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Austin Real Estate Market 2018

With Austin’s growth projected to more than double in the next 40 years, 2018 is expected to be another record-breaking year for the city’s real estate market.

Austin’s current population sits at the 31st largest in the U.S. and is predicted to surpass San Antonio’s by the late 2020’s. The city has been experiencing an average net increase of 150 people per day who are needing places to live. This surplus of people is resulting in the city’s housing housing not meeting its demand and prices being driven higher and higher.

Despite home prices increasing by 5.4% in 2017, the Austin real estate market hit an all-time high in home sales that reached a double-digit increase in March 2018. This much growth being endured early on in the year indicates a strong summer selling season ahead.

Historically, it has been common for homes to remain on the market for 50 days or more – even in housing markets experiencing a high demand. However, within Austin and its local areas, homes have been spending a fraction of that time on the market. The city’s limited housing inventory has ultimately created a competitive market when it comes to purchasing a home in or around Austin.

At Austin’s current growth rate, the population is projected to continue outpacing infrastructure. This deficit will generate a higher demand for more schools, retail and office spaces, transportation accommodations and other utilities to be developed. Fortunately, with job growth increasing at a slower pace, the city will be allocated time to focus on solving these overgrowth challenges.

While home prices continue to rise, they are rising at a slower pace which indicates a stable market trend.

If you’re considering a move, now is the time to enter the market and take advantage of the low mortgage rates and appreciation. Click here to meet the Urbanspace residential team.

Downtown Development Digest | Punch Bowl Social

Punch Bowl Social has recently announced its expansion into downtown Austin, and is expecting to open its doors February 2019.

Punch Bowl Social has recently announced its expansion into downtown Austin, and is expecting to open its doors around February 2019.

This will be Austin’s second Punch Bowl Social location, with the first being at The Domain. The Denver-based, entertainment restaurant chain has made a name for itself across the country. With their overloaded restaurants also being home to vintage arcade games, karaoke rooms, bowling alleys, virtual reality experiences, table games and bars, these eatery’s are practically a grown-up’s ideal playground!

Punch Bowl Social has taken a stance on being a place for people to come and be themselves. The restaurant chain believes in the “dirty modern mash up of chandeliers, food for foodies, PBR tallboys and craft beverages,” as well as “brunch turning into a bowling party and bowling parties turning into all-you-can-sing karaoke.” You can expect the general atmosphere of these locations to offer a full-range experience of unequalled music, food, games, beverages and exploration. Their mission is to provide an environment tailored for each person’s desired “going out” experience.

In 2012 The Punch Bowl Social originally opened in Denver, and since then has expanded to 12 locations across the country with several more coming soon. Austin’s new establishment will be located within the Scarbrough Building at 522 Congress Avenue and 6th Street. Robert Thompson, founder and CEO, revealed his reasoning behind choosing this building: its historical value, Chicago-style architecture, Art Deco details and, not to mention, the building’s prime location in the heart of Austin.

One of the up-and-coming downtown location’s most differentiating features is a “more Texas- and Tex-Mex menu,” according to Hugh Acheson, a James Beard Award-winning chef, restaurateur, author, Top Chef judge and Punch Bowl Social’s culinary partner. The approach to creating this menu has been based on the anticipation of engulfing the nation’s culinary landscape in its entirety.

Although February 2019 may seem a ways away, we’re always looking forward to experiencing downtown Austin’s newest additions!

Downtown Development Digest |The Independent Austin

Live way up high yet down to earth in the newest icon of Austin’s skyline, The Independent.

The Independent has claimed the title for the tallest residential tower west of the Mississippi River, and is projected for completion in 2018.

Acting as the final puzzle piece of the Seaholm District, The Independent’s unmatched location is complimented by floor-to-ceiling windows and delivers Austin’s best to your doorstep. Being nestled in an urban cul-de-sac, the tower’s neighborhood contains three grocery stores within three blocks and is located on a $250K revitalized Shoal Creek that provides direct connectivity to Austin’s new “Central Library of the future.”

The condo development was articulately designed to showcase views as protected as they come in downtown Austin; including those of Lady Bird Lake, Shoal Creek Greenbelt, the Capitol, Texas Hill Country and the downtown skyline. The tower itself entered its 1st quarter of construction in 2016, and since then has revealed its four tier design to the Austin community – each tier offering a unique mix of units with four finish palette options to choose from.

