Connect with us

Austin, TX

Austin housing market “distress” sees prices slashed by over 30 percent

Published

on

Austin housing market “distress” sees prices slashed by over 30 percent


Austin’s housing market is in “acute distress” as newly built homes continue flooding the market at the same time as sales plummet in the Texas capital, according to a new study by Parcl Labs.

The former pandemic boomtown has been building more homes than most of the country in the past five years, as demand and prices skyrocketed during the health emergency when so many out-of-state Americans wanted to move to the city.

According to Parcl Labs, which analyzed 300 U.S. housing markets to identify high-growth areas with substantial new construction exposure, Austin is among the top five American cities with the biggest growth in the rate of single-family housing stock since 2019 at 6.87 percent.

The list also included Boise City, Idaho (9.51 percent); Lakeland, Florida (8.30 percent); Raleigh, North Carolina (7.80 percent); Jacksonville, Florida (7.17 percent). At the national level, new construction has grown by a much more modest 1.9 percent since 2019, before the pandemic started.

Advertisement

The problem now is that demand for new homes in Austin has plunged significantly compared to the levels recorded in the booming years of the pandemic. While new construction accounted for 40 percent of sales in early 2021, according to Parcl Labs, in June, they accounted for only 9.7 percent—below the national average.

This steep decline has outpaced the drop in new listings: as of June, 21.6 percent of homes listed for sale in Austin were new builds. According to Parcl Labs, this indicates a “demand cooldown” in the Texas capital. By comparison, the U.S. average for new builds is about 10 percent of listings.

A home available for sale in Austin, Texas, on May 22. The once-hot Austin housing market is now quickly cooling as oversupply meets dwindling demand.

Brandon Bell/Getty Images

Prices for new builds have also dropped in the city. Parcl Labs experts believe that Austin is facing “a reality check” as the market is seeing an average price cut of 7.23 percent on new builds, “with some properties slashed by up to 31.33 percent, indicating very motivated sellers.”

According to Parcl Labs, Southeast Austin, in particular, has emerged as a hotspot for price reductions. ZIP codes 78747 and 78744 see average cuts of 21.41 percent and 16.98 percent, respectively. The east and northeast areas of the city—ZIP codes 78725 and 78653—are also reporting price cuts exceeding 11 percent.

“This pattern suggests that newer, rapidly developed areas on the outskirts of Austin are facing the most intense price pressures,” Parcl Labs experts wrote.

Advertisement

Newsweek previously reported about entire new neighborhoods being abandoned mid-construction or right after construction by developers as the Austin housing market flipped in favor of buyers.

According to Redfin’s latest data, the median sale price of a home in Austin was $562,750 in June, down 6.2 percent from a year earlier. That same month, 776 homes were sold, down from 1,016 last year.

For Parcl Labs researchers, Austin’s story “is beginning to serve as a cautionary tale for other booming markets. It demonstrates how quickly the tide can turn in the new construction sector, and how even the hottest markets can quickly face the cold reality of oversupply and waning demand.”



Source link

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Austin, TX

Body found in Lake Austin; investigation underway

Published

on

Body found in Lake Austin; investigation underway


Lake Austin glimmers under the Texas sun Wednesday as boaters cruise back out. It’s a stark difference from Tuesday night when police taped off the entrance to the water near the Walsh Boat Landing because of a death.

Advertisement

“Oh no, you know, if there’s a police investigation, we don’t know if we are going to be able to come over here,” said Hannah.

She wasn’t sure if she’d be able to go boating on Wednesday because of the body found Tuesday, August 6.

“It is really unnerving to think that I could have potentially come here and stumbled across something, you know, that would be completely life-changing and very traumatic,’ said Hannah.

Advertisement

It was bystanders who called Austin police to Scenic Drive on Lake Austin.

Advertisement

“This call for service was responded to in a timely manner,” said APD Officer Austin Zarlign. “Multiple bystanders advised there was an unknown person floating in the water. “

First responders said they found a black man in his 60s unresponsive.

Advertisement

“Unfortunately, the person was ultimately pronounced deceased at approximately 8:15 p.m. due to the state in which the body was recovered, there is very little information at this time,” said Zarling.

Police said there was no apparent trauma to the man’s body, but the homicide unit is investigating.

MORE STORIES:

Advertisement

“That’s kind of making me feel like there’s something more eerie going on out there,” said Thomas O’Connor, an Austin resident visiting the Walsh Boat Landing.

This case comes after a string of other deaths at or near Lady Bird Lake.

Advertisement

Police did not deem all of them suspicious, but after so many deaths, residents here said they can’t help but think something unusual is up, and whatever it is, they hope it ends soon.

“One way or another, hopefully, we can get to the bottom of this sooner or later,” said O’Connor.

Police believe this is an isolated incident, and there is no threat to the public.

Advertisement

“I hope they figure out who did it, justice is served, and hopefully, whoever’s family it was, they get the closure and the answers that they are looking for because it’s obviously a horrible event,” said Hannah.



Source link

Continue Reading

Austin, TX

Former Texas A&M tennis star Austin Krajicek discusses silver medal finish at Paris Olympics

Published

on

Former Texas A&M tennis star Austin Krajicek discusses silver medal finish at Paris Olympics


Former Texas A&M men’s tennis player Austin Krajicek spoke with KBTX following his trip to the Paris Olympics.

Krajicek and Rajeev Ram won the silver medal in men’s doubles after falling in a close-fought gold medal match to Australia (6-7, 7-6, 10-8). Highlighted during his silver medal run was a quarterfinal win over Spain’s superstar duo of Rafael Nadal and Carlos Alcaraz (6-2, 6-4).

