International customers spent $800 million on local real estate between April 2019 and March 2020, according to a new report from the Austin Board of Realtors.
Foreign buyers—which include those living abroad, immigrants and first-generation Americans—accounted for 5% of all residential sales in the Austin metro during that period.
(Austin Board of Realtors Global)
ABoR attributed this market share to the areas's appeal as a global destination for businesses and individuals alike, noting that one in five Austinites is foreign born.
"The Central Texas region has become a magnet for homebuyers and real estate investors from around the globe," President Romeo Manzanilla said in a statement.
A plurality of foreign buyers—38%—came from Latin America, with 29% from Asia and Oceania and 12% from Europe.
(Austin Board of Realtors Global)
Certain trends emerged over the course of the survey period, such as the fact that all Indian buyers purchased detached single-family homes, 75% of Chinese buyers purchased in a suburban area and 83% of Australian buyers paid entirely in cash.
The median home price among foreign buyers was $381,030, which is $54,530 more than the metro's median home price during the survey period.
ABoR members reported an increase in international business. Of the survey respondents who have been in business for at least one year, 30% have seen an increase in international business compared to 20% nationally. Of those who have been in business for five years or more, 41% have, compared to 32% nationally.
This trend also mirrors itself.
More than half of respondents reported that they had U.S. clients seeking to purchase property abroad, primarily in Latin American countries such as Mexico, Costa Rica and Columbia.
The report also includes information on foreign clients who sold local property during the survey period. The top four countries of origin for foreign sellers were Mexico, India, China and Russia.
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The Texas French Bread Bakery, located on 2900 Rio Grande Street, has been completely destroyed after a fire erupted on Monday night.
The Austin Fire Department responded to the fire just before 11 p.m., where they arrived to see flames coming from the roof of the bakery. Firefighters fought the fire for about an hour before the roof collapsed.
While no one was injured in the fire, firefighters say the historic building was completely totaled.
Texas French Bread just went up in flames pic.twitter.com/agXqKN3c00
— Jordan (@AimIessFriend) January 25, 2022
AFD determined that the fire was accidental and caused by mechanical failure. AFD said the damages amounted to $1.6 million total: $1.1 million in structural damage and $500,000 in damage to the contents of the bakery.
This year, Texas French Bread will celebrate 40 years of business. Before the bakery occupied the building, it was the Rome Inn, a music venue that hosted 1970s artists like Stevie Ray Vaughan.
Austin's first major league team is ready to extend its reach with a new collaborative sports complex The Pitch, an Austin FC destination packed with local food, beverages and Verde fervor is set to open in Northeast Austin in February.
The Pitch, a collaboration between Austin FC and Karlin Real Estate, among other entities, will be located in the 50-acre Parmer Pond District, which already hosts the club's practice facility St. David's Performance Center.
Dubbed a "true destination" for both soccer fans and the community, The Pitch will consist of multilevel shipping containers designed by Mark Odom Studio that will carve out into a 1,200-seat stadium complete with a soccer pitch made of turf, food and beverage options and a five-acre "Parmer Pond" featuring jogging trails.
Made from multilevel shipping containers, The Pitch will include food and a 1,200-seat soccer pitch made from artificial turf. (The Pitch)
“The launch of Karlin’s new food and entertainment experience will greatly enhance the Parmer development while perfectly complimenting St. David’s Performance Center,” Austin FC founder Anthony Precourt said. "The Pitch... will offer a strong variety of food options and gathering spaces for guests who will utilize St. David’s Performance Center and Parmer Field for a variety of events.”
The Pitch project lead Dave Greeley, who helped come up with the concept, is a former president of Austin FC parent company, Two Oak Ventures.
“The vision behind The Pitch at the Parmer Pond District is to be a first-of-its-kind sports, dining and entertainment destination,” said Dave Greeley, The Pitch project lead and Team Orbis president. “This will be an unmatched experience for Parmer Austin tenants, Austin FC and club supporters, and the community."
With its proximity to the practice center, the venture hopes to contribute to the growing "soccer city" of Austin during Austin FC matches and youth games with the Austin FC Academy hosted at the St. David's Performance Center.
The Pitch hopes to converge both community and club interests with Austin FC. (The Pitch)
In addition to the soccer pitch, stadium and pond, The Pitch will provide a foody experience made by the creative team behind Austin staples like Fareground and Easy Tiger. The complex will offer local bites including:
- Ranger Burger, which offers beers and burgers made from highly-coveted Wagyu beef direct from Ranger Cattle in East Austin
- Ga Roti, which merges flavors from Northern Vietnam with the culinary techniques of France to create a unique rotisserie chicken joint
- Taco Flats, a local taco chain serving Mexico City-style tacos, micheladas and more
- Sand Bar, which fulfills its namesake with beauty cocktails, local beers and a sand volleyball court
- Coffee Club, a coffee shop and bakery
- Corner Kick Bar, the soccer-focused main bar of The Pitch complete with "tunes, TVs and (a) beer garden"
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