Luxe Austin Homes - TX

"Austin-area housing inventory rises as affordability challenges mount"

Posted by Grossman & Jones Group on October 19th, 2023

Austin Business Journal reports, "the Austin metro’s housing inventory is the highest it’s been in more than eight years.

Inventory in the region hit the four-month mark in September, according to the Austin Board of Realtor’s monthly market data. Inventory represents how long it would take to sell all of the homes on the market if new listings stopped, and housing experts say six months of inventory typically represents a healthy balance between supply and demand.

While that may sound promising for a region that's experienced a dearth of new homes, it takes some pain to have the gain. The number of closed sales is notably down. ABOR housing economist Clare Losey said this could be caused by a number of factors, including high interest rates and…

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"Where tens of thousands of new apartments will rise between Austin, San Antonio"

Posted by Grossman & Jones Group on October 12th, 2023

Austin Business Journal reports, "the San Antonio and Austin metros have more more than 55,000 apartment units under construction, highlighting the immense fortune developers are poring into the emerging metroplex.

Just looking at the I-35 corridor between the two big cities, 23,000-plus units are proposed, under construction or have come online in the past 12 months, according to data from MRI ApartmentData, a multifamily analytics firm tracking Sun Belt markets.

That shows multifamily developers and investors are eager to keep pouring money into dense housing in the region. To be sure, there are thousands of single-family homes in the pipeline as well, although many experts have said denser, more affordable housing is desperately needed to…

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"Hundreds of home lots for sale near Caldwell-Hays border"

Posted by Grossman & Jones Group on October 2nd, 2023

Austin Business Journal reports, "more than 500 homes could rise in the borderlands between Caldwell and Hays counties.

Misty Farms, as the neighborhood will be known, is primed for development on roughly 99 acres just off State Highway 21 at the intersection of Misty Lane and Farmers Road in Caldwell County, according to a marketing brochure. The property is owned by Maxwell Farms Partners LP, though broker and land development firm La Tierra Realty LLC is the entity that is marketing the development site.

Homebuilders will be able to negotiate to purchase specific chunks of the development or the entire property, said La Tierra broker Trevor McManis, who estimated that if a builder started working on the development now, it could start turning…

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"Luxury homes with hefty price tags rise in West Austin"

Posted by Grossman & Jones Group on September 29th, 2023

Austin Business Journal shares, "a new, gated luxury housing development is rising south of West Lake Hills.

The development itself may be small by most standards — five homes on 5.5 acres — but the size of the homes and their price point are not. The homes at Five, as the development is called, range from 6,700 to 8,900 square feet and list prices start at $12.5 million, according to Moreland Properties' Eric Moreland Group, which is marketing the homes for Houston-based developer Unicus Developments LLC.

Five isn't the sort of development that your typical Austinite could spring for, but it is the type of development that can serve a growing population of wealthy homebuyers as Austin's population continues to surge. Last year, the Austin metro…

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"Compass adds 630 agents, acquiring firm that did $5B last year"

Posted by Grossman & Jones Group on September 28th, 2023

TheRealDeal reports, "on the heels of its first cash-flow positive quarter as a public company, Compass is taking a big bite out of the Central Texas resi market. 

The firm has acquired Realty Austin and Realty San Antonio, an independent brokerage that posted $5.24 billion in sales last year. With the purchase, Compass expands its Texas headcount by about 630 agents and absorbs one of the region’s top brokerages. The sale price was not disclosed. 

Local leadership will stay in control of day-to-day operations, according to a news release. The Realty brokerages are led by Gabe Richter and were co-founded by Jonathan Boatwright and Yvette Flores. 

The firms said they expect Compass’ technology will help Realty Austin and Realty San Antonio get…

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"Austin land use changes to see joint review by Council, Planning Commission"

Posted by Grossman & Jones Group on September 27th, 2023

Austin Business Journal reports, "amendments to Austin's land development code intended to boost building density throughout the city will soon be considered in a joint public hearing between the Austin City Council and Planning Commission. The changes could have a significant impact on housing supply in the city.

A meeting date has not been yet been scheduled but is expected to occur this year. Council on Sept. 21 approved a resolution calling for the joint public hearing, which was recommended by the city’s Housing and Planning Department.

The hearing shows there is political momentum behind the city's effort to address the housing shortage and correlated affordability concerns — as well as controversy. After a previous effort to overhaul the…

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"The housing market is slowing but home prices are still going up"

Posted by Grossman & Jones Group on September 26th, 2023

Austin Business Journal writes, "this year's housing market, beset by high interest rates, is on track for the lowest number of homes sold in 12 years.

Fannie Mae, the government-sponsored mortgage financing organization, projects total home sales in 2023 to be about 4.8 million, the lowest since 2011, and only slightly higher in 2024 at 4.9 million. The total amount of mortgage originations for 2023 is expected to be about $1.56 trillion, down from what Fannie Mae had originally projected to be $1.6 trillion this year.

Fannie Mae sees personal spending to be at unsustainable levels relative to American incomes and it projects a "modest economic contraction" in the first half of 2024, combined with mortgage rates hovering above 7%.

And while…

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"For Pearlstone Partners, $700 million in new investment is on tap for Austin market"

Posted by Grossman & Jones Group on September 22nd, 2023

Austin American-Statesman writes, "Pearlstone Partners is doubling down on its commitment to growing in Austin.

Over the next three years, the Austin-based real estate investment firm said it plans to add three new projects totaling upwards of $700 million to its expanding portfolio. The new developments will further redefine the skyline and urban living in the city, Pearlstone officials say.

The privately held Pearlstone — one of the largest providers of for-sale housing in and near downtown Austin —already has invested about $500 million in two completed residential projects and three that are under construction.

Now, it is seeking capital partners for three future projects. The planned projects will add an additional $700 million to…

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Austin, Nashville, and Miami emerge as top U.S. commercial real estate investment destinations

Posted by Grossman & Jones Group on September 21st, 2023

CTECH writes, "Austin, Texas, remains the most promising city for investing in commercial real estate in the United States, according to the annual review conducted by the global law firm DLA Piper. A total of 128 real estate experts from around the world participated in the review, including CEOs, VPs of operations, real estate developers, and property managers. The report outlines the most attractive investment opportunities in commercial real estate for the upcoming year and assesses the impact of factors such as inflation, high interest rates, geopolitical tensions, and economic forecasts on investment decisions. DLA Piper has maintained a representative office in Israel since 2012. Among the respondents, the highest…

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"Austin may allow tiny homes with wheels, RVs as permanent residences"

Posted by Grossman & Jones Group on September 19th, 2023

Austin Business Journal reports, "Austin homeowners may have an opportunity to transform their backyards and other open spaces into leasable dwellings as the local government works to create new options for affordable housing.

Austin City Council on Sept. 14 asked city staffers to draft an ordinance that would allow mobile tiny homes and recreational vehicles to be used as permanent residences in areas zoned for single-family housing. The draft of the code amendment is expected to be presented to Austin's Housing and Planning Committee and to Council by the end of November.

The effort would be another piecemeal change to Austin's land development code as city leaders work to eliminate barriers to creating additional housing. Affordability issues…

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