Luxe Austin Homes - development

The Housing Shortage Is About To Get Worse—Don’t Expect Builders To Save the Day

Just a few months ago, builders couldn’t put homes up fast enough to appease the hordes of eager buyers. They boasted about lengthy waitlists, even holding lotteries to choose those lucky enough to purchase their newly constructed homes.

Those days are now over as the housing market corrects after two years of runaway prices.

Buyers are now canceling orders and extracting themselves from waitlists as higher mortgage rates have pushed their dreams of owning new construction beyond their financial reach. Sales are down.

Builders are responding by throwing out incentives, like spaghetti against a wall, to see which ones attract buyers. Some have begun cutting prices, and the majority are slowing down the pace of construction—despite the nation’s…

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Texas metros top ranking for apartment demand

As new residents continue to flood in, Austin, Dallas-Fort Worth, and Houston now have the highest apartment demand in the nation.

The largest Texas metros took the top three spots in a ranking of the increase in apartments needed to meet projected demand by 2035 in a study commissioned by the National Apartment Association and the National Multifamily Housing Council.

The study calculated the needed percentage growth in local rental stock as well as the absolute number of new apartments necessary to meet demand over the next 13 years. The combined weighted average ranked the Texas metros highest in projected rise in demand, according to the Austin Business Journal.

With a 2.6 percent growth rate and 117,107 new apartments needed to meet…

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Santa Rita Ranch Named Top-Selling Master-Planned Community in the Austin Area by RCLCO

Santa Rita Ranch, a 3,800-acre historical ranch redesigned as a master-planned community with world-class amenities and spectacular views near Austin, Texas has once more ranked #1 in sales in the Austin-Round Rock area, according to the 2022 RCLCO mid-year report. Santa Rita Ranch also placed 29th in the nation in total sales, up from last year's rank of 33rd.

"We have a top-notch team working hard every day to make sure that Santa Rita Ranch provides the very best possible place to live for all of our many residents," said Santa Rita Ranch Developer Ed Horne, "so recognition like this from an expert group like RCLCO is a wonderful thing. But what we love most is welcoming friendly new faces to our master-planned community, which is why we're so…

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Prolific infill developer StoryBuilt to bring 100-plus homes to South Austin

South Austin is set to receive a badly needed injection of infill housing.

Locally based StoryBuilt will develop 116 homes on 15 acres in South Austin, according to a July 25 announcement. The development will mostly consist of single-family detached homes with some attached townhomes, StoryBuilt Austin Division President Ross Wilson said.

It's the latest infill project for StoryBuilt, which aims to grow the city from the inside out, he said.

The neighborhood will be located at 8420 Longview Road, in South Austin off West Gate Boulevard. Construction is not expected to begin until summer 2023.

"We're really excited about this opportunity," Wilson said. "Obviously it's a big parcel in South Austin. It's very well connected to downtown and…

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Austin’s real estate is 'inching' toward normalcy as market shows signs of stabilizing

Knock on wood—real estate professionals are saying Austin’s housing market showing signs of stabilizing as local inventory hit two months for the first time since 2019.

Austin Board of Realtors CEO Emily Chenevert said after two years of pandemic-fueled prices, “we're inching our way toward something that feels more normal,” during the 2022 Central Texas Housing Summit—which brought industry professionals and economists together—on Tuesday.

Still, housing is one of Austin’s biggest fallbacks despite a diverse local economy, growing infrastructure investments, multiple nearby universities and a healthy job market. Stable housing falls in tandem with affordability, Austin Chamber of Commerce President and CEO Laura Huffman said.

“So what could…

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48-story condo tower planned for Austin's Rainey Street district

An Austin-based developer plans to start construction next year on a 48-story residential tower in the Rainey Street district on downtown Austin’s southeast side. The proposed high-rise would add to the ongoing building boom in the Rainey Street area, and in downtown in general. 

Pearlstone Partners plans to build the tower on two adjacent tracts that span from 62 East Ave. to 64 East Ave.  Although plans are still preliminary, Pearlstone executives say they envision a tower with 48 stories and 245 condominium units, although those numbers “could all very much change as we move through the design process,” said Chris Zaiontz, a Pearlstone senior vice president and principal.

The project still needs to wind its way through the city of Austin’s…

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New ‘boutique’ housing development slated for bustling South Austin area

A “boutique” development featuring nearly 80 homes will soon get underway in South Austin.

Houston-based David Weekley Homes will offer 79 single-family homes at the Village on Cooper Lane, near South First Street and West Dittmar Road. Prices start in the $600,000s, which is in line with the median home price in the city.

“We’re excited about this new central Austin project, as we know that new home supply in this location is scarce,” Dave Mire, division president in Austin for David Weekley, says in a news release. “This boutique community will be very charming. We will be introducing exciting new product, and we look forward to the response from our homebuyers.”

Each two- or three-story home will measure 1,680 to 2,625 square feet.…

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More than 1,000 homes planned for $500M vineyard development in Florence

A Dallas-based real estate developer has partnered with the owners of a winery and resort north of Austin to add more than 1,000 Tuscan-style luxury homes on the 600-acre scenic property in the Hill Country.

Since August 2021, representatives for Hoque Global LLC said they've been marketing and selling one-acre to three-acre estate home lots at a "brisk pace" at the Vineyard at Florence, a neighborhood modeled after the Italian countryside. It will spring up about 45 miles north of Austin near the northernmost end of Williamson County.

In total, the company has plans for 1,000-plus additional lots on the property, which also includes the vineyard, as well as a boutique hotel and restaurant. The full build out of the hospitality and residential…

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Inspire Development embarks on massive Pearson Ranch mixed-use project in Northwest Austin

Inspire Development has broken ground on Pearson Ranch, a 156-acre mixed-use project that aims to bring office space, retail, hotels, housing and parks to an area developers called Williamson County’s “burgeoning technology corridor.”

Located at the northeast corner of SH 45 N and West Parmer Lane, the development is 2 miles from Apple’s $1 billion new campus. Pearson Ranch will feature 2.6 million square feet of Class A office space; 200,000 square feet of retail, restaurant and community spaces; two hotels, thousands of multifamily housing units; and 30 acres of parkland, according to a Jan. 31 release from Inspire Development.

In the release, Pearson Ranch developers said the community is designed to attract local restaurants and retailers and…

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$500 million Southeast Austin project calls for 4,000 homes, condos and apartments

A $500 million development that calls for more than 2,500 houses, 1,500 multifamily units and commercial space is in the works for fast-growing Southeast Austin

The developer is Houston-based Hines, an international real estate firm. Its partners are Vancouver-based Trez Capital, based in, Dallas-Fort Woth-based Caravel Ventures and Tokyo-based Sumitomo Forestry.

The project — which is being called Mirador — will be developed at a cost of more than $500 million, according to Hines executives. The company said financing is in place, but did not provide additional details.

The Hines-led development group said this week that it has closed on the sale of the 1,400-acre site for the project. The property is bounded in part by Pearce and Wolf…

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