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(2400 Seton)
Austin-based developer Lincoln Ventures recently announced its latest project: a 30-story, 241-unit student housing project called Waterloo at 2400 Seton Avenue in West Campus.
<p>When it opens in 2022, Waterloo will feature 25 resident floors, a mezzanine level with conference and student rooms, and a rooftop terrace with an infinite pool and private cabanas.</p><p>The project broke ground this summer and is the first to be built <a href="https://www.austinmonitor.com/stories/2019/11/west-campus-overlay-grows-without-planning-commission-expansion/" rel="noopener noreferrer" target="_blank">under the city's new density bonus program</a> within the University Neighborhood Overlay District, which was established in 2004.</p><p>Previously, new buildings in the district were limited to 225 feet. In exchange for an additional 75 feet, Waterloo will make 20% of its units affordable for residents at between 50% and 60% of the area's median family income, <a href="https://www.austintexas.gov/sites/default/files/files/Housing/Copy%20of%20MFI%20Chart%20Effective%20April%201%202020%20(003).pdf" rel="noopener noreferrer" target="_blank">which is $97,600</a> for a four-person household. </p><p>The U.S. Department of Housing and Urban Development considers between 50% and 80% of the area's median family income as very low. </p><p>The remaining units will be market-rate. </p><p>The building is also the first in the district to take advantage of the elimination of parking requirements. Waterloo plans for 101 parking spaces for 796 student residents.</p><p>"This agreement opens up a whole new world of opportunities and proves housing can be affordable, beautiful and thoughtfully designed," Lincoln Ventures President David Kanne said in a statement.</p><p>Austin City Council voted last November to pass an amendment to the University Neighborhood Overlay District, which was established in 2004, that grants additional height to developers who agree to make a portion of their residential units affordable or pay a in-lieu fee. The amendment also eliminated parking minimums, with exceptions for accessibility requirements.</p><p class="shortcode-media shortcode-media-rebelmouse-image">
<img class="rm-shortcode" data-rm-shortcode-id="bf37c50b3e54e5b21e5e4043ae8cc10e" data-rm-shortcode-name="rebelmouse-image" id="d1b48" type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDU0NDk3My9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYyMTk5OTkwNX0.cG_sBtUy0_FHQGQWZILBxwSypZhpA1zWaq37HGQen_Y/img.jpg?width=980"/>
<small class="image-media media-photo-credit" placeholder="Add Photo Credit...">(2400 Seton)</small></p><p>Rylan Maksoud, a then-junior at the University of Texas and West Campus resident, spoke in favor of the changes at the meeting.<br/></p><p>"Trying to find housing as a student feels like pulling a slot machine and hoping for the best, as students are taken advantage of every single day," he said. "We the students and university are begging you for increased housing in West Campus to bring down prices and increase competition."</p><p><br/></p><p><strong>More on renting:</strong></p>
<h2><a href="https://austonia.com/austin-renter-market" target="_self">Austin market posts lower rents, a pandemic-era boon to some tenants</a></h2>
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDQ3OTQ2NS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYyMTY3ODc1NH0.starkffGkk6wJiQrq_JbQdOUe-0TW5UTi_EtpMsRsNA/img.jpg?width=980" id="a8a06" class="rm-shortcode" data-rm-shortcode-id="29c026154265589b9d960d55cc6ef4a1" data-rm-shortcode-name="rebelmouse-image" />Austin market posts lower rents, a pandemic-era boon to some tenants
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(Emma Freer/Austonia)
President Donald Trump and his supporters have recently adopted a stance on an issue critical to many Austinies: local land-use regulations, or zoning laws.
