ATX RE Podcast @atxREpodcast Twitter profile

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ATX RE Podcast

@atxREpodcast

4 months

Made the insane decision to stop at BUC-EE’S this weekend. There has to be 2,000 ppl shopping. GM said they will do $400,000-500,000 today in sales. They have 128 gas pumps, 80 restroom stalls and 60 cashiers. Never seen anything like it. It’s a mega-gas station.

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ATX RE Podcast

@atxREpodcast

7 months

Assuming a 10% down payment, Austinites now need an income of $149,000+ to “comfortably” afford a home. Up from $84,000 pre-Covid. About a 77% jump in just 4 years. As always @NewsLambert puts out a great news letter with amazing info.

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ATX RE Podcast

@atxREpodcast

1 year

Buy vs Rent cost spread in Austin is brutal right now. If you buy a new $500,000 home, it costs you about $4,000 per month w/ mortgage, taxes and ins. To rent almost that same home, maybe a few years older, costs roughly $2,400 to $2,800 a month. Renting costs 30-40% less.

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ATX RE Podcast

@atxREpodcast

3 years

Had a mentor once tell me of the “rich old guy model” Buy one rental house a year until you retire. Don’t think to much about it, just get a decent price. More likely than not, you’ll be sitting pretty at the end.

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ATX RE Podcast

@atxREpodcast

4 months

@LoewyLawFirm Just can’t believe there is a Disneyland for gas

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ATX RE Podcast

@atxREpodcast

1 year

Hearing horror stories of Multifamily insurance costs. Have a Friend w/ 450 unit deal, he said their cost per unit is going from $400 to $2,000. Insurance expense went from $180,000 per year to $900,000 per year. Only one company will insure. No other bids. Sunk the deal.

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ATX RE Podcast

@atxREpodcast

10 months

The Home Act passed yesterday at Austin City Council! - 3 units allowed in SF-1,2,3 zones - Duplexes allowed on 5,000 SF lots - expanded FAR - front setbacks now 15 feet - reduction in occupancy limits - tiny homes legal 400 SF and under Biggest changes in decades.

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ATX RE Podcast

@atxREpodcast

3 years

I know an elementary school teacher that lives on Mopac in a 554 SF apartment. Her rent just got bumped to $1,622. Thats 60% of her monthly take home for a shoebox apartment w/no yard. She said she is leaving Austin next year, she can’t afford it. #housingcrisis

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ATX RE Podcast

@atxREpodcast

2 years

New Property Tax Values are out in Travis County. It’s a bloodbath for taxpayers. Values for our Properties are up between 30-60%. I just don’t know how regular Texans are going to hold on.

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ATX RE Podcast

@atxREpodcast

3 years

Almost fell victim to real estate related wire fraud this evening. If I hadn’t been paying close attention to the grammar and word choice, I might have lost $400,000. This fraudster is pretty cunning. Here’s how it worked: 🧵

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ATX RE Podcast

@atxREpodcast

2 years

Austin Market: Spoke with 4 Lenders today, all said avg # of deals in the pipeline have dropped off from 15 to 2. Then called the Builders... most have halted all purchasing of new lots. Pre selling now. Then checked MLS, 1,400 price decreases over the weekend. Big shift!

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ATX RE Podcast

@atxREpodcast

1 year

BOOOM Austin City Council just voted YES to asking Staff to bring forward an Ordinance that would: 1) reduce minimum lot size below 5,750 to 2,500 2) allow 3 houses per lot in SF zoning 3) adjust limitations to make possible within existing code Game changing for housing.

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ATX RE Podcast

@atxREpodcast

11 months

Austin City Council voted today to eliminate parking minimums Citywide. This will have a dramatic impact on the feasibility of developments for small businesses and restaurants. Largest US City to remove this regulation.

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ATX RE Podcast

@atxREpodcast

7 months

Insane that the City of Austin turned Barton Springs Rd from a double lane to a single lane + bicycle lane. Auto traffic is backed up North on Lamar from Oltorf To Barton. Everyone is trying to turn left to enjoy Zilker Park and basically choked out. 400 cars / 2 bikes

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ATX RE Podcast

@atxREpodcast

1 year

92 foreclosures posted this month. Up at least 30%. Lots of LLCs on the list. Many deals gone sideways. I expect the # of foreclosures to grow substantially from here with rates north of 7%.

