What a lot of Texas investors want to know about the future of Austin’s real estate market
The real estate industry is a hotbed of speculation.
And there’s a lot riding on a new housing development boom.
But a lot more is at stake than just the new houses.
The Austin real estate scene has been in a tailspin for years, thanks in part to a housing bust that has left Austin’s once-mighty real estate values plummeting.
This downturn has resulted in a sharp drop in home values and a glut of new homes that have caused a lot the angst among the locals.
But a new wave of developers are making an inroads into the real estate sector, bringing a wealth of potential income streams to the region.
The latest sign that Austin is ready to move into the next phase of growth is a recent $10 million investment from the city of Austin to build the future city-center home of the NFL’s Dallas Cowboys.
That home was built by real estate company Redfin, and will be called the Texas Star.
Redfin and the Cowboys, who have been linked to other projects in the state, announced a partnership for the project in August.
“Dallas has long been known for its vibrant, diverse community and we’re proud to be a part of that,” Redfin CEO Mike Jobe said in a statement.
“We are excited to be bringing the Cowboys home to the Texas City Historic District and bringing the Dallas Cowboys brand to a new home.
This is an exciting and unique opportunity to be part of Dallas’s next chapter in its growth.”
The deal also gives Redfin access to a large swath of property in the neighborhood.
Redfin has previously worked with local real estate agents and real estate developers to sell the land on which the Dallas stadium is currently situated.
The company recently announced plans to build a new, 22,000-square-foot facility in downtown Austin that will house the Dallas Stars’ training facility.
Redfurx is working with the City of Austin, which is also the lead developer of the project.
The Star will be built on the site of the former Dallas Cowboys practice facility.
The Cowboys have been a staple of Texas sports for decades, and the team has a home in the Texas Capitol.
But the team’s lease with the state expires in 2021, meaning it is now up for grabs to buy out the team and move to Los Angeles.
The Dallas Cowboys are still in Austin, but they are no longer playing in the NFL.
Real estate analysts say the Dallas-area real estate boom could continue to accelerate if new projects are able to be built in the area.
Even though it’s a Texas city, Austin has also been a magnet for real estate development, with many of the biggest deals being made in the city, said Matt Wurth, an Austin realtor.
“I’m seeing a lot happening in Austin now,” Wurths said.
“There’s a big number of developers and a lot going on.”
Redfin is planning a number of projects in Texas, including a $10-million project in downtown Houston that is set to be finished in late 2017, and a $40 million project in the Houston area that will include the home of NFL quarterback Case Keenum.
More than a dozen projects are under construction or in the works for the Dallas area, including the proposed $60 million construction of the University of Texas at Dallas, a $50 million project to build an NFL training facility in the former stadium, and two $60-million projects in San Antonio and Dallas.
The Texas Star is scheduled to be completed by the end of 2021, and Redfin will begin work on the stadium by the start of 2022, according to Redfin’s announcement.