It used to be said the Tarrytown, Clarksville, Hyde Park, & Bouldin Creek were the cool hip areas to live. But prices in those areas have gotten so high that many buyers had to start looking elsewhere for homes like near downtown like in East Austin. Why East Austin? Well according to developer, Larry Warshaw of the TwentyOne24, and the condo project Este, says,
“East Austin is a viable alternative for young professionals and families who want to be close to downtown but may not have a million bucks to spend on a home,” Warshaw said. “It’s safe, it’s central, it’s cool and it’s more affordable.”
But pricing for these projects is starting to rise. sharply rising construction and land costs make it hard to hold down prices. “The cost to create housing is far outpacing the local area median income, so the problem is only going to get worse,” Warshaw said. And developers say demand for the new housing is strong, despite the prices.
Investors figured out that buying in East Austin years ago yeiled them big returns now the market has gotten very hot in this area. So is East Austin the new downtown of Austin? Well the pricing is still better, but don’t expect that for too long if the demand stays this high. For the complete article, read it here.
