Connect with us

Austin, TX

Austin-area housing outlook positive; job growth, slower home prices pluses, expert says

Published

on

Austin-area housing outlook positive; job growth, slower home prices pluses, expert says


Longtime Central Texas housing market analyst Eldon Rude recently gave his 21st annual forecast at an event sponsored by the Home Builders Association of Greater Austin. Rude is principal of 360° Real Estate Analytics, an Austin-based real estate consulting firm.

“This year is going to be better than last year, for many reasons,” Rude said.

Rude said that, among its peer cities, Austin had the biggest decline in its ratio of median family income to median home price last year, as home prices declined amid rising mortgage interest rates.

(According to Fidelity, for most individuals and families, a home’s value, generally speaking, should be no more than three to five times their total annual household income.)

Advertisement

Austin saw a decline from the high end of that range —from a multiplier where the median home price was five times that of the median family income in 2022 — down to a multiplier last year of 3.9 (that is, the median home price last year was $481,200, while the median family income was $122,300).

Some slowdown in home prices could be a plus in helping Austin continue to attract people and businesses.

“In the span of a year, we got more attractive, and I think that’s a good thing,” Rude said.

In another positive, Rude said, his homebuilder clients report that sales have started off well in the first six weeks of the year.

Advertisement

“All industry eyes are on the direction of interest rates,” Rude said.

And while some other metros are losing population and jobs, Rude said, he and other analysts expect Texas and the Austin area to outperform many places around the country.

“There is reason for all of us to feel good about where we are,” Rude said.

He said the Austin region gained 32,800 jobs from December 2022 to December 2023, a 2.5% job growth rate. The local jobless rate was 3% in December.

“So many talented people and companies have decided over time this is a place they want to live and grow their businesses,” Rude said. “We are so lucky we are in this industry in Austin, Texas.”

Advertisement

In advance of his presentation, attended by nearly 700 industry professionals Thursday, Rude shared these takeaways of his 2024 forecast with the Statesman:

  • “Looking at the market for previously owned homes, I see available inventory remaining tight this year as many existing home owners remain reluctant to sell their homes if they have an existing mortgage with an interest rate well below what they can get with a new loan.”
  • “New homebuilders are starting the year with enough inventory to give prospective buyers options as they look for a new home. Also, many builders are offering interest rate buy-downs to purchasers to help them qualify for a mortgage.”
  • “As we move deeper into 2024, I expect the number of available new homes will drop as builders work to reduce their inventory to levels more consistent with pre-COVID norms for the industry.”
  • “With fewer new homes in inventory expected later this year, homebuyers will see more competition for available homes, with builders likely offering fewer price concessions than buyers have seen over the last year or so.”
  • The biggest challenge I see emerging in the new home market in the coming years is the dwindling supply of lots and land available to build homes. The most significant issues are related to the challenges in securing adequate water supplies to build enough homes to accommodate the region’s future needs. Builders, developers and investors continue to look further out for land.”



Source link

Austin, TX

Austin real estate broker, supplier arrested for alleged role in drug network

Published

on

Austin real estate broker, supplier arrested for alleged role in drug network


Court documents have revealed that a commercial real estate broker in Austin was arrested on Thursday on charges related to a narcotics distribution operation.

According to an arrest affidavit, Justin Bayne, 45, who is the president of Baynes Commercial, faces multiple charges, including criminal conspiracy and possession of a controlled substance.

ALSO| Hays County man sentenced to 15 years for 2022 crash that killed woman, injured baby

According to investigators from the Texas Department of Public Safety, Bayne was involved in a concierge-style drug network, regularly purchasing cocaine and introducing associates to an accused dealer. The clientele reportedly included doctors, executives, and individuals in the entertainment industry.

Advertisement

The documents indicate that Bayne maintained a supplier-buyer relationship with Uthman “Tobi” Oluwatobi Salisu, 31, who was arrested in September following an anonymous tip.

Salisu is facing five counts of money laundering of $300,000 or more, and four counts of manufacturing or delivery of a controlled substance.

The affidavit references messages where Bayne arranged cocaine pickups, paid through Venmo, and organized purchases from his office. Investigators estimate that introductions made by Bayne led to more than $45,000 in cocaine sales.



Source link

Advertisement
Continue Reading

Austin, TX

Austin ISD approves plan to close 10 schools after hours of public comment

Published

on

Austin ISD approves plan to close 10 schools after hours of public comment


The Austin ISD Board of Trustees voted yes to a highly contentious plan to close 10 schools and make several major programming changes before the 2026-27 school year.

The vote came early Friday morning after months of community meetings and school protests.

Superintendent Matias Segura estimates the plan will generate $21.5 million — eliminating the district’s $19.7 million budget deficit — and reduce the number of “empty seats” in the district by 6,319 from more than 20,000.

“This is difficult, and I wish we didn’t have to do it,” Segura said at the meeting. “But the pressures are gargantuan, and without significant change, we will not be the school district that ultimately can protect who we are moving forward.”

Advertisement

The board’s vote gives the district the green light to close eight elementary schools — Barrington, Becker, Dawson, Oak Springs, Ridgetop, Sunset Valley, Widén and Winn Montessori — as well as Bedichek and Martin middle schools.

Austin Independent School District

Austin ISD estimates closing these schools will generate $21.5 million in savings.

