2017 looks like another record-setting year for Austin home market; Builders experimenting with lower-cost options

The Austin metro housing market is on pace for another record-setting year.

There were 2,292 single-family home sales in October, according to new Austin Board of Realtors data released Tuesday. The region is on pace to record more than 30,600 sales in 2017, compared with 29,569 last year.

And a recent report by Realtor.com found the median home price in Austin increased 63 percent from 2006 to 2016, the fastest rate in the nation for large metros.

The October figure was up 2.2 percent from the same month a year prior. Much of the growth was concentrated in the suburbs: Single-family home sales increased 1.4 percent year-over-year in October in Travis County, which is home to the majority of Austin proper, while Williamson County to the north saw 5.4 percent growth and Hays County to the south saw 6.2 percent growth.

Click to read more at Austin Business Journal. 

$200M real estate fund launched by developer behind huge Hutto business park

Titan Development, the company building a 72-acre business park in Hutto north of Austin, has closed the first round of funding on a $200 million real estate fund to fuel its pipeline of more than 20 projects.

Titan Development Real Estate Fund I, a private equity fund, was established in April and ended its first round of funding in early October. Currently Titan Development’s pipeline consists of projects in several asset types including multifamily, senior living, self-storage and industrial. Additional financial details were not disclosed.

Click to read more at Austin Business Journal. 

$200M project with homes, shops, offices headed to Round Rock; Officials say it would ‘raise the bar’ for area

A California real estate firm wants to invest $200 million in a mixed-use development at the busy intersection of State Highway 45 and I-35 in Round Rock.

Round Rock is considering offering incentives for the master-planned project, which would include at least 1 million square feet of commercial and residential development. That’s roughly equivalent to what Barton Creek Square mall has to offer, in terms of square footage.

Click to read more at Austin Business Journal.

While Oracle puts finishing touches on new Austin office, tech giant buys more adjacent land

Oracle Corp. appears to planning for expansion of its Southeast Austin campus even before the $300 million-plus development is completed.

Public records show that Oracle America Inc. purchased around six acres at 2225 Elmont Drive, directly south of its 560,000-square-foot campus now under construction. The six-acre plot of land was purchased from an entity formed by Cypress Real Estate Advisors.

Click to read more at Austin Business Journal. 

The commercial real estate world, according to Austin brokerage veteran Mike Kennedy

Once a small commercial real estate market with an equally small cadre of brokers, Austin is now a magnet for young professionals learning the biz. There are still a few long-serving experts who understand how Austin became Austin, and how it can continue its successful upward trajectory.

Mike Kennedy of Avison Young, as such, may be the dean of brokerage in Austin, having moved here in 1985 from Houston where he learned the business in tandem with being an attorney.

“I went to law school because I always had an interest in being a professional, and I felt like being a lawyer would put me in that category. It provided a good business education as well, and it’s proven to be very helpful over the years,” Kennedy said.

Click to read more at Austin Business Journal.

Austin office rents top even Seattle and Silicon Valley among nation’s most expensive markets, report says

Austin’s red-hot commercial real estate market means office tenants are paying rental rates similar to those found in some of the country’s priciest cities.

That’s according to new research on the cost of office space from CommercialCafe, a real estate research firm.

A tenant spending $5,000 per month for Class A office space can get 1,087 square feet in Austin.

That trails only Boston (where you could afford 1,006 square feet); Washington, D.C. (849 square feet); San Francisco (803 square feet); and New York City (703 square feet).

Click to read more at Austin Business Journal.