The highly optimized and efficient floor plans of each unit feature floor-to-ceiling windows, a balcony, wide-plank hardwood floors, and 10ft ceilings. Plus, select floors are standard for Bosch and Gaggenau appliances.

This gem is exclusively listed by Urbanspace Real Estate + Interiors. Besides 58 floors holding 363 residences, the building also features two floors dedicated solely to amenities. The two amenity decks include an infinity pool and deck area, dog lounge, clubroom and coffee bar, a playroom and playground for children, an outdoor lounge and kitchen area, board room, theater, fitness center, owners lounge and more!

At The Independent, there’s an urban lifestyle experience waiting for you. Visit www.independentaustin.com for more information.

Downtown Development Digest | Fareground

Fareground, Austin’s newest addition to its flourishing downtown dining scene, is defying the city’s culinary odds and expectations.

Austin’s first food hall is officially open, as of January 18, 2018. Located at the corner of 2nd Street and Congress, and featured under the same roof of an Austin icon, Fareground offers an array of local food and drink options from the city’s best chefs and restaurants.

From Antonelli’s Cheese Shop, Contigo, Dai Due Taqueria, Easy Tiger, Henbit and Ni-Kome Sushi + Ramen, to the Fareground Bar (and another bar coming soon: Jewel Box), the indoor-outdoor eatery is built into the below-ground atrium of One Eleven Congress. This new gem is where community meets culinary.

What about the Austinites on the move? At the street level, drinks and a sampling of Fareground vendors will be available at a grab-and-go station.This innovative service is projected to arrive Spring 2018.The idea to reinvent and repurpose One Eleven Congress stemmed from a vision to better suit the modern Austinite. 

Fareground’s collaborative nature was designed by Michael Hsu Office of Architecture and the plan to feature a united-eatery was coordinatedby ELM Restaurant Group, an Austin-based team behind Irene’s, 24 Diner and Easy Tiger. Their intentions were to create the opportunity for today’s Austinites to get the most out of their beloved downtown and to get it all in one place.

The subterranean food hall is open daily from breakfast through dinner hours. So whether an early riser or late nighter, you too can experience what’s happening next in Austin.

Check out more at Fairgroundaustin.com

Downtown Development Digest | Fairmont Austin

Fairmont’s mission is to “engage guests with the city’s famed music scene, as well as the area’s celebrated cuisine and diverse lifestyle.”

    The region’s largest hotel, Fairmont Austin, has been projected for completion in early 2018 and has recently announced the opening of their online reservation service. Already a towering icon, the Fairmont, located in the Central Business District near Waller Creek and Palm Park, sports views of the cityscape, Lady Bird Lake and the State Capitol.

   The 37-story hotel contains 1,048 guest rooms and suites, while also offering the Fairmont Gold experience, five luxury restaurants and bars, a full-service salon and spa, a seasonally heated swimming pool, and a direct connection to the Austin Convention Center.

   From meetings, business services and fundraisers, to weddings, galas and social events, this transcendent city center hotel is equipped for any event’s expectations. The Fairmont Austin offers 140,000 square feet of state-of-the-art meeting space with 13,500 square feet outdoors and 40,000 square feet for pre-functions.

   Journey through four distinct culinary worlds that come together for a vibrant and colorful dining experience. Revue’s unique approach to cuisine is defined by its diversity and includes the timeless cuisine of Italy, the epicurean and cultural complexities of Asia, and the delicacies of the sea, topped off with delicious treats from the artisanal pastry shop. Revue emphasizes on sourcing and preparing locally grown and made products in all aspects of this communal and shareable restaurant that truly has something for everyone.

 

Learn more about Austin’s newest gem. www.fairmont.com/austin/

 

Development Digest | Amazon HQ2 Project

With Austin cited as a key location being considered for Amazon’s secondary headquarters project, Eightfold Development of Austin has proposed an incentive to further lure the project to its city’s limits: the old Motorola plant and campus in East Austin.

After 12 years of abandonment and arrangements to be revitalized, rebuilt and repurposed, Eightfold has broke ground on the old Motorola campus and plans to develop a main building in the shape of Amazon’s Alexa – if the campus is selected by Amazon for the project’s site. It should be noted that competition for selection is immense, especially since the $5 billion Amazon HQ2 project is anticipated to generate 50,000 jobs.

Although the amount of perks offered to Amazon from major North American cities play a key role in the decision, the process of deciding also focuses heavily on the company’s meticulous preferences. 

