As the calendar year of 2020 and new decade ROBUSTLY continues along, the Austin Real Estate Sales Market is extremely strong.
Just so far in February, working in the Buyer's Agent role I've encountered listing agents dealing with multiple buyers offers frequently. Multiple offers are occurring both on the Active MLS Market and in off-market, silent market scenarios. In addition, these multiple offers are on property ranges of all types. From the $450,000 dollar East Austin Home, to the East Austin Holly Lot, and upwards to the Million Dollar Plus Properties of Central West Austin. So, as of this writing, with Mortgage Interest rates still historically very low in the 3.75% or less range, Austin's Housing Market is now a "Seller's Marketplace." Sellers' as of February 2020, seem to possess the leverage.
Now let's discuss Old Versus New Austin. Even in the year of 2020, the Old Neighborhoods of Austin such as Clarksville, Old Enfield, Brykerwoods, Pemberton and Hyde Park feel stagnant. While "lesser" Austin neighborhoods see new development, change, gentrification, improvement, new money, and vivacious life daily, the Old established Austin neighborhoods continue to basically remain the same. Old Austin appears happily oblivious to all of the dramatic Austin change and wrecking balls. There are still some Multi-Million Dollar New Homes being built in Tarrytown and West Austin. a 1 Million Dollar Home Buying CHECK in West Austin does NOT go as far as it previously did. Downtown Austin visually appears to be where the big time New Money is going. Downtown Austin, despite it's homeless and drug crazed bum legitimate problems, is sporting brand new Residential and Commercial High-Rise developments on every corner. It appears Old Austin is routinely happy in it's reluctance to circumvent their gleefully embraced everyday normality.
While there has not been news of a brand new bar or restaurant in Central West Austin for years, the remainder of Austin, Texas has become a foodie and new commercial business mecca. What draws property owners, buyers, and tenants to Old Austin? In my real estate practice, I've noticed it is the excellent public schools, safety, family life, and affluent blandness that attracts folks to a West Austin or Hyde Park Residential Lifestyle. These folks love peace and quiet.
So GVM, where and what is happening in NEW Austin?
As previously discussed, there is brand new Downtown construction and tower uprisings daily. There are wrecking crews and new developments all over Central and even far EAST Austin. The Riverside and South Shore district are now crawling with new Apartments and Oracle's ATX Campus. The Domain has forever changed and improved far North Austin. In the future, Austin's Pro Soccer Team, the Austin FC will continue to improve and change far North Austin. Even in the Zilker and Barton Hills neighborhood, there is ample brand New 1-3 Million Dollar New Single Family Homes, and Townhomes not only being developed, but being Bought and Sold!
So if you were asking me where to live in the Old versus New Austin debate, I'd ask you....
....Do you prefer a more traditional, stale, safe and normal neighborhood ambiance and lifestyle, with sprinkles of new wealth and construction?
Or, do you prefer to live in the jungle of real estate change, people interaction, building crews, and youthful vigor?
In happily comparing Old versus New Austin, there are no incorrect answers, it is simply your American freedom and choice as to which type of Austin, Texas you prefer to live, or own in.
By, George Vance McGee
George Vance McGee is a local born Austinite. He currently works full time as a licensed Texas Real Estate Agent and Salesperson. His practice involves brokerage Sales and Leasing. Visit with him directly @ 512.657.9281 iphone, georgevance@gmail.com Austin Silent Market . com
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