Austin Texas: always a constant source of entertainment, education and a platform for just about anything, but spring time certainly kicks things up a notch.
March Highlights in Austin
The City becomes a global showcase for technology, music, film and even kites. Honorable mentions include President Obama’s keynote, his trip to Torchy’s Tacos, the First Lady’s visit and a record high of 92 degrees. Highlights for the month include the South by Southwest (R) film, interactive media, and music festivals and conferences, the Zilker Park Kite Festival, Rodeo Austin and St. Patrick’s Day at Fado. Last years SXSW (R) festival alone generated a total economic impact of $317.2 million. It is the single most profitable event for the City’s hospitality industry.
Attention Getting Austin hits 2 Million Residents
It was also spring break in Central Texas, so if you left town – you missed the traffic as well as the tie fighter. Austin’s consistent global spotlight reflects the booming real estate market. Plenty of people come for a visit for work or vacation and then don’t want to leave. The U.S. Census Bureau just reported growth in the Austin-Round Rock metro area from 1,943,465 in July 2014 to 2,000,860 in July 2015.
For every event I mentioned, there were 2 that I didn’t. Let’s just say adults and children alike were a little sleepy last week from springing ahead along with being back to the daily grind.
The Austin City Limits Music Festival has come and gone for 2014 leaving a large boost for Austin’s economy in its wake. Headliners including Outcast, Eminem and Pearl Jam contributed to both 3-day weekends selling out to roughly 75,000 visitors per day. The estimated total in revenue was $175 million for Austin in 2013.
Much of the economic contribution is from out of town guests visiting and staying in Austin for the festival. Roughly sixty-six percent of ACL festival attendees are from out of town and spend an average of nearly $900 per day on food, lodging and retail.
For attendees curious to know what homes are worth near the Austin City Limits Music Festival, below lists up-to-date market data specific to real estate for sale located within 1 mile of Zilker Park:
Austin Condominiums for Sale near Zilker Park:
- Current Number of Active Homes: 23
- Total Number of Pending and Active homes: 31
- Average List Price: $487,884
Austin Single Family Houses for Sale near Zilker Park:
- Current Number of Active Homes: 14
- Total Number of Pending and Active homes: 25
- Average List Price: $1,465,393
Other Zilker Park events include the Zilker Kite Festival, Blues on the Green and the Zilker Trail of Lights lending it to be a source of consistent entertainment year round. Homes located near Zilker Park are considered prime real estate and are consistently low in supply and high in demand.
The Zilker Park Kite Festival celebrated its 83rd year Sunday with little wind, but plenty of fun. The South Austin event has the honor of being the longest continuous kite festival in the United States. Thousands turned out for a beautiful day at the park, which proves to be yet another reminder of the wonderful city we live in.
Let’s take a look at the Zilker Park area real estate market, for those who live close enough to walk or bike to the park.
Local Austin Market Data
There are 82 houses actively for sale within a 1.5 mile radius of Zilker Park, which includes part of 4 different market areas. All of the homes are in the City of Austin, with the exception of one which is in the City of Westlake Hills. List prices range from $225,000 to $8.9 million. The median time these homes have been on the market is 52 days and the median price is $537,400.
The same 1.5 mile radius has 114 condominiums actively available for purchase. That number includes everything designated as a condo, whether it a duplex style, or tower like Spring Condominiums. Active list prices here range anywhere from $124,900 to $4.9 million. The median time on the market for a condo in the 1.5 mile radius surrounding Zilker Park is currently 59 days.
Zilker Park is located at 2100 Barton Springs Road and encompasses 351 acres.
It was an amazing week to be in Austin last week. We started with the Zilker Park Kite Festival, then moved on to SXSW, and it was spring break. All in all people were out and about exploring this wonderful city we live in. Where was I? A little bit of everywhere, buyers are hustling to meet the tax credit deadline, and I am moving them along. My goal is to have everyone who cares about the tax credit to be under contract within the next week.
Understand, we need our option period to decide whether to go forward with the house, and then there is of course, the financing hurdle. I am advising my clients to keep the ball in someone else’s court while we shop. If the Lender wants pay stubs, tax records, employer contact information…whatever it is, let’s get them the information they need, so we can get the file into underwriting as soon as possible.
Lender qualifications change often, so it is important to keep in contact with them. If for some reason, we fall out of contract and then need to find another house to purchase, we still have time to meet the deadline.