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Clash of Cultures DISTORTED Austin's Real Estate Market
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- Опубликовано: 9 июн 2024
- Discover how Austin's evolving culture has had far reaching effects on the local real estate market. If you're considering moving to Austin or interested in the housing market, this is a must-watch!
Charles Lewis is a REALTOR® in the Austin area and helps people buy and sell houses all over the Austin metro area. Schedule a no-obligation phone call to find out how he can help you accomplish your real estate goals: bit.ly/ATXPhone
Charles Lewis
Keller Williams Realty
call/text: (512) 592-0938
email: charles.lewis@kw.com
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I would rather live next to a pink house than have an HOA
It's all about personal preferences and priorities!
You must be a Biden voter.
It's not just the color of a home that is an issue. You say that now, but if you had neighbors with 6 cars in their drive way and on the yard parked, and loud music every day you would complain and wish there was order in your neighborhood. Those that complain about HOA are usually people that have no idea how stressful life can be when you have neighbors who don't care.
You must be a Bidenn Voter.
HOA keeps the riff raff out
The US is receiving a bitter pill now. Profit at all costs has dire consequences.
It's important to consider the long-term effects of prioritizing profit over everything else.
It's up to the corrupt city governments
I would blame over ten years of near zero interest rates blew up prices, and now we have still high prices combined with back to normal interest rates. Except you can't have both at the same time. The price correction is going to be brutal.
Austin got ghetto. Change my mind.
@@WildBikerBillyou blame neo zero interest not the corporations buying up homes and bringing up home prices. It's fine to have 18% interest rate what is not fine is a home that was worth 90k back in 2019 and now selling for 400k. inflation doesn't even match that 300% mark up.
Great Video. Nearly same thing happened in Nashville. 80% was affordable middle class homes. Now thru rebuilds and remodels 80% is for $200k income earners.
Thank you for sharing your thoughts and experience. It's always great to hear from viewers like you.
I have to admit I gave up on Austin when ACL became super commercialized, and the Broken Spoke became completely converged upon by apartment complexes and condo builds with residents complaining of the "noise." Same with Stubb's. Many of the creatives have made their way out into areas like Wimberley and formed little cohorts for good reason. Lamar & Congress have chased out all of the eclectic shops and replaced them with mass produced "luxury" BS. I feel sad about the changes in Austin and I think it's all a damn shame.
I support as many of the remaining and long term artists as I can via the Kessler, Poor David's & Longhorn Ballroom in Dallas. I, too, believe it's irreversable.
It's tough to see the changes in a city you love. Your support for the artists in Dallas is commendable.
You said it all. Texas is changing for the worse
You're missing the point, baby Kat. People with money want the "luxury BS". That's what they expect. Most people in Austin aren't from Texas.
@@DIVISIONINCISION IMO - Sadly, you are correct. It's been over run by people fleeing from the very economic and political mess they created in other states. Now, they are here trying to impose their supposedly better views on us.
Congress is just so sad now. Seeing small wacky shops like Lucy in Disguise go only to be replaced by some BS $200+ boutique was just a nail in the coffin. I used to walk down south congress almost every weekend, now I haven’t been down there in years. It’s just too depressing knowing that it’s not for me anymore.
As Joni Mitchell said , they paved paradise and put up a parking lot . Austin is now just another sky scraper big gross city .
Thank you for sharing that perspective, it's always interesting to see how songs like Joni Mitchell's resonate with our experiences today.
Yep. Very same thing happening right now where I'm at.
The best anti suburban anthem is not Ticky Tacky Boxes nor Paved Paradise.
The best anti suburban anthem is "Back to Ohio" by The Pretenders. It's the only one that really connects all the dots.
ruclips.net/video/thu8DWsirJo/видео.htmlsi=X_ebudtXnTAs721X
Austin has become like LA but with very hot weather and no mountains.
Thanks for sharing your observation! It's always fascinating to see how cities transform over time.
And no miles after miles of beaches and sunbathers.
True, which I started seeing over a decade ago, but decided not to move there. The US is getting to the point of becoming a nation of renters, only not as fast as Austin. While LA is getting Honolulu and Vancouver BC prices.
@@desertdc123 In Texas the big issue is property taxes. They do not have a sales tax, so property taxes are used to fill the gap.
@@JBoy340a I think you mean TX has no state income tax. Though it remains that before one can pay property tax, they can't even afford the median priced house in Austin, with median incomes. (or lower priced houses with lower incomes).
Of course, renters help pay the owner's property taxes too, though renting was also never the price burden that it is today.
Real Texans and especially native Austinites will remember who cool and relaxed the city was 20 years ago. Now it’s a mini LA
It's true, Austin has definitely seen a lot of changes over the years.
Only 20 yrs. ago?? 😂😂😂
Culture shift isn’t unique to Austin, it’s everywhere.
You're absolutely right! Change is a constant, and it impacts every corner of the world.
The place where there isn't any no one wants to live there.
My family moved to Sarasota, FL in 1959. Florida post war boom. Our neighborhood was very eclectic, we would call it today, with plenty of kids. Regular people owned small boats that were docked in the back yard on the bayou.
It takes 65 years to be able to get the long term, high altitude view of what life was like then compare to now. Lots of nature everywhere back then, whether fishing or exploring the reef at Point of Rocks on Siesta Key. Just drive up to the latter on a shell road and grab your snorkel. Today a giant McMansion sits there eliminating access w/o a mile long walk from public accesses.
Today Sarasota is becoming a Ft. Lauderdale. If you don't have lots of money, or got a foothold long ago, you don't get to play.
lol we need those ‘cultures’ to go back immediately tho
You sure got that right.
Decadence*, there was no shift, the culture died and all that's left are the usual vices like greed.
