Grossman & Jones Real Estate Blog - new construction

"Multifamily development bringing 119 homes to Sam Bass corridor in Round Rock"

Community Impact Austin writes, "a multifamily project that was recently rezoned would bring a planned 119 housing units to the Sam Bass Road corridor, providing additional housing in a quickly growing area.

What's happening

Round Rock officials voted July 27 on a request to rezone 8.51 acres of land at the intersection of Sam Bass Road and Meadows Drive. The land was previously zoned for public facilities, such as assisted living, government services, medical clinics, places of worship, schools and public offices. It was also previously owned by Freedom Church but was recently sold to a residential developer, said Brad Wiseman, Round Rock's director of planning and development services.

Long story short

The city's comprehensive land-use plan shows this…

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"Mortgage Rates Go Up—Right as the Housing Market Melts Down"

Realtor.com writes, "as much of the country swelters under a heat dome, the housing market is experiencing its own meltdown.

Mortgage rates jumped to 6.81% for a 30-year fixed-rate loan for the week ending July 27, according to Freddie Mac. That’s up from last week’s average rate of 6.78%. And the welcome run of median home prices declining for 42 days flatlined for the week ending July 22.

“The annual decline in the median listing price evaporated, with prices tying year-ago levels this week,” says Realtor.com® Chief Economist Danielle Hale in her analysis.

What’s keeping home prices so high—and is there any way for homebuyers to find some sweet relief from the punishing real estate market this summer? We’ll break down what this latest real…

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"Travis Club gearing up to start construction on huge waterfront site"

Austin Business Journal reports, "construction is finally nearing for a 1,058-acre master-planned community west of Austin with an 18-hole golf course.

Plans call for the neighborhood, the Travis Club, to rise on an undeveloped bend of Lake Travis between Thurman Bend Estates and the Briarcliff community.

The resort-style community is being developed by Menlo Park, California-based real estate developer Haas & Haynie Corp. and Austin-based real estate investment firm Castle Hill Partners Inc.

The final plat of the first phase was approved July 18 by Travis County commissioners, which clears the way for the first 53 single-family homes and 68 "villa" units to be built on nearly 340 acres. That will be major milestone for a sometimes…

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"First of Georgetown's 3D-printed homes hit the market"

Community Impact Austin writes, "a community of 100 homes being built with 3D-printer technology in Georgetown’s Wolf Ranch neighborhood reached a milestone July 22, when the first model home opened to the public.

What’s happening?

Construction technology company ICON, in partnership with homebuilder Lennar, architecture firm Bjarke Ingles Group and developer Hillwood Communities, has been steadily printing walls using its Vulcan robotic construction systems since the project was announced in November. With the first model home now completed, the group has begun selling its tech-forward houses with the first residents set to move in this September.

A closer look

The 3D-printed homes are made out of ICON’s proprietary cementitious mix, Lavacrete. The…

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"Upscale homes still on rise in Lake Travis-Westlake as real estate market returns to normal"

Community Impact Austin writes, "while many areas in the Hill Country are built out, including West Lake Hills and Rollingwood, the Lake Travis area still has many high-end residential real estate developments in the works.

Residential developments continue to be a significant area of focus in Bee Cave, Lakeway and Spicewood.

“In areas like Westlake, there isn’t anymore land—everything’s developed, so there isn’t room for new construction,” said Michelle Jones, a real estate agent for Grossman & Jones in Bee Cave. “We’re fortunate in our market in Lake Travis because we have land going out toward [Hwy.] 71.”

Jones said although there are a couple of multifamily developments in the area, single-family homes, often associated with a plethora of…

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"Austin moves toward smaller lots for homes"

Austin Business Journal reports, "developers and homebuilders may soon have the opportunity to build more housing in Austin.

Austin City Council on July 20 gave the first nod of approval to a proposal that would decrease the minimum lot size of residential properties.

Introduced by Council Member Leslie Pool, the proposed amendment to the city’s land development code calls for decreasing the minimum lot size from 5,750 to 2,500 square feet or less, with the intention of increasing the variety of housing types possible, including row homes and garden homes.

The proposal also directs Interim City Manager Jesús Garza to alter the code to allow at least three units per lot in single-family zoning districts without requiring existing structures to…

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"Stop Believin’! 4 Housing Market Myths Hurting Today’s Buyers and Sellers"

Realtor.com writes, "the housing market has been decidedly stuck of late. Sellers with low mortgage rates are holding on to their homes, leaving buyers with scant listings to choose from.

And buyers who do find a house face substantial economic challenges as median home prices and mortgage rates remain high.

With sellers and buyers at an impasse, misconceptions and outright myths are popping up on both sides about the state of the market on social channels and forums.

However, some of the supposed housing issues that are coming up time and again aren’t true. Here are the four biggest myths about the current housing market and why experts say they’re wrong.

1. The housing market is about to crash, just like in 2008

Today’s buy-sell…

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"Tri Pointe Homes developing neighborhood of its own"

Austin Business Journal reports, "Tri Pointe Homes Inc. broke ground earlier this month on its first Georgetown neighborhood, the developer announced July 12.

The neighborhood, called Park Central, will bring more than 400 single-family and attached homes to the fast-growing city north of Austin from Tri Pointe (NYSE: TPH), a national homebuilder that is one of the busiest in the region. While Tri Pointe's Austin division has jointly developed communities in Central Texas, Park Central will be the first community it self-develops on its own, Division President Bryan Havel said in an email.

Park Central is rising on 77.8 acres at Sam Houston Avenue and Bell Gin Road in southeast Georgetown. Homes will sit on 45- and 50-foot lots and range from…

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"New development company behind project on Williams Drive in Georgetown"

CommunityImpact Austin writes, "Savvy Development, a new development company working in Williamson County, is spearheading its first project on Williams Drive in Georgetown.

The 24-acre site located at 4775 and 4795 Williams Drive will include multifamily housing, restaurant, retail and office space, said Travis Wilkes, Savvy Development co-founder and chief operating officer.

Diving in deeper

Wilkes said Savvy has owned the Williams Drive property for about a year and half.

During that time, the company sold 9 of its 24 acres to Georgetown real estate company Novak Brothers, which plans to build a 216-unit apartment community on the site, he said. Novak is scheduled to begin construction Oct. 28.

Additionally, Savvy sold one other piece of the…

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"Austin booms as No. 7 U.S. metro for new home construction in 2023"

CultureMap Austin writes, "Austin already has one of the most active real estate development markets within the last decade and holds a top 10 rank for the most built-to-rent homes. Now, the Austin metro area has now earned another top 10 spot for the seventh-highest new home construction rate in 2023, according to a recent analysis by Chamber of Commerce.

The booming housing construction is just one way Austin is trying to keep up with its remarkable population growth.

The June 2023 edition of the "Cities with the Most New Homes" analysis discovered that despite new home permits being down over 20 percent year-over-year from 2022, the state capital's housing market is still on the rise.

"Numerous factors such as limited inventory in the…

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