💸 Texas’ Big Bet: Tax Incentives to Woo Businesses & Build Dreams! 🏗️

Austin Archuleta

February 27, 2024

Here’s what you need to know about Austin Real Estate today:

  • Non-profit’s multi-million quest for Austin’s affordable homes ignites hope. 🏡
  • Texas’ home price dip post-flood risk law sparks buyer, seller alert. 💧
  • New Texas tax breaks aim to magnetize businesses, boost jobs. 💼
  • Exploring Austin’s median-priced home reveals real estate realities. 🏠

    Real Estate and Housing Market Trends

    Austin non-profit raising millions to develop affordable housing

    Source: Yahoo News

    Summary: Affordable Central Texas, a non-profit organization, has partnered with PNC Bank and is currently raising millions to develop affordable housing in Austin. The organization’s primary focus is the “”missing middle””, individuals who earn too much to qualify for government subsidies but are still struggling with housing costs. The aim is to purchase and preserve multifamily properties, ensuring affordability for key workers like teachers and first responders by aligning rent increases with median family income increases rather than market rates. The organization holds 14 properties comprising 2,150 units.

    Why this matters: This article brings attention to the growing importance of affordable housing in Austin, providing residential real estate professionals with insight into potential market shifts and highlighting opportunities for clients interested in socially responsible investment.

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    Texas sees home prices drop after forcing sellers to disclose flood risk

    Source: E&E News

    Summary: A new Texas law enacted in 2019, which necessitates that home sellers disclose flood risk, has resulted in a significant decrease in property prices, according to a recent study by Fannie Mae. This law came into effect following Hurricane Harvey, which resulted in $155 billion in property damage, positioning Texas as a national model for managing the escalating impact of flooding and climate change. The study revealed an average price drop of approximately $15,000 for homes most impacted by this law, marking a 4% decrease. This decline could have serious policy implications as officials aim to dissuade individuals from living or building in flood-prone zones, often by making it more expensive.

    Why this matters: The article highlights the potential impact of flood disclosure laws on property prices, a factor that real estate professionals in Texas should consider when advising their clients and assessing property values. Understanding these laws, particularly in a region prone to flooding, can add significant value to a Realtor’s services, helping them provide informed advice to clients and potentially averting investment errors.

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    Texas launches new property tax incentive program to lure new businesses

    Source: Weatherford Democrat

    Summary: Texas has launched a new economic incentives program, the Texas Jobs Energy, Technology, and Innovation (JETI), which replaces the criticized Chapter 313 program. The JETI program aims to attract new businesses and jobs to the state by offering property tax cuts for a period of ten years. The state will also compensate school districts for some of the tax revenue lost due to the tax cuts. The new program has more oversight, introduces job and salary requirements, and offers a 50% property tax cut, a significant reduction from Chapter 313. The program also encourages development in economically disadvantaged areas by offering bigger tax cuts for projects located in these zones. However, renewable energy and battery power storage projects, which were key participants in the Chapter 313 program, will not qualify for the new JETI program.

    Why this matters: The new JETI program could stimulate the demand for commercial and industrial real estate in Austin, Texas, providing real estate professionals with the opportunity to expand their portfolios and offer better solutions to their clients.

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    What does a median-priced home in Austin look like? Take a look inside.

    Source: Austin American-Statesman

    Summary: This article delves into the current median-priced home in Austin using an example of a townhome on the market at $550,000. The median price of homes sold in January was $534,500, a decrease of 2.8% from the previous January. Details about the features of the Timson townhouse, including its square footage, amenities, and location, are provided. The article references Austin Board of Realtors data and also presents photos to offer readers a look inside a median-priced home in Austin.

    Why this matters: Understanding the features of a median-priced home in Austin, as well as the dynamics of the local market, can enable real estate professionals to better guide their clients’ expectations and investment decisions.

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    Social Impact and Community Development

      Nonprofit wants to reclaim Austin’s Black history, help the homeless by reviving St. Johns property


      Source: Central Texas Real Estate Journal

      Summary: Central Texas is currently experiencing a real estate boom, with increased demand across all sectors, including residential, commercial, and industrial. The region’s thriving economy, attractive lifestyle, and emerging tech scene are key driving factors. The influx of new residents, particularly from the tech sector, is driving up housing prices and the demand for commercial and industrial spaces. However, the market is also becoming increasingly competitive, and realtors need to stay informed about new developments and market trends to stay ahead.

      Why this matters: Understanding the current real estate trends in Central Texas can help realtors better serve their clients by providing them with information about the competitive market, and highlighting the emerging opportunities in residential, commercial, and industrial sectors. This knowledge can also help realtors position themselves as experts in a dynamic, rapidly growing market, thereby advancing their careers.

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      Unique Properties and Experiences

        ‘Part Willy Wonka, part Big Lebowski’: Inside the ‘giant seashell unicorn’ Airbnb in Texas that was created by hippies and is ‘unlike anywhere else’

        Source: Jessica Hamilton in Daily Mail

        Summary: The Bloomhouse, an unusual home built in the 1970s in West Lake Hills, Austin, Texas, offers an experience like no other, blending both art and nature in its design and construction. Originally created by Dalton Bloom and his friend, architecture student Charles Harker, the home took over a decade to construct and was recently renovated and put on the market as an Airbnb by a local Austin company, Lodgewell. This unique structure, described as a “”giant seashell unicorn,”” offers potential renters an alternative and whimsical stay in Austin, with a living experience akin to falling down the rabbit hole in Alice in Wonderland.

