Luxe Austin Homes - housing

"Top 10 Roadblocks for the Real Estate Market in 2024"

Realtor Magazine writes, "global unrest, economic uncertainty and eroding home affordability are among the top issues facing the real estate industry over the next year, according to The Counselors of Real Estate’s annual report, “Top 10 Issues Affecting Real Estate(link is external).” Each year, CRE surveys 1,000 real estate experts to gauge the emerging issues that could have the most significant impact on all housing sectors, particularly the commercial market.

“This past year has been challenging for some and opportunistic for others as the economy, office market and innovation continue to evolve and impact the market,” says CRE Global Chair William McCarthy. “Additionally, the housing shortage and infrastructure issues continue to cause…

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"Hundreds of multifamily units, offices planned for Crestview neighborhood"

Austin Business Jounral reports, "a revised vision for Crestview Village first introduced two years ago is taking shape as plans gain momentum to build a high-density, mixed-use development with affordable housing near a transit hub in North Austin.

Owned by brothers Ben Barlin and Peter Barlin, 3423 Holdings LLC gained the Austin Planning Commission’s recommendation on Oct. 24 to seek an increased building height to 160 feet — about 15 stories — and participate in the city’s density bonus program, which will yield at least 10% dedication to affordable housing.

If brought to fruition, the project would help the city's goals for denser, transit-focused development along its primary corridors. It would also help Austin reach its net-zero…

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"Homebuilders turn to incentives to draw in priced-out buyer pool"

Austin Business Journal writes, "homebuilders continue to see sales momentum — despite surging mortgage rates and persistent affordability challenges — in part because they're pulling out the stops to lure buyers and ensure deals cross the finish line.

While a growing share of buyers have been locked out of the housing market because of rising mortgage rates, persistent home-price appreciation and a lack of existing-home inventory, the current environment also is creating some tailwinds for builders that can offer more competitive financing.

Housing starts increased 7% in September to a seasonally adjusted annual rate of 1.36 million units, according to the Department of Housing and Urban Development and U.S. Census Bureau data.

In fact, 31%…

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"Madrone Canyon to add luxury homes in wealthy area"

Austin Business Journal reports, "a luxury housing project is rising on a 140-acre canyon in Bee Cave where developers are touting unparalleled Hill Country views.

Ames Design Build LLC is behind the development, called Madrone Canyon, which will be home to more than 100 residences. Ames Design Build owner Brett Ames is also the founder and managing principal of Inspire Development, which is behind the $2 billion mixed-use Pearson Ranch development in southern Williamson County.

Madrone Canyon will feature a mix of custom and spec homes, Ames said. Lot prices begin in the high $400,000 range, while homes are expected to range from $3 million to over $5 million, according to an Oct. 10 announcement. The development will add more pricy homes to a…

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"September data shows Austin metro housing inventory hit 8-year high"

Community Impact Austin shares, "housing inventory in the Austin-Round Rock Metropolitan Statistical Area hit the highest levels in more than eight years in September, according to the Austin Board of Realtors’ metro data for September.

The overview

According to ABoR officials in a news release, in September, Travis County and Hays County both had more than four month’s worth of inventory while Williamson County had slightly more than three months worth. Bastrop County had the highest inventory in the MSA with five months worth.

In addition to high inventory, data shows that year-over-year home sales and median home prices dropped across the MSA—by 18.2% and 4.3%, respectively—while active listings increased by 7.8%. Homes also spent an average of 65…

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"Austin-area housing inventory rises as affordability challenges mount"

Austin Business Journal reports, "the Austin metro’s housing inventory is the highest it’s been in more than eight years.

Inventory in the region hit the four-month mark in September, according to the Austin Board of Realtor’s monthly market data. Inventory represents how long it would take to sell all of the homes on the market if new listings stopped, and housing experts say six months of inventory typically represents a healthy balance between supply and demand.

While that may sound promising for a region that's experienced a dearth of new homes, it takes some pain to have the gain. The number of closed sales is notably down. ABOR housing economist Clare Losey said this could be caused by a number of factors, including high interest rates and…

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"Median home prices in Central Austin mostly up in September"

Community Impact reports, "most Central Austin ZIP codes saw an increase in median home prices year over year in September, but there were a few exceptions, according to data from the Austin Board of Realtors.

Like median home prices, the average number of days homes spent on the market and the number of home sales were also mixed. Days on market were up and home sales were down, but there were some exceptions.

In September, median home prices in 78703 dropped by 50% from $1.8 million to just over $889,000. In 78701, median prices dropped nearly 50% from $1.13 million to $570,000.

Conversely, median prices in 78756 jumped over 50% from $603,500 to $926,750, the biggest increase in the market. In 78751, homes went from $822,500 to over $1 million.

The…

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"Some median home prices increase in Lake Travis, Westlake in September"

Community Impact writes, "a few ZIP codes in the Lake Travis-Westlake market saw an increase in home sales and median home prices compared to last year, according to data from the Austin Board of Realtors.

While prices and sales were down across the market, there were a few outliers. Homes in 78732 saw the biggest price jump at over 17% year over year. Sales were also up the highest year over year in this ZIP code by 40%.

Median prices in 78733 dropped the most in the market, going for $1.5 million last September to just under $900,000 this September.

Sales in the market were also a mixed bag. Homes in 78746 sold 15 homes both last year and this year. For the remaining six ZIP codes, three had more home sales than last year, and three had fewer sales…

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"10 Things Most Homebuyers Get Wrong About Getting a Mortgage Today"

Realtor.com writes, "while buying a home has always been a challenging milestone, today’s high interest rates have made this dream even harder to achieve.

Over the past two years, interest rates on home loans have nearly doubled from the 3% range to around 7% today. This tacks many hundreds extra onto the monthly expense of housing, stretching some homebuyers’ budgets to the breaking point. And while there are ways to lower those costs, navigating the home loan process is extremely complicated—particularly for first-time homebuyers.

“It’s very important for first-timers to do research and understand all their options before they start looking for a home,” says Cara Ameer, a real estate agent with Coldwell Banker who is licensed in California and…

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"Where tens of thousands of new apartments will rise between Austin, San Antonio"

Austin Business Journal reports, "the San Antonio and Austin metros have more more than 55,000 apartment units under construction, highlighting the immense fortune developers are poring into the emerging metroplex.

Just looking at the I-35 corridor between the two big cities, 23,000-plus units are proposed, under construction or have come online in the past 12 months, according to data from MRI ApartmentData, a multifamily analytics firm tracking Sun Belt markets.

That shows multifamily developers and investors are eager to keep pouring money into dense housing in the region. To be sure, there are thousands of single-family homes in the pipeline as well, although many experts have said denser, more affordable housing is desperately needed to…

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