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®. This month we feature stories on Austin rental rates, Hotel San Jose, and a high profile listing in The Domain.
Rents ease as thousands of new apartments come into Austin market
Austin renters may find some relief in 2015 when it comes to their monthly rents. Over 10,000 apartment units entered the Austin real estate market in 2014, and another 8,000 units are expected to be added in 2015. This translates into cheaper rents as supply catches up with the overwhelming demand for housing. In fact, Austin's occupancy rate was at 94 percent in the latter half of 2014, its lowest level in three years. Renters can therefore let out a sigh of relief as rents should start to stabilize.
Titan, Guggenheim turn dirt for South Austin senior living community
Austin Business Journal
Guggenheim Real Estate and New Mexico-based Titan Senior Living have broken ground on Elan Southpark Meadows, a 110-unit retirement community in Austin. Construction has begun on the project, which will be located near I-35 and Slaughter Lane in the multi-use facility of Southpark Meadows. Once completed, the community will have 78 licensed assisted living units as well as 38 Alzheimer's Certified Memory Support units. The facility will also feature a bistro, pub, restaurant, fitness center, and a salon and spa.
Hotel San Jose sold: Famous South Congress spot has new owners
One of Austin's most famous boutique hotels has new owners. Hotelier Liz Lambert has given up her stake in the Hotel San Jose. Hotel San Jose has been a mainstay in the South Congress neighborhood for years. Lambert is also behind other iconic hotels in Austin including Hotel Saint Cecilia, Hotel Havana in San Antonio, and Terrace Hotel in Travis Heights. The new owners have signed a 25-year contract with the San Jose's current management company, so don't expect any major changes anytime soon.
Large portion of The Domain in Northwest Austin is up for sale
Austin Business Journal
Part of The Domain is up for grabs. The mixed-use development located in Northwest Austin is currently owned by RREEF Domain LP. So what's included in the sale? Four office buildings totaling 668,636 square feet, a 50 percent stake in two of its newest offices, Domain Aloft retail condominium development, vacant commercial land totaling 21.45 acres, and developable residential land totaling 14.21 acres. Austin's red hot commercial real estate market is most likely the reason for the large cash out by the company.