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πŸ™οΈ Austin’s Skyline & Wallets Rise Together! πŸ’Έ

Austin Archuleta

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February 5, 2024

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

    • Austin’s real estate heats up with tech boom, bidding wars ensue. πŸ”₯
    • $40M Seabrook Square project to make East Austin more affordable. 🏑
    • Gensler’s “Trapezoidal” skyscraper reshapes Austin’s skyline, due 2024. πŸ™οΈ
    • Texas leads U.S. in attracting businesses, boosting jobs and housing demand. πŸ’Ό

Real Estate Market Dynamics and Development in Austin

Sustainable Living and Green Real Estate Trends in Austin, Texas

Source: Texas Real Estate Tribune

Summary: The Central Texas real estate market is experiencing unprecedented growth due to the influx of tech companies relocating to the area, creating a surge in demand for both residential and commercial properties. This boom has resulted in competitive bidding wars and record-breaking property prices. However, this rapid growth raises concerns about affordable housing and infrastructure to support the expanding population. This increase in property values also brings opportunities for commercial and residential development in untapped communities surrounding metropolitan areas.

Why this matters: By staying informed of the trends in the Central Texas real estate market, readers can strategically advise their clients on investment opportunities, negotiate competitive prices and anticipate potential challenges like affordable housing shortages. Additionally, this knowledge enables real estate professionals to identify and capitalize on emerging markets, thereby furthering their careers.

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Partnership Breaks Ground on 204-Unit Affordable Housing Project in East Austin

Source: REBusinessOnline

Summary: The NHP Foundation, Capital A Housing, and the Austin Housing Finance Corp. have started development on Seabrook Square, a 204-unit affordable housing project in East Austin. The units are earmarked for households with an income of 60% or less than the area’s median. Alongside residential space, the project will also provide 3,000 square feet of commercial space. Finance for the project comes from multiple sources, including a $40 million tax-exempt bond from the City of Austin and $32.3 million in 4% Low-Income Housing Tax Credit (LIHTC) equity. Seabrook Square is slated for completion by the end of 2025.

Why this matters: This project signifies the sustained commitment to affordable housing in East Austin, which could influence the residential and commercial real estate market in the area – an essential trend to track for realtors and investors.

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“Trapezoidal” skyscraper by Gensler nears completion in Austin

Source: Deezeen

Summary: Gensler, the US studio, is closing in on completing a uniquely designed skyscraper in Austin. The 865-foot Sixth and Guadalupe skyscraper, located downtown, will include a mixed-use program of residential, office, and retail spaces distributed through three stacked structures. The design was largely influenced by the Texas Capitol View Corridors legislation. The building, which topped out in 2022, is slated for completion in 2024. It will feature 348 apartments, 589,000 square feet of office space, and green spaces strategically placed between each volume.

Why this matters: This architectural innovation in Austin’s residential and commercial real estate landscape provides an opportunity for realtors to expand their portfolio and offer clients a mix of residential, office, and retail spaces in a notable high-rise development.

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What Can You Buy in Austin Real Estate for $1M Right Now?

Source: Tribeza

Summary: The article provides a detailed overview of what $1 million can afford potential property buyers in various parts of Austin, Texas. It highlights five properties covering North, East, South, and West Austin, each with unique features and architectural designs, from modern marvels to cozy cottages, bold abodes, new urban condos, and renovated ranch homes. They range from 2-bedroom to 4-bedroom homes, each with varying levels of privacy and locations, from urban spots to more secluded settings near the Hill Country.

Why this matters: Understanding the current property value in different parts of Austin for $1 million can help real estate professionals better advise their clients and set realistic expectations. It can also aid in making strategic decisions in their property investments or transactions, providing an edge in the robust Austin real estate market.

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Urban Planning, Zoning, and Infrastructure

Opinion: Austin Zoning Reform Won’t Have Major Impact

Source: Forbes

Summary: Roger Valdez, in a Forbes article, counters the popular opinion regarding recent zoning reforms in Austin, Texas, stating that they are necessary but not sufficient to make a substantial increase in the city’s housing supply. While the changes were touted as a significant step towards new housing and increased density, Valdez highlights several limiting factors such as lot size minimums, setbacks, Floor Area Ratio (FAR) requirements, surface water management, utility requirements, and financing issues. He suggests that without major changes in development standards, the addition of new units is unlikely to happen at a significant scale, pointing out that new housing, when it does occur, will likely be expensive due to these challenges.

Why this matters: Although Austin’s recent zoning reforms are a step towards higher housing density, real estate professionals should be aware of the various existing challenges that may limit the scale and increase the cost of new housing developments in the city.

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Recently annexed areas in Austin could vote to leave city this spring

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Source: Community Impact NewspaperΒ 

Summary: In response to the new Texas law, House Bill 3053, residents in six recently annexed areas of Austin, totaling over 1,100 acres, will vote on whether to disannex from the city this spring. The law applies to populated areas annexed by cities with over 500,000 residents between March 3, 2015, and December 1, 2017. Should voters decide to leave, public services and city fees would change, and existing Austin taxpayers would face a slightly increased property tax burden. The cost of the additional elections is estimated to be between $200,000 and $250,000.

Why this matters: The potential disannexation in Austin could alter the landscape, public services, and property tax burden, which is vital data for real estate professionals to consider when advising clients on property investments or potential changes in the market.

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Texas’ Economic and Social Environment

Texas attracted more relocating businesses than any other state, report finds

Source: The Texas Tribune

Summary: Texas, with its central location, business-friendly environment, and attractive economic fundamentals, has attracted more businesses relocating from other parts of the country than any other state in the last decade, a report by the Federal Reserve Bank of Dallas reveals. The state gained nearly 103,000 jobs from over 25,000 establishments that relocated between 2010 and 2019. However, the housing market has felt the pressure of this booming economy and growing population, with housing production lagging, causing a rapid increase in housing costs. A significant amount of migrating businesses have concentrated in urban areas such as Dallas and Houston.

Why this matters: Understanding the reasons for Texas’s appeal to businesses can help real estate professionals anticipate market needs, adjust their strategies, and seize opportunities, whether it’s capitalizing on the urban concentration of businesses or addressing the housing market’s challenges.

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97% Of Texans Want Public Oversight Of Appraisal Districts

Source: EINPresswire.com

Summary: A recent survey has revealed that 97% of Texans are in favor of public oversight of appraisal districts, yet only 16% are aware that tax entities exclusively select all members of these districts’ boards. Despite the budget for Texas appraisal districts being projected at $572 million for 2021, public knowledge of its governance is low, with just 7.62% aware of the upcoming May 2024 elections for board members. In a show of civic engagement, approximately 30.41% expressed interest in running for the county appraisal district board, totaling 642 individuals. This data was released by O’Connor, a major property tax consulting firm.

Why this matters: The real estate industry, particularly in Central Texas, needs to take note of this significant public support for increased transparency and public involvement in appraisal districts, as it could lead to changes in property valuation and taxation, potentially influencing investment and purchasing decisions of clients.

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