Welcome to Downtown Austin Facts.com
While tall new buildings and bad national economic news have led some people to assume that Austin’s condo market is overbuilt, the fact is that less than a few hundred new condos remain for sale downtown. With developers unable to get financing for new projects, experts believe it will be another 3 to 5 years before any new condos are brought to market.
This means that even if with Austin population, employment, and rents on the rise, there will only be less than a few hundred new condos available for the next 3 to 5 years.
In The News
Austin Rents, Occupancy Rates Soaring
Austin American-Statesman | Saturday, August 13, 2011
With rents at an all-time high and occupancies rising, the Austin-area apartment market is among the healthiest in the nation right now and it could stay that way for a while, national and local real estate experts say. Read More
Downtown Condo Sales Remain Strong in May
Downtown Austin Blog | Tuesday, June 7, 2011
For the first time since the bubble burst, the average price per square foot of a downtown Austin condo has increased four months in a row. In May, we counted 41 closings of new-construction condos from the Four Seasons Residences, W Hotel, Austonian, Spring Condos, and Barton Place. Read More
Austin Ranked #1 "Best Big Cities for Jobs"
Forbes | Monday, May 2, 2011
For Forbes’ list of the best cities for jobs, we ranked all 398 current metropolitan statistical areas, based on employment data from the Bureau of Labor Statistics reported from November 1999 to January 2011. Rankings are based on recent growth trends, mid-term growth and long-term growth and momentum. Read More
Austin rents will rise, report says
Austin Business Journal | Thursday, April 28, 2011
Austin apartment rates are expected to rise about 4.2 percent this quarter as construction slows and the population grows, Marcus & Millichap real estate investment analysts said this week. Read More
Austin adds 9,300 jobs in March
Austin Business Journal | Friday, April 15, 2011
The Austin area jobless rate fell to 6.8 percent last month as the city added 9,300 jobs, the Texas Workforce Commission reported on Friday. Year-over-year, the city gained 13,900 jobs. Professional and business services gained the most positions in the 12-month period ending in March. Read More
Condo Sales Soar in February
AustinTowers.net | Saturday, March 12, 2011
There is lots of evidence that the Austin real estate market should be improving: inbound migration rates are extraordinarily high. Job growth is back. Inventory is declining. Rental rates are soaring. February's sales provide the first evidence that the market may be improving. Read More
Downtown Rents Soaring
Austin Towers.net | Sunday, March 6, 2011
While downtown rental properties struggled to find tenants a few years ago, all of the major buildings are now full. Vacated units are re-leased with amazing speed -- turnovers now average just a few days between tenants. With many new residents and few new units, supply and demand is pushing rents higher very quickly. Read More
Austin condo sales rise in January
Austin Business Journal | Tuesday, February 8, 2011
Austin condominium sales continued to rise in January, while the W Austin Hotel & Residences closed on its first units since opening late last year, according to Multiple Listing Service data reported on the Downtown Austin Blog Tuesday. Read More
Austin highest-rated recovery in U.S., Brookings says
Austin Business Journal | Tuesday, November 30, 2010
Austin was ranked as having the 26th best economic recovery worldwide, the highest rank of all U.S. cities, a report from the Brookings Institution said Tuesday. Read More
Verdict’s in: Austin condos did work
Austin Business Journal | Friday, November 12, 2010
Sales at the five newest downtown condo buildings heated up in recent weeks, showing a continued trend since late summer that condos are selling well despite the sluggish housing market overall. Read More
Downtown Austin Condo Sales Hot in October
Downtown Austin Blog | Thursday, November 4, 2010
I’m blown away by the number of closings that occurred in October for new luxury condos in downtown Austin. Total number of downtown Austin condo transactions in October is confirmed at 30 closings! Read More
Austin Named One of "Best Cities to Move to in America"
CNBC.com | Wednesday, October 27, 2010
Austin-Round Rock ranks high on quality of life and affordability: It has at least a dozen colleges and was voted the No. 1 college town by the Travel Channel. The cost of living is 2.4 percent below the national average.
But what sets it apart is its quirk. Read More
Austin Job Growth Highest Among Major Cities
Austin American-Statesman | Friday, October 22, 2010
The Texas Workforce Commission reported Friday that Central Texas gained 17,300 jobs from September 2009 to last month, for a total of 771,200 jobs.
That growth rate is the highest among major cities, according to Beverly Kerr , the Greater Austin Chamber of Commerce's vice president for research. Read More
Downtown condo market defies the downturn
Austin American-Statesman | Sunday, September 19, 2010
According to the developers, 389 of the 736 units in the four newest buildings are sold or under contract. "The market in the past 12 months is far stronger than what we experienced in the previous year," said David Ward, executive vice president for Atlanta-based Post Properties Inc., which developed the Four Seasons Residences with Ardent Residential. "The fear that was prevalent during the depth of the downturn has been replaced by confidence." Read More
Austin unemployment falls to 7.2%; adds 3,800 jobs
Austin Business Journal | Friday, September 17, 2010
The Central Texas unemployment rate fell for the second consecutive month to 7.2 percent in August after the area gained 3,800 positions from July, the Texas Workforce Commission reported Friday. The Austin-San Marcos region netted a gain of 18,700 positions last month versus August 2009. Read More
Austin 9th highest population rise in U.S.
Austin Business Journal | Friday, September 10, 2010
Austin was among the top 10 fastest growing cities in the U.S. between 2000 and 2009, according to revised U.S. Census Bureau population figures released Friday. Austin gained gained 118,137 people, ranking it 9th fast growing. Read More
Austin "Best City for the Next Decade"
Kiplinger's Personal Finance | July 2010
Austin is arguably the the country's best crucible for small business, offering a dozen community programs that form a neural network of business brainpower to help entrepreneurs. Now overlay that net with a dozen venture-capital funds and 20 or so business associations, plus incubators, educational opportunities and networking events. Read More
Austin Ranks High for Low Stress
Austinist | Wednesday, September 8, 2010
Austin ranks fifth in a study by Portfolio.com on low-stress cities in the nation. Stress factors used in their study included quality of life, unemployment rates, pollution, weather, and crime rates. Austin's stress rating is -5.183 on their scale. Read More
Downtown Austin condos dwindling
AUSTIN (KXAN-TV) | Thursday, Nov. 19, 2009
Appearances can be deceiving. Just 408 condos remain available for sale in Downtown Austin. Because of tight financing, no new projects are likely to go up for another four or five years. Read More