Just glad I had the chance to live in Austin for 4 years back in the 80's and experienced it back then when it was a fun and enjoyable place to live, work and play. Would not want to live or be able to afford living there now. Will remember Austin as it once was.
Austin may have changed, but at least you have the memories to cherish!
@@SFSCharles Yes I do. Have to admit even back then Austin was still a little more expensive to live in than other cities in Texas. But definitely not as expensive as now.
I moved to east Austin in 87 on a hill crest. We had chickens/roosters. And If climbed to my roof I could hear the dish-falk field and UT football fans from my roof top. I could easily walk or bike. to downtown, UT drag, Barton springs. I sold Austin American statement subscriptions for my afterschool job, which meant I understood each neighborhood, spoke and interacted those ppl, sometimes partied and hung out with them. Saw first hand all the weirdness of ATX B4 my 18th bday. Cranes started going up around 95, and they haven’t left. My parents cashed out and now childhood home is a two detached duplexes. Been living in cedar park for the last 15 yrs. I’m glad I’m grew up here at the very specific time period and enjoyed the last few years of ATX uniqueness.
Thanks for sharing your memories of East Austin and how things have changed since 87
The big McMansions ruined the neighborhoods of Austin. Thanks Cali!
I moved from Austin in 2020 and local music artists have not been able to live in Austin for a couple decades.
It's sad to see how the character of neighborhoods can change so drastically over time.
Local music artist? Lol. You mean those liberal art degrees didn’t work ?
@@AntilleanConfederation That too!
@@BigRodd91 Lolol.
Been living in Austin since 2009! It's lost its "Keep Austin Weird" 😢 personality!!! My first apartment 2 bedrooms on 53 st I paid $700 a month now is $2600 a month!! Austin used to be full with Musicians, Artists, it has lost it "cool" 😎 factor!!! Let me real America has lost it "cool" factor 😢
It's sad to see how much Austin has changed over the years.
I lived in Austin from '74 - 04. It was so much fun back in the day. I remember seeing a girl riding her bicycle at 10:30 pm on 15th headed to the bar and she was decked out-dress and everything. Good times!
Sounds like you have some amazing memories of Austin!
So San Antonio is going through this wacky gentrification and some of the barrio neighborhoods and what’s happening is those old shotgun houses are seeing their property taxes climb above the ability of the finances of the current owner, those folks end up selling their house in the trend continues and then you have these 2200 square-foot houses costing $700,000….
Thank you for bringing attention to this issue. It's important to discuss the effects of gentrification.
same can be said with Houston..
Looks like you got it figured out. Fun game isn’t it
It's that way all over dude
@@SFSCharlesGentrification aka making bad places nice
It will never regain what it once had.
Thank you for sharing your thoughts. Change can be challenging, but it also opens up new possibilities.
Therein lies the absolute truth.
@@artiglesias9317yep …..the cool , hip, eclectic days of the 70’s thru the early 2000’s are over and done …….Austin has gone from happily “weird” to California obscene ( in both culture and pricing)
@@benniebarrow348 Right On! Same happened in California "before" Austin.
Great and informative video - concise, well filmed, well narrated! I learned more about Austin Real Estate in 6 and a half minutes than any other Austin real estate video I've seen combined - not kidding, not exaggerating. Please, continue to make fantastic content like this.
Your support means the world to me. I'm grateful for your feedback and encouragement.
People are misinterpreting a short term correction after a giant housing rally as if it’s a long term reversal. It’s not. Austin’s population is still projected to rise by 46,000 people, even in 2024. And CA & NY are still losing population.
Austin homes are like a stock that rose 40% over three years, then corrected 10% in the fourth year, while the fundamentals remain strong.
Thanks for sharing your analysis of what we can expect moving forward.
U speak tha truth bruh. Keep on keeping on.
That's only a 2% growth, less than half of what it used to be before the pandemic. The population growth of Austin has been on a steady decline, with less than 1% growth projected by 2030, things are not looking good to me. 😢
@@gskyle4822
None of us have a crystal ball, but in my view the shift wasn’t that people changed their minds about what Austin has to offer, but rather that Austin essentially ran out of homes in 2021-2022, producing a sharp price spike. Once the new supply finishes integrating into the market, I believe it will revert to healthy growth.
Austin is still the city with both business-friendly policies and a thriving creative class.
I hope that's right. We need fewer people in California.
I went to University at Texas State in the mid 1990s. Lived in San Marcos, Wimberley and , lived and worked in Austin until year 2000. From that time I have frequently revisited Austin and the hill country around Dripping Springs, Driftwood, Wimberley and Austin, with a long term plan of transitioning to Austin eventually. I now live in Houston. However the land prices in the Hill Country area have risen to ridiculous heights since 2020 to as much as $180,000 for one acre and I do not foresee a reduction in prices happening anytime soon. Texas is my home State, and I really like the countryside and culture in the central Texas area...however I've been to quite a number of beautiful places on this planet and those hills and hill country beauty is really quite paltry in comparison to the mountains in any US Western State, not to mention other countries in the world. Any day of the week I can pick up 10 acres for $180,000 in Colorado, Wyoming, Utah, Tahoe region California, Washington State, Oregon, Montana, northern Arizona, New Mexico not too mention North Carolina, Tennessee etc etc you get the point. Texas prices for land no longer make sense. In fact land prices across the entire lone star State oddly ratcheted up after the pandemic, even in areas that have historically been unpopulated due to the poor quality of the land such as Brewster county. I find it peculiar how acreage across the entire Lone Star State increased almost simultaneously as if it were done intentionally by one very large investor. Anyhow, paying $180,000 for an acre of scrub scratch hill country limestone that is parched of water resources, little ceder trees and pin oaks, that smolders in the blistering 100+ temps throughout the summer seems less appealing these days, especially since all of the hill country State parks and nature trails are stuffed full on any given day, can't even enjoy nature without a 60 day reservation. The mystique of the Austin hill country is being vanquished from all of the housing development. It is actually the high cost of land that has pushed housing costs upward.
