part of West Sixth Street.

A representative for Riverside Resources confirmed the firm is behind…

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Best Areas Of Austin, Texas To Buy A House

Everyone is moving to Austin! The U.S. News & World Report declared Austin, Texas the best place to live in the United States. While Austin doesn't claim the top spot every year, it never falls far from it. The city's population is booming. Each year, thousands of transplants move to the Texan capital city, many of whom come from California (via JBGoodwin Realtors). Texas has no state income tax, making it an attractive place for individuals, and it offers plenty of tax breaks for businesses, too. So it's growing — particularly Austin.

There are many things to love about Austin. First of all, the city has the slogan, "Keep Austin Weird." It's the live music capital of Texas, brimming with great places to eat (seriously, some of the best tacos you…

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