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πŸ“‰ Rents Fall, Luxury Rises: Austin’s Market Shake-Up! πŸŒ‡

Austin Archuleta

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January 5, 2024

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

    • Austin rents drop amid construction boom, easing the housing crunch! πŸ—οΈ
    • Presidium 183 brings 374 luxury units to Austin’s North Burnet-Gateway! πŸŒ†
    • 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.Β 

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.

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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.Β 

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.

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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.

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Texas Real Estate Market Dynamics

Texas accounts for almost half of the hottest zip codes for real estate in 2023

Source: KXANΒ 

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.

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Commercial, Construction, Real Estate & Construction, Residential

“Breaking Ground and Raising Dreams: The Lowdown on Austin’s Newest Apartment Complex on FM 969 Road”

Discover the game-changing FM 969 Apartment Complex coming to Travis County, poised to redefine luxury living in Austin with its 304-unit, multi-family setup and state-of-the-art amenities including a lavish pool court. Set to break ground in July 2024 and open by February 2026, this project represents a significant addition to the area's vibrant housing scene, promising more than just a place to live but a new vibrant community to call home. Dive into the details of this exciting development and see why it's the talk of the town by clicking through to our full article.

The hero image for this article could feature a vibrant and dynamic scene that encapsulates the excitement and promise of the new apartment complex and the quintessential Austin vibe. Picture this: In the foreground, an artist's rendering of the FM 969 Apartment Complex is prominently displayed. The architectural drawing showcases the luxurious 1-story club/leasing facility with its inviting pool court, surrounded by the multi-story wood frame structures under a clear, sunny Austin sky. The illustration is detailed and colorful, emphasizing the modern and chic design of the complex. Behind the rendering, the Austin skyline looms, with recognizable landmarks like the Frost Bank Tower and the Texas State Capitol in view, bathed in the golden hues of a setting sun. This backdrop symbolizes the apartment complex's integration into the heart of Austin's vibrant community. To the side or bottom of the image, a sleek, modern font spells out "Welcome to Your Next Adventure in Austin Living" or "The Future of Austin Living Begins at FM 969 Road". This text ties the image to the article's theme of excitement and anticipation for the new development. The overall effect of the hero image is one of warmth, welcome, and innovation, inviting readers to envision themselves as part of this exciting new phase in Austin's growth. It captures the essence of the article: a blend of detailed information about the FM 969 Apartment Complex and the broader appeal of Austin's dynamic real estate and lifestyle opportunities.
Commercial, Construction, Daily Brief, Developments, Local News, Real Estate & Construction, Residential

Construction & Real Estate Update for May 28 2024

Discover the latest efforts to maintain East Austin's unique charm and affordability through an innovative equity/anti-displacement overlay, and take a sneak peek at Atlassian's newly revamped, sustainability-focused Austin office. Plus, find out why Avery Park's booming real estate market could be your next investment opportunity, and keep tabs on Travis County's upcoming 304-unit apartment complex that promises to be a game-changer for local living options. Dive into Austin's real estate and construction scene to stay ahead of the trends.

Discover the latest efforts to maintain East Austin's unique charm and affordability through an innovative equity/anti-displacement overlay, and take a sneak peek at Atlassian's newly revamped, sustainability-focused Austin office. Plus, find out why Avery Park's booming real estate market could be your next investment opportunity, and keep tabs on Travis County's upcoming 304-unit apartment complex that promises to be a game-changer for local living options. Dive into Austin's real estate and construction scene to stay ahead of the trends.
Events, Stuff to do

Celebrating Triumphs and Looking Ahead: Lake Travis ISD’s Noteworthy Year

Lake Travis ISD concludes a remarkable year with significant milestones, emphasizing its commitment to educational excellence and community engagement. From celebrating numerous academic, athletic, and fine arts victories to launching ambitious plans for school safety, fiscal sustainability, and facilities expansion, LTISD is setting the stage for an even more promising future. Discover how these achievements and future initiatives are shaping the Lake Travis area and contributing to Austin's vibrant community, signaling a dynamic and thriving environment for current and prospective residents.

"Create an uplifting and vibrant digital painting that captures the essence of Lake Travis Independent School District's (LTISD) triumphant end to the 2023-2024 school year and the bright anticipation for future achievements. The image should feature a harmonious blend of the following elements: a scenic backdrop of Lake Travis with its recognizable natural beauty, a diverse group of students and teachers gathered in celebration, symbolizing academic, athletic, and fine arts successes. Include visual nods to future projects like a modern, eco-friendly school building representing the new facilities planned, and a safe, welcoming educational environment. The overall atmosphere should be one of community pride, unity, and forward-looking optimism, embodying the spirit of Austin and the LTISD's commitment to excellence."
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