Amazon has a timeline to finding “a development-prepped site [on] an urban or downtown campus.” The location desired must have access to public transportation, be within one to two miles of major highways, within 45 miles of an airport and have onsite amenities, restaurants, retail spaces and cafes. The project also requires that the initial building(s) accommodate up to 500,000 square feet by 2019 and have the potential of accommodating up to 8 million square feet beyond 2027.

The list of preferences continues, yet those features mentioned alone have presented Austin with the challenge of finding a big enough site within minutes from downtown. Amazon’s idea behind their askings is to have “communities think creatively for viable real estate options.”

Eightfold Development ensures, with or without Amazon, that the old Motorola campus will be transformed through an $800 million, five-year redevelopment plan. Less than five miles from downtown, about six miles from the Austin-Bergstrom International Airport and on 100+ wooded acres, the site plans to yield 500,000 square feet of office space within the next 12 months and has a potential to accomodate 5 to 9 million square feet of space.

Currently under renovation and redesign, the site will soon be a sustainable mixed-use community: the community will feature an urban farm, 3,000 housing units, health and wellness clinics, cafes, computer labs, a museum, space for arts organizations and other nonprofits, and 75% of its power coming from solar energy.

Whether or not Austin is chosen by Amazon, who proceeds to choose the East Austin campus for its secondary headquarters, Developer Adam Zarafshani of Eightfold claims that the finished project “will be a city within a city.”

Read More Here!

Downtown Development Digest | The LAAN

 

Discover an approachable South Austin aesthetic in an enchanting Dutch farmhouse-inspired residence. Hidden in the rapidly growing South Lamar neighborhood, the LAAN is a community of 53 modern homes centered around a long private drive. Each residence offers highly optimized floor plans and personal outdoor space, as well as access to communal amenities such as a pool, grilling space, and lounge.

The residences are comprised of two- and three-bedroom units ranging from 1,600 to 2,000 square feet on a 3-acre site. Austinites will be able to retreat to a tranquil and peaceful environment just around the corner from the bustling city sights. The location offers convenient access to hundreds of restaurants, entertainment and retail locations, including The Broken Spoke, Soup Peddler, and Kerbey Lane Café.

The architecture, designed by Davies Collaborative, is composed of clean lines and modern finishes while being environmentally sensitive. Austin’s natural beauty is preserved outdoors with a sprawling southern live oak tree at the center of the exterior amenities. The whimsical interior spaces maximize natural light and invite elegance that speaks to the nature of home. With four interior palettes created by Urbanspace Interiors, The LAAN offers something for everyone; from industrial chic to modern, you will find your hideaway here.

 

 

Check out a virtual tour of the model unit here! 

Development Digest | The Hillside


 

The Hillside is now selling its final phase! Don’t miss your chance to join this modern condo community located just 15 minutes from downtown Austin. The Hillside is cradled by 450 acres of the picturesque Balcones Canyonland Preserve and offers panoramic views of the city and hill country as well as easy access to both Lake Austin and Lake Travis.

Each unit features superb upgraded contemporary finishes! The Hillside has won four national architecture awards and “Best Community” by The Homebuilders Assn. of Austin. With 6 customizable floor plans, a community pool with kitchen, and protected entrance gates, The Hillside offers its residents a unique lifestyle experience.Get ready to retreat to urban hill country living. Find more information at The Hillside 2222.

 

Downtown Development Digest | 70 Rainey

Keep your eyes open for an upscale residential high-rise that is scheduled for completion in 2018. In the heart of the lively Rainey Street District, 70 Rainey will have 34 stories of “dramatic architecture, uncompromising luxury, verdant landscaping, and meticulous attention to detail.”

Developed by Sackman Enterprises with interiors by Markzeff, this condominium tower will have 164 condo residences and seven penthouses on the top three floors, ranging from one to three story floor plans.

Green, green, green. 70 Rainey is proud to be one-with-nature: trees planted along the outdoor patios, trellises lining the parking structure, and an amenity park with an expansive garden that resembles “a backyard that residents use.”

Continuing with the outdoorsy theme, private outdoor terraces will be in each residence, and the tenth floor oasis will include a heated and cooled Infinity Edge Pool with views of Lady Bird Lake and the Downtown Austin skyline, a dog park, and an outdoor yoga terrace. Step in the backyard of 70 Rainey, and you will find yourself eating a hotdog and sipping a brewski on the patio of Banger’s Sausage House and Beer Garden.

To check out more: 70rainey.com

 

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