Austin has almost always been in a significant market growth period of economic and population expansion since I lived there. It grew significantly through the dot com era. The only time I noticed housing prices freakishly low was post 2008 financial crash. My best friend bought a repo home on lake Austin for $150k, sold it in 2011 for $375k. Homes were for sale everywhere at highly reduced prices during that time of uncertainty. It will take another significant financial crisis to bust the high price bubble in the Austin area, and with prices that high, you will see far fewer large corporate organizations relocate to the Austin hill country. May see more take flight.
*Adding to this post, 2 days later: I just searched the Austin area all the way out to New Braunfels and Dripping Springs. Even at a time when real estate prices are declining due to deteriorating economic conditions in Austin from the tech slump, land owners seem to have ratcheted up land prices in recent weeks. I'm seeing 1/4 of an acre selling for as much as $100K, averaging $65K for 1/4 (.25) acres. Not large enough for a medium sized home with a driveway.
It's interesting to hear your perspective on the changes in land prices and the evolving landscape of the hill country area in Texas.
Left Austin in 1998 for Washington State. Best move I ever made. I can't imagine living in that heat & humidity again.
The PNW is fantastic
Live in Madison WI.People are paying $125,000 or more for half acre deed restricted lot with no yard and house in arms reach next door.lmfao that's an apartment not a real house with a yard and big garage garage
You can thank Rick Perry and Greg Abbott for courting so many California companies to move to Texas! Was inevitable when they started that push!!!
i lived in austin in the early-mid 80's down off ben white blvd and loved it. now it looks like san francisco with a lot less water.
Thank you for sharing your memories of Austin in the 80s, it's always great to hear about the city's past.
I drove up and down 35 the whole first part of my life. I remember round rock being rolling hills and mostly pasture. by 2003 it was completely filled out. more than 30 miles of development. what happened to dfw later happened to austin. debt funded growth by housing expansion bottomed out in 08 and investors got right back in and started all over again. as long as crude makes it market in us dollars , the race to the bottom could continue to depths unseen before. the industrial economy that built the united states in the last century, by which interest rates were designed to float against, is largely gone. how many more election cycles and "narratives" can come and go remains to be seen, but the real economy that laid the roads and established the cities in this country is not going to come back. technology is a contractionary force that concentrates wealth into absentee shareholders and produces forthcoming generations of fast food workers and clock punchers who are alienated from the land.
I appreciate you taking the time to reflect on the economic shifts and their impact on the landscape. It's always valuable to hear different perspectives.
I've lived in Austin for almost a decade, and it's growth has been significant, and it's charm and culture are being diluted by westcoasters.
It's sad to see the changes happening to Austin, but the city still holds its unique charm.
I remember completion of the loop in the 80s and proposed development cap. I lived off west 6th and then off Lamar at Oltorf in a bamboo forest! Brodie Oaks was the brother to the og whole foods st MLK on Lamar. Wheatsville coop and Hyde Park were still growing. I student taught at Martin JH, a huge Title and Chapter funded campus. 45 7th graders in a reading class. ESL. The city was terrorized by flashers in overcoats back then. Bat watching was the trend too.
I hiked and swam right there behind Brodie Oaks in Horseshoe Bend Creek. Limestone cliff jumping.
Thank you for sharing your nostalgic memories, it's a trip down memory lane!
A very long time ago when I was in the market for real estate in central Texas I looked around with a real estate agent named John, one day he told me he would tell me what runs the real estate market, I told him if he did I would never forget. John said "Fear and Greed". He nailed it 100%. What Austin is experiencing is a transition that happens at different rates in all urban-suburban areas. the rates of change are highly porportional to the current economy. You pick an area, do your homework, and you will get the picture. There is one constant in all areas, it will never have the character, and culture it was once cherished for, the same is true for rural areas destroyed by urban-suburban development; the Texas Hill Country is a perfect example. "You can't go home again" wrote Thomas Wolfe. Fear and Greed is always a destroyer of men, and nations.
Thank you for sharing your insightful experience with John and your thoughts on the real estate market dynamics in central Texas.
@@SFSCharles Always happy to share what I learned along the way with hopes it will enable others to chart the best course possible.
I lived in Austin from '82 to '90 while at UT. The seeds of what it is now where growing in the '80's. Greed has destroyed what Austin was
Thanks for sharing your perspective on the changes in Austin.
Austin is toast. The Golden Days were definitely pre-2002. After that, high-rise construction and crime destroyed the city imo. I left in 2004 when things got even worse. Every morning the radio station would start by announcing traffic congestion, pollution report, and the crime stats. Sad to see it happen.
It's unfortunate to see how a city can change so drastically over the years.
I visited for the first time in like 2005 and it still felt like a college town to me. Lotd of young people. I visited in 2012 and it was already dead. Then in 2016 and it was taken over my middle aged people in sport coats.
@@user-rg9xd9mu5r Now, downtown crime, even on 6th street, is pretty bad. It's very violent. Never walk down the side streets off 6th at night. Extremely dangerous. Anyone who doubts that just sit in the Austin ER on some Saturday night and you'll see some brutal beatdowns.
@@user-rg9xd9mu5r Very dangerous after the sun goes down there now.
We have a sushi bar. You probably moved next to a Furr's to be closer to it right before they closed it down.
Same thing going on in the mountain towns in Colorado. Has been for 30 years!
Thanks for sharing your experience and perspective on the mountain towns in Colorado.
Colorado $ $
Austin is a train wreck. I lived near Austin in the 1970's. We lived in a small town near by where my father was an executive for a large global company. My family would go shopping in Austin every weekend. It was a great city then, and had class. Now, it is a disjointed dump. My dad designed our house and it was built by Gaeke Construction of Giddings Texas. It was a beautiful Texas Ranch style. These new style homes don't match the neighborhoods and are a disgrace. Mental illness has taken over Austin.
