Luxe Austin Homes - property

"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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"Austin considers change to density bonus programs to address public safety needs"

Austin Business Journal reports, "developers working in Austin may eventually have a new tool when seeking additional building height for their projects.

With police and fire response times unacceptable in some cases, City Hall has taken steps toward a new element to its density bonus programs that would offer incentives to developers if they donate land to the city that can be used for public safety facilities.

During its Nov. 30 meeting, Austin City Council approved a resolution directing the city manager’s office to conduct a comprehensive review of the proposal and return to Council next year.

"We are running out of land and property to develop," said Council Member Mackenzie Kelly, who sponsored the resolution. "What I don't want to…

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"Millions of homes are vacant in large cities across America"

Austin Business Journal writes, "there are millions of homes sitting empty across America at a time when inventory and affordability are squeezing the nation's housing market.

According to a recent analysis of U.S. Census Bureau 2022 American Community Survey data by LendingTree Inc., there are nearly 5.5 million vacant housing units in the nation's 50 largest metro areas. That puts the housing vacancy rate across those metros at about 8%.

But the reasons why millions of homes are sitting vacant at a time when the nation's housing market is starved of inventory and home prices remain high — the median price of new houses sold in August was $430,300, down slightly from $436,600 a month prior — are varied and nuanced.

The study found, on…

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"More housing could be headed to Lakeway"

Austin Business Journal reports, "Lakeway City Council must decide whether to rezone a 33.9-acre tract and clear the way for a largely residential community in the city.

At an Aug. 2 meeting, Lakeway’s Zoning and Planning Commission voted unanimously to recommend the rezoning to Council. The proposed change would see the tract switch from single-family temp zoning to a planned unit development, according to the meeting agenda.

Housing developer Cascade Homes LLC made the rezoning request for the Balcones Point PUD on behalf of the property owners, the MB Winborn Trust and Gregory & Kenneth Winborn Irrevocable Trust.

It was not clear when Council could vote on the rezoning. It typically meets on the third Monday of each month.

If built, the…

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"An Unexpected Oasis Surrounded by Nature Preserves Thrives Within Austin City Limits"

Realtor.com shares, "just minutes from downtown Austin, TX, sits a beautiful oasis of 3 lush acres. It’s anchored by a 3,272-square-foot home.

The serene, parklike property is available for $9.5 million.

“As soon as you go through the gates, city life is gone. It truly feels like a respite from the city. All you hear when you’re there are birds tweeting and the two owls that live in the trees hooting. You’re truly surrounded by nature. You’re in the wilderness,” says listing agent Wendi Slaton Anderson, with Compass.

“The house is lovely, but it is the land and the lot around it that is exceptional,” adds Slaton Anderson.

‘Very livable’

“The home is really well-maintained, and they’ve done such a great job of bringing the outdoors…

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"What Is an Escalation Clause in Real Estate and When Should You Use One?"

Realtor.com shares, "when you’re deciding on what price to offer on a home, the situation might call for a single price or, in some cases, numerous prices via an escalation clause.

In a fast-paced, competitive market, having an escalation clause as part of your offer on a house can benefit the homebuyer and seller alike. But it does come with some downsides, so it’s important to know the pros and cons before you include one in an offer (or accept one as a seller).

Here’s what to know about an escalation clause, and when it’s a smart tactic for your real estate deal.

The basics of an escalation clause

An escalation clause is a real estate contract, sometimes called an escalator, that lets a home buyer say: “I will pay X price for this home,…

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"Home Price Growth Is Cooling Fast—Does It Spell a Big Break for Homebuyers This Year?"

Realtor.com writes, "December brought good tidings to homebuyers in the real estate market.

Nationally, median home list prices dropped about 11% from their peak over the summer to hit $400,000 in December, according to a recent Realtor.com® report. While prices were still up by about 8.4% year over year in December, this was the first time in a year that they rose by only single digits.

In another holiday gift for home shoppers, the number of properties for sale nationally shot up more than 50% compared with a year ago. And homes are sitting on the market for longer, giving buyers an opportunity to think about whether this is the right home for them instead of having to put in an offer on the spot.

Mortgage interest rates even dipped from…

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"Apple to build even more at Austin campus"

Austin Business Journal reports, "the second phase of construction at Apple Inc.’s Northwest Austin campus shows no sign of slowing down as the tech titan files to raise yet another building on the property.

It's welcome news for a city — and real estate sector — that has been put at risk by big tech employers lately as recession fears loom and the work-from-home model prevails. Facebook (Nasdaq: META) is slimming down in Austin, backing out of space it was to take in Austin's next tallest skyscraper. News of coming layoffs at Amazon.com Inc. (Nasdaq: AMZN) and Google Inc. (Nasdaq: GOOG) has left many real estate pros on pins and needles.

But Apple (Nasdaq: AAPL) appears to be bucking that trend. Executives did not respond to requests for…

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"Travis County considers increasing development fees"

Austin Business Journal reports, "developers working in Travis County may face increased construction and permitting fees in the months ahead.

Travis County Commissioners Court is considering increasing existing development fees and implementing new ones for a variety of services including traffic impact analysis, on-site sewage facilities and floodplain permits, in addition to requests for variances and exceptions associated with development review.

If passed, this would be the first change to the county’s development fee structure since 2016 and generate millions in annual income for the county.

With already long wait times for county development review, which increase the cost of new construction, commissioners stress that any additional…

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"Wilson Capital Proposes 80-Story Apartment Tower in Austin, Texas"

REBusiness Online reports, "Wilson Capital, an Austin-based real estate development firm, has unveiled plans for Wilson Towers, an 80-story apartment building in Austin. Totaling 450 residential units and rising 1,035 feet, the development would become the tallest building in Texas upon completion.

The property is located at 410 E. Fifth St. in the heart of Austin’s downtown. It is less than a block from the MetroRail Downtown station, three blocks from the Congress Avenue retail and restaurant district, and six blocks from the Texas State Capitol building. Construction is scheduled to begin this summer.

According to local real estate publication Towers, the project is a massive expansion upon previously released redevelopment plans for the site…

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