<p>Zoning determines how land can be used throughout a city, including what can be built, where it can be built and how much of it can be built. </p><p>On Aug. 12, <a href="https://twitter.com/realDonaldTrump/status/1293517514798960640" target="_blank">Trump tweeted</a>: "The 'suburban housewife' will be voting for me. They want safety & are thrilled that I ended the long running program where low income housing would invade their neighborhood."</p><p>Less than two weeks later, Mark and Patricia McCloskey—a St. Louis couple facing charges for waving guns at Black Lives Matter protesters marching past their mansion—gave a prerecorded speech that directly referenced zoning policy at the Republican National Convention.<br/></p><p>"(Democrats) want to abolish the suburbs altogether by ending single-family zoning," Patricia said, claiming that doing so "would bring crime, lawlessness and low-quality apartments into thriving suburban neighborhoods." </p><p>Jake Wegmann, an assistant professor at the University of Texas at Austin School of Architecture, said this type of rhetoric is new—at least on the national level. </p><p>"It is absolutely a new thing for zoning to be mentioned in the context of a presidential campaign," he told Austonia. "But I guess my caution is that the politics of land use reform don't map neatly onto a left-versus-right political spectrum, in my view." </p><p><strong>A local look</strong> </p><p>This plays out in Austin, where all 11 members of City Council are self-identified Democrats and yet typically vote 7-4 on land use items, with the majority supporting urbanist policies and the minority favoring preservationist ones. </p><p>Such a split has proven challenging as the city continues its nearly <a href="https://austonia.com/austin-land-use-code-rewrite" target="_self">decade-long process</a> to rewrite its land use code, which was last updated in the mid-1980s. Although it is currently on hold due to a lawsuit, the code rewrite—which has cost more than $10 million to date—is a critical issue, and one on which many of <a href="https://austonia.com/austin-city-council-seats-up-for-election" target="_self">the 20 candidates for Austin City Council</a> have an opinion.</p><p>Opponents say a rewrite would pander to developers, destroy neighborhood character and accelerate gentrification. </p><p>Fred Lewis is the president of Community Not Commodity, a local organization that sued the city over the current rewrite process and was a vocal critic of its previous effort, dubbed CodeNEXT.</p><p>"The marketplace is not going to build modest, middle-class housing," <a href="https://austonia.com/austin-land-use-code-rewrite" target="_blank">he told Austonia last month</a>, adding that he feels the rewrite is instead about satiating "developer greed." </p><p>Supporters, on the other hand, argue that the city's current code stands in the way of more equitable, sustainable development, at best, and <a href="https://www.kut.org/post/white-homeowners-dominate-input-over-austins-land-code-rewrite-one-group-trying-change" rel="noopener noreferrer" target="_blank">is racist and classist</a>, at worst.</p><p>David and Courtney Whitworth co-own the Central Austin infill home building company Whitworth Homes. <a href="https://www.austinchronicle.com/columns/2020-09-11/opinion-time-to-look-in-the-mirror-on-housing/" rel="noopener noreferrer" target="_blank">David believes</a> the current code prevents the construction of denser, more affordable residences.</p><p>"What bothers me is we have a code that only allows Mercedes," he said. "If only our code would allow Kias, we wouldn't have to be subsidizing people into Mercedes." </p><p>Despite finding themselves on opposite sides of the land use debate, many candidates—and Austin residents—find themselves in the same political party.</p><p>This may be because zoning is a local issue that, until recently, was rarely discussed by national politicians. </p><p>Researchers at Stanford University wrote about the challenge of ascertaining the politics of zoning reform <a href="http://cess.nyu.edu/wp-content/uploads/2018/02/Nall.pdf" target="_blank">in a 2018 paper</a>. </p><p>"Such policies tend to benefit the poor and working class—generally aligning with Democrats' concerns—but they also involve an embrace and a trust of private commercial interests (including real estate developers) who tend to be associated with the Republican party," they wrote. </p><p>Wegmann went further, mapping out a matrix in which the x-axis was the American political spectrum and the y-axis went from zoning reform at the top to the status quo at the bottom.</p><p class="shortcode-media shortcode-media-rebelmouse-image">
<img class="rm-shortcode" data-rm-shortcode-id="ca01a48c273889ad1003f9a926e7cfdb" data-rm-shortcode-name="rebelmouse-image" id="1dbdd" type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDUzMTI1Mi9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTY1NDE4MzI3OX0.ar1Ly4BRHlX1Q9f2j4_cC5EJj5foN35KRrS_AYjdjY8/img.png?width=980"/>