Thank you for reminiscing about your experiences in Austin. It's always valuable to hear different viewpoints.
Wow you have an eye for editing. This video is top class.
Thank you so much for your kind words! I really appreciate it.
In the Rio Grande Valley, similar escalation is happening as well.
People with more money to spend than the local residents driving up prices and justifying tax increases.
On one hand you can't blame them looking for a better area to live in, but on the other hand, they do have negative effects to whatever region they flee to.
Something will give eventually when the amount of substantially priced homes sitting on the market outpaces the number of people who can actually afford said homes. (Or are interested in buying.)
Thanks for sharing your insights on this
I bout a house in Austin in 1992, for $75,000- 1500 SF 3 bdrm 1 bath, on a LARGE corner lot. Zillow says it’s now worth $1.2 million! Unreal.
Thank you for sharing your story. Many homeowners look to Zillow to get an idea of home values.
@@SFSCharlesOh! I forgot something important. The new owners added a partial second floor. I don’t remember the additional square footage, perhaps 400. But even here in Collin County (north of Dallas), home prices are crazy. I feel so bad for my kids. They both have professional jobs, but could buy a home right now. Homes in our neighborhood are going for 3-3.5 times what we paid for them in 2005- Only 19 years!
Austinites who have moved away have all told me the 1970s were easy living, but after that, it was all downhill.
Memories of Austin from the 1970s are often what many cherish
Well done video with good editing. I see people move into homes highlighted in east Austin who 1. Do not now or likely will not have a family 2. Have little to no ability to maintain the property 3. Have standards of quality that allow questionable product. This type of buyer is making good money in some IT sector position, living a dual income, no child lifestyle, and they are willing and able to dedicate a high percentage of their income to housing.
Thank you for your kind words! I'm glad you enjoyed the video. Also appreciate the insights on the buyers in east Austin.
I live up in DFW and love visiting Austin, but it is nothing like it was 20-30 years ago. I'm no "roll the clock back" kind of guy, but no, I don't see how the Austin art and music scene can be again what it once was, or the Dallas scene either.
It's true that cities evolve over time, but the memories we hold dear from the past shape our perspectives. Change can bring new opportunities too.
I personally know of people who sold their ratty homes, in central Austin, for millions. Then, they would move to; for example, a new subdivision in the northwest section of Austin. Now places like Dripping Springs are getting trashed out, and over priced. Austin was once a charming place, but now I would never move there.
Thank you for sharing your insights and experiences, it's always interesting to hear different perspectives.
I spoke with a former board member of Austin & he asked me to join him for lunch next time I’m in Austin; I told him he wouldn’t catch me dead in that city. He asked why & I said the traffic (35) sucks! He laughed & said they never planned the city to be 10X population like it is now & their infrastructure can’t really handle it.
The story I heard was during the 70s and 80s the city council voted against infrastructure hoping that would prevent population growth. Of course, people moved anyway and now they’re playing catch up
@@SFSCharles It was generally characterized as "Don't build it & they won't come". Then city leaders got into the car full of developers like a street trick.
I would have told him it is NOT a laughing matter.
@@richstex4736 Its happening to so many cities now. So many cities are now catering to wealthy outsiders at the expenses of their own citizens. Its disgusting and almost criminal with how malicious its been. I hope the selling out of Americans ends soon and so people can try to pick up the pieces that remain. Because theres only so many cities and decent job economies one can have a decent life in, the next outcome is that we have to go to shit hole small towns or cities that barely provide a life at or below the poverty line, or we stay and live in poverty while the wealthy run about all over your home towns and bask in the fruits of your enslavement.
I used to own two houses near Austin (Pflugerville and Round Rock) I sold my Pflugerville house cause the property taxes were killing me. 80% of the taxes were going to School district (Travis and Williamson counties) and the schools ratings were and still are just awful! What are they spending their money on!???
Austin area still has much punch, it is not so much about "Music" and "Musicians", but about industries and those still going strong.
Thanks for sharing your experience! It's important to shed light on these issues.
We own in RR and seeing the same thing. But luckily some of the tech companies are moving out here. The Apple campus is good and the Amazon one will get bigger.
Re School districts; "What are they spending their money on!???"
Higher salaries for the administrators, and then of course their pensions get bigger and they have to be funded, so...
@@terebrate 🥵🥵🥵
@@terebrate Football stadiums and other sports facilites seem to get a lot of funding. Let's focus spending on teaching children better.
Great overview, thank you.
Thank you for watching. I'm happy you found it useful!
as a born and raised Texan i held one thing heart my 43 years of life......Austin is a nice place to visit for a weekend or to attend college by NOT to live in. Me and my Generation would go to Sixth street on weekends for the fun and night life but always came home, we would attend UT games but again would return home. If we DID work in the Austin area we would often life in areas like San Marcos or the OTHER small towns around Austin and would commute simply because the cost of living even in the late 90s and early 00's was already the most expensive in the state for a City of its SIze compared to Houston which had a more Blue Collar Feel
It's interesting to hear about your perspective on living in Austin compared to visiting. The cost of living can definitely impact the decision to settle in a city.
One factor that caused this all over the country were the absurdly low interest/mortgage rates. People think there's a lot of money to be made. There is, but only before the inflation kicks in and bumps prices beyond what can be afforded. Austin was lucky enough to escape the housing bust of 2008, and also benefited from starting off with extremely low housing/rental rates in the 1980s that resulted from the 1970s oil bust. But with the low interest rates came higher prices, and the inevitable Ponzi scheme of "house flipping" that had also caused the 2008 housing bust.
