Luxury home sellers in Austin, Texas feel like they’ve found oil.
That’s because prices for mansions in one of the hottest markets in the country have skyrocketed over the past year, rising almost 33% from 2020, according to the Wall Street Journal.
Demand in and around the city, where the east and west roller coasters are pouring in thanks to a lower cost of living, an emerging tech sector and the ability of the Covid-era to work from home, has skyrocketed. In the ultra-luxury market, many high-priced homes are sold without ever being seen on multiple listing services.
“When people come to town looking for big houses, they won’t find them by clicking on Zillow,” Cord Shiflet, the new chairman of the Austin board, told The Journal.
Located in the Texas Hill Country, the Hot Market is helped by the city’s perceived laid-back atmosphere, trendy music scene, and beautiful location.
To sweeten the pot is the fact that Big Tech is moving to the region, with Apple planning to open a billion-dollar campus nearby next year; Oracle making the leap from Silicon Valley to the so-called Silicon Hills of Austin; and Tesla is moving its headquarters from Palo Alto, Calif., to Austin – and considering building a factory there.
With all the emigrants from the coast, it doesn’t hurt that Austin is seen as a little rookie in a giant red state.
Developers are now trying to catch up with demand that was uncertain when Covid hit last year.
The Grove, for example, is located about three miles from downtown and is selling single-family homes as part of its mixed-use development of restaurants, shops, and a park for $ 2.15 to $ 2.4 million. dollars, according to the Journal.
Further afield, the Driftwood, a private community on a golf course about half an hour from Austin, has sold half of its 315 homes for between $ 3.5 and $ 6 million, the publication reported. .