Grossman & Jones Real Estate Blog - new construction

"Horseshoe Bay Resort sells out latest condo project as it continues to evolve"

Austin Business Journal writes, "the Jaffe family’s Horseshoe Bay Resort west of Austin keeps growing, and demand for the lakeside living there is apparently strong.

One new project at the resort, a three-tower condo called Waters Lakeside, has seen all 60 units pre-sold, according to a recent announcement from Legacy International, the broker for Horseshoe Bay Resort Realty. The condos started at $800,000.

Waters Lakeside broke ground in 2021, said Mandy Van Streepan, Legacy's chief operating officer. The development consists of three towers with 20 condos each, with the first set for a March move-in date. The second and third towers will open between April and May. The condos all have three bedrooms and range from 1,500 to 2,300 square feet,…

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"Real Estate Roundup: Local firm snatches up lots of space in St. Elmo, plus more deals to know"

Austin Business Journal reports, "one of the biggest property owners in South Austin’s St. Elmo Arts District acquired a whole lot more real estate in the neighborhood in December.

Austin-based Veloway Threads — owners of The Yard and other properties where business such as Icon, Tesla, Still Austin and St. Elmo Brewing lease space — purchased eight properties within the district last month, said Priscilla Sauceda, vice president of operations and community at Veloway Threads. The area, which a few years ago was a sleepy industrial hub, has piqued the interest of many developers and is rapidly changing into a mixed-use destination.

The firm also purchased four other properties outside of St. Elmo, and all 12 properties together pushed Veloway’s…

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"Northland Living plans 35-story condo tower in downtown Austin"

Austin Business Journal reports, "plans are coming into focus for a new mixed-use tower downtown.

Northland Living, a development arm of Canadian hospitality giant Northland Properties Corp., has revealed new details for its planned condo tower in downtown Austin called Luminary.

The building, which will feature almost 290 condos, will rise on less than an acre at the northwest corner of 14th and Guadalupe streets, where it will stretch 35 stories and 400 feet skyward. It's one of the first local projects by Northland Living, which began establishing a presence in Central Texas in 2023.

The tower will be home to 286 one-, two- and three-bedroom condos, plus 4,800 square feet of ground-floor retail and one level of office space, though square…

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"Apartment rents have declined in Austin recently, but will the trend continue into 2024?"

Austin was one of the top three U.S. metros that saw the most significant rent declines in November, a new report says, and some experts believe the trend could continue into next year.

Austin experienced a 5.4% decrease year over year, with a median asking rent of $1,575. That's according to Realtor.com’s recently released November Rental Report. The other two metros that had the most significant rent declines were Orlando, Fla., (down 6%) and Dallas (down 4.1%).

In mid-November, Orphe Divounguy, a senior economist at Zillow, said the Austin housing market has cooled down due to the construction boom and declining housing affordability in the past year.

"As the vacancy rate rises, the growth of rent (and home values) is anticipated to…

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"Texas is winning the US economy"

Business Insider writes, "Texas is becoming the poster child of the US economy.

A new Wells Fargo analysis determined that Texas is outpacing many states regarding GDP and employment growth, despite some struggles in commercial real estate.

These findings echo a Bank of America report from earlier in December that determined the Southeast's economy may outpace other regions of the US.

In 2023, Texas experienced the third-fastest growth in terms of population, increasing 1.6% between July 2022 and July 2023 — compared to 0.5% nationwide. This amounted to about 473,000 new residents, many moving from different states.

In 2023, net domestic migration — the number of people who moved into Texas from another state, minus those who moved out —…

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"Austin housing market crystal ball: See what some experts expect, predict for 2024"

Austin American-Statesman writes, "new housing developments continue to spread across Central Texas, but experts say more homes are still needed to keep pace with demand.

"The Austin new home market overall was steady the last half of the year," said Ben Caballero, CEO of HomesUSA.com. a real estate agent and CEO of Dallas-based HomesUSA.com. “As we head into the holiday season and start the new year, we have the Texas advantage on our side, as we continue to attract large employers. This relocation means a continuing need for more homes, and Austin builders are doing their best to create more inventory."

Caballero said the new-home market in the Austin region is poised for growth, if what many leading economists are predicting comes true – that…

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"5 major towers are set to open in downtown Austin in 2024. Check out what's planned"

Austin American-Statesman reports, "the new year will bring new skyscrapers to downtown Austin.

In the past two decades, downtown has seen an unprecedented high-rise building boom that has transformed the city's central business district with towering condominium, apartment and office buildings along with hotels and scores of new shopping, dining and entertainment options.

Even as downtown's office market has languished as remote work has taken hold since the coronavirus pandemic, people still want to live in the center of the action, and that's keeping downtown's housing, retail and restaurant sectors bustling.

“With falling interest rates and strong population/job growth, I am quite optimistic that the downtown Austin condo market will see…

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"Dallas Stars owner to bring more than 40 acres of real estate projects to Austin, Cedar Park"

Community Impact Austin reports, "Dallas Stars owner Tom Gaglardi has chosen Austin and Cedar Park for the first two projects under his newly launched development company Northland Living.

Some background

A sister company of Northland Properties, which focuses on hotel and resort project development, Northland Living focuses on residential towers and mixed-use communities, according to a news release.

Tony Kaleel, who led the development of 44 East Avenue, is at the helm of Northland Living, serving as the president and chief operating officer.

The details

The first project in the Austin area is a downtown residential condo tower planned on a 0.81-acre site just west of the Texas state Capitol near 14th and Guadalupe streets.

Following closely behind…

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"Zillow’s 2024 housing market predictions for Austin, nation"

KXAN Austin shares, "real estate marketplace Zillow has predictions for what will happen to the Austin and national housing markets in 2024, including cost decreases, supply increases and the arrival of generative computer programs (often called artificial intelligence or AI) to the buying process.

Zillow on Austin’s market from 2021-2023

In 2021, Zillow declared Austin the nation’s hottest housing market. It cooled slightly on Austin in 2022, but still ranked the city as the 10th hottest. In 2023, the company declared Austin’s housing market “ice cold.”

But in a Thursday interview, Zillow Senior Economist Orphe Divounguy said that 2023 has been “a great year” for Austin and the U.S.

“We started the year with high inflation that of course…

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"Intracorp plans mixed-use condo development off South Congress"

Austin Business Journal reports, "Intracorp Texas may demolish some existing buildings on the South Congress Avenue retail strip to build a mixed-use project that would bring about 250 housing units to the area.

The project at 2105 S. Congress Ave., directly south of Lively Middle School, would raise a mid-rise condo building with a garage and street-level retail on one of Austin's most popular streets, according to a construction filing with the Texas Department of Licensing and Regulations.

Construction is expected to begin March 1, 2024, according to the TDLR, with an estimated completion date of Oct. 1, 2025. The project carries an estimated cost of $110 million and will be 620,000 square feet.

A site plan filed with the city shows the…

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