The high prices were all based on a lie, however. I am lucky enough to have a house in Austin, and I just watched helplessly as its appraised value went up due to nothing but rampant speculation. I could sell it, but then what? Buy an even more expensive house? Now the appraisals are falling (as they did 2009-2011), and we'll see what happens next. I'm just tired of wildly changing interest rates intended to stimulate the economy, when all they do is make people throw absurd amounts of money at houses and cars, and politicians shrug and act like they had nothing to do with the chaos that results when the boom collapses.
It's a challenging cycle for sure. The real estate market can be unpredictable.
“Politicians have no great incentive to avoid mistakes because it is other people who pay for those mistakes.”
Thomas Sowell
@@elisabethkolling6697 You had me at "Thomas Sowell". 😎
I hadnt been near west campus in 5 years and was appalled at what theyve done to hyde park. The city is slowly being bled dry of its soul.
Thanks for sharing your thoughts. Change can be tough to accept.
Terrific content. Investors never learn when to get out. There’s an old saying, “You can never go home.” Austin can never return to what it was
I appreciate your support and feedback! It's always great to hear from viewers like you.
Bon Jovi would disagree with you.
This was happening in the Bay Area for the last 50 years and is beginning to spread to the rest of the country as even tech employees are getting priced out of San Francisco. Austin has the benefit of having more relaxed laws for construction, but there are few homebuilders that would prioritize construction for low and middle income residents.
It's a concerning trend that's impacting many cities across the country.
The thing that weirds me out is who the heck is this alien species of affluent homebuyers that are able to drive all this gentrification in every city even kinda worth living in, when the median US income (individual not household) is something like $43k? You need a $150k income just to think about buying the house. Everyone says "Blackrock" but I don't think that's true, I think the US is just one country of wealthy aliens stacked on top of another different country made from poor people who can barely pay the rent, but it's technically the same country.
That's a very interesting observation. The ultra-rich can afford multiple homes, but when you consider it happens across the country that means there is a high percentage of expensive homes compared to entire population.
There is a weird crew of foreigners. 2 years ago an Indian man from India bought for 1.6 and had no plans to actually live there. This year a Asian couple from Asia bought an overpriced place for 2. Will they actually live there? Doubt it.
As long as the market gets buyers for inflated prices for average places it wont stop.
Whyowhy would you buy 1 mill over the value. It's not Aspen or Beverly Hills or Yellowstone. Less than 10 miles away there are 750 k houses, not the ghetto. A foreign fam told me that though they work at a fancy outfit 30 miles away they need to BUY and LIVE in this area. Something very odd about it.
Now nearly 40% of the 4 plex & under (which are eligible for homeowner loans) are now bought up by private equity firms, which have no outside stockholders or public input!! That is why the tax rates should have the same rates for incomes from ALL sources at the same rates & they should be raised for singles earning over $250K/ year & $450,000/yr for couples!! The rates also need to have 3-5 new brackets added to the top income levels!! The IRS collects nearly $5 tax revenues for every $1 of its budget!!
@myobmyob2215 There is a visa program where if foreigners invest at least $1.8 million in US real estate, they qualify for an EB-5 immigration, then greencard, and eventually US citizenship
All major cities in Texas are dealing with this crap. After Covid CA, NYers moved in high numbers to Texas. They brought their high wages, sold their homes and bought bigger homes at half the cost. A nice home not long ago for average Joe would cost 150-250,000..When the developers saw the economy shift they doubled the home values starting at 400k. Now the average working Joe cannot afford homes because supply and demand of all the people moving here from other states have warranted they can afford 400k+. Big Corp caused this too moving their businesses to Texas and bringing tons of people with them. The cost for apartments doubled too. Its just sickening! Where Texas average Joe could afford homes or apartments, now we cant. Its even harder for single income homeowners. There is alot of them. I saw this happen to Colorado years ago too. I dont see it changing. Austin is a mess. Now all these people are moving to Central Texas rural areas. Rockdale of 5000+ residents is looking to grow to 20k+. Developers are already way ahead of it seeing what people are going to do is move outward and drive everything up out there and turning quiet retirement home areas into busy towns. I have a small 70+ acre ranch in Central Texas area btw Austin and B/CS and if I ever sell I will make damn sure its not to a developer. I will research the hell out of the potential buyer before I sell and look for a born and raised Texan!
The boom will increase property taxes on those still there to the point that they will have no choice but to sell or lose the house.
That's a valid concern. Rising property taxes can definitely put pressure on homeowners.
O.G. from the East side here......had to sell mom's house after she died since the property tax shot up to $38k/year and the city charges for on-street parking. I kind of got used to the guys who yell at the sun and the new wave from Honduras. No way I could afford the taxes.
Thanks for sharing your family's experiences in East Austin. I'm sure that $38k/year in property taxes was quite a shock!
Austin is just San Franciso lite now, was there for 20 years, left in 2016, right before it became a complete Liberal cesspool, was great when I was there
It's interesting how cities can change so quickly over the years!
As if there are no conservative cesspools. Hypocrite.
It's possible that Austin real estate will keep growing in value, but the city will never be what it was before the boom started.
Most of the people I know are planning on moving away once their kids leave.
Austinite for 20+ years.
Thank you for sharing your perspective. It's always interesting to hear from long-time residents like yourself.
Again, exactly what we at AustinZone are saying! You're spot on and we love you for it, Charles.
Is it possible to for Austin to rediscover it's awesomeness? We believe so and we're here to help!
Hey Doc! Love what you're doing at AustinZone. The wave is gaining momentum!
That austin is long gone and the residents were pushed out by the locusts coming from California
Austin is going the way of SF and Portland
Austin is what happens when your mayor and city council allow unchecked commercial developers and private equity groups free rein of the area…this has been a race to convert Austin to CA since 2010 when the mass migration first began.
