Austin seems to be in a constant state of construction. To drive through the city with an eye to the sky, is see dozens of cranes hanging their heavy metallic heads under the weight of their load. You may wonder, what are they building?
Everything. From apartment buildings to residential communities to trendy office spaces, the population of Austin is growing, and the Austin real estate market is literally rising and expanding to the challenge.
Moving to Austin
Any recent graduate of the University of Texas or the nearby Texas A & M University, will be able to tell you, Austin has what many other university towns lack: jobs. With numerous tech companies moving to a tax-free city and setting up shops that are continually expanding, there are job opportunities for the young and computer savvy.
Affectionately nicknamed the Silicon Hills after the more famous Silicon Valley in California, Austin is rapidly becoming a key player in the tech world. With the bulk of these companies located at the city's core, the price of downtown Austin real estate is being driven up in the clouds with the high-rises. As a matter of fact, in a recent study by the real estate firm, Jones Lang LaSalle, they found that Austin has some of the most expensive offices in the country. Really, this is no surprise when you consider some of the major companies that have headquarters in the city. Apple, Google, Facebook, and Samsung are prime examples.
The young and job searching aren't the only ones buying Austin real estate, however. The other major demographic is Baby Boomers looking to retire in one of the Austin active adult communities, such as Longhorn Village which completed construction and opened in 2009. With an influx of seniors moving to Austin, the demand for these kinds of community based facilities has increased.
Austin New Construction
While Austin's rising population doesn't necessarily mean that property rates will rise, it does mean that there is potential for Austin construction companies to create more residential areas, stylish downtown office spaces, and retirement communities to catch the eye of new buyers.
Take Austin's Terry Mitchell for example. President of Momark Development, this is the man behind many of the new projects you may have seen around town. He's made it his mission to “improve people's lives, one community at a time” with projects like The Austonian, a residential skyscraper downtown; the Denizen, a community of south Austin condos; Plum Creek, a residential community south of Austin; and Chestnut Commons, affordable, yet chic condos. So far, his company has been a part of the construction of approximately 6,500 residences in the past 13 years, and Mitchell represents just one of the construction companies in Austin.
Austin Real Estate Market
A recent study by Meyers Research reveals, in the past year, more properties in Austin have sold than anywhere else in the nation. While part of this may be attributed to Austin's increasing population, another key component is the fact that, unlike other major cities such as New York or Los Angeles, Austin property values remain relatively affordable. Whether you're a student, a retiree, a working professional, or a family, in Austin, you can afford to own a home. Because of this, residents of Austin don't have to designate the majority of their paychecks to paying off large mortgages or running on the treadmill of monthly rent payments, but can direct funds towards achieving a better quality of life.
So, as you drive through the city of Austin and watch the skyline undergo a constant evolution of towering apartment and office buildings, just remember, it's an exciting time to be in Austin.
If you're interested in joining the expanding city of Austin and investing in newly constructed Austin real estate, contact JB Goodwin today for more information.