</p><p>In the upper left quadrant, Democrats who support zoning reform may cite a desire to desegregate cities, while Democrats who oppose it would argue that increased density benefits private developers, Wegmann said.<br/></p><p>In the upper right quadrant, Republicans who favor zoning reform may appeal to property rights, while opponents feel "single-family houses preserve a nurturing atmosphere for traditional, nuclear families," he added. </p><p>This dynamic presents the opportunity for an odd bedfellows coalition, Wegmann said, similar to the bipartisan support for criminal justice reform in recent years. </p><p>But it has also divided those who purport to share the same values. </p><p><strong>A case study</strong> </p><p>District 10 City Council Member Alison Alter describes herself as a progressive Democrat and tends to vote with the preservationist minority on land use issues. </p><p>"What people want is to have a say in how the growth happens," she said of some Austinites' opposition to a new code. "They don't want us to just unleash it and rubber stamp it. They want us to guide it."</p><p>For Alter, such guidance means ensuring that new development prioritizes affordability and environmental friendliness and honors neighborhood character and property owners' rights. </p><p>"I think we need to require more than density," she said.</p><p>Alter presented a hypothetical scenario to make her point: Say council is presented with a zoning case that proposes redeveloping a 171-unit apartment building made up of mostly two-, three- and four-bedrooms with a 486-unit building with mostly studios and one-bedrooms. The replacement would increase housing stock, but it could also displace hundreds of working families who had found a home in the existing building.</p><p>Because of cases like this, Alter is skeptical that density is the panacea that some zoning reform proponents say it is. </p><p>"I don't think we should just be trusting when the developers say that when they're going to do things it will all work out well," she said. </p><p>Alter's colleague, District 1 Council Member Natasha Harper-Madison, recently argued in favor of increased density for different reasons.</p><p>During an Oct. 13 meeting, council members discussed a rezoning application that would have upzoned a lot in the Montopolis neighborhood from a single-family designation to one that would have allowed townhomes and condos.</p><p class="shortcode-media shortcode-media-rebelmouse-image">
<img class="rm-shortcode" data-rm-shortcode-id="0a49eb8635afdbbe02d3f26df9899fbe" data-rm-shortcode-name="rebelmouse-image" id="fab3a" type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDUzMTAxOC9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYxNTU1ODE5N30.F3KN2ZzQYN-wqA-74F1LsLmxAG6GV8dBTl-4sHLcdpM/img.png?width=980"/>
<small class="image-media media-caption" placeholder="Add Photo Caption...">The rezoning application concerned the lot at 508 Kemp St. in the Montopolis neighborhood. </small><small class="image-media media-photo-credit" placeholder="Add Photo Credit...">(Google Maps)</small></p><p>Harper-Madison supported the change—and used the discussion to talk about zoning more broadly.<br/></p><p>"It's a little known fact that the legacy of single-family zoning is absolutely rooted in racism," she said, pointing to racial covenants used by neighborhood developments in California <a href="https://www.kqed.org/news/11840548/the-racist-history-of-single-family-home-zoning" target="_blank">during the early 20th century</a>.</p><p>Although she acknowledged the concerns some Austinites have about increased density—especially those who feel their neighborhoods are "bearing the brunt of the load," while others are left largely unaffected—she argued that leaving the Montopolis lot as is would enable the construction of an even more expensive single-family home and eliminate the 17 affordable units proposed in its place. </p><p>"I often get asked, 'How can I be an effective anti-racist?'" Harper-Madison said. "One answer should be to ditch that not-in-my-backyard mentality (and) embrace more dense, missing-middle housing types to accommodate more residents with less land (and) more affordable housing right in your neighborhood." </p><p>Wegmann, the UT professor, said the recent Black Lives Matter protests have accelerated an existing reevaluation of zoning norms. But he anticipates it's still a long way off before America's "dominant (housing) practice" changes.</p><p>"It might take decades," he said. "But I guess what's different is that it's beginning to be seriously challenged <a href="https://archive.curbed.com/2018/11/27/18113208/minneapolis-real-estate-rent-development-2040-zoning" rel="noopener noreferrer" target="_blank">in a few places</a>. And I see some evidence that it could spread further."</p><p><br/></p><p><strong>More on zoning: </strong></p>
<h2><a href="https://austonia.com/austin-land-use-code-rewrite" target="_self">Austin land use code rewrite stalls amid pandemic, lawsuit—but both sides say a solution is possible</a></h2>
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzk4MTkzMC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYzMzQ1MDgwMX0.wo8BZTgfx3Sbxn_krJmy5nJQHeQVAY2segZ4kmm0Mco/img.jpg?width=980" id="1bf06" class="rm-shortcode" data-rm-shortcode-id="0da559a95053f508bcfd8bf318ae1d98" data-rm-shortcode-name="rebelmouse-image" />Austin land use code rewrite stalls amid pandemic, lawsuit—but both sides say a solution is possible(Emma Freer)
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After a decade of being called the country's fastest-growing metro, Austin is about to learn early next year if the trend continues when census counts are released.
