Luxe Austin Homes - central texas

"North Austin Radisson hotel nears redevelopment; hundreds of new apartments to flank it"

Austin Business Journal reports, "an Austin hotel is planned for redevelopment as part of a project expected to create hundreds of new homes north of downtown.

At the vacant Radisson Hotel Austin - University, developers plan to renovate the existing 298-room hotel and aim to raise as many as 1,000 new apartments and add 40,000 square feet of commercial space to the site, according to a rezoning request moving through City Hall.

The property at 6121 N. I-35, owned by ASAP Austin LLC, rests between the St. John and Coronado Hills neighborhoods. The roughly 8-acre site is at the northeast corner of I-35 and U.S. Highway 290. It is valued at $22 million by the Travis Central Appraisal District.

The hotel will be rebranded to Delta by Marriott,…

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"Horseshoe Bay Resort sells out latest condo project as it continues to evolve"

Austin Business Journal writes, "the Jaffe family’s Horseshoe Bay Resort west of Austin keeps growing, and demand for the lakeside living there is apparently strong.

One new project at the resort, a three-tower condo called Waters Lakeside, has seen all 60 units pre-sold, according to a recent announcement from Legacy International, the broker for Horseshoe Bay Resort Realty. The condos started at $800,000.

Waters Lakeside broke ground in 2021, said Mandy Van Streepan, Legacy's chief operating officer. The development consists of three towers with 20 condos each, with the first set for a March move-in date. The second and third towers will open between April and May. The condos all have three bedrooms and range from 1,500 to 2,300 square feet,…

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"Real Estate Roundup: Local firm snatches up lots of space in St. Elmo, plus more deals to know"

Austin Business Journal reports, "one of the biggest property owners in South Austin’s St. Elmo Arts District acquired a whole lot more real estate in the neighborhood in December.

Austin-based Veloway Threads — owners of The Yard and other properties where business such as Icon, Tesla, Still Austin and St. Elmo Brewing lease space — purchased eight properties within the district last month, said Priscilla Sauceda, vice president of operations and community at Veloway Threads. The area, which a few years ago was a sleepy industrial hub, has piqued the interest of many developers and is rapidly changing into a mixed-use destination.

The firm also purchased four other properties outside of St. Elmo, and all 12 properties together pushed Veloway’s…

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"Economists predict mixed results for 2024 Texas real estate"

Researchers expect real estate in Texas to slow in single-family home prices but increase in other areas.

KVUE reports, "real estate experts now have an idea of what to expect this year for Texas real estate.

The KVUE Defenders pulled information from the Texas Real Estate Research Center at Texas A&M University, The Austin Board of Realtors and the Federal Reserve Bank of Dallas.

In the first quarter of 2023, the home price index for Austin-Round Rock was -8.43%, according to Texas Real Estate Research Center. Records show it fell again by double digits (-11.86%) in the second quarter. The home price index for Austin-Round Rock showed -6.19% for the third quarter.

The Texas Real Estate Research Center and Austin Board of…

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"Affordable Homes for Sale Through Austin Community Land Trust"

The Austin Chronicle writes, "if you're a native Austinite looking to buy a roughly $200,000 house, a batch of affordable homes are up for grabs through the city’s community land trust program, and the window to apply for eligibility is open now.

The Austin Community Land Trust, established following City Council’s passage of a resolution in 2018 aimed at slowing gentrification through a variety of measures, began accepting new applications for the program Jan. 1. The application window closes Jan. 31. Applicants must be first-time home buyers with a household income of no more than 100% of Austin’s Median Family Income (currently, $85,600 for a single person) and proof of generational ties to Austin. Previous applicants need not reapply.

Land…

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"Northland Living plans 35-story condo tower in downtown Austin"

Austin Business Journal reports, "plans are coming into focus for a new mixed-use tower downtown.

Northland Living, a development arm of Canadian hospitality giant Northland Properties Corp., has revealed new details for its planned condo tower in downtown Austin called Luminary.

The building, which will feature almost 290 condos, will rise on less than an acre at the northwest corner of 14th and Guadalupe streets, where it will stretch 35 stories and 400 feet skyward. It's one of the first local projects by Northland Living, which began establishing a presence in Central Texas in 2023.

The tower will be home to 286 one-, two- and three-bedroom condos, plus 4,800 square feet of ground-floor retail and one level of office space, though square…

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"U-Haul: Austin ranked No. 5 among top cities for one-way moves in 2023"

Austin Business Journal shares, "Austin was among the hottest destinations in the country for where people were moving last year, according to the latest annual ranking from U-Haul International Inc.

Austin ranked No. 5 among the top U.S. growth cities in 2023, and Texas was again named the top state for move-ins for the third consecutive year, according to data released Jan. 2 and Jan. 3.

U-Haul collects migration data from more than 2.5 million one-way U-Haul truck, trailer and moving container rentals for the year. It ranks the top "growth states" and "growth cities" by net gain, which contrasts the number of one-way U-Haul trucks entering a city or market versus those leaving.

U-Haul migration trends don't directly correlate to an area's…

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"Apartment rents have declined in Austin recently, but will the trend continue into 2024?"

Austin was one of the top three U.S. metros that saw the most significant rent declines in November, a new report says, and some experts believe the trend could continue into next year.

Austin experienced a 5.4% decrease year over year, with a median asking rent of $1,575. That's according to Realtor.com’s recently released November Rental Report. The other two metros that had the most significant rent declines were Orlando, Fla., (down 6%) and Dallas (down 4.1%).

In mid-November, Orphe Divounguy, a senior economist at Zillow, said the Austin housing market has cooled down due to the construction boom and declining housing affordability in the past year.

"As the vacancy rate rises, the growth of rent (and home values) is anticipated to…

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"Texas is winning the US economy"

Business Insider writes, "Texas is becoming the poster child of the US economy.

A new Wells Fargo analysis determined that Texas is outpacing many states regarding GDP and employment growth, despite some struggles in commercial real estate.

These findings echo a Bank of America report from earlier in December that determined the Southeast's economy may outpace other regions of the US.

In 2023, Texas experienced the third-fastest growth in terms of population, increasing 1.6% between July 2022 and July 2023 — compared to 0.5% nationwide. This amounted to about 473,000 new residents, many moving from different states.

In 2023, net domestic migration — the number of people who moved into Texas from another state, minus those who moved out —…

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"What it takes to own a home in Austin's wealthiest ZIP codes"

Austin Business Journal Reports, "the Austin-Round Rock metro area became slightly more affordable for homebuyers in 2023, but it’s still much more expensive to own within Austin's city limits than almost anywhere else in the region.

That’s according to recent data from Zillow Group Inc. analyzed by the Business Journals. In each of the metro's ZIP codes, the minimum annual income required to purchase a typical home declined anywhere from 4% to 18% in 2023, as of Nov. 30, compared to 2022, the analysis found. Annual mortgage payments also dropped, while median home values declined at a rate of 1% to 13% across the region.

The Austin Business Journal annually tracks the wealthiest ZIP codes in the metro, so it's already well-known where the…

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