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ATX RE Podcast

@atxREpodcast

2 years

Y’all the Real Estate Market is Austin is shifting quickly. Austin Proper Stats: June 2021 - 1,342 Active listings with 1,641 houses sold. June 2022 - 2,642 Active listings with 1,186 houses sold. Active listing up 97% While total units sold down 28%. Buckle up!

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ATX RE Podcast

@atxREpodcast

4 months

The City of Austin is proposing to bring forward rules on what plants new homes are allowed to plant in their yards. All new homes will be restricted to an acceptable plant list. Sorry to the gardeners out there, you can’t choose your own plants, the City Staff chooses now.

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ATX RE Podcast

@atxREpodcast

3 years

Lumber prices sky rocketing again. Jan 6th quote: $39,000 Go to order today... Feb 9th cost: $63,000 Very casual 60% price increase. This is gonna get rough for construction costs.

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ATX RE Podcast

@atxREpodcast

1 month

This is one major reason why housing is expensive. In Central Austin, someone tried split one existing lot, into 6 lots. Goal was to build 12 homes where 1 home used to be. Process took 2 years. And the City charged some very large fees. For example, the City charged

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ATX RE Podcast

@atxREpodcast

1 year

If things go well at Austin City Council tomorrow, Fourplexes and Triplexes will be exempt from the Site Plan process. The process for permitting a Fourplex will be as easy a single home and take 45 days vs 1 year with site plan. Big win for housing and Austin!

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ATX RE Podcast

@atxREpodcast

1 year

Austin City Council going BIG on infill housing. 🏡 This new resolution asks Staff to: 1) allow up to 3 units per lot city wide, even on small lots 1) only apply McMansion regs to 1 house per lot. 3) eliminate site mins, increase far, rework imp cover.

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ATX RE Podcast

@atxREpodcast

2 years

Houston vs Austin density: 5000 SF lot in Houston will yield 4 units. In Austin, 1 unit. 10,000 SF lot in Houston might yield an “8 pack” or 8 units. In Austin, 2 units. ATX is missing the boat on providing more housing. #housingcrisis

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ATX RE Podcast

@atxREpodcast

3 years

Call with a land owner today: He said “I would never sell... ever. I’ll be dead before that happens” I told him our Buyer would offer $30,000,000. Land owner responds: “Gah-Lee I’ll be out this son’-of a-bih by 7PM tomorrow evening and you can keep my wife!” Money talks.

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ATX RE Podcast

@atxREpodcast

3 years

@paulkrugman The City of Austin has one of the most restrictive and complex permitting processes in the United States.

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ATX RE Podcast

@atxREpodcast

2 months

ATX City Council just voted to pass a roughly 7% increase in fees / taxes onto every single Austinite. An average increase of $358 per year. So many people just scraping by, but our Leaders seem to raise taxes EVERY SINGLE YEAR. Where is the relief?

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ATX RE Podcast

@atxREpodcast

3 years

Opendoor recently bought a remodeled house from an investor I know. Paid 150k above what we both agreed was likely market value. Then they listed the house a month later for 15k more than they paid. Have since lowered the price 2 times and are now 30k below their PP.

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ATX RE Podcast

@atxREpodcast

3 years

The longer I build houses in Austin, I realize that the current City policies/departments behind building housing are not broken. Actually the policies/departments are functioning as intended. Just that the intention was to slow, impede and limit new housing at all costs.

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ATX RE Podcast

@atxREpodcast

3 months

Austin Real Estate market continuing to struggle. YoY prices down about 4.1% , so for a $600k house prices have dropped about $24k. Still leading the nation in total decline from peak at 18% down. A lot of downward pressure on pricing even in peak summer.

