Stay connected with the latest Austin real estate news. See what's happening in Austin and stay ahead of the game in this increasingly competitive market. Courtesy of JBGoodwin REALTORS®
Karlin, Trammell Crow partner on $1 billion Austin mixed-use project, Austin Business Journal
Los Angeles-based investor Karlin Real Estate in collaboration with Trammel Crow broke ground on Parmer 3.2 in North Austin last week. The 1 billion dollar multi-use development is the beginning of a larger master-planned commercial project which plans to feature millions of square feet of commercial space including multi-family housing, retail, hospitality and office space.
Unlike the estimated 2 million square feet of luxury office space being built in Central Austin, Parmer 3.2 will appeal to those businesses seeking ample parking, larger floorplates and more affordable leases. The development is already attracting lots of attention from prominent businesses, and is slated for completion in 2015. Plans are already underway to break ground on a 2nd office building adjacent to Parmer 3.2 this fall.
Schwab bringing 820 tech jobs to Austin, American Statesman
Financial titan Charles Schwab will be bringing in hundreds of job opportunities for Austinites. The company is planning to create 823 new tech jobs to North Austin. Charles Schwab already employs about 1,000 employees in Austin, and has creating jobs in the fields of technology, marketing, human resources, trading and more. In exchange for state and local incentives, Charles Schwab has agreed to create high-paying jobs that will be paying an average salary of $79,000.
In addition to the Austin investment, Charles Schwab is also planning to open a call center in El Paso, TX. The center will create 445 jobs in that city a for a total capital investment of $210 million in the next decade.
Austin houses sell faster than anywhere in the country, ZipRealty study says, Austin Business Journal
It's official: Austin homes are selling faster than anywhere in the US according to ZipRealty Inc. The California-based online real estate brokerage conducted a survey using MLS (Multiple Listing Service) data and found that half of Austin homes for sale on the market sold in 10 days or less. The survey, which was based on market conditions as of June 30th, named Washington, D.C., and Northern Virginia as the second-fastest housing markets at 14 days a piece.
Austin also came in second only to Sacramento for median home values with a 14 percent year-over year increase in price to $266,000. Fellow Texas city Houston also made the list with a 12 percent increase to $215,000.
For Austin apartment renters, relief on way?, Austin American-Statesman
Austin renters are finally getting some food news when it comes to their rent. An influx of new units is slowing down the recent spike in rents in the Austin metro area, which saw average prices of $1,099.
Austin continues to experience a booming economy which is drawing job seekers from all over the country. The high demand for housing coupled with a limited stock of apartments caused the steep increase in rents. In fact, Austin rents jumped 8 percent last year alone. While this upward trend is likely to continue, renters can expect some relief as rents are forecasted to increase a modest 3.3 percent in the coming year due to decreased occupancy. With just over 17,000 units currently under construction, Austinites can expect to see 7,100 units released this year, followed by 6,400 units next year.
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