With an ever-growing list of new development and company expansions, Austin is primed to continue its steady growth. We examine the next hot neighborhoods in Austin where you should start looking for your next deal now.
With City council essentially giving the thumbs up to a $200 million Major League Soccer Stadium at McKalla Place on North Burnet Rd, the surrounding neighborhoods are all set to see a boost in value. But the big winner will be the Quail Creek neighborhood. Bounded by Highway 183, Metric Blvd and Braker Ln and North Lamar, the area has historically seen home values well below those South of Highway 183. While values have risen somewhat over the past year, you can still scoop up fixer-uppers in the low $200Ks. Remodeled homes are easily selling in the $365K range. Look for these prices to jump once the project is officially green-lighted and construction is underway. The neighborhood is still minutes away from downtown and will soon be steps away from new restaurants and retail that will certainly be part of the new stadium development.
Addison, Pilot Knob, and Easton Park
What just a few years ago was nothing but pasture land South of Austin Bergstrom International Airport is now primed to become Austin’s next metropolis. The new developments in the Addison, Pilot Knob and Easton Park neighborhoods are the first but certainly won’t be the last as a number of major corporations are making a strong bet on the area. HEB recently purchased 17 acres of land at FM 973 and State Highway 71. Fashion giant Chanel recently purchased 50 acres for a manufacturing facility South of the airport as well. These land purchases are within the Velocity Crossing development to be built near the Texas 130 and Texas 71 intersection. Featuring 4.5 million square feet of retail, restaurant, office and apartment space, it’s simply massive and that means a lot of jobs. The real estate play in these neighborhoods is rentals. Right now 4-bedroom houses are leasing for $2000/mo. Expect that to skyrocket (along with home values) once the big boys move in next door.
This one is a bit more speculative, but still worth considering. As the Soccer Stadium at McKalla Place appears to be on the horizon, the City of Austin is now prioritizing redevelopment of four more urban sites. Two of the sites are located in the already high-dollar Allandale and East Austin areas. Another is on Riverside close to massive apartment complexes. But one is interesting because of it’s proximity to the historically low-priced St Johns neighborhood. Here, the City is pushing for redevelopment of a 20-acre site on IH-35 that was formerly a Home Depot and car dealership. Priorities are the usual: Mixed use, affordable housing, health care opportunities and creative space for artists. So in the near future St Johns could transform from a neighborhood with very little within walking distance, to one with acres of shops, restaurants and creative space. Here, fixer-uppers can still be snatched up for $150K with remodeled homes selling in the high $300s. Look for values to significantly increase once new development plans fall into place.
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