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ATX RE Podcast

@atxREpodcast

1 month

Had lunch with a local Apartment Developer. Has built 3,000 units in ATX Proper. He said: “I’m tired of being treated by the City of Austin Staff like I’m some kind of bad guy. I started a project in Houston recently, they rolled out the red carpet, their Staff was excited

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ATX RE Podcast

@atxREpodcast

5 months

Is anyone surprised Oracle is planning to move its HQ out of Austin? If you look at the Riverside/Pleasant Valley area, it’s inundated by trash, camping and drug use. The City treats that area as an after thought. If I were Oracle I would look to move as well. Not surprised.

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ATX RE Podcast

@atxREpodcast

8 months

Austin rent coming due… Renters will likely see lower rents, more concessions from Landlords. If you’re looking to rent a house, don’t be afraid to negotiate. Throw out lower numbers and better terms. There is a lot of supply and competition trying to earn your dollar.

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ATX RE Podcast

@atxREpodcast

3 years

Just finished building 2 houses on a single lot in Austin. Required 20 permits, 10 per house. Required over 35 inspections or 17 per house. The process of complying with this intensive amount of inspections add significant costs. Many inspections cost $500 plus in fees.

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ATX RE Podcast

@atxREpodcast

1 year

Austin City Council sent this notice today to millions of Austinites via snail mail. In a stunning turn of events, Council is considering: Allowing 3 units per Single Family zoned property including RVs AND Removing restrictions on unrelated adults living together.

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ATX RE Podcast

@atxREpodcast

5 months

Austin City Council set to vote in “Home Act II” tomorrow. These changes will possibly: -reduce minimum lot size to 1,500 or 2,000 -reduce lot width to 20-30 feet, - allow zero lot line Town home style (similar to Heights in Houston) -reduce front yard setbacks to 15ft

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ATX RE Podcast

@atxREpodcast

2 years

Anyone who paid market for land in Austin, Feb 2022 through May 2022 is likely underwater at this point. I know I am. Must be more.

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ATX RE Podcast

@atxREpodcast

2 years

This is one of my favorite charts to track in ATX. Blue - # of sold homes Green - # of active listings Volume dropping off a cliff. Sellers still being sticky, but prices will continue to go down I imagine. If you happen to be one of the few closing, count your blessings.

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ATX RE Podcast

@atxREpodcast

7 months

Its crazy to compare City of Austin enforcement of Environmental (EV) regs against home Builders vs. homeless Barton creek encampments. Home builders have dozens of EV inspections on their private properties. Fines for trash, lack of mulch etc… checkins monthly with detailed

DASH

@DocumentingATX

7 months

Barton Creek Greenbelt. It is as bad as expected and this is just the entrance.

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ATX RE Podcast

@atxREpodcast

5 months

Council Vote! City of Austin min lot size is now 1,800 SF. Was 5,750 SF - a decrease of almost 69%.. Wild!! Small lots are LEGAL.

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ATX RE Podcast

@atxREpodcast

2 years

Proposed a 13 lot subdivision with a cul-de-sac, infill location. City of Austin timeline 1-3 mths for intake 7-12 mths for subdivision 10 MORE months for road review must be done in order. 25 months of paperwork for 13 houses. Ya right! Gonna build the current 2 allowed.

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ATX RE Podcast

@atxREpodcast

3 years

Know a Builder with a new home for sale under contract at 550k. Buyer backed out due to 60 days construction delays. Builder is now under contract with a new Buyer at 750k. Sent the old buyer a gift basket.

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ATX RE Podcast

@atxREpodcast

2 months

Texas currently more homes for sale than any time in last 14 years. Austin Round Rock Metro is one of the top 5 large markets, leading the nation in list home price decreases. 50% of listed homes lower their list price.

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ATX RE Podcast

@atxREpodcast

2 years

The mortgage volume in Austin has dropped off a cliff.

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ATX RE Podcast

@atxREpodcast

3 years

My theory is that The Fraudster logged in the escrow email account and didn’t click anything. Then waited to send an exact duplicate email within minutes of the first email hoping the end recipient would cc the wrong thread. Makes me shutter. It was to real. Always call! End/

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ATX RE Podcast

@atxREpodcast

3 years

41 towers planned or under construction in DT Austin right now. The future skyline will be unrecognizable.

