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Wikitionary: Toothpaste is out of the tube
1. (idiomatic) A situation that cannot be recovered or reversed to its original state. See also:
Whatever phrase you decide to use to describe the Austin real estate market, it is undeniably and forever changed. The days of a $300,000 house are long gone and seemingly overnight we’ve become one of the most “unaffordable” cities in the United States.
However, growth is not new for Austin. I’ve been writing this newsletter for years and have been talking about the merits of our sellers market since 2008…but what is different is the speed of change. The perfect storm of pandemic, state politics, and corporate relocation combined with some great BBQ and few notable celebrity moves, and BAM you have an accelerated, massive and unprecedented influx of Austin’s newest residents…almost 200 of them each day!
Here’s what I see happening next…you ready?
1. SUBURBAN EXPLOSION – When most of you moved to Austin, you could find a nice $300K starter home (I should have bought them all!) in a nice neighborhood with great schools. That’s no longer the case for young families or single professionals, those options only exist outside the city limits in emerging markets like Liberty Hill, Jarrell, Taylor, Smithville, Manor, and Hutto.
2. SINGLE FAMILY PRICE INCREASES – It’s not going to stop! It’s possible that our price escalation might cool down a bit, but the math is simple…there are more buyers than sellers. Single-family home prices will keep going up especially in desirable neighborhoods with low inventory – Rollingwood, Barton Hills, Zilker, Travis Heights, Westlake, Tarrytown, Highland Park, Northwest Hills, Lakeway, and Circle C…just to name a few!
3. DENSITY – With the rising cost of land procurement, development, materials, and labor there is no choice – Developers have to maximize the number of units built. That means many two-story homes, townhomes, condos, A & B units on infill lots, and free-standing condos in the suburbs.
4. POPULATION – More people, more cars, longer lines, hard to get dinner reservations, and empty retail shelves. They’re here…the people are here and they’re still coming. Over the next several years there are HUGE opportunities for service-based companies! We need more hair salons, oil change stations, restaurants, dry cleaners, and LOTS of other services to keep up with the demands of a growing population.
Here are 5 Things I’m LOVING this week!
NEW LISTING LOVE
COLORFIELD | CASTLE HILL
I’M DROOLING OVER
HOME SLICE | ITALIAN ASSORTED
TIME TO EXPLORE
THE PITCH | NORTH AUSTIN
Venture to the St. David’s Performance Center for a new collaborative venture of hospitality, sports/entertainment and real estate partners. This “food, fun, and fútbol” destination center and hospitality venue opens to the public in February 2022 with an array of local food and beverage options. MORE
MACKLEMORE | CLEAN
Macklemore is the new creative director for CLEAN Cause Sparkling Yerba Mate, an Austin-based beverage company with a mission to support people in recovery. Macklemore on the ‘power’ of sharing the truth about sobriety, including relapses. The rapper shares his history with “the disease of addiction” and how he got sober. TODAY ARTICLE
YOUTH AUCTION | SYNDICATE
I grew up showing livestock in 4-H and FFA. The scholarships I received through my agricultural involvement enabled me to go to college. So today, I love to give back to kids through the Austin Syndicate. This group raises money and uses it to support kids at the Rodeo Austin Youth Auction. MORE
We’ve been having a blast HOSTING the American Dream TV! We’ve been able to showcase some amazing neighborhoods, restaurants, and business owners throughout town. WATCH HERE
We need your help for the next episode! We need two sellers looking to showcase their homes on National TV. This is an incredible marketing opportunity! Who do you know???
Call Courtney 512.809.5495 SELL YOUR HOME ON TV!
5160 AW Grimes #202 | Final Unit
Haven at Terravista
3 BD | 2 BA | 1777 SF | $425,000
800 Embassy #216 | Tyndall
864 SF | 1 BD + Study | $475,000
East Austin | Redevelopment Lot
.3588 Acres | Buyer Representation
COMPASS CURATED MAGAZINE: Enjoy this complimentary compilation of the most prestigious properties Compass has to offer. JANUARY CURATED
AUSTIN AREA MARKET STATS: For those who love a good spreadsheet, here are the latest Austin market stats broken down by month and zip code. DEC STATS
TECH HACK: 11 WINDOWS TIME SAVERS HERE
BUYER GUIDE: It’s not easy buying in a market with rising prices and limited inventory. We can help you through the process. BUYER GUIDE
SELLER GUIDE: How do you make sure you get the most money for your home? From pricing to marketing, we’ll customize a plan to ensure you get the most money for your home. SELLER GUIDE
© Compass 2023 | All Rights Reserved by Compass | Made in NYC
The information contained herein does not purport to be complete nor, necessarily, accurate and should be independently verified; nor does it represent or constitute a legal analysis or financial advice. All of the financial projections and/or conclusions are provided for illustration purposes only. Compass and its agents disclaim any and all liability for representations and warranties, express or implied, contained in, or for omissions from, the information contained herein or any other written or oral communication transmitted or made available to the recipient. This represents an estimated sale price for this property. It is not the same as an opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice.