Spring and summer is typically the busiest season for Austin's real estate market. But since the pandemic hit in March, only the housing sector has seen improvements.
The Austin metro saw a 21.5% year-over-year increase in home sales last month, with the median sales price climbing more than 10%. Rentals, on the other hand, are still struggling to recover from the financial hits.
"[March to July] is our peak leasing season, so historically there are usually pretty good size gains month over month this time of year," said Cindi Reed, vice president of regional development for ApartmentData.com. "This is not typical for this time of year."
On the homefront
Recent strong home sales indicate that the local market is bouncing back, despite the ongoing pandemic.
"July was a very encouraging month for the Central Texas housing market," Austin Board of Realtors President Romeo Manzanilla said in a Wednesday press release. "[W]ith two consecutive months of positive numbers, we are growing more confident that this is sustainable and can help be the spark that gets our economy back on track."
Manzanilla attributed the recovery to Austin's "dangerously low" housing inventory, which makes the housing market "ultra-competitive," and with "historically low" interest rates.
Recent economic development initiatives may also responsible.
Laura Huffman, president and CEO of the Austin Chamber of Commerce, said demand for housing is driven by the recent arrivals of electric car manufacturer Tesla, which promises 5,000 jobs at its forthcoming Southeast Travis County Gigafactory, and defense contractor BAE Systems, which announced last week plans for a new campus at Parmer Austin Business Park that will house more than 1,400 employees.
"Even amidst the pandemic, Austin still shines as a magnet for companies that appreciate our robust business climate and abundant talent pool," Huffman said in the same release.
The median home price in the city of Austin is now $423,000, up 11.3% from last year, according to ABoR data. This growth extends to the surrounding areas, including Williamson and Hays counties, which both posted double-digit year-over-year increases in overall sales and median home prices.
A renter's market
The Austin apartment market, however, is another story.
Since March, the average monthly rent in Austin has declined by about $37, or around 3%, according to a market report compiled by ApartmentData.com.
Reed attributes this to a combination of factors, including low interest rates spurring homeownership; a large amount of new and forthcoming inventory, including at least 49 Austin complexes in the pre-leasing stage; and what she feels is a decline in the number of people moving.
Class A, or luxury, apartments, have seen a more "significant decline" in Austin, with their average monthly rent down nearly 5% in the same period. Downtown, which primarily offers Class A units, has proven to be one of the worst performing submarkets during the pandemic period.
"I have to speculate and wonder: Who wants to pay the high price to live downtown but you don't get the benefits of the urban lifestyle?" Reed said, explaining that COVID has temporarily shut down a lot of the bars, restaurants and music venues that draw people to the area.
While there are some signs that the rental market may return to its pre-pandemic state—including a slight increase in the average rent from June to July and the return of students to college campuses—the apartment industry is still vulnerable to the COVID-19 recession.
Many landlords are worried about rental collection now that stimulus funds have likely run out and evictions remain on hold.
"There's a lot of fear of what's going to happen moving forward," Reed said. "It could go either way."
- The intrepid: How brand-new Austin residents are connecting to the ... ›
- 'Tables have turned' in the Austin rental market, with fewer ... ›
- Austin launches $17.75M COVID rental assistance program - austonia ›
- What $10 million or more can get you in Austin luxury homes ... ›
- Austin luxury real estate market booms in pandemic - austonia ›
- Robert F. Smith reportedly under investigation for potential tax crimes - austonia ›
- Tech company Auctane signs lease at new Austin development - austonia ›
- Elijah Wood's Victorian Austin home goes on the market - austonia ›
- midcentury modern homes for sale in Austin right now - austonia ›
- Austin metro posts $800M in home sales to foreign buyers - austonia ›
- Austin plans Health South redevelopment as part of inno district - austonia ›
- Austin to have top housing market in 2021as more move from coast - austonia ›
- Austin ranks #8 in top cities for roommate living - austonia ›
- Why COVID caused Austin rents to fall and house sales to rise - austonia ›
- Austin housing market sees dip in sales after winter storm - austonia ›
- Report: Austin homes are selling for 7% above list price - austonia ›
- Austin housing prices continue climb despite growing pains - austonia ›
- Austin's rental market rebounds after pandemic slump - austonia ›
- Austin rental market continues post-COVID recovery in June - austonia ›
- Austin rents continue post-COVID rise thanks to homes frenzy - austonia ›
- Peak home-buying times could be on the way to Austin - austonia ›
- Fall breeze hits Austin as housing market begins to plateau in August - austonia ›
In what could be one of their least energetic showing to date, Austin FC was outperformed by home team San Jose in a 4-0 road loss late Wednesday night.