<p>In anticipation, The Greater Austin Chamber of Commerce revisited the latest U.S. Census migration insights in its latest economic report. Migration patterns help reveal where new Austin residents moved from and how that growth compares nationally.</p><p>Based on 2018-19 population estimates outlined <a href="https://www.austinchamber.com/blog/10-08-2020-migration?utm_campaign=CenTex%20Report&utm_medium=email&_hsmi=97024012&_hsenc=p2ANqtz-9XHXPNXh0Sxv9YJHj0RC9nrtK9LWfmWaCI27iccEhCT49S8ZVShNTSpLvrEHsTvsbo0xoAlygB8KBoR8PhVteXKsI4xlG_OwQWbIAXj_C45rz969c&utm_content=97024012&utm_source=hs_email" rel="noopener noreferrer" target="_blank">in the report</a>, Austin is now growing at 168 net new residents per day, mostly thanks to people who relocate here.</p><p><br/></p><p class="shortcode-media shortcode-media-rebelmouse-image">
<img class="rm-shortcode" data-rm-shortcode-id="ad16069a12a75de3d0e56376fdeff9d6" data-rm-shortcode-name="rebelmouse-image" id="3351e" type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDUwNzI2OS9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTY1NzQxODY3MX0.ufACs4WiquPFyk7K0xzgqc-bUQYcdOfMm6Wh6IXvhP0/img.png?width=980"/>
</p><p>Here are three notable takeaways from the report:<br/></p>
1. Austin really is a 'Hotel California'
<p>The cliche that Californians are flocking to the city has merit, based on the report takeaways.</p><p>California residents make up 8% of all migration to the Austin metropolitan area, according to 2014-18 U.S. Census survey data compiled by the chamber. That is significantly more than the next five states:</p><ul><li>California (8%)</li><li>New York (3.3%)</li><li>Florida (3.1%)</li><li>Illinois (2.3%)</li><li>Arizona (2.1%)</li><li>Colorado (2.0)</li></ul><p>But more than half (51.3%) of new Austin residents actually come from elsewhere in Texas, according to census survey data.</p><p>In total, 119,146 people migrated to Austin between 2014-18, a net gain of 25,769 residents. Most of these newcomers come from other Texas cities like Houston, Dallas and San Antonio, as well as from New York City and Los Angeles.</p><p>Ironically, California is also the top destination for Austin residents who relocate permanently, followed by Florida and Colorado.</p><img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDUwNzI3Mi9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYzNTQ4MjQwNH0.QumIeeEyM_6YLX5qNHp1ZwpqEknP7JLOQ7yMVMwJrl4/img.png?width=980" id="ef080" class="rm-shortcode" data-rm-shortcode-id="7c8e5480e9677a92bb1ce5caf9b6bc1f" data-rm-shortcode-name="rebelmouse-image" />2. No other city grew faster this decade
<p>The percentage of Austin's population growth from 2010-19 exceeded every other metro area in America, according to the U.S. Census Bureau.</p> <p>In fact, Austin grew at a 10% faster rate than any other Texas city despite The Lone Star State making up four of the nation's six fastest-growing cities this decade:</p> <ul><li>Austin (29.8%)</li><li>Raleigh (23%)</li><li>Orlando (22.2%)</li><li>Houston (19.4%)</li><li>San Antonio (19.1%)</li><li>Dallas (19%)</li></ul> <p>Austin's consistent growth the past 10 years comes from various factors. Census data shows about 32,000 people move within the U.S. per year and another 6,850 relocate internationally annually. An additional 16,200 people per year come from natural increase (births minus deaths).</p> <p>Raleigh is the only city to have a higher percentage (6.8%) than Austin (6.6%) of overall residents who relocated within the past year.</p><img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDUwNzI3NC9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTY0Nzg4NTc2NH0.I_c3AZfXVHnRwoQgvViHCRptdisRPXOIHSoAO3F2wVU/img.png?width=980" id="6d05a" class="rm-shortcode" data-rm-shortcode-id="7a63746bd59475a1b72c0b39c5d70d22" data-rm-shortcode-name="rebelmouse-image" />3. Relocations skyrocketed in 2019
