Real Estate
Key Texas property poised for redevelopment
The imagined view from a terrace once the Statesman site is redeveloped. Rendering courtesy of Skidmore-Owings-Merrill, via Endeavor
The Austin City Council could give final approval Thursday for the massive redevelopment of the old American-Statesman site.
Why it matters: Positioned against Lady Bird Lake and the Ann Richards Bridge, the 19-acre tract is possibly the most valuable underdeveloped site in the city.
Home values would have to fall 36% to return to historical norms
Though our market may be improving a bit for buyers, monthly mortgage payments are still significantly more expensive today.
What's happening: The monthly payment for a typical U.S. home is about $1,850 — $800 (75%) higher than a year ago.
Texas' tallest tower slated for Austin
A view south with a rendering of the planned Wilson Tower, slated for Fifth and Trinity. To get a sense of how super-tall it'll feel, check out the Frost Bank Tower on the right. Rendering courtesy HKS via Wilson Capital
Austin's super-tower arms race has a new entrant.
Driving the news: Austin-based real estate developer Wilson Capital announced plans Monday for Wilson Tower, an 80-story apartment building at 410 E. Fifth St.
Austin home buying is finally easier, but not cheaper
The Austin metro area's real estate market is starting to level off, according to the latest data from Redfin/MLS.
Why it matters: After two-plus years of plummeting inventory and sky-high home prices, buyers have waited a long time for a little relief.
Austin sees highest home inventory level since 2011
Even as sales are slowing, home prices in Austin are bananas compared to where they were just a couple of years ago.
Why it matters: The minimum income needed to afford a typical house has doubled since 2020 in several major metro areas, including Austin, according to data from Zillow, writes Axios' Emily Peck.
Austin is one of the worst cities for renters
With a median rent for new listings of $2,930, Austin is still one of the most expensive cities for renters, per the latest from rental company Dwellsy.
Why it matters: Already-expensive rents have climbed in 2022, making it harder for people to afford housing close in.
Austin apartment construction soars
New apartment construction in Austin is on the uptick.
The big picture: The skyrocketing cost of housing is at least partly a supply issue, as Austin's population ballooned with coastal tech-industry emigres during a pandemic that reconceived where we could work.
Tips for selling in Austin's buyer's market
A residential neighborhood in Austin in May 2022. Photo: Jordan Vonderhaar/Bloomberg via Getty Images
The Austin home-market has indubitably cooled off, with inventory up and asking prices routinely slashed, leaving some homeowners suddenly anxious about their selling prospects.
Why it matters: The last couple years, buyers have been the ones fretting — now it's the seller's turn.
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