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ATX RE Podcast

@atxREpodcast

1 year

“43,000 units under construction in Austin - accounting for 16% of the total rental product in that Market.” -JLL In other words, the # of apartments being built is almost 1/5 of all apartments in ATX. Will be interesting to see if rental rates come down.

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ATX RE Podcast

@atxREpodcast

5 months

The number of homes for sale in Zilker, Bouldin, Barton Hills and the rest of 78704 is at a 14 year high. The last time there were this many homes for sale was Aug 2009. Inventory is accelerating, prices should continue to see downward pressure.

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ATX RE Podcast

@atxREpodcast

3 years

In the entire City of Austin, there are 11 homes Active for Sale under $400,000. Of those, most all need a lot of work. Native Texans are getting more priced out by the hour.

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ATX RE Podcast

@atxREpodcast

2 years

If you can swing a hammer and carry some wood, framing crews in Centex are paying $350-$400 a day now. 90-100k a year. Yes, in many cases, the guy driving the heat up white van is making more than you.

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ATX RE Podcast

@atxREpodcast

11 months

Tomorrow Austin City Council is set to vote on allowing 3 units by right in single family zones. Many property owners would be able to add 2 ADUs behind their existing home. I expect the hearing to be contentious as this is a highly controversial topic in Austin.

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ATX RE Podcast

@atxREpodcast

12 days

Unpopular opinion. ACL should be limited to one weekend (instead of two) with the setup/takedown shortened considerably. Sucks that majority of Austinites can’t use Zilker Park from Sept 23 to Nov. during arguably the prime fall weather! Then the grass is all dead.

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ATX RE Podcast

@atxREpodcast

1 year

Housing politics in Austin are red hot this week. @LesliePoolATX proposed a resolution to allow 3 homes per lot across the City. Imagine lots with triplexes/tiny homes sprinkled in central neighborhoods. Seems like a generational shift is brewing with no partisan lines

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ATX RE Podcast

@atxREpodcast

3 years

Talked to an old timer about his rentals. He had a problem with people dealing drugs & prostitution in front of his houses. His rents were depressed and had trouble signing leases. So he decided to buy 2 bee hives. Turns out people don’t like to hang near bees! Problem solved.

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ATX RE Podcast

@atxREpodcast

3 years

Building a home is much easier than thoroughly renovating one.

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ATX RE Podcast

@atxREpodcast

10 months

We have a project stalled, so today I started calling City of Austin staff to see what we needed to do to keep the project moving. I called no less than 20 CoA Staff, ZERO answered. Half the voicemails don’t work or are full. Hard to get anything done w/ no communication.

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ATX RE Podcast

@atxREpodcast

3 years

Our team builds roughly 40 homes per year. At any given time, we have 10 homes in permitting, 10 homes under construction, 10 homes for sale and 10 homes under contract for purchase. Below are a few key ideas that have allowed us to scale up larger than a few homes per year:

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ATX RE Podcast

@atxREpodcast

3 years

Got outbid on a large parcel by 40% more than I offered. I was stunned, I had underwritten it 7 diff ways. It was slim margins. Come to find out the Buyer is new to RE and has no experience. Can’t help but think, they sure are about to get a a ton of real intense experience.

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ATX RE Podcast

@atxREpodcast

3 years

Hard money: 2015: 14% Interest, 3-4 points origination 2018: 12% interest, 2-3 points 2020: 10% interest, 1-2 points 2021: 5-7% interest, 1 point Capital is flowing in.

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ATX RE Podcast

@atxREpodcast

3 years

Real Estate Development is fundamentally simple IMO. But the problems you face are difficult to deal with and often times a major headache. This is a key reason a lot of people don’t want to do the work and why there is so much value to add. Let me explain: (1/3)

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ATX RE Podcast

@atxREpodcast

3 years

I bet real inflation regionally in Texas is 30% YoY. I know CPI is reading 7%. But it’s lagging. Being a home builder, we are seeing frontline cost increases. Everyone is asking for wage increases. Everyone. I just bought a Gordita for $25 in South Austin. It’s full bore.