Additionally, International High School, which helps ninth and 10th grade students who recently immigrated to Texas transition into the state’s public education system, will close due to low enrollment. International students will be reassigned to a campus near their home and will be offered “newcomer support.”

While the financial savings will be a boon to the district, the plan also aims to improve accountability ratings at seven chronically failing schools. The letter grades are handed down annually by the Texas Education Agency to public schools and are largely based on standardized test scores.

Advertisement

The district’s original plan, released in early October, included 13 school closures and triggered parent and student protests. The district received more than 7,000 pieces of community feedback from concerned parents, teachers and staff. That feedback led to the district scaling back the number of closures to 10.

The board voted on the plan after nearly three hours of public comment from parents, teachers and community members. Nearly every speaker urged the board to reject the plan.

Téo Vigil, a third grader at Ridgetop Elementary, stood on a chair to reach the microphone and deliver his message to the board.

“At school, I learned to listen to my feelings. When I think about this plan, it makes me feel sad, worried and confused. I think you should listen to your feelings, too. Good choices do not feel like this,” he said. “I know you already made a plan, but grown-ups can change their minds when something does not feel right anymore.”

Band director Andria Hyden said she drives an hour from her home in Round Rock to South Austin’s Bedichek Middle School.

Advertisement

Hyden said for many kids, Bedichek is “the only place where they feel safe, accepted and successful.”

“Middle school is already one of the hardest stages of childhood,” she said. “Asking students to start over across three different campuses, to rebuild friendships, to search for trusted adults, to try and find where they fit is not what’s best for their emotional or academic well being.” 

table visualization

Major changes coming to dual language programs

The district’s most comprehensive dual language programming at Becker, Ridgetop, Sunset Valley and Reilly elementary schools will be moved to Sanchez, Pickle, Wooten and Odom elementary schools as part of this plan.

Current dual language students will be given priority transfers to the new campuses.

Sanchez, Pickle and Wooten elementary schools will remain “neighborhood” campuses that serve households in their boundary lines and offer dual language programming to a portion of the student population. The district said it plans on eventually transitioning these schools to campus-wide dual language schools that are non-zoned.

Odom Elementary will become the district’s only school that offers a campus-wide dual language program and is non-zoned. At campus-wide dual language schools, almost all curriculum is taught in both English and Spanish.

Advertisement

The district said it is relocating its dual language programs to serve the emergent bilingual population — students who primarily speak Spanish at home and are learning English — more equitably.

Reilly Elementary will offer a Montessori program, and students from Winn Montessori will be given priority transfers to follow the program as Winn closes.

The plan approved Thursday is far less sweeping than the district’s initial proposal, which also included redrawing the attendance boundaries for 98% of schools and changing feeder patterns so more students stay together through elementary, middle and high school.

The district claims those changes would have balanced out enrollment throughout Austin ISD. District data shows some schools are extremely under-enrolled while others are so full they require portable classrooms.

In a Nov. 4 email to parents, Segura said those aspects of the plan were delayed following “significant concerns” about district officials responsible for handling community feedback related to the plan. Those concerns resulted in two employees being placed on leave while an investigation takes place.

Advertisement

What’s next for the district

The district will send letters to staff at closing schools with a survey asking where they would like to work next school year.

Segura said the district will discuss closing additional schools and redrawing attendance boundaries in the spring and could vote on another plan next fall.

That plan could include closing Maplewood, Palm and Bryker Woods elementary schools. These were originally slated for closure before next school year before the district narrowed its focus. AISD officials have not confirmed all of the schools being considered for future consolidation plans.

Another change that could be settled next fall is a plan that would allow construction to continue at Oak Springs Elementary. The school in East Austin is set to undergo a $47.6 million renovation with money from the voter-approved 2022 bond.

During the construction period, Oak Springs students would attend Blackshear Elementary. Upon the project’s completion, students from Blackshear would return to Oak Springs and Blackshear would likely close.

Advertisement





Source link

Continue Reading

Austin, TX

Austin dominates Texas in OpenTable’s 2025 Top 100 Restaurants in America

Published

on

Austin dominates Texas in OpenTable’s 2025 Top 100 Restaurants in America


OpenTable released its Top 100 Restaurants in America for 2025, and Austin stood out as the Texas city with the most recognized restaurants. The annual list — based on more than 10 million diner reviews, reservation demand, diner ratings, and the share of five-star reviews — highlights the country’s most sought-after dining spots.

This year’s collection reflects what diners themselves are booking and praising. Here are the Austin destinations that made the list:

Mediterranean | $50 and over

A modern, California-inflected Mediterranean restaurant known for dishes such as smoky garlic hummus, shawarma-spiced skirt steak and grilled salmon kebabs.

Advertisement

A West Austin favorite emphasizing fresh oysters, cold seafood platters and classic coastal cooking.

Steakhouse | $50 and over

A downtown oyster bar and chophouse offering wood-grilled steaks, market oysters and an intimate fine-dining setting.

An Austin institution since 1975, featuring dry-aged steaks, classic fine-dining dishes and one of the state’s largest wine lists.

A retro-styled “red sauce” Italian-American restaurant with classics served in a lively downtown space.

Advertisement

Contemporary Mexican | $31 to $50

Chef Tyson Cole’s nationally known Japanese restaurant offering non-traditional sushi and creative small plates.



Source link

Continue Reading
Advertisement

Trending