Updates Friday September 18, 2020

Urban Dwellers Escape, Give Me Space & Urgency to Buy!

The Oldham Group brings you Austin news, exciting events, homes for sales and uniquely fun things happening around greater Austin. Feel free to contact us at anytime to be added to our distribution list.


The “burbs” are cool again.

TEXAS HOUSING MARKET

Back in January Eldon Rude, principal of 360° Real Estate Analytics, an Austin-based real estate consulting firm. said “It’s going to be a huge year.” He didn’t know how right he was going to be!!! I joined Rude on a call today for a Austin market update. Here were the key takeaways:

BIG themes:

🏠 People have a desire for more space at home – they are there more and need to do more including work, school and exercise. 

🏠 Renters are leaving urban apartments, opting for suburban ownership. 

🏠 Interest rates are REALLY low and prices are going UP, quickly. Creating a sense of URGENCY in buying. 

🏠 We’re seeing in-migration from other parts of the country, not necessarily ties to jobs.

More details….

  1. Austin lost 100K jobs jus after Covid hit. Many industries have recovered and that number has rebounded closer to 44K jobs lost. Not surprisingly most of the losses have been in the leisure and hospitality industries. 
  2. The NASDAQ is up, way up! That trend is creating massive wealth, especially in the technology sector. Many of those companies are here in Austin…Facebook, Google, Apple, Amazon, etc. This means that many of their employees bases here are experiencing financial gains. 
  3. Negative Office space absorption. This is one area where the numbers aren’t so hot. Going to the office isn’t the same as it used to be – we’re not entirely sure how it will play out, but it doesn’t seem like office absorption will be a leading economic indicator as it has been in the past. We anticipate that companies will likely implement hybrid models of working from office and home. This could mean companies will take space in more suburban locations and it could impact the density of office use. 
  4. The large scale company announcements keep coming – Tesla is already under construction and BAE announced an additional 700 jobs.  Amazon is also adding to their fulfillment center employee count. 
  5. Apartments – rents are dropping and vacancy is increasing, especially in urban areas. Those used to paying high downtown rents can afford to buy and NOW is the time to do it. 
  6. New Construction – We’re setting records! A historic 19K permits issued. However, that comes with challenges in lot availability, building costs and material availability. 
  7. Resale Market — LOWEST amounts of inventory we’ve ever recorded. Less than 1 month’s supply in many areas – putting tremendous pressure on price – median sales price is up 11,3% in the last 12 months. 9. Traffic- this is a temporary reprieve. We still need mobility solutions as population growth over the next several years will continue on an upward trajectory! 

FEATURED LISTINGS

COMING SOON
705 NORTH BLUFF, SOUTH AUSTIN

Stylish, modern and well-appointed! This South Austin detached condo won’t be around long! 1443 sq ft,, 2 bedrooms, office area and private backyard. Open floor plan, high ceilings, quartz countertops, designer light fixtures, upgraded dimming switches, solar, spray foam insulation. You’ll love the close in location and private neighborhood. Available late September. 

The Oldham Group

HAVEN AT TERAVISTA | Round Rock
OPEN HOUSE | SAT & SUN 1-3

Haven at Teravista™ is an exclusive golf course section of the larger community featuring 30 Farmhouse-inspired detached townhouses starting in the high $200’s. Three floor plans and several design options available. Award-winning Schwartz Custom Homes Click HERE to schedule your neighborhood tour! 

UNDER CONTRACT
327 Lombardia Drive | Lakeway
Offered at $390,000

Luxury Lake Travis lock & leave condo located 1/2 mile to lake & marina. Large family room w/soaring ceilings. Spacious kitchen, granite counters, stainless appliances & solid wood cabinetry. MASTER DOWN! Near restaurants, hospital, shops, etc.! 
MULTIPLE OFFERS! 

The Oldham Group

UNDER CONTRACT | 10833 WORN SOLE
Pioneer Crossing  |  Offered at $265,000

GREAT one-story with open concept and in-law floor plan. High ceilings & large living room space with gleaming wood floors. Spacious, gourmet kitchen features granite counter tops, 42″ dark oak cabinets, hard tile, stainless appliances and eat-in breakfast area.
MULTIPLE OFFERS! 

UNDER CONTRACT
503 Canion Street | North Central
Offered at $749,000

Quintessential craftsman style home 2,535 sq ft | 4 bed | 4 bath. 2009 year built on a .21 acre lot. Open floor plan, 9 ft ceilings, spacious kitchen with granite counter tops, custom cabinetry & plenty of storage. Now with 550 sq ft condo included. Walk to restaurants.  Reilly or Brentwood Schools.

COMING SOON
3608 S. 2nd ST | 78704
Offered at $600,000

Don’t blink or you’ll miss this turnkey, lock-and-leave home in 78704! Timeless Victorian architectural details combined w/amazing outdoor spaces make for a perfect home. Main living area features a open living & dining areas that flow seamlessly into a well-appointed kitchen. Master bedroom is upstairs, featuring a beautiful balcony w/ views! Moments away from South Congress!


Low Interest Rates have Spurred a Refinancing Boom.

DID YOU KNOW?

✔ DID YOU KNOW?
10 years of e-growth has happened in the past 6 months. Contactless shopping is becoming the new standard. 
(McKinsey)

✔ DID YOU KNOW?
Facebook is buying Recreational Equipment Inc.’s custom-made new headquarters near Seattle for $376.6 million, the latest sign that big technology companies are driving commercial real estate markets during the coronavirus pandemic. 

✔ DID YOU KNOW?
Low mortgage rates have spurred a boom in home refinancing, which in turn has spurred a boom in the issuance of mortgage-backed securities. The value of single-family mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac totaled almost $322 billion in August, a new monthly record. (WSJ)

✔ DID YOU KNOW?
Amazon.com Inc. on Sept. 14 announced plans to hire for 1,700 positions in the Austin metro. Many will likely be warehouse jobs in the company’s fulfillment centers, with starting pay of $15 per hour.


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The Oldham Group | Moving Austin Forward | Courtney Oldham

Courtney Oldham

© Compass 2020 | 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.

Courtney Oldham  |  Broker/Owner  |  512-809-5495

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