Here’s what you need to know about Austin Real Estate today:
Austin Real Estate & Housing Trends
Why did the City of Austin send you a Land Development Code notice in the mail?
Source: KXAN News
Article Summary: The City of Austin has mailed public notices to more than 725,000 people, alerting them of proposed changes to the Land Development Code. This is part of an effort to improve transparency and public engagement after previous lawsuits accused the city of failing to notify residents of impactful zoning changes. The proposed changes include allowing up to three housing units on single-family zoned property, revising regulations for properties with two housing units, and lifting restrictions on the number of unrelated adults living in a house. These changes are aimed at creating more affordable housing options. However, the city is currently dealing with another lawsuit claiming these changes violate the same rules that resulted in a 2020 overruling of the city’s Land Development Code, known as CodeNext. The City Council and the mayor are pushing for more transparency, and more proposals are expected in the first half of 2024.
Key Takeaways: This information is crucial for real estate professionals to stay informed about changes in property regulations, enabling them to proactively advise clients and adapt their strategies to the evolving real estate landscape in Austin.
Austin housing inventory reaches 8-year high, ABoR says
Source: KXAN News
Article Summary: The Austin Board of Realtors (ABoR) reports that the housing inventory in the Austin-Round Rock metro area has reached an eight-year high, indicating a shift in the market dynamics. The rise in inventory represents a potentially cooling market, providing more opportunities for buyers. The increase in listings can be attributed to the city’s ongoing population growth, a favorable economic climate, and the rise in remote work, leading to an uptick in the real estate market activity. This shift could lead to a more balanced market, moving away from the previously dominant seller’s market.
Key Takeaways: Given the rise in housing inventory, real estate professionals need to adjust their strategies to cater to a potentially more balanced market. This information can be leveraged to advise clients optimally about buying or selling properties in the Austin area, and to prepare for shifts in market dynamics in their real estate career.
This Texas City Scored the Top Best Place to Retire
Source: 401k Specialist Magazine
Article Summary: Austin, Houston, and Dallas have been listed among the top 10 popular destinations for retirees in new findings from Moody’s Analytics. Austin saw the fastest growth of senior population among all cities, nearly doubling between 2010 and 2020 due to its relatively affordable living costs, new construction, and influx of younger crowds. Houston and Dallas also saw a significant increase in senior population growth. Moody’s Analytics suggests that this trend of retirees flocking to cities offering senior housing options is likely to continue in the coming years, owing to increasing life expectancy and a decreasing number of family caregivers.
Key Takeaways: Understanding the demographic shifts in the real estate market could provide real estate professionals with valuable insights to tailor their marketing and client services effectively, particularly in catering to the needs of the increasing senior population.
Renting an apartment in Austin
Source: Reddit
Article Summary: The article is a user-generated question on a public forum, Reddit, seeking advice about renting an apartment in Austin, Texas, specifically asking about upfront payments and availability of furnished options. The individual is planning a move from Turkey and Ukraine to Austin.
Key Takeaways: The article highlights the need for real estate professionals to take note of the concerns and queries of prospective renters, specifically those moving from abroad, and utilize this insight to better tailor their services and communications.
AMLI Debuts Upscale Austin Community
Source: Multi-Housing News
Article Summary: AMLI Residential has recently unveiled its AMLI Branch Park, a 406-unit upscale community in Austin’s Mueller neighborhood. This constitutes the sixth Austin-area development from AMLI in the Capital Plaza submarket and expands the company’s city portfolio to 13 properties, which total around 4,250 units. The new community, which began construction in March 2021, is designed to be eco-friendly, with plans to achieve LEED Platinum and Austin Energy Green Building certifications. The residences range from studio to two-bedroom units, with modern amenities and spaces designed to accommodate residents working from home. The community also includes two swimming pools, a clubhouse, fitness center, workshop, dog park, beer garden, and 20,000 square feet of retail space planned for 2024.
Key Takeaways: This article highlights the growing expansion and interest of property developers in Austin, underscoring the city’s attractiveness for real estate investments. Real estate professionals can leverage this information to inform clients about emerging upscale residential options, as well as to keep abreast of the latest development trends in the local market.
Before & After: In Austin, a New Life Out West Starts With a First Remodel for $176K
Source: Dwell.com
Article Summary: This article details the journey of Amber Schleuning, a former military officer and current public health professional, who undertook the task of remodeling a 1962 “”as-is”” home in Austin, Texas. After falling in love with the city and its burgeoning real estate scene, Amber acquired a property in the Riverside neighborhood, known for the survival of its mid-century builds amidst ongoing development. She navigated the process of securing financing for both the mortgage and renovation costs, obtaining the necessary contractors, and managing unexpected issues such as mold discovered behind the home’s wood paneling. The total cost of the remodel was $176K, transforming the previously untouched house into a modern and fresh living space.
