We all knew it. Austin is cool. We toasted it. We danced to it. We stood in line at graduation, talking about who would be able to stay in Austin. Some of us were lucky — or more smitten — and stayed and grew with Austin. Over the years, others discovered Austin. For a long time it was said that 100 people a day arrived. City fathers targeted “clean” businesses and ended up attracting enough tech-oriented businesses that Austin became a hub for innovation and start-ups. Downtown owners revitalized downtown. More people moved in. We expanded a good nightlife scene into destination tourism. Austin has been growing, fast, and we knew it.
Then Elon Musk announced plans to relocate and real estate on the east side got crazy. There is now no direction in which Austin is not growing rapidly. It is said now that 184 people a day are moving in. The moonshot has become a land rush.
Not just people, but capital also is pouring in. In particularly, owners of multi-family properties in NY and CA, tired of the rent controls in those states, are purchasing Texas assets. Did you see in today’s ABJ that a survey now show that Austin in in the top few targets for foreign capital as well? We even edged out Dallas.
From the perspective of most long-time Austinites, the price rise is crazy expensive. From the perspective of someone coming in from San Francisco or Singapore, the market was undervalued. The reality is, as crazy as it may seem, these valuations will very likely continue to rise. It is a fine time to invest in Texas real estate.
Recent article covering experts’ prediction.