        Why this matters: Understanding the uniqueness of Austin’s rental market, such as properties like The Bloomhouse, can give real estate professionals a competitive edge, offering clients a broader perspective of the market and opportunities for unique investments or accommodations.

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        Commercial, Construction, Real Estate & Construction, Residential

        The Future Is Now: Williamson Tech Hub’s Massive Expansion 🚀

        Discover the transformative expansion of the Williamson Tech Hub in Round Rock, TX, a project set to bolster the local tech scene with an additional 25,000 sq ft for startups, promising job creation, and cementing Williamson County's status as a burgeoning global tech hotspot. This massive development, backed by a $2,500,000 investment, aligns with the county's wider tech boom, including Samsung's $17 billion chip factory and new ventures by CelLink and Google, signaling unprecedented economic and community growth. Dive deeper into how this expansion and the broader tech wave are set to reshape the local economy and opportunities, making now the ideal time to get involved or invest in one of the country's fastest-growing tech hubs.

        The hero image for the article titled "The Future Is Now: Williamson Tech Hub's Massive Expansion 🚀" could capture the essence of innovation, community growth, and technological advancement in Round Rock, Texas. Picture this: The scene is set during the golden hour, casting a warm glow over the Williamson Tech Hub. The building stands prominently at the forefront, its glass facade reflecting the sunset, symbolizing transparency and the future of tech in Round Rock. The hub is buzzing with activity; people of various backgrounds are entering and exiting, highlighting the diversity and inclusivity of the tech community. In the foreground, a large banner with the text "Grand Expansion - The Future Starts Here" is draped across the construction fencing, signifying the ongoing work and the anticipation for what's to come. Behind it, construction cranes and scaffolding are visible, representing progress and the physical growth of the tech hub. To the right, a group of tech professionals is engaged in animated discussion, perhaps sharing ideas or collaborating on a project, showcasing the hub as a place for innovation and networking. In the background, the skyline of Round Rock is starting to light up, with digital overlays indicating other key tech players in the area, such as Samsung and Google, connecting the expansion to the broader tech boom in Williamson County. On the left, an interactive digital display shows plans for the new floors and a countdown to the completion date, inviting community interaction and interest. This display also features a QR code that passersby can scan to learn more about the expansion project, job opportunities, and how to get involved, blending the physical and digital worlds. The image is dynamic and forward-looking, capturing the excitement and potential of the Williamson Tech Hub's expansion. It communicates not just the physical growth of the tech hub but also its role as a catalyst for job creation, innovation, and community development in Round Rock and beyond.
        Daily Brief, Events, Local News, Stuff to do

        News & Events Update for April 22 2024

        Discover the latest Austin hot spot, Malone Specialty Coffee, where unique single-origin brews meet a quirky, retro vibe, promising a coffee experience infused with local pride. Meanwhile, if you're navigating the Austin real estate market, Smart Austin Realty is ready to expertly guide you through buying, selling, or exploring your housing options with insider knowledge and personalized services. Click through for the full scoop on Austin's vibrant coffee scene and real estate insights that could help you call this dynamic city home.

        Create a detailed watercolor & ink image of a stimulating event in the heart of Texas, Austin. The picture should depict the grand opening of Malone Specialty Coffee, a local favorite that has recently opened a storefront - Malone Coffee Roastery and Cafe. Focusing on single-origin coffees and blends with a local twist, all named after Austin's treasured parks, the coffee shop represents an amalgamation of Austin's character. The setting should reflect a blend of modern-day Austin infused with a retro feel that draws inspiration from vintage Austin postcards and significant landmarks. Consider the cheery weather forecast for Austin on the particular day, with a high of 74°F perfect for an outdoor setting, to portray the weather accurately. Ensure the image is clear, layered, and consistent, fulfilling the nuances of watercolor style, and is exported in high resolution suitable for both web and print.
        Commercial, Construction, Daily Brief, Developments, Local News, Real Estate & Construction, Residential

        Construction & Real Estate Update for April 22 2024

        Discover the latest twists in Austin's real estate and construction sectors, from the quieting of new permits to the nuanced dance of fluctuating property values amidst Texas' unique tax laws. Learn how these dynamics are influencing both the Austin-Round Rock housing market and homeowners in Central Texas, and why staying informed is crucial for making savvy decisions in this ever-changing landscape. Dive deeper with Smart Austin Realty, your guide to navigating the complexities of buying, selling, and living in Austin's vibrant community. [Read the full article for insights and guidance.](https://smartaustinrealty.com/#form)

        Discover the latest twists in Austin's real estate and construction sectors, from the quieting of new permits to the nuanced dance of fluctuating property values amidst Texas' unique tax laws. Learn how these dynamics are influencing both the Austin-Round Rock housing market and homeowners in Central Texas, and why staying informed is crucial for making savvy decisions in this ever-changing landscape. Dive deeper with Smart Austin Realty, your guide to navigating the complexities of buying, selling, and living in Austin's vibrant community. [Read the full article for insights and guidance.](https://smartaustinrealty.com/#form)
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