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ATX RE Podcast

@atxREpodcast

19 days

Austin leading the Country in inventory growth. 200%+ more homes for sale than 3 years ago. Real Buyers market at this point.

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ATX RE Podcast

@atxREpodcast

3 years

To build 10 homes in Austin, it takes about 270 inspections. That’s 270 times my folks meet inspectors in the field. On some houses we have 6 pre-con inspections all separate meeting times and inspectors. It’s pretty wild and costly. Housing prices are going up up.

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ATX RE Podcast

@atxREpodcast

5 months

Lost Creek, a little neighborhood in Westlake, voted to remove its self from the City of Austin. Officials tally not in, but something like 90%+ of residents voted to leave Austin. Should have an interesting impact on land use regulations, policing, fire and other services.

KUT Austin

@KUT

5 months

Three of six neighborhoods near the outskirts of Austin will be removed, or “disannexed,” from the city limits following voter approval in Saturday's election. That includes Lost Creek in West Austin, the largest of the three.

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ATX RE Podcast

@atxREpodcast

3 years

Lumber Cost Per House: May 2020 - $30,000 May 2021 - $84,000 Same house. Same take off.

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ATX RE Podcast

@atxREpodcast

3 months

Current time to build a home from stake out to final inspection. - 8 months Current time get Austin Energy to install a new power pole for said house. 1 year. Building a home with 2,000 parts and 40 vendors, takes less time than sticking a pole in the ground.

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ATX RE Podcast

@atxREpodcast

1 year

State ADU Bill was defeated mostly by local ATX politicians. They scream “affordable housing” but literally killed one of the most affordable types of housing. We are talking ADUs folks, not mansions. Small houses in your backyard. Not an apartment complex.

John Arnold

@JohnArnoldFndtn

1 year

Texas Dems have yet to get the YIMBY memo: "The ADUs bill died by a 68-70 vote, with 43 Democrats and 27 Republicans voting against it. Fifty-five Republicans voted in favor, joined by 13 Democrats."

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ATX RE Podcast

@atxREpodcast

3 years

Recently, at a closing, I double checked the settlement statement before signing. The statement said the Seller was requesting a $200,000 wire directly to the Lamborghini dealership for his new ride. Guess he had a low basis!

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ATX RE Podcast

@atxREpodcast

5 months

At the peak: Their were homes for sale w 10-20 offers Builders were being created out of thin air Realtors were making millions with less than a few years experience Subs wouldn’t call back and could command any price Due diligence was thrown out the door Oh what a time

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ATX RE Podcast

@atxREpodcast

2 years

Texas State Senator Hughes filed a bill that would hamstring the City of Austin compatibility ordinance. Current ATX Compatibility setbacks (50ft-200ft) highly restrict the # of houses being built. This law would be a big step for housing affordability across our City.

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ATX RE Podcast

@atxREpodcast

1 year

Hearing reports of a large local developer collapsing. Additionally, have seen a handful of Builders on the Foreclosure list this month. Friendly reminder to deleverage, buy right and be patient out there. Much happening in the market with more to come.

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ATX RE Podcast

@atxREpodcast

9 months

Austin reverting to the mean. My guess is we will likely continue to see some pain as the higher priced inventory burns off. Feelings of a Buyers market with concessions expected. Buyer have choices and time.

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ATX RE Podcast

@atxREpodcast

2 years

Major Improvements potentially incoming at City of Austin Development services department. According to Mayor Watson’s office @McKinsey has been hired to scrub the housing permit process. What a great piece of news for housing in Austin.

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ATX RE Podcast

@atxREpodcast

3 years

LONG TEXAS- This past YR, 73 major companies chose to move their HQ to the Lone Star State. Texas has the 9th largest economy in the world. Imagine what it takes to move a major company, the expense, the effort, there must be a compelling reason. Texas is that reason.

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ATX RE Podcast

@atxREpodcast

1 year

This new homeless camp map released by @DocumentingATX is very accurate. South / South East Austin has been inundated with camping, drug use and theft. If it’s not glued to the ground it’s gone. Sad truth.

