Luxe Austin Homes - demand

"New 43-story tower breaks ground in Austin's Rainey Street district"

Austin American-Statesman reports, "a 43-story apartment tower is the latest high-rise to start construction in the booming Rainey Street area in downtown Austin.

High Street Residential, along with MSD Partners and River Street Partners, said started construction has bgun on the tower, which will rise 500 feet at River and Rainey streets on downtown's southeastern edge. It will have 377 upscale apartments, ranging from studios to three-bedroom units and penthouses.

Called 700 River (initially River Street Residences), the tower will include 3,400 square feet of retail space and more than 30,000 square feet of amenity space, according to the developers. The high-rise is due to be completed in late 2024.

The project is part of wave of growth…

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"Austin's economy among fastest-growing in the U.S., new report finds"

Austin American-Statesman writes, "Austin's boom is far from over, as a new report says the metro area has the second-fastest-growing economy in the country.

Austin's estimated regional gross domestic product — the total value of goods and services produced in one year — increased by 4.3% this year, second only to San Francisco's growth at 4.8%, according to the Kenan Institute of Private Enterprise at the University of North Carolina.

The report is the institute's first as a part of its American Growth Project, which aims to provide "up-to-the-minute" economic data for the microeconomies of towns, cities and counties across the country.

Hoping to help government officials and community leaders understand real-time industry trends, forecasts…

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"Austin homebuyers regain power as active listings reach decade-plus high"

Austin Business Journal reports, "there's more evidence that Austin's housing market is correcting itself after years of overheating.

The Austin Board of Realtors'latest housing market datafound that September saw 9,671 active listings on the market — the most since 9,909 in July 2011 — and total inventory hit 3.1 months for the first time since July 2017. Median home sales prices also dropped more than $25,000 from August, helping the city push back on what's widely considered the biggest threat to the economy: affordability.

Though 3.1 months of inventory isn’t enough to transform Austin into a buyer’s market, there are winds of change.

“Homebuyers have not had this much leverage and this many options in over a decade,” ABOR President Cord…

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"In September, the Austin area saw the highest number of active home listings since 2011"

KVUE AUSTIN, Texas — "Prospective homebuyers can start breathing a little easier, according to new data from the Austin Board of Realtors (ABoR).

ABoR reports that, in September, home sales declined 18.5% to 2,992 closed listings as active listings were up 162.4% to 9,671 listings. That's the highest number of active listings in the area since July 2011, according to ABoR.

"Homebuyers have not had this much leverage and this many options in over a decade," said Cord Shiflet, 2022 ABoR president. "We’re still in a seller’s market, but as homes take longer to sell and are being bought for less than the original list price on average, and with inventory steadily increasing, right now is a great time to be a homebuyer in Central…

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"This Fall’s Latest Housing Stats Are Hiding a Surprising Upside for Homebuyers"

Realtor.com writes that, "Although the fall season is traditionally the best time of year to buy a house, homebuyers out there right now might not feel that way—and for good reason.

We looked at the latest real estate statistics in our column “How’s the Housing Market This Week?” We found that this year’s seasonal high point for buyers is up against some strong headwinds—including skyrocketing interest rates, soaring inflation, and overall economic volatility not seen since the Great Recession in 2008.

“Early fall is usually the best time to buy,” says Realtor.com® economist Jiayi Xu in her analysis, adding that the most optimal window of opportunity for homebuyers nationwide just passed last week.

However, she continues, “as inflation…

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"Why Are Homeowners Seeing Prices Drop?"

U.S. News reports that, "for just about any homeowner, talk of falling home prices can spark panic. With homeownership being the major financial and personal investment it is, there's a natural anxiety that comes with any potential threat to that investment.

However, housing market activity to date does not show a year-over-year decline of home prices – at least not yet. While some data sets show small month-to-month home price declines, month-to-month data is more volatile and does not signal a drastic shift in the market on its own.

There is a marked deceleration in home price growth due to a combination of already high home prices, high mortgage interest rates, low housing inventory and economic uncertainty on a larger scale.…

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"Is the Rental Market Beginning To Normalize? Priced-Out Tenants Sure Hope So"

Realtor.com writes, "renters haven’t had much good news lately as landlords have jacked up monthly rents to previously unthinkable amounts across the country.

However, the rental market may be returning to something more seemingly normal. In September, the median monthly rent in the 50 largest U.S. metropolitan areas dropped for a second straight month, to $1,759, according to a recent report from Realtor.com®. That’s $12 lower than last month and a $22 drop from the peak in July.

Rents were still up 7.8% from September of last year. However, it’s the lowest year-over-year price increase since May 2021.

The report looked at apartments, condos, townhomes, and single-family homes advertised for rent in September on Realtor.com in the 50 largest…

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"Study makes case for investing in cheaper housing as Austin group buys more apartments for moderate-income rentals"

Austin Business Journal writes, "a new report challenges the idea that investing in more affordable housing developments yields lower returns than luxury apartments — bringing added weight to a local fund that aims to maintain cheaper housing.

The report from Southern Methodist University and the University of Texas at Austin finds that moderate-income rental housing is a viable and profitable investment for those seeking to support a fund that embraces environmental, social and governance principles, or ESG.

Supported by Affordable Central Texas Inc., which controls a low-cost housing fund in Austin that has raised tens of millions of dollars, and the Wells Fargo Foundation, the study aimed to define a profitable asset class called…

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"How High Can Mortgage Rates Possibly Go?"

Realtor.com writes, "higher mortgage interest rates have taken a battering ram to the housing market.

Since the start of the year, mortgage rates have more than doubled. They’ve blown past all expectations, nationally exceeding 7% by some estimates. The possibility that rates could continue to rise has struck fear into the hearts—and bank accounts—of many stressed-out homebuyers.

The simple, and dispiriting, math: Every time they tick up, fewer buyers can qualify for loans—and those that do often can afford to buy only much cheaper homes.

So how high could rates go? The answer depends largely on how the economy fares. If inflation persists, the U.S. Federal Reserve will keep raising its own interest rates and mortgage rates will likely follow…

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"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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