🤠🏡 Selling Austin #19

Hi everyone! Welcome and happy Friday!

Pay special attention to where to invest 🤑 and what was once the most expensive home in Austin 🤤 

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WHAT'S INSIDE

• 🔢 THE DATA

• 🤠 WHAT IS HAPPENING IN TOWN

• ⁉️ WHAT THIS MEANS FOR YOU

• 🤤 HOUSE WORTH DROOLING OVER

🔢 THE DATA

Lots of interesting housing data released this past month - no one has time to dig through it all so here’s your roundup:

1. U.S. median mortgage payments hit a record high of $2,894/mo.

2. US home prices have increased 47% since 2020.

3. Q1’24: 18.4% of single-family homes were purchased by investors.

4. Highest % of sellers cutting list price (6.4%) since November ‘22.

5. Median days on market in May: 46

Okay. How does this affect me?
Let’s break it down:

• With record high interest rates and prices come record high mortgages. We talked about the Fed a couple weeks ago, signs are pointing to a potential rate cut in the Fall. 👀 

• 47% home price increase - this might be surprising given all the news around the failing housing market. While the market has decreased - we are nowhere near losing the unprecedented pandemic gains.

• 18.4% of homes purchased by investors is alarming - are 0% down mortgages the answer?

• Highest % of sellers cutting prices + average 46 days on the market: this is great news if you’re a buyer. There are still deals to be had in this market.

🤠 WHAT IS HAPPENING IN TOWN

My most commonly asked question as a realtor is - where should I invest?

Well, knowing where to invest takes an understanding of what’s in development, what’s coming to market and when.

It would be pretty helpful if you knew of an upcoming 3+ million sqft of residential, commercial and industrial development.

Now you do.

Deep in East Austin, the Elon Effect and the gigafactory have business booming. Here’s the lineup:

• Blackstone’s industrial arm - 1 million sqft industrial complex

  • psst: they are already in development on $66M+ projects in Round Rock

• Sansone Group - 1 million sqft of industrial complex

• Other notable developments:

  • 439,000 sqft development off McAngus Rd

  • 53 acre industrial park north of McKinney Falls State Park

  • 413,000 development north of the airport

  • 450,000 square foot mixed use development east of the airport

Interested in a comprehensive list of up and coming developments or help finding the best investment? Reply to this email!

⁉️ WHAT THIS MEANS FOR YOU

If you’re a buyer/seller/investor/renter or just interested in real estate - this weekly newsletter will help guide your decision making and help you better understand the market.

🤤 HOUSE WORTH DROOLING OVER

This house you have to see to believe. It was once the most expensive listing in Austin, ever.

The price has dropped from $45,000,000 to $19,500,000.

The listing agents have cut acreage and waterfront access along with the price tag ✂️ 

Here is an industry secret: sometimes agents will mark up prices to get press on a listing (especially one of this caliber - “Most expensive home in Austin”). Once they get the press, they’ll drop prices and hopefully find a buyer with this free marketing. Hasn’t worked here yet, we’re coming up on 2 year on the market.

Thank you for being here! Reply to this email if you have any questions or just to say hello! 👋 

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