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ATX RE Podcast

@atxREpodcast

11 months

Austin lead the nation in median home price decline in Q3 of this year, according to the National Association of Realtors. The median home price in Austin dropped -10.3% Q3 YoY. In a distant second place, was Honolulu at -5.8%. Demand has fallen off considerably 1/2

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ATX RE Podcast

@atxREpodcast

2 years

According to this: A $600,000 house in Austin last Feb 2022 Now worth about $522,000 today.

Rick Palacios Jr.

@RickPalaciosJr

2 years

Unfortunately, home prices in tech and venture capital hubs are already down the most from 2022 peaks for markets we track across the country. Any additional setbacks for tech & VC (now brewing) aren't ideal.

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ATX RE Podcast

@atxREpodcast

11 months

78704 - Zilker, Bouldin, Travis heights etc… continue to take a beating on sales and pricing. Oct 2023 - 97 houses listed over 1.5M, only 2 sold. Sept 2023 - 93 houses listed over 1.5 M, only 5 sold. Talk about a brutal market in 1.5M and up.

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ATX RE Podcast

@atxREpodcast

1 year

Most TX A/C systems are designed for 100 degree temp. Systems cool to a 25 degree differential from outside air. So if it’s 105 degrees outside, & your A/C is cooling to 77 degrees, even though it’s set to 73 degrees, it’s actually working as designed. 105 - 77 = 28 cooler

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ATX RE Podcast

@atxREpodcast

4 months

🧵The most impactful pro-housing change passed by Austin City Council this yr is a major reduction in Compatibility regs. Previously, a building couldn’t reach 50 ft in height unless it was 200ft away the property line of a house. Even on a major road like Congress Ave.

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ATX RE Podcast

@atxREpodcast

3 years

Googles New Tower taking shape. Looks like a sail. The speed with which the skyline is changing is hard to describe. It’s really Starting to feel like one of America’s biggest cities.

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ATX RE Podcast

@atxREpodcast

3 years

If you want to find real estate deals, you have to “get in the conversation.” I talk to 30-50 people a week. Reminding them of what I’m looking for, or giving direct feedback on current properties. I Talk to everyone... brokers, neighbors, cashiers, dog walkers. You name it.

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ATX RE Podcast

@atxREpodcast

3 months

Take a look at those inventory numbers. Absolute big jump in supply. Heading to 2009 numbers in the inventory side. Hold your horses.

Chris Jacob

@HousingRpt

3 months

Wow Lots happened while on vacation. Austin has over 10,000 active listings. We have not seen that since 2010/2011

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ATX RE Podcast

@atxREpodcast

4 months

Downtown Austin Condo / Housing Market taking quite the hit. Roughly 8-9 months of inventory. If you’re a Buyer, you have pick of the litter. Rainey is having a particularly rough time. I suppose the lure is dissipating as fun bars / restaurants continue to be demolished.

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ATX RE Podcast

@atxREpodcast

1 year

Wow! This Bill is heading to the Governors Desk. What a win for housing and keeping costs lower. Cities in Texas will have 15 days to respond to site plan and permit applications or 3rd parties will be able to review and approve projects. Will have a huge impact.

ATX RE Podcast

@atxREpodcast

1 year

🚨Big Pro Housing Bill Coming up for vote today at Texas State Level is HB14, which will force Cities unable to review development permits with 15 days, to allow 3rd Party permit reviews. The bill also says Cities can’t charge a fee, force a waiver or create a front end review

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ATX RE Podcast

@atxREpodcast

3 years

Submitted for a single Family Building permit in two TX cities. City of Austin Review Fee - $2,291 City of San Antonio - $700 Why does it cost 3x to review a home in Austin? Austin Housing fees are up 800% in 5 years.

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ATX RE Podcast

@atxREpodcast

3 years

Have a great half acre lot. Would love to build 4 - 600 SF tiny homes and sell for 400k each. But the Austin code incentives me to build a 1.2 million dollar spec. So here comes another mini mansion. So frustrating.

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ATX RE Podcast

@atxREpodcast

3 years

When we started building 7 years ago, a single day Laborer was $100 a day. Today, same guy and skill set running about $250-300 a day... if you can find them.