As the first team officially out of playoff contention in a loss on Saturday, the team seemed defeated from almost the moment they hit the pitch as Quakes standouts Chris Wondolowski and Javier "Chofis" Lopez scored on the team.
A tenth-place San Jose maintained a clean sheet in the match as they inch closer to a last-minute spot in playoffs.
Just as they did in their 1-0 loss Saturday, it was Austin FC who struck first in the match. Captain Alex Ring forced a save from Quakes keeper JT Marcinkowski in just the second minute of play, while star forward Sebastian Driussi followed soon after.
A little over 10 minutes later, San Jose responded with a shot of their own as Austin keeper Brad Stuver was forced into action with a diving save. But with a failing back line and a lack of energy throughout, a frustrated Stuver wouldn't be enough to stave off the home team Quakes in their four-goal triumph.
After a slow first half, San Jose star Chofis was the first to strike after sneaking past Stuver to make it 1-0 for the home team to kick off the second half.
Just five minutes later, Quakes midfielder Benjamin Kikanovic broke free with a fast-paced drive in a play that saw two Asutin FC players hit the ground to double the lead. Stuver and other players were immediately outraged in the controversial call after an apparent handball in the box.
MLS' top all-time scorer Chris Wondolowski capitalized on the slow Austin defense next, taking a pause in the box to score the third goal unmanned in the 59th minute.
Finally, Carlos Fierro clinched the win for the home team after placing a header from six yards out off of a cross and corner kick to end the match 4-0 for San Jose.
Austin head coach Josh Wolff attempted to staunch the wound with a series of subs starting at the beginning of the second half, subbing in native Austinite McKinze Gaines for Moussa Djitte and Rodney Redes for Cecilio Dominguez. But no subs were enough to push back against the 'Quakes as the team lost their second match in a row.
Austin FC has four final matches to end the season, including two remaining home matches against the Houston Dynamo at 4 p.m. on Sunday and a final match at Q2 Stadium against Sporting Kansas City at 8 p.m. on Wednesday, November 4.
85' San Jose makes it 4-0
Austin FC once again can't plug holes in the box as San Jose scores their fourth goal of the match off a set piece and header to make it 4-0 in the 85th minute. The Quakes' Carlos Fierro scores on a header from close up after a well-placed cross from Cristian Espinoza as a frustrated Stuver is unable to block the six-yard shot.
Frustrated and sluggish, Austin FC appears to have lost their chance at a win or draw in one of their worst losses by scoring margin this season.
59' Wondolowski scores for the "Quakes
Just a minute after he hits the pitch, MLS' all-time top scorer Chris Wondolowski tacks one more onto San Jose's lead as the home team leads 3-0 in the 59th minute. A beleaguered Austin leaves Wondolowski undefefended as he receives the ball in the box, pauses and scores in the bottom right corner of goal.
It's looking to be an especially bad match for Austin, who already sit at the bottom of the West. The Verde and Black continue to be outperformed in their late season road matches.
53' Austin doubles the lead
After a rough-and-tumble drive that saw two Austin FC players take a fall, San Jose's Benjamin Kikanovic shoots past Stuver to score the second goal of the match for the home team. The play drew ire from Austin FC players including Stuver, who said there was a handball in the box. Austin's defense continues to be outperformed in the match.
47' San Jose scores first
The Earthquakes finally capitalized on a sluggish Austin FC as San Jose's Javier "Chofis" Lopez snuck one past keeper Brad Stuver and a last-ditch dive from Austin's Jhohan Romana to net the first goal of the match. The goal is Lopez' 12th on the season.
40' Romana gets yellow carded
Romaña is trying to play flag football 😂 #AustinFC— Seth Davis (@sethdavis512) October 21, 2021
Austin FC's Jhohan Romana is the first to get yellow carded in the match after grabbing a jersey in the 40th minute of play. Seconds later, Austin nearly gets an opportunity as San Jose keeper JT Marcinkowski fumbles a blocked shot, but he passes the ball off before the Verde and Black can get one in off the rebound.
The Quakes repeat the move in the 41st minute as they nearly get one past Stuver, who is able to hold it down unguarded and grab a shot from Jeremy Ebobisse.
