Downtown Austin Living in Strong Demand
Downtown Austin Living: A Dream?
Downtown Austin addresses have been a hot debate topic in the last few years, especially since a flock of cranes alighted upon the skyline. People have been asking about these new mega-residences: will they or won’t they work out? The Austin Business Journal, a reputable local trade publication, recently reported a study by Texas economist Ray Perryman that hints at a healthy demand for downtown Austin living. He says that even though the nation-wide housing crisis is still a reality, the Austin housing market remains stable and the downtown Austin housing market will only strengthen.
Downtown Austin: The Numbers
Downtown Austin currently has 6,000 residents, and there is a combination of about 4,000 residential units either under construction or planned to be, which indicates that downtown Austin’s population will approximately double in the the next two years. Austin’s housing market accomodates more than 40,000 new residents each year, and with rising energy costs and increasing traffic troubles, a sizable amount of that market will flock to live in downtown Austin.
Skepticism towards downtown Austin living arises with the pricetag; most of these new downtown Austin units cost $500,000 and above. Perryman insists that a market of young professionals in growing fields will support such costs. He says that if even less than one percent of the current greater Austin population moved downtown, then all unfilled existing and planned downtown Austin residencess would be occupied.
Downtown Austin Resurgence Supported by Mayor Will Wynn
“We are seeing a remarkable resurgence in downtown Austin,” says Mayor Will Wynn. Wynn has always supported the expansion of downtown Austin, and developing the downtown housing market. In his view, a good mix of condominium developments (such as the 360 building and the Austonian) and rental buildings (most successfully AMLI and the Monarch) are a healthy combination for the downtown Austin housing market, but also cites lower income housing developments such as the revamp of the Green Water Treatment Plant as a representation of the other side of the downtown Austin living spectrum, affordable housing.
A smart move would be to jump on the downtown Austin housing opportunites before they dry up and demand that another flock of cranes land on the downtown Austin scene. But those opportunities that get snatched by the downtowners will leave spaces open for those uninterested in downtown Austin living. Either way, the Austin real estate market is a great place to home search.
