The Austin housing market is crazy. The thing driving it has more to do with nerds selling their 1500 sq. ft. house in California for $1.5 million then thinking they got a good deal on a 2200 sq.ft. house near downtown Austin for the same price. Tech companies are flocking from CA. To Austin.
Most of the big outside money is going in to pools of money to build multi-family housing. Much to build high rise properties. There is so much of that kind of property being built in Austin that people joke that the city bird of Austin is the crane. To my eye this kind of development is being overbuilt.
They will fund it knowing at least they have an investment or even a place to stay if things get too crazy in their country.
We are seeing Austin change from the city of Dellionaires to “CA and Asia in the Midwest”.
CA is seeing home prices exploded over the past few years due to Chinese money desperately seeking security.
Those Californians with their high real estate values are taxing us out of our homes.