Luxe Austin Homes - new construction

"New-Home Sales Surge as Buyers Seek Options in Tight Housing Market"

Realtor.com reports, "New-home sales surged last month, as buyers increasingly turned to fresh construction in a housing market plagued by few homes for sale.

Sales of new single-family houses jumped 8.8% in March from the prior month, to a seasonally adjusted annual rate of 693,000, the U.S. Census Bureau and Department of Housing and Urban Development jointly reported on Tuesday. March sales were up 8.3% from one year ago and were at their highest levels since last September.

The median sales price of new homes was $430,700 in March. That was good news for buyers as the price was down 1.8% from one year ago. This is a result of homebuilders increasingly pivoting to smaller and more affordable homes to appeal to buyers pinched by high mortgage…

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"The Vesper Condo Tower Wraps Up in Downtown Austin’s Rainey Street District"

TOWERS writes, "The 41-story Vesper condo tower is now complete in the Rainey Street District of downtown Austin, with its first phase of move-ins kicking off this week. According to developers Pearlstone Partners and sales agency Prospect Real Estate, the building is currently 67 percent sold. The 452-foot tower broke ground in the summer of 2021, situated on a small 0.4-acre site at the edge of the neighborhood at 84 East Avenue, pretty tightly hemmed in on three sides by the Camden Rainey Street apartment building and a famously garish Homewood Suites. 

It’s just one of a forest of towers now rising in the Rainey District, with the perspective of the aerial shot below showing not one, not two, not three, but four separate tower projects underway…

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"600 more apartments in pipeline for North Austin"

Austin Business Journal reports, "Two multifamily projects are moving forward in North Austin that could collectively bring more than 600 new apartments to the city and create more opportunities for builders, contractors and more.

Austin City Council approved a zoning change on April 18 for a roughly 10-acre site at 10911 Stonelake Blvd., just north of the North Burnet and Gateway district. That change, from limited industrial zoning to multifamily, sets a path for the construction of about 400 apartments.

The council also approved a zoning change from general office to mixed-use on a 9-acre site at 13614 Metric Blvd., allowing for 238 new multifamily units near the Wells Branch neighborhood to move forward.

Don Reese, founder and partner of…

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"More apartments proposed near Barton Springs Road and Zilker Park"

Austin Business Journal reports, "A plan to demolish a 40-unit apartment complex near Barton Springs Road to make way for a bigger one is set to be considered by City Council later this month.

The project at 1725 Toomey Road — on a less-than 1-acre tract sandwiched between Butler Shores and the original Chuy’s restaurant — would replace the existing Barton Springs Apartments with a new building containing more than 203 units.

Property owner Greg Smith of First Austin Properties is seeking a zoning change for the location to remove a conditional overlay that restricts building height to under 75 feet. Aside from the conditional overlay, the property has the city's highest-density multifamily zoning.

The exact height and other details of the…

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"Another homebuilder joins Gregg Ranch neighborhood in Marble Falls"

Austin Business Journal writes, "In Marble Falls, Gregg Ranch continues to grow.

The 240-acre community at the southern end of Marble Falls was touted in 2020 as the first large-scale development in the city in decades, with around 1,250 homes planned. Pulte Homes and Vogel Builders have built homes in the community, and Arizona-based Gregg Ranch developer Harvard Investments announced April 2 that Colorado-based Richmond American Homes has also signed on to the project.

The Richmond homes at Gregg Ranch will range from 1,687 to 3,000 square feet, with two- to six-bedroom floor plans. Richmond will begin with 62 home sites for its first two phases of construction and is under contract to buy 113 lots in a third phase of construction.

Homes…

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"Buda's Sunfield is metro's fastest-growing neighborhood"

Austin Business Journal reports, "Buda’s Sunfield is the fastest-growing neighborhood in the metro, nabbing the top spot after leapfrogging from the No. 8 position in 2023. See the list below this article.

Scarborough Lane Development’s Sunfield, a 2,795-acre master-planned community, earned first place on Austin Business Journal’s latest list of fastest-growing neighborhoods with 470 home starts last year. The list is based on data from real estate company Zonda.

There are eight homebuilders active in Sunfield, where homes can be purchased at prices much lower than the average home in the metro.

While Sunfield’s 470 home starts was an increase over the 291 home starts reported on our 2023 list, many neighborhoods saw a decrease in home…

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"Nearly 300 condos heading to trendy South Congress"

Austin Business Journal reports, "Intracorp Homes has unveiled new details about its upcoming condo development on bustling South Congress Avenue.

Intracorp, one of the most active condo developers in the city, confirmed the project late last year but declined to provide additional information at the time as it worked its way through planning stages. On April 2, the developer announced details, including number of units, costs and the entities working on it. The company also said a final general contractor hasn't been selected.

Leland South Congress, as the project is called, will rise seven stories on about 3 acres spread across four lots at the intersection of South Congress Avenue and Live Oak Street.

The development will add 270 condos to…

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"More transit-focused zoning under consideration at Austin City Hall"

Austin Business Journal writes, "The second phase of Austin’s HOME Initiative and other wide-reaching land use changes are set to be considered at City Hall in the coming weeks. The goal: To hack away at Austin's housing affordability problem and prepare the city for its planned light rail system.

Bigger development will be needed along the 10-mile light rail route — especially at train stops. The project, on track to cost about $4.8 billion in current years’ dollars and begin construction in 2027, will be supported through federal transit funding if the city can prove that its land-use regulations will support the new transit network.

If approved, the new policies will usher in a wave of opportunities for developers and existing homeowners.

…

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"Existing-Home Sales Surge in a Positive Sign for This Year’s Housing Market"

Realtor.com writes, "This year’s housing market is off to a strong start.

Sales of existing homes, which exclude new construction, jumped 9.5% from January to February, according to a recent report from the National Association of Realtors®. That was the largest month-over-month increase in a year.

However, sales did dip a little annually, coming down 3.3% from February 2023.

The surge in monthly closings is likely due to the drop in mortgage rates, which began declining last fall. This brought more buyers into the market and, importantly, might have persuaded more homeowners to sell their properties. As most sellers are also buyers, many have been reluctant to trade a low mortgage rate for a higher one.

Mortgage rates averaged 6.87% for…

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"Work begins on development that could bring nearly 3,000 homes to Hutto"

Austin Business Journal writes, "Thousands of homes are headed to Hutto, where Houston-based Empire Continental Land LP is building a sprawling new neighborhood.

Empire Continental Land, the Texas land division of residential builder and developer Empire Communities, announced March 18 that work had begun on the project. Flora, as it is called, will rise on more than 800 acres and have nearly 3,000 homes once complete. It’s yet another example of massive neighborhoods sprouting in largely rural areas of the metro as Samsung Electronics Co. Ltd., Tesla Inc. and other companies expand in the region and spur population growth.

“Hutto is in a period of dynamic growth for both businesses and residential communities,” said Steve Sellers, president of…

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