The Plandemic and CA’s insane lockdowns + terrible cost of living sent people here in droves.
Austin’s fate has been slated for a while now. Smart folks stay in the far outskirts, or move to another state entirely.
-Austin area resident for 33 yrs, remembering the glory of it from 1990-2009…
Thank you for sharing your firsthand experience and insights on the transformation of Austin.
You can do almost the same where people didn’t like the change in the 90’s. Change is constant. You can stay in the past, or embrace the future and adapt. That said, I will never live in a HOA. My neighbor parks his work truck on the street and has a camper in his backyard. I need him and his job to keep society working. I wouldn’t want to live anywhere else. God bless America.
Thank you for sharing your perspective, it's important to appreciate the diversity in our communities.
I think it is gone. and irreversible .
Thank you for sharing your thoughts. There are many who feel the same way.
Austin may be great for others, has is long past great for most people living there. Loved growing up there, havent goke back in years. Its like NYC or Vegas: looks cool in a video, but too many and the wrong types of people with infrastructure that cant handle it. 7 + years ago it would take 45 minutes to go two stoplights sometimes miles from downtown. Glad we left
Thank you for sharing your thoughts and experiences about Austin.
They spend their money on football stadiums
@utube343434 Austin doesn't have a pro sports team.
Good stuff. I spent 30+ years in the ad agency business, putting me in the position of having a close-up view of a lot of different industries. The single biggest trend I saw over that time was a relentless emphasis on profitability, to the exclusion of all other considerations. I think that dynamic has seeped into all corners of our lives, and, over several decades, we are being divided into the haves and the have-nots. My wife and I have been very fortunate. But, like you, I worry about creatives and artists, who don't have the cash flow to survive. Or young families who can't afford a home. Or the middle class, for that matter, which I would suggest has been our greatest legacy as a country. Our many and greatest achievements were all born out of a thriving and growing middle class. This is a problem that goes well beyond Austin. Is it reversible? Well, being the pollyanna that my wife accuses me of being all the time, I guess the answer is yes!
Thanks for your thoughtful analysis and positive forecast for the future. I don’t know how but I also believe it can
One thing that is becoming a factor for exisitng residents and those just moving in - the weather has become utterly miserable for 2/3 of the year. I've lived in Texas my entire life and and in Austin over 35 years total. The summers always had some miserable summer days over 100º here, but now they have become numerous. The stiffling heat and humidity has been cited by many leaving the area. This foreshadows what is to come over the next several decades as temperatures continue to rise and water use gets rationed more and more frequently. People will leave. The coastal areas will experience the same thing as heat and tropical storms increase. I would say buy land and property in Colorado and maybe some other areas. Stick to states that don't have a lot of snow, as the hot state migrants don't like snow. I'm old and trying to decide if we should stay here in Austin or look for a kinder, milder climate to age into.
The changing weather patterns can indeed be a concern for many residents. It's important to consider how climate changes may impact our living conditions in the future.
Earth is getting colder not hotter. Lmaoo. Young earth was largely tropical.
great job on this video! I loved everything except the sound effect at the end. turn those down so they don't peak so high and it's a 10/10
I appreciate your kind words and the constructive feedback!
It’s sad that the community that makes Austin so vibrant (artists, musicians and performers) have been priced out of Austin. It’s becoming a different animal.
Thank you for recognizing the importance of the artists, musicians, and performers in Austin. They truly make the city special.
I hope to visit one day! Stay cool Austin
Thanks for watching. Hope you make the visit
Cohesiveness is boring. I personally love the contrast.
Thanks for sharing your preferences
The East Side used to be the low income housing now they're trying to tax their home so they can't afford it
It's sad to see the struggle of long-time residents facing rising property taxes.
I disagree that suburban houses hold their value better. Maybe in the short term, but in the long term they get run down, infrastructure gets neglected, prices drop, poorer people move in, and the wealthy people move still further outwards, into another newly-built suburb. Yesterday's fancy suburb is today's hood. Look at Compton. Outer-suburban houses are not multi-generational investments. They're single-use, like cars. Once people start realizing this, downtowns across the country are going to spike in price and the burbs will be left to decay.
Appreciate your input on the topic! It's always good to have diverse viewpoints.
@@SFSCharles Even if they are so far out there no one else can see them?
Run down in like 100 years? I lived in a community in a suburb 40 years ago. It looks exactly like it did 40 years ago and increases in value yoy. I don’t think Compton is exactly an indicator of the evolution of a typical suburb. People who live in suburbs and even farther out have zero interest in living in the city. Downtown pricing will spike? You mean after they clean up the cities? Get rid of all the crime? Make the schools decent? Sure …..
That’s why I sold my townhouse in Riverview, FL, eastern suburb of Tampa. If you want to know “who” lives in a certain area visit a nearby supermarket or fitness center in that area first before purchasing a home there. That will tell you a lot!
If nothing is irreversible in real estate, this is just a phase that also is going through up and down. And ups are always gonna be greater than the Downs.
That's a great perspective on the real estate market!
I love Austin. Spent 14 years there. Looking forward to moving back at some point.
Thank you for sharing your love for Austin! It's a special place for so many people.
@@SFSCharles I was looking at Google maps from 2008 and 2024. The difference is amazing in the downtown.
@@harmonizedigital. Sometimes it seems like it happened overnight.
People who build like this are still rolling the dice and taking their chances needs to be pointed out. Anchorage, Alaska is another far more dangerous example of this as is a very active earthquake zone so Austin doesn't have that terrifying possibility despite Anchorage having tall buildings too. Plus the economy is far more diverse in Texas writ large and still booming rather than near any other economy in the USA currently. Is darn hot there, tho. If I were living in one of tobacco shacks from the 1930s I'd be ecstatic to see this development actually. And amazed quite honestly.
