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Austin was named the best “non-gateway city” for commercial real estate investment, the Austin Business Journal reports. (Non-gateway is anything other than New York and Los Angeles.)
DLA Piper’s Annual State of the Market named Austin the best city for commercial real estate investment in the country. They asked 220 executives in the real estate biz from the best real estate firms in the country where they thought the best city was for investment and 45% of them said Austin. That puts Austin on top, tied with Seattle.
Denver and Nashville tied for the next spot with 33% of the respondents naming them a great investment city.
Chinese investors are the biggest foreign investor in the US market. In Austin, a Chinese firm is partnering with a domestic one on the construction of 70 Rainey.
A new multi-use project in downtown Georgetown is transforming Austin’s neighbor to the north, and a former NFL player is to thank, the Austin Business Journal reports.
The 32 acre, $225 million development is called the Summit at Rivery Park and is near the county courthouse and overlooks the San Gabriel River. Phase 2 includes offices plus 60,000 square feet of retail on the ground floor and is completed. Woops bakery is already open, and Orangetheory Fitness will open soon. Spa Luxe will be open to the public early next year. Four restaurants are also part of this phase, including BB’s Home Cooking.
The third phase, which will complete the project, will have more ground-floor retail and urban lofts and will break ground soon.
The first phase of the project began in 2015 with 114 single-family homes and 223 apartments and a Sheraton Hotel. The homes are called the Texas Brownstones and the apartment community is called the Rivery Park Luxury Apartment Homes. The former NFL player turned developer, Jeff Novak, was finally able to get the project off the ground after years of failure by others.
Austin’s Gross Domestic Product was the 2nd highest in the nation, the Austin American Business Journal reports.
The Gross Domestic Product measures the total amount of all the goods and services that come out of the Austin metro area and was $125.8 billion in 2016, up 4.9 percent from 2015’s $119.9 billion.
The San Francisco Bay area beat out Austin in the rankings of metros with a population of at least 2 million.
Austin’s growth was strongest in the professional and business services sector, as well as finance and real estate. Construction, trade and information were also robust. The biggest drop in GDP was in the energy and durable-goods manufacturing industries.
Out of the United States’ 382 metropolitan areas, 267 saw an increase in their real GDP. The average rise was 1.7 percent.
In Texas, GDP in Dallas was up 3 percent in 2016, but Houston’s was down 3 percent due to slowdowns in the energy industry.
Austin may have had the best growth in the country last year, it was the smallest increase in Austin since 2012. The Austin Metro Area’s growth has been fast since 2011. GDP was $93.4 billion that year.
Austin came in as the top fun city in Texas in WalletHub’s new study, the Austin American Statesman reports.
It’s probably not surprising to most Texans that we beat out other cities like Houston, Dallas, and San Antonio. However Austinites who like to have a good time may be surprised by the fact that Austin was listed as just the 18th most fun city in the country.
Austin did okay in the Nightlife and Parties category, coming in at number 17, and slightly worse in the Entertainment and Recreation category, snagging the 24th spot, its ranking was tanked by its showing in the costs category: 50th.
Wondering where the most fun is to be had in the US? That would be Las Vegas, Orlando and New York. The least fun cities? Brownsville and Oxnard, California.
How much do you need to make to afford a house in Austin? Culturemap Austin has the answer.
HSH.com’s report analyzed what annual salary is necessary to pay for principal, interest, taxes and insurance on a median-priced home in the most populated cities across the country and Austin came in at the 13th spot for the nation. It was number one in the state.
To afford a $308,000 home, the median price for Austin, Austinities have to make $69,952.75 annually. That’s with putting down 20 percent. If a homebuyer puts down just 10 percent, they would have to make $80,004.77. Across the US, people have to make $56,159.89 to pay for the median priced home, which costs $255,600.
As home prices increased, that required salary increased by $3,008.69 from the first three months of 2017 for Austin.
In Dallas, you’ll need to earn $61,039.97 per year to afford a median priced home, which put it at the number 18 spot nationally. Houstonians need to make $57,346.12, putting the city at number 22 on the list.
Not surprisingly, California is where you have to make the most to afford a house. San Jose is the most expensive in the country with a worker needing to make $221,363.63 to afford a $1.18 million home, the median home price there. San Francisco, San Diego, and Los Angeles take the 2nd through 4th spots.
Your dollar goes a lot farther in San Antonio, which nabbed a spot on the list of 25 least expensive cities. You have to make $53,829.14 to pay for a $222,600 median priced house.
Pittsburgh was the most affordable city in the country, with a median priced home going for $145,000, which requires a $35,329.29 income.
Worried about being able to afford to rent an apartment on your income? Austin Apartments Now can help! We know what income you need to qualify for every apartment and can only take you to places that will fit your budget. Give us a call at 512-258-8224.