Shapiro Real Estate Group Update | November 2020
It’s been a long battle but Austin finally approved Project Connect, a comprehensive transit plan that will help create a more equitable and livable city. Now it’s time to move forward with the Initial Investment portion of the Project Connect System plan that includes an all-electric fleet, a new rail system that travels under downtown, including a train from the airport to downtown—that is 27 miles of rail service! This is a great win for Austin as it will make the city more accessible and create new opportunities for jobs, businesses, education, and more. Some of you may already know, but I serve on a CapMetro committee and I’m a big proponent of public transit. What excites me the most is that we live in a community where the majority of people are looking toward the long-term future of our city! 😍
Now, Thanksgiving is right around the corner and if you’re looking to burn off some calories before the big feast, the 30th Anniversary ThunderCloud Subs Turkey Trot is still on this year as a virtual event! Meaning, participants can run or walk from any location instead of gathering together downtown for the event. You can still register and all proceeds from the race will be donated to Caritas of Austin. Run or walk with your family and friends on Thanksgiving Day to keep this beloved tradition going. Participants are encouraged to dress up in Thanksgiving-themed outfits—how about a skinny turkey tee? 🦃😂
Real Estate News
Austin’s First Supertall Skyscraper
For reference, a supertall building is a building 984 feet or taller (then there are megatall buildings that are 1,968 feet or taller). There is chatter that a 74-story tower containing a total of 2.7 million square feet is planned for development at 98 Red River Street. This 4.7-acre property is owned by WeWork and could be the site of the tallest building in Austin. New York-based international architects Kohn Pedersen Fox Associates (best known for Hudson Yards) is said to be one of the firms working on this project.
Image Cred: Kairoi Residential, Kohn Pedersen Fox Associates, Lincoln Property Company, HKS, Inc.
Austin Residential Housing Activity
The Texas A&M Real Estate Center just published the October real estate activity data and inventory was down to 1.2 months. We should expect this downward trend as we head into the winter, but I think we will continue to see solid buyer demand for the remaining inventory. As I mentioned before, don’t wait out thinking prices will drop. Interest rates are still holding pretty low under 3% which is far below the 3.75% we saw last year at this time.
The year-over-year statics of the Austin real estate market also speak volumes. Homeowners in the City of Austin saw a 13% appreciation in property value in just a single year. Nationwide, home values were up 6.6% from October 2019.
Pre-construction Opportunity
Alder
10 minutes to Downtown and tucked away on a tree-lined hilltop overlooking Southwest Austin, Alder is between the urban bustle of downtown living and the natural serenity of the Texas Hill Country.
Thoughtfully designed, Alder features large picture windows, expansive covered terraces, open floor plan with dedicated dining areas, KitchenAid appliances, and 5-fixture primary baths with floating tubs (in select homes).
Each home also features a fully-fenced private yard that extends from the entry gate to the back of the home. While private, the yards are fully maintained by the community, allowing for a true lock & leave experience.
Alder Facts:
- Floor plans – 5 different 3 bedroom and 3.5 bathroom layouts ranging from 1,828 – 2,224 sq ft.
- Price – Starts from the $540’s
- Community plan/amenities – Only 22 homes with a strolling garden, dog park, and fire pit
- Completion date – Phase 1 will be delivered in Summer 2021
You can reserve your home with a $500 refundable fee until December then it’s 5% deposit to go under contract. Some are already under reservation, so act fast! To puts things into perspective, the BEND community that was featured in our previous email sold over 100 units in under 3 months and now only have 17 units available. Things are moving really fast in this market and by going under contract now, you can start to build appreciation immediately.
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