Luxe Austin Homes - market

"Foreign buyers boost Texas housing market"

TheRealDeal reports, "an influx of international home buyers is providing a boost to Central Texas’ housing market. 

Over a 12-month stretch that ended in March, foreign homebuyers spent $609 million in Central Texas, accounting for 3 percent of sales dollar volume in the Austin region, the Austin American-Statesman reported, citing a study by the Austin Board of Realtors. 

“The Central Texas region continues to be a magnet for international homebuyers and investors,” Ashley Jackson, president of the Austin Board of Realtors, told the outlet. “One in six new Austin-area residents come from abroad.”

India was the primary source of international homebuyers for the second consecutive year, accounting for 21 percent of transactions among foreign…

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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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"Austin real estate market still burning hot, according to Urban Land Institute study"

Austin Business Journal writes, "Austin’s real estate market is still burning at a supernova level, according to a new study.

The Urban Land Institute, which focuses on real estate and land use, released its widely respected 2024 Emerging Trends in Real Estate report on Oct. 31. The report compiled data and insights from over 2,000 real estate industry experts to explore shifts and trends in the property sector and predict 10 markets to watch for the coming year.

Austin ranked fifth on the list this year, down from No. 3 last year. The rest of the top five was rounded out by other Sunbelt cities: Nashville at No. 1, then Phoenix, Dallas-Fort Worth and Atlanta.

ULI conducted the study in partnership with PricewaterhouseCoopers, a professional…

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"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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"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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"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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