Luxe Austin Homes - townhomes

"Developer secures $28.5M loan for East Austin infill housing"

Austin Business Journal reports, "The Geyser Group is set to build infill housing in East Austin after securing a $28.5 million construction loan.

The development, known as The Arden, will rise on about five acres at 4908 Lott Ave., beside city-owned Springdale Neighborhood Park, said Matt McDonnell, partner at Austin-based Geyser Group.

“The idea is to create additional housing stock in a neighborhood (ZIP code 78721) that has exhausted its current supply,” McDonnell said. “When you see the Mueller neighborhood complete, you see some of the StoryBuilt projects that either didn’t get fully realized or have stalled out a little bit, so the idea is trying to fill that missing-middle housing that doesn’t really exist in enough quantities.”

Embattled…

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"Dense condo development on tap for Taylor"

Austin Business Journal shares, "Taylor is set to get some new housing — in the form of a dense condo project — as economic growth in the rural city foreshadows a population boom.

Austin-based Metropolitan Development Company LLC is behind the condo project on Taylor’s Second Street, according to an announcement. It also will include some commercial space, said Pawel Hardej, principal at Metropolitan Development.

The project — called The Ferguson — will have eight garden homes, 16 townhomes, 60 condos and five live-work spaces on about 1.5 acres at the intersection of Ferguson and Second streets. The units will range from 575 to 1,534 square feet.

Prices will begin in the mid-$200,000 range.

“On purpose, we did not throw in an expensive…

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"Developer teeing up big master-planned project in Lockhart"

Austin Business Journal reports, "A North Texas-based developer appears to be gearing up to build a 178-acre master-planned community on the southeast side of the Barbecue Capital of Texas.

The project in Lockhart by Intermandeco GP LLC could bring hundreds of single-family homes, townhomes or apartments — as well as commercial space — to the 1500, 1600 and 1700 blocks of South Commerce Street. Representatives of Allen-based Intermandeco detailed its initial plans during a Lockhart City Council meeting on Sept. 3.

Council members voted unanimously to establish zoning on the site, including 28 acres of medium-density commercial, 18 acres of high-density residential and 132 acres of medium-density residential.

The Marilyn Riddle Trust is the…

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"Slight Uptick in Home Sales as More Listings Hit Market"

Realtor Magazine reports, "Home affordability conditions are improving slightly, which helped to fuel more real estate transactions in July. Existing-home sales, which account for completed transactions for single-family homes, townhomes, condominiums and co-ops, saw their first uptick in about four months, rising 1.3% in July compared to June, NAR’s latest housing report shows.

“Despite the modest gain, home sales are still sluggish,” says NAR Chief Economist Lawrence Yun, adding that sales are still down 2.5% from a year ago. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”

The 30-year fixed-rate mortgage averaged 6.49% as of Aug. 15, down from 7.09% a year earlier, which is…

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"Townhomes — why aren't they popular here?"

Austin Business Journal writes, "Even with a ballooning population and pushes for increased density, Austin has shied away from townhome development.

There are about 570 active single-family projects in Austin, and 40 of them are townhome developments, said Keith Hughes, vice president of sales at housing analytics company Zonda. And that’s keeping in track with other Texas cities, according to Zonda’s National Outlook report, but lagging behind other metros across the country.

Zonda defines townhomes as multilevel, single-family residential units sharing a common wall with another similar structure. These homes are typically built in series or rows.

Zonda's data shows that, while townhome deliveries have slowed since the pandemic in many…

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"Is Austin’s hot housing market flipping in favor of buyers?"

Yahoo Finance writes, "The frenzied homebuying days in Austin, Texas, that saw some buyers offer six figures over asking price are gone.

The Texas capital, where the average home price soared by $170,000 during the COVID pandemic, is now seeing major price corrections: The median price per square foot is down 9.5% from its pandemic peak two years ago, according to Realtor.com. As of April, the median list price stood at $557,000.

Austin’s real estate boom was driven by a sudden influx of workers, who were newly remote and suddenly more mobile thanks to early COVID office closures. They encountered a waning supply of inventory, and home prices subsequently spiked, dealing a blow to the city’s affordability.

However, as mortgage rates increase,…

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"Hundreds of apartments slated to rise in Thomas Ranch development west of Austin"

Austin Business Journal reports, "Thomas Ranch, a 2,200-acre mixed-use project on the shores of Lake Travis, continues to take shape.

Salt Lake City-based developer Areté Collective LP has been toiling away on the first phase of construction — a private residential community named Loraloma — while Wasatch Premier Properties recently came on board to build hundreds of multifamily units on another 58 acres west of Austin. Areté Collective recently sold the 58 acres to Wasatch, an arm of Utah-based Wasatch Group, according to a Jan. 30 announcement.

Wasatch's "decision to become the inaugural development partner within Thomas Ranch’s downtown district brings us one step closer to delivering a lively destination to live, work, and play in West…

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"The rental market’s downward slide: 5 straight months of falling rents"

The New York Post writes, "rents continued to fall around the country as more rental units hit the market.

September marked the fifth month in a row of year-over-year rent declines, with prices decreasing 0.7%, according to a recent Realtor.com® report. The median asking rent dropped to $1,747 in September. That was a $5 dip from August 2023 and a $29 decrease from July 2022, when rental prices peaked.

Renters are still paying more than pre-pandemic times, however. September 2023 rents were $338 — a whopping 24% — higher than September 2019.

The report looked at rents for studios and one-bedroom and two-bedroom apartments, condos, townhomes, and single-family homes in the 50 largest metros. (Metros include the main city and surrounding towns,…

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"Family-owned developer plans North Austin townhomes"

Austin Business Journal shares, "luxury townhomes could soon be coming to North Austin from a local, family-owned builder and developer.

Cedar Park-based PrimeHaven Homes LLC is navigating the permitting process for its Sonora project on Kramer Lane but leaders hope to break ground at the start of 2024, said Naeem Mahesania, one a partner in the company.

Sonora would rise on four acres at 1517 Kramer Lane and 10620 Macmora Road. Each lot is occupied by a single-family dwelling, and the homeowner at 1517 Kramer also operated a chiropractic office on the property.

"The homeowner was a chiropractor for our family, and we’ve been asking him to sell it to us for years," Mahesania said. "Finally, he decided to retire this year, and I’m thankful he…

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"Texas condominium and townhome sales stabilize, median price rises from 2021 to 2022"

PRNewswire reports, "Texas condominium and townhome remained steady between July 2021 and June 2022, compared to the same period the previous year, according to the 2022 edition of the Texas Condominium Sales Report released today by Texas Realtors. The number of condominiums sold across the state slightly decreased 0.2% to 17,164 sales, while townhome sales remained virtually the same at 11,575 sales (compared to 11,579 last year).

The report analyzes condominium and townhome data statewide as well as the Austin-Round Rock, Dallas-Fort Worth-Arlington, El Paso, Houston-The Woodlands-Sugar Land, McAllen-Edinburg-Mission and San Antonio-New Braunfels metropolitan…

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