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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An Austin-based firm that’s established itself as one of the top Bitcoin miners in North America is set to go public.
On Thursday, the company, known as Core Scientific Inc., announced it’s now trading on Nasdaq as $CORZ. The stock opened at $9.74 per share then peaked at $10.48. The company was assigned a $414 million market cap.
"As one of the largest publicly-traded blockchain infrastructure providers and digital asset miners in North America, we are focused on growing our capacity, defending and securing the blockchain ecosystem and building long-term shareholder value," CEO Mike Levitt said.
As reported by Yahoo News, investors approved a plan for a public debut through a $4.3 billion merger with special purpose acquisition company Power & Digital Infrastructure Acquisition Corp. The deal arrives as Austin sees its crypto scene soar, with increased activity in the NFT economy and groups pooling their money together through DAOs.
Core Scientific was established in 2017 and relocated its headquarters from Seattle to Austin last year. It has a site in Downtown Austin on 106 E. 6th St. and data centers in Georgia, Kentucky, North Carolina and North Dakota. More than 100 full-time employees are in the U.S., but it's unclear how many are in Austin.
Now, they say they are the biggest Bitcoin miners based on processing power, with claims that the combined mining capacity on the Bitcoin network exceeds that of competitors. And SEC filings from earlier this month show it's in the process of acquiring Blockcap, Inc., which moved to Austin last year.
The company describes itself as a leader in high-performance, carbon-neutral blockchain infrastructure in an industry that catches flak for its energy use.
Aside from mining, the company provides internet hosting services for other large-scale miners. In fact, it derives about half its revenue by helping big customers mine, a quality seen in what’s often referred to as an “institutional-grade” miner.
Looking ahead, Core Scientific seems optimistic about the year ahead even as Bitcoin falls from its all-time high.
“We’ve worked hard to lay the groundwork that will enable us to achieve our 2022 projections,” Levitt told Yahoo News. “Our objective is to be the best. Being the best means doing all that we can for our business, the industry in which we participate and for the Bitcoin network.”
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Watch some Cricket
When: 5:30-10 p.m. Saturday and Sunday
Where: The Crossover, 1717 Scottsdale Drive
What: Looking for a new sport to obsess over? Attend one of Sports Movement’s indoor cricket matches.
Le Garage Sale
When: 11 a.m. Saturday and Sunday
Where: Palmer Events Center, 900 Barton Springs Rd.
What: Find over 100+ boutiques, brands and designers at Le Garage sale. Shop leisurewear, accessories, menswear, children’s apparel, home decor and more. Tickets start at $10.
See a movie at the drive-in
When: 6:25-8:45 p.m., 9:15-10:50 p.m. Saturday
Where: The Globe Drive-In Theater, 8017 Cele Rd.
What: This weekend you can see Harry Potter and the Prisoner of Azkaban at 6:25 p.m. or you can see The Cabin in the Woods at 9:15 p.m. at the drive-in. Tickets cost $16 per car.
Museum of Ice Cream
When: 11:30 a.m Saturday and Sunday
Where: Museum of Ice Cream, 11410 Century Oaks Ter.
What: The Museum of Ice Cream is featuring 12 never-before-seen instillations celebrating the enjoyment of ice cream. View tickets here.
The Austin Flea
When: 12 p.m. Sunday
Where: Meanwhile Brewing, 3901 Promontory Point Dr.
What: Find handmade items, vintage wares, food and drink and more at The Austin Flea at Meanwhile Brewing. Vendors are handpicked for each show to guarantee a great selection of items to shop for.