Luxe Austin Homes - residential

"Hays County home market values up 16% from 2022"

Community Impact reports, "the Hays Central Appraisal District released its preliminary appraised property values April 13 and began mailing out appraisal notices to Hays County residences April 18. The overall market value within Hays County increased by 24%, or $13.54 billion, from 2022.

The preliminary data indicates a 16.11% increase in residential market value across Hays County, or an estimated $111,000 increase from 2022.

The county also saw a 31% increase in the value of commercial and industrial properties from last year; multifamily residential saw a 28% increase compared to 2022.

More than 5,200 new homes were added to Hays County's appraisal roll for 2023, according to the report, as well as 26 new commercial buildings. There was an overall…

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"Nearly complete, Sixth and Guadalupe skyscraper takes Austin skyline to new level"

Austin Business Journal shares, "the end of construction is in sight for the Sixth and Guadalupe high-rise. But already, the view from the top of Austin's tallest building is unlike anything else in the city.

The 66-story mixed-use tower, which broke ground in 2019, could welcome its first apartment residents in October, said Tony Curp, senior vice president of development at Kairoi Residential. Sixth and Guadalupe is being developed by Kairoi, which is handling the residential portion; Lincoln Property Co., which is handling the commercial portion; and investor DivcoWest. The tower was designed by Gensler and JE Dunn Construction Group is the general contractor.

Curp this week hosted Austin Business Journal on an exclusive first-look tour of…

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"These towers could raise the bar for North Austin's skyline"

Austin Business Journal writes, "while The Domain and its surroundings are often referred to as Austin’s second downtown, buildings there have never reached the heights of the Central Business District. But that may be starting to change.

In February, Austin City Council approved revised building regulations for the region known as North Burnet/Gateway that allow for denser and taller construction up to 491 feet, or about 45 stories. The previous limit was 360 feet.

While some towers were already planned to reach 300 feet in this area, more recent projects are stretching toward the new upper limit of construction,

"They are responsive to energetic growth in this area of my district," said Council Member Leslie Pool, who represents District 7,…

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"New Lakeway street, residential development will be considered at Dec. 19 council meeting"

Community Impact repots, "preliminary plans for the development of a new street called Taranga Drive will be presented during Lakeway City Council’s Dec. 19 regular meeting.

The street is part of a 5.59-acre development being built by Houston-based general contractor RobRyan Custom Builders and is located at 507 Rupen Drive, Lakeway, according to city documents.

The submitted preliminary plan is to develop 10 residential lots and one drainage reserve lot, the city said.

In terms of traffic, the new development is expected to generate around 103 trips per day, according to the report.

The developer is also requesting City Council approve a fee in lieu in the amount of $45,000 to meet the parkland dedication and improvements requirements.

At the Dec. 19…

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"46K new housing units possible on unlocked Austin land — but zoning change doesn't go far enough, builder says"

Austin Business Journal reports, "builders in Austin can now take advantage of a change in city code that will allow for the development of residential properties on land zoned for commercial use.

The change to the land development code, which Austin City Council approved on Dec. 2, carries major implications for real estate firms, significantly expanding the market for development. It also represents another avenue for cutting into Austin's housing shortage: city staffers previously estimated this decision could allow for the creation of 46,324 new homes.

Developers will still need to apply to build residential projects in commercial areas and will have to meet certain criteria, including around affordability. The change incentivizes the…

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"Crane Watch: Symphony Square tower tops out; Lots more housing, warehouse space planned"

Austin Business Journal reports, "Greystar Real Estate Partners LLC's Symphony Square mixed-use project in downtown Austin is inching toward completion.

Since October, both 1121 at Symphony Square, the development's seven-story office building, and The Waller, its 32-story residential tower, have topped out, said Jon deVita, development associate at Greystar.

South Carolina-based Greystar is seeking certifications that will set the project apart in the areas of sustainability, connectivity and health and wellness, said Matt Stevenson, Austin-based senior director of development.

When complete, 1121 at Symphony Square will have 129,000 square feet of class A office space, with floor plates ranging from 13,500 to 30,000 square feet, deVita…

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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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"Housing markets with highest share of equity-rich households undergo biggest corrections"

Austin Business Journal reports, "even with a rapidly cooling housing market, homeowners across the U.S. are sitting on near-record levels of equity.

A recent analysis by Irvine, California-based Attom Data Solutions LLC found 48.5% of mortgaged residential properties nationally were considered equity-rich in the third quarter. A property is considered equity-rich when the amount of loan balances secured by it is no more than 50% of its estimated market value.

With the housing market downturn that began this summer, though, $1.3 trillion in recently added equity vanished from the market in Q3, according to Black Knight Inc. (NYSE: BKI), a mortgage software and analytics company.

By Attom's measurement, Q3 2022 continued to see gains in…

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"Q&A: Real estate developer discusses opportunities for urban infill investments"

Austin Business Journal reports, "many of the country’s fastest-growing cities have certain commonalities that make them magnets for population migration. Job opportunities, a rich culture and access to outdoor activities are a few of the reasons people are drawn to places like Austin, Dallas, Seattle and Denver.

What these places also have in common is a lack of housing stock to accommodate the thousands of people who move there each year. While housing developers often eye large tracts of land outside of cities where they can build hundreds of homes, suburban sprawl is taking a toll on the U.S. economy. And the cost of public infrastructure maintenance is weighing on depopulating towns across the country.

StoryBuilt is taking a different…

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"International homebuyers still flock to Austin but are spending less than pre-pandemic"

Austin Business Journal reports, "Austin's international homebuyer market is still down in the wake of the Covid-19 pandemic.

That’s according to the Austin Board of Realtors' 2022 Central Texas International Homebuyers Report. From April 2021 to March 2022, international buyers purchased $613 million worth of residential properties in Travis, Williamson, Hays, Bastrop and Caldwell counties — representing 3% of total home sales.

That number was relatively flat compared with the $634 million figure from the 2021 report, but is a steep drop from the $800 million reported in 2020, the first year the report was compiled.

Though international buyers contributed less to the housing market, Realtors say Covid-19 is less of a concern to clients now.

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