Watch the attached video for Krajicek’s thoughts on his stay in Paris, playing for Team USA, and being a part of the Aggie community at the Olympics.

Advertisement



Source link

Continue Reading

Austin, TX

Austin’s Blanton Museum reimagines its grounds as a place for a university campus, city and community

Published

on

Austin’s Blanton Museum reimagines its grounds as a place for a university campus, city and community


The Blanton Museum of Art’s recently completed $35m renovation of its grounds centres on a reimagined outdoor space that acts as both a gateway and a gathering place. Bringing together three major site-specific installations and led by the architecture firm Snøhetta, the redesign makes a statement that there is a museum here at the University of Texas at Austin (UT)—something that was once easy to overlook when its stately but subdued Spanish Revival buildings blended into the campus.

At one end of the museum’s 200,000 sq. ft footprint is Ellsworth Kelly’s Austin, evoking a secular chapel with its coloured glass windows since its installation there in 2018, and on the other are 12 new towering tulip-like shade structures by Snøhetta. Between them is a panoramic mural by the Cuban American artist Carmen Herrera—her only major public mural commission before she died in 2022 at age 106. Visitors now pass through the mural’s centre as they enter the galleries building, which faces the museum’s administration building across this revamped corridor. Called Verde, que te quiero verde (Green, How I Desire You Green), Herrera’s large-scale panels of green slashed with white recall her 1956 painting Green and White, the pinwheeling pattern now framed by the archways of the loggia that span the Blanton.

“There’s an interesting syncopation between the precise geometries and hard lines of the mural and the curvilinear shapes of the loggia that you see from your approach,” says Vanessa K. Davidson, the Blanton’s curator of Latin American art.

Herrera had previously created only two other (smaller) murals, in 2017 and 2020 for New York City Public Schools. Before focusing primarily on abstract painting, Herrera studied architecture at the University of Havana. She expressed her longtime interest in public work in a letter to the Blanton, writing: “The idea of murals always fascinated me as a lover of architecture; it is a delicate balance to any architect or painter. A space is somehow affected or altered by the altering of its surfaces. I love the challenge and respect the responsibility in the choices that are made.”

Advertisement

VIsitors to the Blanton sit in front of Carmen Herrera’s Verde, que te quiero verde (Green, How I Desire You Green) Photo: Casey Dunn, courtesy the Blanton Museum of Art, Austin, Texas

This thoughtfulness in transforming space extends throughout the renovation, such as Snøhetta’s architectural interventions on the museum buildings themselves with two buoyantly yellow vault shapes echoing the loggia arches, one playfully inverted to frame a staircase that acts as an elevated lookout.

Craig Edward Dykers, a co-founder of Snøhetta, studied at UT and drew on that experience. “We wanted to give the school a strong presence for the future, but we also knew that the campus aesthetic was somewhat conservatively focussed on the past,” he says. “Through our knowledge of the campus, we were able to create a completely contemporary narrative with inventive forms and structure, while still incorporating iconic elements of the past—such as the arches of the nearby buildings.”

This renovation project broke ground in March 2021 and was finished earlier this summer, but the Blanton’s metamorphosis from a small teaching museum to an institution presenting art on an international stage happened gradually over time, with the completion of Kelly’s Austin establishing its first exterior landmark six years ago.

Blanton director Simone Wicha says she has been interested in making the museum as much a community as a cultural space since she took the role in 2011. “Most museums have traditionally had these big, soaring atriums,” she says. “These [Snøhetta] shade structures play a really important practical role, but also provide a sense that you have entered into our atrium, and our atrium is, in a very Austin way, this outdoor space that is not singular to the museum experience. People linger, and it’s part of our civic life.”

Advertisement

Although Herrera became involved later in the process, Wicha wanted to specifically assign the commission to a Latin American artist in order to reflect the museum’s major Latin American art collection. In this way, the new exterior elements are in dialogue with the interior galleries.

Snøhetta’s architectural interventions include a playful elevated outlook onto the courtyard, an echo of the original building’s loggia arches (with Herrera’s mural visible in the back) Photo: Casey Dunn, courtesy the Blanton Museum of Art, Austin, Texas

Wicha also sees the museum as being in a larger conversation with the Texas State Capitol, a building directly connected to the Blanton since the 2022 completion of a green pedestrian mall. Especially at a time when budget cuts and proposed legislation continue to threaten the arts, the museum is in a prominent position to showcase the power of creativity—like how Snøhetta’s native-flora landscapes recognise a future of extreme heat and drought. The eye-catching petal structures funnel rainwater to irrigate the plants below, from the spiky-leafed dwarf palmetto to the green grassy bursts of Cherokee sedge.

“We can make the art museum part of a statement on the importance of the arts,” Wicha says, noting that this has extended to working with faculty to bring students from all disciplines into the museum. “One of the things that is really important to me is that the museum be a place like you would think of a library on the campus, it’s just part of your experience.”

That engagement now extends beyond the museum’s walls in unexpected ways, including a dedicated outdoor gallery for sound. Its debut installation is by Bill Fontana, who made field recordings in the Texas Hill Country, such as of cave bats and local birds. This auditory experience gives the grounds a permeable yet distinct feel. Likewise, an elevated walkway that meanders between historic live oaks at the museum’s southern edge is a path for both visitors and commuters on the adjacent Martin Luther King Jr Boulevard.

“We put a lot of thought into this arrival onto campus and this dual mission,” Wicha says. “There are so many ways that you come to the museum, and we wanted to make sure the moment you walked in, you had an art experience and a beautiful, welcoming, clear understanding of where you were.”

Advertisement



Source link

Continue Reading

Trending