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ATX RE Podcast

@atxREpodcast

3 years

I just surveyed 7 builders I know about how long it would take to subdivide 1 lot into 2 in the City of Austin. 3 said 1.5 years 4 said 2 years Just the app fee is 20k. Housing not a priority here.

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ATX RE Podcast

@atxREpodcast

3 years

General Rule of Thumb - if you want good pricing from your subcontractors or GCs, don’t show up to the meeting in a 2021 G Wagon, or exotic car. I drive a 10 year old truck for a reason. It’s low profile and unassuming. When the industry guys see your new whip, they see $$$.

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ATX RE Podcast

@atxREpodcast

3 years

Last week, Austin City Council passed an resolution requesting that the City Manager study the cost of housing. City Staff have up to a year to complete the report. I argue they could email 3-4 builders and the report could be complete by Friday. Cost are up. Need relief.

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ATX RE Podcast

@atxREpodcast

6 months

According to WSJ the gap between renting and buying is the highest in the Nation in Austin. 17,000 apartment units delivered last year 6% of inventory with another 11% on the way. Rents are moving down 📉

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ATX RE Podcast

@atxREpodcast

3 years

Beware of wire fraud: friend of mine got an email from the title company, w/ his agent and lawyer cc’d. The email instructed him to wire 250k the next day, which he did. Turns out it was a scam, all 3 emails were fakes. The number he called to verify was a burner.

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ATX RE Podcast

@atxREpodcast

2 years

Austin Housing Crisis continues. I have called 11 different City of Austin staffers in the last 3 business days. Literally zero answered their phone and none have called back. How can we build housing when there is no communication and every CoA staffer works from home?

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ATX RE Podcast

@atxREpodcast

2 years

Austin Market feels very slow right now. It’s like driving 120 MPH then slowing down to go 30 MPH in a school zone. It was FOMO on the way up, now it’s FOBS “fear of buying shit” in the way down.

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ATX RE Podcast

@atxREpodcast

3 years

My paint rep told me to expect a “flat paint” shortage for a couple weeks as large apartment developers have run on paint. A run on paint? Where are we in the cycle.

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ATX RE Podcast

@atxREpodcast

5 months

City of Austin authorized $9,000,000 for design and engineering for the new “Wishbone Bridge” connection on Ladybird Lake. (townlake) I wonder what a private company in the same position would have paid for design and engineering. Is this market? $9M?

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ATX RE Podcast

@atxREpodcast

1 month

A Home Builders Assoc. and ABOR study showed City of Austin Fees were exorbitant compared to TX peer Cities. ATX charges 186% more in Fees than Hou, Dallas and SA. Super high fees aside, TIME to permit is the real killer. It’s one thing to charge the hell out of people.

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ATX RE Podcast

@atxREpodcast

2 years

Austin City Council is holding a discussion December 1st to possibly make triplexes and fourplexes exempt from the site plan process. This would make permitting triplexes and fourplexes take 90 days instead of the 360 days. Could be a major win for housing affordability.

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ATX RE Podcast

@atxREpodcast

3 years

Construction bid variances are wild. Recently, I had a neighbor ask me to double check her bids to install a new yard sewer line: Bid 1 - $21,000 Bid 2 - $13,000 Bid 3 - $4,700 I see this all the time. Huge differences in prices with the same scope of work. Always negotiate

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ATX RE Podcast

@atxREpodcast

2 years

Opendoor CEO: “Opendoor's forecast did factor in higher interest rates, but not for home price appreciation to shift alongside it. “ So their fancy algorithm missed the most basic of real estate concepts. When rates go up, prices tend to go down.

Opendoor CEO: Our algorithm couldn't predict steep decline in housing market

Opendoor CEO Eric Wu says the company's algorithm didn't predict housing market shifting so quickly. The quick market shifts rivaled those of the housing crisis of 2008, he said. The company posted...

stocks.apple.com

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ATX RE Podcast

@atxREpodcast

1 year

Item 126 on todays Council Agenda is an even BIGGER deal for housing. Reduction of minimum lot size, 3 homes per lot by Right, adjustments in impervious cover. These are pro housing solutions no body could have imagined even 4 years ago.

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