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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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Popular
Lina Martinez with her newly adopted cat, Emmanuel, who she renamed Sullivan.
Timmy and Tommy are ready to play.
As the 2-month-old white-and-tabby brothers swat feather wands, chase toys and generally hold court inside Purr-fecto Cat Lounge, a half-dozen potential adoptive parents look on lovingly, trying to get their attention.
“This is kind of like the speed dating of cats,” said Lupita Foster, owner of Purr-fecto Cat Lounge. “I intentionally didn’t put in any tables. That’s why we call it a lounge instead of a cat café because we have these lounge areas where you can sit and relax and cuddle.”
Foster, who has owned a cleaning company, Enviromaids, for 18 years, was inspired to open Purr-fecto Cat Lounge after adopting her own cat, Romeo, from a local shelter.
“When you want to adopt a cat, you have to spend a lot of time with them to get their personality,” Foster said. “I wanted to do something to help the community and something that makes me feel good, that warms my heart. A business with a purpose. This was a perfect idea.”
Actually, a purr-fect idea.
Inspired in part by a cat lounge she visited in Los Angeles, Foster began laying the groundwork for the business in late 2021 and officially opened the doors of Purr-fecto Cat Lounge, located at 2300 S. Lamar Blvd., in July 2022. Since then, she’s worked with rescue organizations such as Fuzzy Texan Animal Rescue and Sunshine Fund Cat Rescue to facilitate nearly 100 cat adoptions.
At any given time, there are 10-15 cats living in the space, which features an ideal blend of calm, cool corners and adorably Instagrammable backdrops with phrases such as “I want to spend all my 9 lives with you.”
Lina Martinez, 32, learned about Purr-fecto Cat Lounge from a friend’s Instagram post and made an appointment to visit two days later.
“My first impression was, ‘AWW!’” Martinez said. “The kittens were to die for. I felt happy and at peace – just what I needed.”
Visitors to the cat lounge pay $15 for a 30-minute CATXperience session or $30 for a 70-minute session that is spent getting to know the personalities of each cat. Foster said the first thing she typically sees from visitors to the lounge is a smile.
“Everybody that enters the door is smiling,” she said. “And we’ve seen people who have cried because they can’t have kids and they decide to go and adopt a cat instead.”
Foster said she loves bringing in cats who might not have a chance to be adopted at traditional shelters. She told the story of one cat named Izzy, who was partially blind, who was adopted by a family that had a deaf cat at home.
“Izzy was not going to get adopted anywhere else, but she’s extremely beautiful,” she said. “If she was in a cage in a rescue and you tell people she’s blind, she was probably going to be overlooked. But visiting our space, she doesn’t seem like she’s blind. She knows her way around. She moves around perfectly.”
Although Martinez, who had been casually looking for a pet to adopt since moving to Austin nearly four years ago, was interested in a cat named Ruby that she had seen on Purr-fecto’s social media, at the lounge she instead found herself drawn to 5-month-old mixed breed Tuxedo cat.
“I thought he was a star,” she said. “He worked the room and introduced himself to everyone. When I laid down to pet Ruby, he ran from the other side of the room and cuddled with me. It was game over. He got me.”
And she, of course, got him, complete with a commemorative photo that read “My Furrever Family” the day she took him home. Although his original name was Emmanuel, she renamed him Sullivan after her favorite DJ.
“Purr-fecto is special because of the amount of effort and love they put into taking care of the cats,” Martinez said, “and finding them good homes and making possible adopters feel at home.”
Foster, who spent a recent Thursday hosting a group of teenagers in foster care at the lounge, several of whom expressed interest in working there, said the best part about her new endeavor is that her heart is always full.
“I just feel complete,” she said. “I always felt as an entrepreneur that I was missing something. I knew I accomplished a lot, but in my heart I was missing a little connection with the community. Now I’m creating connections between humans and pets and that’s amazing. I’m creating family bonds. It’s just about love, you know. And we need that.”