<p>The majority of the city's annual population increase comes from domestic migration, or people moving to Austin from other parts of the U.S. Between 2011-18, Austin gained 30,798 residents, on average, who relocated here.</p><p>But that number ballooned to 41,334 new residents in 2019, according to U.S. Census Bureau estimates. That helped Austin reach a net population increase of 60,000 for the first time this decade.</p><p><strong>More on moving to Austin:</strong></p>
<h2><a href="https://austonia.com/living-in-austin-texas" target="_self">Dreaming about becoming an Austinite? Here are 8 things you'll love about the city</a></h2>
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzM4OTI2Ni9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYyNjkxODM4NX0.JfuizA-A_2tdd2O3fgam_RSElH2WAnhgobnpVl34UAk/img.jpg?width=980" id="37991" class="rm-shortcode" data-rm-shortcode-id="e1f191945e5e19666f793d954ed27609" data-rm-shortcode-name="rebelmouse-image" />Dreaming about becoming an Austinite? Here are 8 things you'll love about the city
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(Emma Freer/Austonia)
Before the pandemic, Tyson Bird and his girlfriend decided to upgrade from their one-bedroom apartment in Brentwood to a two-bedroom place in the Riverside neighborhood, where they felt they could find a newer building with more affordable rates than in other parts of town.
<p>When the first COVID-19 cases were reported in March, they were still looking. Although the lockdown and subsequent restrictions meant they couldn't tour places in person, the couple was pleasantly surprised by what they found.</p><p>"The prices were a lot lower than we expected," Bird said. </p><p>So low, in fact, that they ultimately moved into a two-bedroom place in Clarksville, which they originally thought was out of their budget.</p><p>"We expected to pay a couple hundred more," Bird told Austonia of their new place. Instead, he and his girlfriend pay $85 more a month for double the square footage in a building 30 blocks closer to downtown. "It was a no-brainer," he said.</p><p>The couple is not alone in their discovery. </p><p>The average monthly rent of Austin-area apartments fell from more than $1,300 in March to less than $1,225 last month, according to the latest report from ApartmentData.com. Occupancy rates are showing a similar decline. </p><p class="shortcode-media shortcode-media-rebelmouse-image">
<img class="rm-shortcode" data-rm-shortcode-id="f6919735734d595eabbf6643bafa4d7b" data-rm-shortcode-name="rebelmouse-image" id="0cd6e" type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDQ3Njg4MS9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTY1OTg1ODU5Nn0.xfFQ4cdOo-PWpSpmQM6cVZKQCagSk2xTP174YpWbLQI/img.png?width=980"/>
<small class="image-media media-photo-credit" placeholder="Add Photo Credit...">(ApartmentData.com)</small></p><p>Cindi Reed, regional vice president of ApartmentData.com, said other Texas metros are seeing their rental markets start to stabilize eight months into the pandemic—but not Austin's.<br/></p><p>"Our rates were greatly overinflated, in my opinion," Reed said, explaining that local rents had long been the most expensive in the state. "Our fall was going to be bigger because we were higher." </p><p>Additionally, Austin has a greater proportion of its apartment stock under construction or proposed than other cities. Currently, there are nearly 44,000 units in development across 150 properties. </p><p>New buildings tend to be in the Class A—or most luxurious—category and cater to recent arrivals lured to Austin by jobs in the tech sector and other booming industries.