The real estate world slows down a little bit as the temperatures drop and kids go back to school. But, after a brief slowdown in single-family home sales, the market is back to record-setting pace.
A strong local economy is fueling demand for housing, which is pushing prices up quickly. Meanwhile, November saw the announcement of several major residential developments, including 275 new homes in the Mueller area and a couple new master-planned communities north of Austin.
Here are the top residential real estate news stories of November:
— The sprawling Mueller area keeps growing. The Austin-American Statesman reported that 275 more homes are planned at the development, which already has a popular weekend farmer’s market, HEB and other amenities. Catellus, the developer, told the newspaper that 58 of the homes “are expected to be sold as part of the Mueller Affordable Homes Program, which targets homebuyers who earn 80 percent or less of Austin’s median family income. For a family of four, that would be $60,300, according to the Mueller Affordable Homes Program eligibility regulations.”
— A new 1,200-home development in Round Rock will include about 450 homes for people 55 years old and up, The Austin Business Journal reported. Taylor Morrison Home Corp., which has retirement communities in Houston, says homes in the master-planned Viscaya community will start in the mid-$200,000s.
— New developments in Salado, about 50 miles north of Austin, could change the town’s landscape, according to a story broke by the Austin Business Journal. “The project as currently envisioned includes about 525 homes, 350 apartments, 400 hotel rooms, an outdoor music and entertainment venue, 65,000 square feet of offices and 345,000 square feet of retail and restaurants,” the publication reported.
— The times are changing. Austin held its first ever mayor and city council elections under the new 10-1 representation, in which the city was split up into districts. Mayoral candidates Steve Adler and Mike Martinez advanced to a Dec. 16 runoff election. See full results from the Nov. 4 election here. On housing, Adler has said he supports a 20 percent reduction in the taxable value of homes to ease increasing housing costs. Martinez supports a flat-rate exemption that doesn’t give bigger breaks to higher value properties, according to a story in the Austin American-Statesman.
— Austin City Council members approved a move to further limit housing discrimination by requiring many landlords who own more than four rental properties to accept state and federal housing vouchers as a form of income, the Austin Monitor reported.
— An Austin-based commercial real estate company is making waves with new tools to connect brokers, owners and prospective tenants, according to a story on CultureMap. RealMassive recently opened offices in Dallas, Fort Worth, Houston, San Antonio and San Francisco. CultureMap reports that it puts the company “on track to exceed 2 billion square feet of commercial property coverage by the end of the year.”
— Finally, the Austin Business Journal has a fascinating story about a highly-successful Austin realtor whose prior career was a United Nations translator in her native Croatia during the Bosnian War. “That was the start of Adzem’s working life, making $150 a month that had to be enough for her entire family,” the Business Journal wrote. “Years later, The New York Times and the Wall Street Journal would recognize (Senada) Adzem as a national real estate expert, who has sold over $200 million worth of homes and condos. So that makes her story one of overcoming the most extreme obstacles — the terror and heartache of war — to find success.”