Austin Real Estate Roundup: March-April 2015

Posted by Mary Ann Castro on Thursday, April 2nd, 2015 at 4:16pm.

austin-real-estate-newsStay 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's record setting February, Santa Rita Ranch, and a local developer breaking ground in San Antonio.

Americans Love Big Hot Suburbs, The Atlantic

Texas led the nation in population growth in 2013 according to new Census data released in March. According to the numbers, "the cities with the highest levels of net domestic migration since 2010 are Houston, Dallas, Austin, Phoenix, Denver and San Antonio." On the other hand, some of America's largest cities like New York, Chicago, and Los Angeles are seeing consistent population declines. Poor job prospects, higher housing prices, and colder climates have baby boomers on the move to warmer cities in the Sun Belt.

Census data also revealed that Austin, was the lone metropolitan area (with a population of over 1 million) to see a 3% increase in population in 2013.

Santa Rita Ranch celebrates grand opening, American Statesman

Austin's latest master-planned community will be unveiled this month. Santa Rita Ranch. Starting on April 18th through May 31st, homebuyers can get a sneak preview of the brand new development, along with nine fully-furnished model homes to explore. The homes featured at Santa Rita Ranch will be equipped with energy efficient design, smart technology, and gas heat.

Santa Rita Ranch also hopes to wow potential residents with the prospect of deluxe amenities like a private resort center. The resident-only facility will house a Junior Olympic-sized pool, a pair of 17 foot water slides, and a 8,000 square foot deck. 

The grand opening celebration will also have homebuyers buzzing with excitement. Along with live music and games, some of Austin's most-beloved BBQ trucks will be on hand serving up all manner of smoky delights.

Austin-based developer taps into fast-growing San Antonio market, Austin Business Journal

Live Oak-Gottesman LLC, an Austin-based developer will be throwing their hat into the booming San Antonio real estate market in 2015. Like Austin, San Antonio is in the midst of an economic boom, which has resulted in a steady rise population and incomes. Live Oak is slated to start construction of a seven-story commercial building in July near the Medical Center area of town. The $8.7 million office building is due to open in 2016. Though its use has not been confirmed, it will most likely serve at medical office space, due to the building's strategic location.

Live Oak was also chosen as the master developer for a 1,200-acre redevelopment initiative in Southeast San Antonio named Brooks City-Base.

Local home sales, median price hit monthly records, American Statesman

The Austin real estate market continues to set records in 2015. New data from the Austin Board of Realtors reveals that "Austin-area home sales and median homes prices hit all-time highs for the month of February." The median price for a home in Austin hit a record-breaking $248,640, which is 8 percent higher than the same period last year.

What did this mean for homebuyers? The vast majority of single-family homes (70 percent) in Austin were priced at $200,000 or higher. Most of these homes were also being sold outside of Austin city limits, which says homebuyers are leaning towards Austin suburbs. The high demand for homes, paired with a shrinking supply is responsible for the city's red hot housing market.

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