</p><p>"That's what drives us," Reed said. "Absorption is high when job growth is high." </p><p>But many major employers—<a href="https://www.bizjournals.com/austin/news/2020/07/16/indeed-amazon-tech-giants-delay-office-reopening.html" rel="noopener noreferrer" target="_blank">including Amazon, Apple and Indeed</a>—have said they don't plan on returning to their offices until next year. </p><p>Without new arrivals to fill these units, 61% of Class A properties and 41% of Class B properties are offering incentives in the form of discounted rent or other deals, Reed said. </p><p>This, coupled with the <a href="https://www.kut.org/post/covid-19-latest-city-austin-extends-ban-evictions-through-end-2020" rel="noopener noreferrer" target="_blank">local</a> and <a href="https://www.austinmonitor.com/stories/2020/09/the-cdc-has-banned-most-evictions-heres-what-central-texas-renters-need-to-know/" rel="noopener noreferrer" target="_blank">federal</a> eviction bans, has left many apartment owners exasperated, said Emily Blair, executive vice president of the Austin Apartment Association. </p><p>Additionally, <a href="https://www.statesman.com/business/20200818/amid-outbreak-austin-apartment-market-sees-first-rent-drop-in-10-years" target="_blank">despite this historic downturn</a>, many tenants are struggling to stay in their homes because of lost jobs and other financial hardships. </p><p>But not everyone is frustrated. </p><p>"Renters can utilize some of these benefits right now," Blair said. </p><p>Like Bird, some Austin renters may find that they can afford a bigger apartment in a more desirable location for around the same price.</p><p>Others, spurred by the low interest rates and more flexible remote work options precipitated by the pandemic, may seek out homeownership. </p><p>"There is a migration from the inner core of the city, (where people are) paying outrageous downtown rents, to the outer suburban areas, where things are more affordable," Reed said. "If you're paying $2,500 a month in rent downtown, you can buy a beautiful house for that (same amount) and build equity." </p><p>Despite the pandemic, the local housing market remains scorching. </p><p>The median home price in the city of Austin hit an all-time high of $435,000 last month—a nearly 15% year-over-year increase—according to the Austin Board of Realtors' latest report. </p><p>But the rental cool down appears here to stay.</p><p>"Our previous place is still listed," Bird said. "Right now, it's $100 less (a month) than we paid the last two years." </p><p><strong>More on housing: </strong></p>
<h2><a href="https://austonia.com/austin-real-estate-covid" target="_self">Austin housing market blasts off despite COVID, but rentals "could go either way"</a></h2>
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzU3MDI2MC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY0ODAyMzg4NH0.R_F3JBXgDGx0zZaJf8y3PUd0oSJBhB7F7Gdg9mQ9WZQ/img.jpg?width=980" id="f6d58" class="rm-shortcode" data-rm-shortcode-id="a99ee6573de72360dd6cb29c34c69ea5" data-rm-shortcode-name="rebelmouse-image" />Austin housing market blasts off despite COVID, but rentals “could go either way”(Pexels)
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(World Class)
Nate Paul is the CEO of World Class Capital Group, a real estate investment firm.
By Edgar Walters and Dan Rosenzweig-Ziff
Walk through downtown Austin or its rapidly developing nearby neighborhoods and it's impossible to miss the massive black banners draped over office buildings, warehouses and bars. "Another World Class Project," reads one posted to the metal siding of a squat industrial building downtown. Other banners riff on their own ubiquity with a pithy line popularized by DJ Khaled: "Another One."
