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Home inventory in the rest of the U.S. may be down, but not in Austin, Culturemap Austin reports.
According to a report by Zillow, Austin has 24 percent more houses for sale than last year, the highest in the nation.
In the rest of the country, home inventory is down 9 percent. Experts blame investors who are more likely to purchase a home and turn it into a rental than to sell it. Even though Austin has had a 64 percent increase in its rental stock, it’s still seeing increased inventory in the housing stock for sale.
Nationally, houses were for sale for 77 days before being bought. In Austin, it was 92 days. Nationally, the median home price increased 7.4 percent, while in Austin it went up 7.5 percent to $271,000, per Zillow’s figures.
Across the rest of the state, Dallas’ home values increased 11.2 percent, which was the second highest in the nation. Houses for sale increased 8.3 percent and rentals went up 66 percent. Houston saw its houses for sale go up by 9 percent and houses for rent increase by 59 percent. Houston’s home values were down, though, by 2.7 percent. San Antonio did see lower inventory, but just barely, at .9 percent. Home values increased just 5.7 percent and rentals grew by 38.8 percent.
A historic Central Austin property is going to be transformed into a high-end hotel, the Austin American Statesman reports.
The 10 acre space is called the Commodore Perry Estate and is at 41st and Red River streets. It will become a 53 room boutique hotel from Auberge Resorts Collection.
Construction will start at the beginning of next year and is expected to be complete by the middle of the following year.
The 1920’s mansion that is currently on the property is listed in the National Register of Historic Places and will house four of the hotel’s rooms. The other rooms will be in a new building that will be built elsewhere on the property and will have two stores.
The hotel will also have event space and a restaurant with dishes made from locally sourced ingredients, some grown on the premises.
Two other buildings on the grounds are in bad shape according to the developer and will have to be torn down.
In the next phase, there are plans to add luxury residences that will have access to the same amenities as hotel guests.
Flooring Services Southwest, Inc. is breaking ground on a new huge facility in Pflugerville, the Austin Business Journal reports.
The company currently has two operations in Austin, one on Long Vista Drive and one on Metric Boulevard. Those will be closed and consolidated at 130 Commerce Center into a facility on a 130 acre tract.
Construction will be completed in two phases. Phase one will be building a facility with offices, a large warehouse and a design gallery and will encompass 187,000 square feet. It should be finished by summer of next year. The second phase is a countertop fabrication facility that will be 73,000 square feet.
The company will employ 200 people in its $20 million facility.