Luxe Austin Homes - commercial real estate

"Downtown Austin apartment building for sale"

Austin Business Journal shares, "A downtown Austin apartment building has hit the market.

The building, called Elle West Ave. and located at 300 West Ave. across the street from a Trader Joe’s, is for sale, according to a listing from commercial real estate firm Newmark, which is marketing the building. Elle West Ave. is both a value-add opportunity and a redevelopment opportunity, said Patton Jones, vice chairman of Newmark’s Central Texas office.

Built in 2000, it has 205,125 square feet of space and four stories, with 239 apartments. Jones said it also has 6,536 square feet of ground-floor retail occupied by small businesses such as salons.

As of August, the apartments were 92.5% occupied and the retail space was 100% occupied.

The…

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"New Texas law restricting certain land sales may have major effect on real estate investment"

Austin Business Journal reports, "A new Texas law that restricts land sales to citizens and businesses from certain countries may negatively impact investment in the state after Sept. 1, commercial real estate experts said.

Senate Bill 17, which Texas Gov. Greg Abbott signed into law last month, prohibits “real property purchases” — including residential, with some exceptions, as well as commercial, industrial and agricultural land — to citizens of or companies headquartered in China, Iran, North Korea and Russia. The law also bans “other interests in real property,” which include easements, mineral and water rights, and leases of more than one year.

The governor may designate additional countries to the list. Permanent U.S. residents are…

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"The National Observer: Real Estate: National housing market continues shift to buyers"

Austin Business Journal writes, "The housing market has seen a decent amount of shifting this year amid broader economic uncertainty and an uptick in inventory.

While new listings and home construction are welcome news in a market that's been starved of inventory for years, there are still a lot of challenges for both buyers and sellers.

The national median profit margin on home sales fell to 50% in the first quarter of this year — down 3.2 percentage points from the fourth quarter of 2024 and down 4.8 points from the first quarter of 2024, reports The Business Journals' Joanne Drilling. It's also down from 64% in 2022.

As I get into in today's lead story, the changing housing market has had some sellers rethink how much they list their homes…

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"As Austin aims to attract more life sciences companies, this suburb vies to be a hub for the sector"

Austin Business Journal shares, "Cedar Park, a suburb of roughly 78,000 people about 20 miles northwest of downtown Austin, has been courting life sciences companies in recent years. Enovis Corp. marks its biggest win, which picked the suburb for a 100,000-square-foot manufacturing facility that will create at least 162 jobs. But there also have been a handful of smaller victories, and observers contend the pipeline holds the potential for plenty more.

That has led Cedar Park officials to seek partners to build a life sciences cluster, according to Arthur Jackson, the city's chief economic development officer. It would be the center of a mixed-use development in the 215-acre former Lime Creek Quarry. The city acquired the unique property in 2015…

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"Weakness in CRE market could create heavier property tax burden for homeowners"

Austin Business Journal writes, "Many U.S. homeowners saw their property tax bills rise last year — perhaps substantially, depending on market.

In 2023, $363.3 billion in property taxes were levied on single-family homes, up 6.9% from $339.8 billion in 2022, according to an analysis of 89.4 million U.S. single-family homes by Attom Data Solutions LLC. That increase is nearly double the 3.6% growth rate seen in 2022 and is the largest hike in the past five years.

The average tax on single-family homes increased 4.1% in 2023, to $4,062.

Attom CEO Rob Barber wasn't available for a phone interview by deadline, but in response to emailed questions, he said the reason behind substantial property tax increases for homeowners can vary widely from one…

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"Major changes could be coming near Lady Bird Lake south of downtown. Here's a preview"

Austin American-Statesman writes, "Like several big-name developers, a New York real estate firm has ambitious designs along a southern stretch of Austin's premier Congress Avenue.

The three high-profile projects by New York-based Related Companies are in a rapidly emerging waterfront area that is transforming the south shores of Lady Bird Lake across from downtown.

Related is a privately owned global real estate company with more than $60 billion in assets owned, managed or under development. It has major projects in Boston, Chicago, Los Angeles, Miami, San Francisco, Washington, D.C., West Palm Beach, Abu Dhabi, and London.

Its Austin projects are planned along and near South Congress Avenue.

Two are south of the Ann W. Richards Congress…

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"Ashton Gray's project pipeline brims with Austin-area housing developments"

Austin Business Journal reports, "the company behind Elgin’s Briarwood mixed-use development has big plans for other parts of the Austin metro.

Houston-based Ashton Gray Development recently gained approval from the Elgin City Council to annex 75 acres into Briarwood, a housing development and the city's first municipal utility district. With a pipeline that ranges from Jarrell to Lockhart and stops in between, however, that's only the tip of the iceberg for Ashton Gray, which is aiming to bring more than 5,300 single-family homes to the region, plus apartments and commercial projects.

“We started acquiring land in Austin several years ago,” said Shaun Vembutty, Ashton Gray founder and president. “This was even before some of the buying frenzy…

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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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"Endeavor plans big industrial project on 100 acres north of Austin"

Austin Business Journal reports, "Endeavor Real Estate Group plans to transform a large swath of land outside Austin into an industrial development.

The project is set to rise on more than 100 acres off State Highway 130 and Pecan Street in Pflugerville, according to several construction filings with the Texas Department of Licensing and Regulation. The number of buildings planned on the site and the total square footage of the project are unknown, but the filings indicate at least four buildings will be built, ranging from 132,214 to 186,415 square feet each. The buildings will be speculative warehouses, according to TDLR.

Endeavor did not provide comment on the project. It should be noted that information found on TDLR filings are preliminary…

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"Ryman plans $40M renovations to ACL Live at the Moody Theater, W Austin hotel"

Austin Business Journal reports, "Opry Entertainment Group, a subsidiary of Ryman Hospitality Properties Inc. (NYSE: RHP), will begin work this week on a $40 million renovation of downtown Austin’s Block 21, the Second Street mixed-use development home to Austin’s ACL Live at the Moody Theater and the W Austin hotel.

The renovation will include the construction of a new 2,060-square-foot terrace enclosure over the existing PNC Plaza, which will serve as a private event space designed to serve both ACL Live and the W Austin and is planned to be completed by the summer of 2024. Other improvements include a facelift to the W Austin entrance and other public spaces on site including its coffee shop, restaurant and bars. Renovations of the hotel’s more…

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