Hereโs what you need to know about Austin Real Estate today:
- Catellus eyes denser Austin with 3,000 new units, $257M project. ๐๏ธ
- Cedar’s $3M seed to cut permit times, tackle U.S. housing crisis. ๐
- Austin’s housing market flips: More leaving than arriving, first on record. ๐
- Remote work, high costs driving Austin real estate’s unique shift. ๐ผ
Real Estate Development and Zoning Changes
Catellus proposes increased density for Colony Park Sustainable Community in Austin
Source: Construction Review Online
Article Summary: Catellus Development Corp. is proposing a significant zoning change for the Colony Park Sustainable Community in Austin, Texas. This change would allow for a greater density in the development, potentially leading to the creation of 2,000 to 3,000 new housing units and over 41 acres of parks and open spaces. In addition to residential spaces, plans are in place for 230,000 square feet of commercial space, including 125,000 square feet of retail. The overall cost of the project is estimated at $257 million and, upon completion, it is anticipated to generate $780 million in taxes for the city. The development also aims to promote inclusivity with 20% of its units being income-restricted.
Key Takeaways: This exciting development in Austin’s Colony Park could provide real estate professionals with a plethora of new opportunities for their clients, with a significant number of new housing units and commercial spaces becoming available in the near future.
Innovations and Solutions in Housing
Meet The Texas Startup Aiming To Solve The US Housing Crisis
Source: Forbes
Article Summary: Austin-based startup, Cedar, has raised $3 million in seed funding to aid in their mission to solve the U.S. housing crisis. The company has developed a software platform that dramatically reduces the time and complexity of securing construction permits for developers. By analyzing publicly available data and running multiple scenarios, Cedar can identify potential construction sites and provide developers with potential building options within 72 hours. The company is currently working on projects across Austin, with plans to expand to Dallas and other major U.S. cities. Cedar’s founders believe this approach can help address the so-called “”missing middle”” in housing, a shift towards developing livable, walkable neighborhoods with larger, multi-family buildings.
Key Takeaway: Cedar’s innovative software platform could streamline the development process for real estate companies, thereby accelerating the rate of new housing development in Central Texas and potentially increasing the availability of desirable multi-family residential properties.
Real Estate Market Trends and Challenges
Report: Austin losing homebuyers to other cities for 1st time on record
Source: KXAN News
Article Summary: Redfin’s latest report demonstrates a significant shift in Austin’s real estate market, with more homebuyers looking to leave Austin than move in during the third quarter, marking the first-time such outbound interest has surpassed inbound interest. The report attributes this reversal majorly to the high cost of housing in the Austin metro area, which has effectively doubled since before the pandemic. The report also reveals that the rise of remote work has played a role in this shift, with corporations calling back their remote workers to headquarters. However, the Austin Board of Realtors notes an uptick in active listings, providing more options for middle and upper-income buyers, but a lack of affordable options below $300,000. It is also noted that the increase in mortgage rates has had an impact on demand.
Key Takeaway: This detailed analysis of Austin’s real estate market shift underscores the crucial influence of housing affordability and remote work trends on buyer’s decisions, offering realtors valuable insights to guide their strategies in meeting changing demands and exploring market opportunities outside the Austin metro area.