18' Stuver keeps it clean
Just like Saturday, it was Austin who struck first with a shot by Captain Alex Ring in just the second minute of play. Star newcomer Sebastian Driussi came soon after with a shot of his own, but the ball was once again kept out of goal.
Just over 10 minutes later, Austin keeper Brad Stuver got his first big test as the Quakes' Jeremy Ebobisse shot one towards the bottom left corner. In signature fashion, Stuver was able to keep a clean sheet.
Austin's "strongest lineup yet" may not have been able to finish in Saturday's loss, but they created plenty of chances. Wolff seems to have confidence in the starting XI and hasn't changed much for tonight.
Nick Lima is in for right back in Hector Jimenez's stead, while Cecilio Dominguez, Moussa Djitte and Sebastian Driussi lead up front. Center back Matt Besler remains out on concussion protocol.
Tesla's third-quarter profits were released on Wednesday afternoon and current richest-man-on-earth Elon Musk topped the charts since his high-profile transition to Austin.
Q3 held record-high deliveries for the electric vehicle manufacturer, despite chip shortages and supply chain issues. Revenue came in slightly shy of expectations but still yielded the most profitable quarter thus far for Tesla. Plus, adjusted earnings per share are also on the up and up.
"A variety of challenges, including semiconductor shortages, congestion at ports and rolling blackouts, have been impacting our ability to keep factories running at full speed," Tesla said in a statement. "We believe our supply chain, engineering and production teams have been dealing with these global challenges with ingenuity, agility and flexibility."
According to Tesla's update, the EV giant's Q3 revenue came in at $13.76 billion—a big year-over-year increase as Tesla recorded $8.77 billion in Q3 of 2020. The expectation was $13.9 billion and though the company came in just a few million lower, it was the company's ninth-straight profitable quarter.
Though earnings were a touch lower than expected, adjusted earnings per share came in at $1.86, where expected had been $1.67, and a year ago was 76 cents per share.
An accomplishment for Tesla this quarter was delivering more than 241,300 vehicles worldwide from its California factory—almost half of what the company delivered throughout all of 2020.
This Q3 update comes on the heels of Tesla's announcement that it would move its headquarters to the capital city. Additionally, the new Gigafactory in southeast Travis County is looking more complete by the day. While full-scale production isn't slated to start until 2022, the factory has already begun testing its robotic assembly line.
- Elon Musk lives in a tiny Boxabl home in Boca Chica, Texas - austonia ›
- Elon Musk, Joe Rogan and Dave Chappelle walk into Stubb's BBQ ... ›
- Elon Musk and Grimes break up - austonia ›
- Where SpaceX's Elon Musk ranks in the billionaire space race ... ›
Radhia Gleis never meant to join a cult—in fact, she didn't even know she was part of one until decades after she had joined—and she's still picking up the pieces that her departure left behind.
Although it was Buddhafield, a movement that has been called a cult by a host of ex-followers, that brought Gleis to the Hill Country, the group's Austin presence has diminished to almost nothing. After over two decades in the group, Gleis revealed it all in her first-place PenCraft award-winning book, "The Followers, 'Holy Hell' and the Disciples of Narcissistic Leaders" in which she talks about the dangers of groupthink and the impact that spending years in the Buddhafield cult had on her.
Gleis now works as a clinical nutritionist and is working on healing through her art. (radiagleis.com)
From a "well-to-do" family in California, Gleis was learning how to make cocktails for wealthy dinner guests shortly after she learned how to walk. She grew up emotionally distant from her parents and only brother; Gleis vividly remembered being called "dopey" by her father, consistently forgotten by her mother and held at knifepoint by her brother.
Needless to say, Gleis grew up without secure connections. On top of that, she grew up in the 1960s and '70s during mass cultural upheaval, the free love movement and obsession with Eastern religions.
"There were these desires to expand your thinking, expand your consciousness as opposed to the 'Leave it to Beaver' kind of paradigm," Gleis told Austonia. "There was a rebellion, a schism in the culture."
She had become interested in the idea of nirvana when she was in high school, so when a friend told her about spirituality sessions with a beautiful woman named Malila who claimed to have experienced God directly, her interest was piqued.
Her experiences with Malila threw her into the spiritual realm. Gleis met Jaime Gomez, the would-be leader of the Buddhafield cult who went by many names, in the early 1980s through a friend of Malila's in California. Gomez, a native of Venezuela, was known to often wear only eyeliner and a speedo in his prime and when Gleis met him, he was clad only in a golden tan, skin-tight jeans and a small vest.
