Luxe Austin Homes - downtown

"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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"Novak Brothers Breaks Ground on Austin Luxury Apartments"

According to Multi-Housing News, "Novak Brothers Development has broken ground on Rise510, a 301-unit luxury garden-style component of its master-planned Wolf Lakes Village development. The community will be located in Georgetown, Texas, with construction expected to be completed in the summer of 2024.

Rise510 will be built on 12 acres of the 164-acre European-inspired village, and will host a mix of apartment homes and townhouses, according to the developer’s website. The development’s amenities include a fitness center, swimming pool, community park and private, resident-only parking spaces. The greater Wolf Lakes Village hosts landscaped park space, private lakes, an outdoor amphitheater, hiking trails and an ice-skating rink. The community’s…

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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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Here’s Our First Look at the Two Towers Headed for Block 32 in Downtown Austin

Updates to the site plan for the Block 32 tower project now working its way through the city’s permitting process offer us a closer look at the two towers set to rise atop a half-block at East Third and San Jacinto Streets in downtown Austin — and although our city is pretty spoiled for impressive new buildings lately, these plans show a pair of towers with a design that should prove remarkable on the skyline. We now know the developer behind the project is Austin’s own Manifold Real Estate, which has quite a few projects cooking at the moment, though Block 32 could become the largest yet. 

The two towers would rise at the half-block bound by San Jacinto Boulevard, East Third, East Fourth, and Trinity Streets directly west of the Austin Convention…

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Gearspace Rolls into Austin, TX

Today, Gearspace announces the launch of their 6-acre development of 68 multi-purpose, individually owned, customizable garage condos for personal use. Nestled in the Texas Hill Country, Gearspace is a destination for collectors, gearheads, tinkerers, builders, and hobbyists looking to store and enjoy their favorite gear with a community of like-minded individuals.

“We are thrilled to offer Gearspace owners more than a storage space but a place to house prized possessions and to escape to, all while being part of a community with other enthusiasts. Gearspace premium garage condos can be customized to the owner's needs and design aesthetic – collecting cars, storing wine, or working on your RV or boat,'' said Ray Frigo, Principal at Gearspace.…

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Grand plans, deep-pocketed backers revealed for what will be tallest building in Austin — and all of Texas

The skyscraper being constructed at 98 Red River St. in downtown Austin, which is set to be the tallest building in both the city and state when complete, finally has a name: Waterline.

In addition to its official moniker, the development team revealed Sept. 6 a slew of additional details about the project, which is set to take the skyline to new heights. That included a breakdown of space within the hotel-office-residential tower and community benefits like pedestrian access and a seven-figure donation to the nearby trail system.

"Downtown Austin offers one of the most dynamic markets and skylines in the nation, and we're excited to help drive its ongoing transformation," said Seth Johnston, senior vice president in Austin for Dallas-based…

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Crane Watch: High-rise hotel to replace bar previously called Russian House; Tesla plans another Austin store

Indiana-based White Lodging is gearing up to develop a 269-room high-rise hotel at the intersection of Fifth and Trinity streets.

The project, planned at 307 and 311 E. Fifth St., would rise 128 feet and encompass 188,640 square feet, according to public documents.

While White Lodging is developing the project, the owner is listed in public documents as 311 E 5th Series, a subsidiary attached to Finley Company.

The project site is about four-tenths of an acre. The space is currently occupied by low-slung buildings that were once home to the Trinity Hall event venue and House restaurant and bar (formerly Russian House), both of which have closed.

White Lodging declined to discuss more granular details of the development at this time.

In…

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Austin high-rise plans preserve Old Depot Hotel

In Austin, the more things change the more they stay the same.

While Stonelake Capital Partners is about to add another high rise to the Austin skyline, the company is set on preserving the historic Old Depot Hotel next door. This week, the Austin Design Commission recommended the project for a downtown density bonus, which lets buildings rise taller than is typically allowed, the Austin Business Journal reported.

To qualify for the Downtown Density Bonus Program, a project must either incorporate affordable housing or pay a fee. Stonelake has opted for the latter — to the tune of $4.5 million.

The commission vote comes a little over a year after Stonelake first unveiled plans for the site that many know as the old home of Italian…

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Where to buy a 3D-printed house in the United States right now

No longer a far-off or theoretical concept, 3D-printed houses are set to cause a shift in the 21st century real estate market. With several 3D-printed-house manufacturers already operating around the world, these new residential structures will not only help bring more creative architectural designs to life, but also the technology and rapid rate of reproduction have been touted as lower-cost solutions to affordable housing and subsidized living.

So where can you purchase a 3D-printed house of your own, right here in the United States? Here’s what you need to know about 3D-printed houses and what to expect as the concept hits the mainstream real estate market.

WHEN WILL 3D-PRINTED HOUSES BE AVAILABLE?

There are already a handful of…

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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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