Thank you for pointing out the potential dangers of construction in certain areas. Safety awareness is crucial in the building industry.
Another factor in why Austin is so expensive is the decision they made in the 1980s-2000s to not increase transportation infrastructure. They opposed buses, trains, freeways, you name it. People wanted Austin to stay this city of 300k and that was never going to happen. It's like the believed the Inverse Field of Dreams Theory: If you don't build it, they won't come. Except that people still kept coming even if it meant sitting on Mopac for 3 hours a day. As a Houstonian; Austin was always a nice escape but I haven't been since 2021 because it's too painful to see what's happened to a great city. I hope Austin can resolve its problems and reinvent itself!
Thank you for sharing your insight on Austin's transportation history. The way I understand the story is they wanted to slow down the growth by not investing in infrastructure, but the growth came anyway. After that, they were trying to play catch up.
Houston is a cesspool. Yes, Austin isn't what it was, but will likely never be as dangerous and depraved as Houston. Houston is literally a city with no "safe places" because the criminals will follow you home to The Woodlands and rob you in your own driveway, even with cameras recording. Literally no fear from the criminals there. I don't visit Houston.
1. Crazy low interest rates for far to long (increased rates has helped, but not stopped it) 2. Liberal policies in places where more affluent people leave and take all that money to a market they can better afford but would otherwise never move to if it were not for those policies (they voted for). 3. Pandemic that forced increase remote work capability among those same high income earners. NOW: slowing down primarily due to inflation and higher interest rates.
Thanks for sharing your thoughts on the current economic situation!
I moved to Austin in 1998, if the city was like it is currently in 1998 I would have never moved here.
It's amazing how cities evolve over time, isn't it?
The "master planned" communities look cheap and disposable, and the "non HOA" ones look more cohesive and natural
I hope HOAs go by the wayside
Thanks for sharing your insights on HOA’s and master planned communities
Same thing that is happening everywhere - speculation and greed.
Thanks for pointing out this observation. It's important to be aware of these tendencies.
I gave up on Austin when the Night Hawk closed down on congress ave.
Thanks for sharing your memories of the Night Hawk, it's always bittersweet when a beloved spot closes.
I like this guys calm demeanor. Regarding HOA’s though, you can have an asshole next to you regardless. I’d prefer not to pay for a service that ultimately can’t fix that. But if loved a house with an HOA enough, I’d pay it. No big deal.
It's true that HOAs can be a mixed bag, but sometimes the benefits outweigh the negatives.
Everybody loves money but I'm sure the politics is a factor also. The D.A. leans so far left that he looks like he's laying down.
It's interesting how money and politics can intertwine in unexpected ways.
I say would say yes to both you're questions. It is reversible and yes they have gone too far. Its going to be a painful reset for it to reverse.
I appreciate your input and insights on this topic.
The middle class is gone. RIP.
Thanks for watching and commenting
I bought in a suburb and am feeling pretty at risk now that the sector that enabled that is cutting staff.
It's understandable to feel concerned in that situation. Stay informed and explore your options moving forward.
I wish my neighbors would paint their houses bright pink like the one in this video. I would never buy a house that's subject to a home owners' association. I don't want anyone telling me what I may or may not do with my own house. In my town, we had other ways of dealing with bad neighbors.
Thank you for sharing your thoughts! It's great to hear your perspective on home owners' associations.
I had visited Austin many times since the mid 70s, and lived there for three years in the early 90s.
Back then the SXSW (South by Southwest) festival was locally known as the "South By So What" festival. Maybe a few regional "A" list bands would sign on to draw people, but largely the bands were garage wanna-be bands that sucked.
In the early 90s the first waves of Californians were moving in. Over time they turned into San Francisco v 2.0. They turned Austin into the same shit hole they had just fled from. And drove property values through the roof. Not planning to be in that town again.
Thank you for sharing your perspective on Austin's evolution. It's always valuable to hear different experiences and viewpoints.
Nice video. Been here since '90. What has happened in Austin is pretty much inevitable in a town as money comes in. No one will tolerate windows and walls that don't hold in the climate controlled air or live with floors that creek. Once the land is worth more than the tear down, this is the result. Historical preservation like they have up north is onerous and expensive and would only push away new residents.
I think the only thing you left out was how relaxing of the State Capitol Building line of sight regulations massively reshaped downtown and why wouldn't single family homeowners sell to those developers.
I’m glad you liked the video. Thanks for the clarification on some of the things I didn’t talk about in the video
Not a fan of taking a 1 house lot and cramming 2 houses on it.. in some cases the driveway is shared. Might as well just buy a townhome if your sharing a yard.
I totally get where you're coming from. It's definitely a personal preference when it comes to housing choices.
The way you make housing affordable is to increase supply. People complaining about affordability usually are against density and change. Can’t have your cake and eat it too.
Thanks for sharing your insights on creating affordable housing
The idea of keeping your home value high is insane to me.
I don't want my home to go up in value every year, that means I pay more in property tax every year.
Sure eventually I might sell my home, but the only thing I'd sell my house to buy is another house. So I also benefit from that being lower value since it will cost less to upgrade my living situation.
It's interesting to see different perspectives on home value! Thanks for sharing your thoughts.
@@SFSCharles sorry, I know that wasn't the point of the video, but the section on the HOAs was the part the comments section was talking the most about so it was on my mind
You wanted weird, what came was freaky. The transformation of Austin will be complete when it has poop maps just like San Francisco. I'm still trying to understand Tesla in Texas (layoffs?) when new Teslas can't be sold in Texas.
It's definitely a strange world out there!
What do you mean new Teslas can't be sold in Texas? I see them everywhere
@@SafeEffective-ls2pl Yes I see them too - they have to be bought out of state because Texas does not allow manufacturer direct sales of cars!