The Shakti scam
Gomez originally began guiding members through an independent spiritual journey but flags were raised when he began to see himself as a godlike figure. (WRA Productions LLC)
Her initiation was subtle—it started as just a group of friends who followed Gomez, a young yogi with a small but growing following, to learn techniques of "The Knowing" that he possessed. Members were initiated via "shakti," a godly transfer of power that opened your third eye. Members would "pranam," or deeply bow to show respect, to God during the first four years of Gleis' time with Gomez.
The initiation started as a relationship between the individual and their "divine birthright" through God.
"Generations were trying to get Shakti from him, they were trying to get his energy," Gleis said. "He was like, 'Whatever you experience in your initiation is between you and God, it has nothing to do with me.'"
Things started to change at the next initiation when Gomez had new members pranam to him and connect to his love, not the divine love they had come seeking.
"He would say, 'Well, Radhia, some people, not you, need a living person they can touch and see and talk to, I am just being that for them,'" Gleis said. "So he considered himself now a living deity like Jesus or Krishna or Buddha."
Although she did not support the pranam to Gomez, the shift was harrowing. While Gomez was a "skilled sociopath," Gleis said, he was also her friend and she was his close adviser; he knew all of her' hopes, dreams, fears and how to keep her around.
"If you go to Disneyland, it's a fantasy, but you're willing to forgo your disbelief for the fun, for the ride," Gleis said. "But what if you don't know it's fake? What if all your friends and all your family are in on it? And the one person that you revere the most is creating the illusion?"
It would take years for Gleis to learn Gomez was secretly taking advantage of members in the group.
The domino effect
The Buddhafield waltzed into Austin from West Hollywood in the late '90s after accusations against Gomez came out, Gleis would later learn. She found out that later that multiple members alleged that Gomez sexually abused them, and it was a pattern of his to jump ship and change his name once people started speaking out.
There were a few reasons the group chose Austin: their new home had to be in a warm climate, near a body of water, full of rich culture and jobs.
Having been in the cult for over a decade, the Austin move had triggered a need to build a life outside Buddhafield for Gleis. The connections she made outside the "family" she had made for herself led her to visit the home of an injured member of Buddhafield, where she says she was greeted by two men who told her tales of Gomez's transgressions.
Tales of Gomez attempting to hypnotize male members of the group into removing their clothes, which Gomez would deny, and his penchant for using the AIDS crisis to scare members into silence came to light. It was a feat in and of itself to tell a single soul about the things the victims had experienced, let alone make formal charges.
Among the victims was Will Allen, who released the documentary "Holy Hell," made from hours of his own original footage, in 2016 to detail his experiences.
The women in the group were untouched to Gleis' knowledge and some of the victims took years to gain the courage to speak out.
"Now it was like dominoes, it was like this was our #MeToo movement. When this guy came out, now all of a sudden, I'm getting phone calls because the rumors spread," Gleis said. "It was very heartbreaking—I started hearing all these stories of what (Gomez) had done and all the secrets that all of these men had been holding, these traumas that they had been holding in for years."
That was her line in the sand—so, at 55 years old, Gleis left Buddhafield, "alone and forsaken." And she has learned a good deal about herself since then—she works as a clinical nutritionist but left all of her friends behind, with no one to fall on but herself.
It has been 15 years since her departure—15 years to ponder how she was manipulated into that place. Gleis often compares those two decades of her life to Trumpism, where Gomez had tapped into her preconceived notions and led her to believe what she wanted to believe.
As someone who grew up not knowing love, it made sense to jump headfirst into the sense of community and protection that Buddhafield offered.
"We have to be careful when we use words like 'brainwashed.' We went willingly. Jaime didn't torture us. He didn't brainwash us," Gleis said. "All he did as a narcissist—he figured out what we were all thinking about and he became that for us. When you pranam to him, which we did, then he becomes bolder. That's what a sociopath does."
Gleis details her story of what led her in and out of Buddhafield in her book, "The Followers." Gomez and certain members who are still connected to Buddhafield have moved on to Hawai'i, but Gleis remains in Austin and is currently working on a children's novella.
- Buc-ee's avoids national workers shortage with benefits - austonia ›
- Austin companies that cracked the Fortune 500, 1000 list - austonia ›
- Alex Jones goes viral yelling at lifeguards at greenbelt entrance ... ›
- How Buc-ee's became a cult favorite around the world - austonia ›