Key Takeaways: Amber’s journey underscores the potential and profitable opportunities in Austin’s real estate market, specifically in neighborhoods with historical charm. This success story can inspire readers to pursue similar ventures, demonstrating the ability to revitalize older properties and the financial feasibility of such endeavors.
Austin’s Weirdest Tower Is Officially Under Construction at La Vista de Lopez
Source: austin.towers.net
Article Summary: The article discusses the construction of a new nine-story senior housing tower called La Vista de Lopez in Austin, Texas. The tower is being built on a small plot of land overlooking I-35 at 809 East Ninth Street and will contain 34 compact residences, all of which will be offered at affordable rates due to the city’s Affordability Unlocked development bonus program. The project is backed by the Guadalupe Neighborhood Development Corporation, a nonprofit organization that has been working to prevent displacement on the East Side of Austin by developing affordable housing. The tower is being built on the same lot as the historic 1917 Routon-Alvarez-Lopez House, which has been temporarily removed during the construction process. Once completed, the property will serve as a unique example of adaptive reuse for a single-family property.
Key Takeaways: The construction of La Vista de Lopez represents a significant development in Austin’s real estate landscape, showcasing how densely packed infill projects can help preserve affordability and prevent displacement, an insight that real estate professionals can use to guide their future projects and advise clients in both residential and commercial sectors.
Local Business & Economy
Texas economy slows as summers get hotter, Dallas Fed economists say
Source: Texas Tribune
Article Summary: Economists from the Federal Reserve Bank of Dallas have released a report indicating that rising summer temperatures in Texas have a negative impact on the state’s economy. The economists calculate that the extreme heat this year could have cost the Texas economy $24 billion and reduced the state’s GDP by about 1 percentage point. The analysis found that for every degree increase in summer temperatures, economic growth slows by 0.4%. These warmer temperatures keep customers at home, reduce agricultural crop yields, slow construction projects, and decrease businesses’ productivity, particularly in the oil and gas industry. However, the study also suggests that warmer temperatures in spring and fall could potentially boost the state’s economy, with earlier planting seasons for farmers and a boost in real estate sales.
Key Takeaway: Real estate professionals can use this information to strategize their operations to capitalise on potential boosts in real estate sales during warmer spring and fall seasons, while preparing for possible slowdowns in the summer due to extreme heat.
Latin American luxury brand opens 1st showroom in trendy Texas city
Source: Furniture Today
Article Summary: Omet, a luxury brand that specializes in Latin American design, has opened its first permanent retail location in the Central East Austin neighborhood. Positioned at the heart of Austin’s design scene, the 2,500-square-foot showroom is surrounded by numerous interior design studios and architectural firms. The showroom’s launch aims not only to introduce Omet’s unique designs to local enthusiasts but also to foster collaboration with Austin’s creative and design community. Founded by Lorena Vieyra, Omet will display over 50 products, including works from renowned designers like Pedro Reyes, Héctor Esrawe, Raúl de la Cerda, Marisol Centeno, and Simón Hamui.
Key Takeaway: The opening of Omet’s showroom in Central East Austin signifies the ongoing growth of Austin as a hub for design and creativity, providing real estate professionals with valuable insights into the emerging trends in the local market that could potentially enhance their property listings and attract a diverse range of clients.
Former NBA Sharpshooter Jason Kapono Aims To Sell $13.5M Austin Mansion
Source: The Real Estate News & Insights Gazette
Article Summary: Former NBA player Jason Kapono has listed his Austin, Texas, mansion for sale at $13.5 million. The property, located in the desirable Westlake neighborhood, spans 6,200 square feet and offers breathtaking views of Lake Austin. The five-bedroom house recently underwent a complete renovation led by local architect Sam Burch. Enhancements include glass walls for panoramic water views, a full-sized bar with game room, and spacious outdoor areas with two pools and a grilling station. Kapono, a two-time Three-Point Contest champion, had a successful nine-season career in the NBA.
Key Takeaway: With Austin’s growing reputation as a hub for high net worth individuals, this property listing offers real estate professionals an opportunity to tap into this lucrative market by showcasing top-tier, luxury residential properties combining lifestyle amenities with stunning natural views.
Austin Urban Development & Infrastructure
With I-35 expansion, Austin gem Nature’s Treasures is being forced to move
Source: Central Texas Realty Review
Article Summary: The Central Texas real estate market is experiencing an unprecedented boom, fueled by migration trends, economic growth, and attractive property prices. Residential, commercial, and industrial sectors are thriving, with a particular surge in suburban and rural residential sales. Despite the pandemic, the market shows resilience, with price increases across all sectors and an expected growth trajectory continuing into 2021. At the same time, local land and farm real estate are seeing renewed interest due to changing lifestyle preferences and investment opportunities.
Key Takeaway: This article provides valuable insights into the present dynamics of the Central Texas real estate market. Understanding these trends will enable our readers to advise their clients effectively, capitalize on current opportunities, and strategically plan for the year ahead, benefiting their career growth in this vibrant real estate sector.
