Here’s what you need to know about Austin Real Estate today:
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- Austin rents drop amid construction boom, easing the housing crunch! 🏗️
- Presidium 183 brings 374 luxury units to Austin’s North Burnet-Gateway! 🌆
- Austin’s Land Trust offers affordable homes, fighting gentrification! 🏡
- Texas dominates with 9 hottest real estate zip codes in 2023! 🌟
Austin Housing Market Trends and Affordability
Austin Rents Fall as Apartment Construction Accelerates
Source: Austin American-Statesman
Summary: According to a report from Realtor.com, Austin, Texas, experienced a significant drop in rent prices in November 2023 compared to the previous year. This decline follows a period of record-high rents in 2022. The decrease is attributed to a slowdown in job growth, primarily in the tech sector, and the addition of new apartment supplies exceeding demand. Despite the decline, rental costs in Austin remain around 25% higher than in 2019. As more multifamily construction projects are completed, rents are expected to continue decreasing. The rate of multifamily completion, which predominantly provides rentals, rose 16.1% year on year in the Austin metro area from January to October.
Why this matters: The information from this article could be valuable to real estate professionals who could leverage the decrease in rents and increase in multifamily housing construction to advise their clients on investment opportunities in the Austin metro area.
Affordable Homes for Sale Through Austin Community Land Trust
Source: The Austin Chronicle
Summary: The Austin Community Land Trust, a city-run program, is accepting applications for affordable homes in Austin. The initiative, which aims to slow gentrification, is selling homes below the median price, while retaining the ownership of the land underneath. The application window for this program is open until Jan. 31, and applicants must meet several eligibility requirements, including being first-time home buyers with a household income of no more than 100% of Austin’s Median Family Income and having generational ties to Austin.
Why this matters: This information provides a golden opportunity for residential real estate agents to help first-time home buyers with specific income and local ties secure affordable housing in Austin, thereby expanding their professional network and enhancing their reputation as knowledgeable and client-centric professionals.
Real Estate Development and Construction
Presidium Expands Austin Footprint with Presidium 183 Apartment Community in Highly Sought-After North Burnet-Gateway Corridor
Source: MultifamilyBiz.com
Summary: Presidium, a real estate development, investment and management firm, is expanding its footprint in the North Burnet-Gateway Corridor area of Austin, Texas with Presidium 183, a high-end residential development featuring 374 units. The project, which is projected to be completed by mid-late 2025, offers a range of luxury amenities, including an extensive fitness center, resort-style pool, co-working spaces, outdoor lounging areas, a dog park and more. This is Presidium’s second development in this area, with a total of 660 units expected to be constructed within the next three years. This development is in strategic proximity to The Domain, Austin’s ‘second downtown’, making it highly attractive for both living and investment purposes.
Why this matters: The development of Presidium 183 in the North Burnet-Gateway Corridor area of Austin highlights the growth and investment opportunities available for clients looking to participate in Austin’s booming real estate market, particularly in areas close to popular locations like The Domain.
Texas Real Estate Market Dynamics
Texas accounts for almost half of the hottest zip codes for real estate in 2023
Source: KXAN
Summary: Texas is expected to continue being a hotbed for real estate in 2023, with nine of the top 20 fastest-selling zip codes in the US, according to Opendoor. The rankings were based on the number of homes that went under contract within 90 days of listing. These areas include Houston and Leander, the latter of which placed 13th and offers a desirable blend of affordability and convenience for potential buyers. The increase in property sales is anticipated even as mortgage rates reach their highest level in over 20 years.
Why this matters: Keeping tabs on the fastest-selling zip codes can offer real estate professionals a strategic edge, directing them to areas with high demand and swift turnover where they can expedite sales and elevate their careers.