They literally have Tesla sales dealerships in Texas, seen them with my own eyes. You can easily go buy one there.
@@Meowhsss There are Tesla showrooms in Texas, but the sale is handled as an out of state purchase that must be completed before the vehicle is shipped to Texas. So what happens in Texas is essentially a courtesy delivery of a sale completed out of state.
I live an hour north of you near Fort Cavazos. I'm down in Austin for different events all the time. The only way to truly enjoy Austin is if you are a multi Millionaire owning a house in the city interior where you can walk or take a short drive anywhere you need to go. Condos are not worth it. Housing prices are not worth it. I would have considered Leander/Cedar Park because it's far enough away but with access, but even those homes are way overpriced. Austin's problem is a lack of infrastructure planning and it's too late to change that.
Thanks for sharing your thoughts about living in the Austin area
Let's go in, drive up prices so high, real working people cannot afford to live there. Then, let's bit h because we have no workers to sustain our desires.
Thank you for pointing out this important issue that affects so many people.
I lived in Austin from 1970 to around 1974 off and on. I'm from Fort Worth and I was involved in the music scene in Fort Worth and Dallas back then in the late 60s. The main music scene was centered around a lot of underground venues which included "The Cellar" in downtown Fort Worth and Dallas. ZZ Top, Johnny Winter and a lot of folks got their start there. Even a very young Stevie Ray Vaughan played at the Cellar when he was a young teenager with a band called Crackerjack! I went to visit California back in late 69 and was not impressed with the young folks there, they were not friendly at all like they were in Texas, now I'm talking about the long Haired, musician, subculture types back in the day! When I got back to Texas, a musician friend of mine, suggested I visit Austin. It way way cooler and friendlier than LA or San Francisco and a hell of a lot closer. So I went down there the next weekend and ended up at the Armadillo Headquarters and I met some folks and didn't come back to Fort Worth at least six months! It was the coolest place I ever visited and it was not crowded at all. All there was were Musicians, College Kids and the Texas Government. That was it, you could rent a house for less than a hundred bucks a month, a big one!
I miss the days of my youth, especially Austin Texas! Like most places these days it is unrecognizable to the Austin it use to be back in the late 60s and early to mid 70s. Back in the late 70s a man named Michael Dell developed the Dell Computer and as far as I'm concerned that was the beginning of the end of Austin Texas, the coolest city in the United States. You just had to have been there in the beginning to understand the gravity of this statement! It's still a cool place now but nothing like it use to be!
Thank you so much for sharing this. That's a detailed memory of the "old" Austin. Michael Dell didn't make his mark on the evolution of Austin until the late 80's. There was nothing out in Round Rock when they built those first buildings.
@@SFSCharles Your right on that about Mr. Dell, I actually knew that, just stuck in the 60s & 70s I guess!
With home prices booming, where will the lower income (cleaners, barbers, waitresses, etc) people live?
Thank you for bringing up this important issue. It's crucial to consider the impact of rising home prices on those with lower incomes.
That’s why I’m an El Paso guy, best city in Texas
El Paso has a unique charm! So happy you found someplace you love.
Get ready Nashville your next
Thanks for sharing your thoughts on this topic!
Its already happened
It’s not just the facts you’ve stated in the video…society in general has changed. In my opinion even the quality of artists isn’t as good as it used to be.
I appreciate your perspective on how society and art have evolved over time.
With tech moving into a slump, it may take a while for buyers with enough money to appear. Add to that some tech companies are now pushing work in the office requirements. I predict some of those new homes shown will end up being sold at a loss to stop the bleeding.
Thanks for sharing your insights and thoughts on the current tech and real estate situation.
I want my neighbors to lower my property value. The city keeps raising taxes and not doing their jobs on top of that.
Thanks for sharing your thoughts on the situation.
That poor city
Thank you for noticing and caring about the city's situation.
@@SFSCharles I recognized the issues when I helped my younger brother move into his first apartment there to attend UT. That was in 2012. I went there excited and left thinking "thank god I do not live there" haha
@@pjnewton1014 That was just before everybody thought it was a great idea to come!
Haiving a single developer building a whole neighborhood is absolutely _not_ normal - it's a historical aberration, and only something that had been happening for the last 50 years, and only in North America, on a cloud of subsidies and debt. It's also visually reminiscent of centrally-built communist housing imo. I think there's a decent chance we'll soon see the collapse of this suburban experiment and the return of normal, natural growth to cities.
It's interesting to think about how urban development has evolved over time.
🤣🤣🤣🤣🤣
They ruined everything i loved about Austin. I've lived here for 30 years and its sad how its no longer Austin
I'm sorry to hear that you feel that way about Austin. Change can be tough, especially when it affects a place you've called home for so long.
The process is inevitable. Cities change. The point of earning wealth is to escape poor areas or turn them into more consistently prosperous areas. If you cannot afford to live in one place, leave and find another. Texas has no land shortage.
Thanks for sharing your insights on the evolution of cities in Texas
I grew up in Austin in the 90's and 2000's. It looks like it'll never return to its former humble and odd glory. Oh well.
Nostalgia for the Austin of the past is real, but change is inevitable. It's all about appreciating the memories!
High density. Austin should be a walking/biking mecca. Get cars out of downtown.
Thank you for sharing your thoughts! It's awesome to see people passionate about making Austin a more sustainable city.
Oh, cultures clash and generally cause chaos when mixed and not harmony? Imagine my shock...
Thanks for watching and sharing your thoughts
no to the constant pushing of stack and pack by the city counsel
Thank you for sharing your thoughts on this important matter.
Irreversible. And has been for quite some time. You'd have to ask yourself what it would take for the artist types to live inside Austin again like before. I can't find an answer.
Thank you for sharing your thoughts, it's always great to hear different perspectives.
Keep Austin Weird , too late .
Weirdness never goes out of style.