Shocker—Austin’s luxury real estate market is booming but after an especially fruitful year, the capital city is joining the big leagues for high-priced homes.
According to a study comparing industry-wide sales activity done by real estate agency Compass, Austin saw a 450% increase in $10 million-plus real estate transactions from 2020-2021, placing it among the 30 highest-value markets in the U.S.
With 11 total transactions totaling $189 million, the sales volume in Austin jumped 562% since 2020, putting the city markedly higher than major cities like Philadelphia, Pennsylvania; Jersey Shore, New Jersey; Long Island, New York, and Washington D.C.
Dallas was the only other Texas city to be included on the list and nearly mirrored Austin’s luxury real estate activity but ultimately came in lower in terms of total sales volume. With 10 total transactions above $10 million from 2020-2021, Dallas sold $115 million worth of houses and saw growth of about 66-68%.
However, Dallas prevailed out of the most expensive sold Compass listing at $11.9 million, whereas Austin’s most expensive listing capped at $11.6 million.
According to local agents Dara Allen and Gary Dolch, local luxury real estate has historically been concentrated along Lake Austin but is starting to spread out into areas like downtown and the suburbs. More luxury properties in diverse areas are expected to be listed on the Multiple Listing Service than ever before, which Allen said can be attributed to work-from-home.
“The prioritization of more square footage, larger lots, luxury amenities, and privacy is sending buyers as far out as Spanish Oaks and Dripping Springs,” Allen said. “People are spending more time at home and need space for sometimes even multiple home offices. Moreover, sellers are still holding tight despite their homes being worth more than they ever have been, and buyers are coming from surprising places.”
Dolch said Austin will continue to see growth from its feeder markets: California, New York, Chicago and Florida on account of the low-interest rates and ever-growing local tech and cryptocurrency markets.
“We are forecasting that our luxury market in Austin takes another leg up with 20%+ appreciation year over year,” Dolch said. “As good as it has been here, we think we’re still in the early days with at least a five-year runway ahead of us. Especially in executive estates, waterfront, and ranch properties which make up the majority of our current $200 million-plus listing portfolio.”
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Some of your favorite Instagram filters can’t be used in Texas anymore and Austinites are sounding off on social media.
Meta, Facebook and Instagram’s parent company, announced on Wednesday that certain filters would no longer be available in Texas.
The change is a result of Texas Attorney General Ken Paxton’s lawsuit against Meta, alleging the company uses facial recognition technology that violates laws in Texas. A release from Meta says it stopped using facial recognition tech in November 2021 and denies Paxton’s allegations.
Some Austinites bemoaned the shift, saying some of their favorite filters were now unavailable.
This was my FAVORITE filter on @instagram and they done removed it cause I’m in Texas ! Like wowwwwww pic.twitter.com/uX60hdIC0Q
— Pinkyy Montana (@inkstar_pinkyy) May 11, 2022
i heard that instagram filters got banned in texas? what the actual fuck y’all better give me my favorite filter back
— lia 🤍 (@liatootrill) May 11, 2022
loved this stupid filter sm i hate texas pic.twitter.com/DXr9mmUc64
— birthday boy jeno 🎂 (@beabtox) May 12, 2022
But more often than not, locals joked about the ban.
Texas women seeing the filter ban on IG pic.twitter.com/yDMcP3Qtsr
— Christian (Anabolic) Flores (@christian_flo24) May 11, 2022
So, the state of Texas has banned filter use on IG? THE END IS NEAR. 😂
— THE FRANCHISE! Франшиза (@NYCFranchise718) May 12, 2022
And some in-between chose to show off some natural beauty.
I live in Texas, but no filter needed. 😉 pic.twitter.com/A6teRgYMKn
— bad and bruja (@starseedmami) May 11, 2022
filter, no filter..texas women still reign supreme.
— 🎍 (@_sixile) May 11, 2022
Finally, some are trying to cash in on the opportunity.
Texas IG users- if you want to filter your picture cashapp me $1.50 $ErvnYng
— Gemini (@ervn_y) May 11, 2022
Meta said it plans to create an opt-in system for both Texas and Illinois residents, who are facing the same issues.
Power demand is forecast to push within 600 megawatts of the Electric Reliability Council of Texas' capacity Friday afternoon as a record month of heat continues.
Demand for the statewide power grid hit over 65,000 Mw at 5 p.m., just under the capacity the grid can handle. ERCOT announced approximately 2,900 Mw of power was lost on Friday due to six power generation facilities tripping offline. At 5 p.m. it said all reserve generation resources available are operating. Texans have been asked to conserve energy.
Inbox: ERCOT says "six power generation facilities tripped offline resulting in the loss of approximately 2,900 MW of electricity. At this time, all reserve generation resources available are operating." Asks Texans to conserve power... pic.twitter.com/g6LxJlHlop
— Forrest Wilder (@Forrest4Trees) May 13, 2022
As the power grid threatens to buckle under the weight of consumers, record-breaking heat continues to push up demand. Austin is currently in the hottest May on record, with temperatures averaging at 82 degrees—eight degrees higher than average—at Austin's Camp Mabry.
And Austin is expected to have another triple-digit onslaught next week, with temperatures peaking at highs of 100 degrees Friday and Saturday. As a result, demand could peak Monday, with forecast demand expected to reach a May record of 70,758 Mw. The previous record was 67,265 in 2018, while ERCOT's all-time high was 74,820 Mw in August 2019.
While ERCOT has not yet seen a heat surge reminiscent of 2021's Winter Storm Uri, power outage woes became all too real for around 3,600 southeast Austinites Saturday as Austin Energy put on a last-resort power pause from around 3:30 to 7:30 p.m.
The outage was a culmination of many factors—from near-100 degree heat to unfortunately-timed maintenance checks and growth in the Bluff Springs area. The result was an overheating circuit that needed relief fast.
"It was related to high usage overloading one circuit at a time when some of our infrastructure was still undergoing maintenance in preparation for the months to come," Austin Energy spokesperson Matt Mitchell told Austonia. "So it was a very unique set of circumstances that we do not see repeating itself."
Mitchell said that all seasonal maintenance is complete and that Austin Energy will open a new power substation in Bluff Springs this June. The organization also said the issue had nothing to do with ERCOT, which released a statement assuring consumers that power was not threatened during that time.
NEW: ERCOT projects there will be sufficient supply of power to meet demand for this week. pic.twitter.com/fPZWHbWyoc
— Lindsey Ragas (@LindseyRagas) May 10, 2022
ERCOT also told Austonia before 5 p.m. that it "projects there will be sufficient generation to meet demand for electricity" on Friday. It then informed the public about the energy loss due to a power trip.
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