Luxe Austin Homes - TX

"Austin moves toward smaller lots for homes"

Austin Business Journal reports, "developers and homebuilders may soon have the opportunity to build more housing in Austin.

Austin City Council on July 20 gave the first nod of approval to a proposal that would decrease the minimum lot size of residential properties.

Introduced by Council Member Leslie Pool, the proposed amendment to the city’s land development code calls for decreasing the minimum lot size from 5,750 to 2,500 square feet or less, with the intention of increasing the variety of housing types possible, including row homes and garden homes.

The proposal also directs Interim City Manager Jesús Garza to alter the code to allow at least three units per lot in single-family zoning districts without requiring existing structures to…

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"As Austin housing returns to pre-pandemic levels, some buyers are seeing opportunities"

Austin American-Statesman writes, "the Austin housing market is starting to look a lot more like 2019, before the pandemic sent demand and prices skyrocketing to record highs.

For the past three years, multiple offers, bidding wars and all-cash deals became the norm for those hoping to get into a home in Central Texas. Now, the picture is changing.

That's the upshot from a report on the June housing market by the Austin Board of Realtors. Here are the takeaways:

• Last month, residential home sales in the metro area declined 8.5% year over year to 3,147 closed sales while the median price dropped 9.6% to $483,000.

• New listings declined 23.6% year-over-year to 4,638 listings.

• The number of homes on the market jumped 38.4% to…

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"As The Austin Housing Market Grows, So Does Its Innovation"

Forbes writes, "Austin, as the country’s fastest growing city and now the tenth largest city in the country, is at the forefront of housing challenges, and taking the opportunity to explore innovative solutions.

Bryan Glasshagel is senior vice president at housing data and consultancy firm Zonda, and tracks Texas markets. He points out that as some of the world’s largest tech companies like Tesla, Samsung, Apple, Meta and Oracle, arrive in Austin, the job growth brings in new housing demand.

The city gained 13 headquarters along with 8 expansions in 2022. Many are tech companies, but others like John Deere, Wise, inKind, INK Games, BAE Systems, and Nomi Health, have entered the market as well.

While adding to the city’s economic base, the…

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"Austin unlocks top 10 ranking among U.S. cities with most million-dollar homes"

CultureMap Austin reports, "with median home prices sitting at $550,000, it takes quite the leap for the average Austin home to be considered a luxury listing. And yet there are many; 24.7 percent of all real estate listings in Austin are homes worth over $1 million, according to a new study.

The report, by online real estate marketplace experts Point2, ranks Austin No. 10 nationwide among U.S. cities with the highest shares of luxury homes. Austin ranks No. 1 in Texas, with Dallas and Houston right behind.

In Point2's 2021 report, Austin ranked No. 9 with only 19.9 percent of real estate listings with a price tag for more than $1 million. These new findings confirm that Austin is on the rise as the best housing market for growth, while also…

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"Austin housing market improved over the first 6 months of 2023, despite economic challenges"

CultureMap Austin reports, "despite economic struggles, lack of housing availability, and affordability woes making up a majority of concerns with the Austin-Round Rock housing market, overall trends have improved through the first half of 2023. The latest Austin Board of Realtors (ABoR) report details a need for more inventory to address rapid population growth.

"Despite a slight uptick in mortgage rates in June, the median sales price rose a modest 2.7 percent from May," said ABoR's housing economist Dr. Clare Losey. "Overall, the moderation in home prices throughout the region over the past year has eased the affordability constraint posed by higher rates, but more work needs to be done across the region and into the future to fully address this…

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"Tri Pointe Homes developing neighborhood of its own"

Austin Business Journal reports, "Tri Pointe Homes Inc. broke ground earlier this month on its first Georgetown neighborhood, the developer announced July 12.

The neighborhood, called Park Central, will bring more than 400 single-family and attached homes to the fast-growing city north of Austin from Tri Pointe (NYSE: TPH), a national homebuilder that is one of the busiest in the region. While Tri Pointe's Austin division has jointly developed communities in Central Texas, Park Central will be the first community it self-develops on its own, Division President Bryan Havel said in an email.

Park Central is rising on 77.8 acres at Sam Houston Avenue and Bell Gin Road in southeast Georgetown. Homes will sit on 45- and 50-foot lots and range from…

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"New development company behind project on Williams Drive in Georgetown"

CommunityImpact Austin writes, "Savvy Development, a new development company working in Williamson County, is spearheading its first project on Williams Drive in Georgetown.

The 24-acre site located at 4775 and 4795 Williams Drive will include multifamily housing, restaurant, retail and office space, said Travis Wilkes, Savvy Development co-founder and chief operating officer.

Diving in deeper

Wilkes said Savvy has owned the Williams Drive property for about a year and half.

During that time, the company sold 9 of its 24 acres to Georgetown real estate company Novak Brothers, which plans to build a 216-unit apartment community on the site, he said. Novak is scheduled to begin construction Oct. 28.

Additionally, Savvy sold one other piece of the…

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"3 new developments in the works in New Braunfels"

CommunityImpact Austin reports, "the following three developments are under construction in New Braunfels, bringing more multifamily and retail spaces to market.

Equinox Townhomes

Construction is underway on a 122-unit townhome development on 10 acres next to the future site of Mission Hill Park along Independence Drive near West Hwy. 46. The developer, Grocapitus Investments, is producing them as two-, three- and four-bedroom rental units.

Space: 122 units; 1,032-1,425 square feet each

Timeline: spring 2023-TBD

The Devereaux Apartments

A new multifamily apartment complex is being constructed off of Loop 337 at 1661 Independence Drive, New Braunfels. Contractor Blazer Building said the apartments will be eligible for U.S. Department of Housing and…

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"Developer eyes 722-acre lakeside development near Lake Georgetown"

Austin Business Journal reports, "a Wyoming-based developer is eyeing a 722-acre development in Georgetown that could bring 1,500 homes and a 15-acre resort hotel to the west side of Lake Georgetown.

While the project is still in its initial stages, representatives from Zovest Capital LLC on June 27 presented a proposal to the Georgetown City Council to support creating a municipal utility district for Lakeside Estates, which would be next to Santa Rita Ranch in the city's extraterritorial jurisdiction. The Santa Rita Ranch neighborhood is still being built out, but it's already one of the biggest neighborhoods in Central Texas.

Zovest's development would add upscale single-family housing to what has been the fastest-growing city in the United…

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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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