<p>The promotional campaign belongs to an Austin-based real estate investment firm owned by Nate Paul. World Class Capital Group has acquired an enviable portfolio of some of Austin's choicest parcels with ambitious plans to lease or develop them. Paul has described himself in media <a href="https://www.statesman.com/business/20201004/who-is-nate-paul-linked-to-paxton-complaint-austin-businessman-is-known-for-real-estate-empire-legal-woes" rel="noopener noreferrer" target="_blank">reports</a> as wanting to become "the youngest self-made real estate billionaire."</p><p>These days, Paul's name is associated not just with a real estate empire but with a series of recent high-profile <a href="https://www.bizjournals.com/austin/news/2020/10/05/texas-ag-paxton-under-fire-for.html?s=print" rel="noopener noreferrer" target="_blank">bankruptcies</a> and a much-publicized <a href="https://www.forbes.com/sites/nathanvardi/2019/08/16/the-fbi-raid-of-texas-real-estate-investor-nate-paul/#50ef48277b64" rel="noopener noreferrer" target="_blank">raid on his home and business office</a> last year by FBI and U.S. Department of Treasury agents. The investigation remained <a href="https://www.bizjournals.com/austin/news/2020/10/05/texas-ag-paxton-under-fire-for.html?s=print" rel="noopener noreferrer" target="_blank">active</a> as recently as April, though no criminal charges have been filed, according to the Austin Business Journal.</p><p>And now he has been linked to bribery and abuse-of-office allegations made against Texas Attorney General <a href="https://www.texastribune.org/directory/ken-paxton/" rel="noopener noreferrer" target="_blank">Ken Paxton</a>.</p><p><strong></strong>According to the <a href="https://www.houstonchronicle.com/politics/texas/article/Austin-investor-Nate-Paul-at-center-of-15620657.php" target="_blank">Houston Chronicle</a>, former top aides to Paxton have alleged that the attorney general inappropriately appointed a special prosecutor to target "adversaries" of Paul, who donated $25,000 to Paxton's reelection campaign in 2018. Those "adversaries" appear to include agents who raided Paul's home and business office, though Paxton has confirmed only that he authorized an investigation into "allegations of crimes relating to the FBI, other government agencies and individuals" and that the investigation involved Paul.<br/></p><p>A Paxton-appointed special prosecutor, Brandon Cammack, <a href="https://www.statesman.com/news/20201005/attorney-general-ken-paxtonrsquos-choice-of-outside-lawyer-to-investigate-nate-paul-complaint-stunned-aides" target="_blank">obtained subpoenas</a> to look into allegations Paul made accusing federal authorities of wrongdoing when they raided his home and offices, according to the Austin American-Statesman.</p><p>And a text message, which was first obtained by the Houston Chronicle, sent last week by senior staff at the attorney general's office to Paxton does not specify the nature of the real estate investor's involvement in the "violations of law" they accuse Paxton of committing, but the aides mention Paxton's "relationship and activities with Nate Paul."</p><p>Paxton has said the allegations made against him by high-ranking attorneys at his agency are false, brought by "rogue" employees, and that he does not intend to resign. He also said he appointed a special prosecutor to lead the investigation to keep the investigation "independent" of his relationship with Paul.</p><p>Paul did not respond to interview requests for this story.</p><p>Earlier in his career, media reports called the now 33-year-old investor a "wunderkind," a "rising star" and a "prodigy," with an estimated net worth of nearly $1 billion. Raised in Victoria by Indian immigrant parents, Paul changed his name from Natin to Nate, moved to Austin, enrolled at the University of Texas and then dropped out after acquiring a taste for flipping real estate, according to media reports.</p><p>He founded World Class in 2007 and has said he got his start purchasing property at low prices and in a low-interest-rate environment after the 2008 financial crisis. He bought storage facilities, land in Austin, a marina on Lake Travis and a building being used by a call center in south Austin, according to a <a href="https://www.forbes.com/sites/nathanvardi/2017/07/18/the-30-year-old-texas-tycoon-who-is-building-a-real-estate-empire/#78b9799c594e" rel="noopener noreferrer" target="_blank">profile in Forbes</a>. "I was buying at the pit of the crisis," he told the magazine. "In many of those deals, there was no other bidder."</p><p>By 2015, he had amassed hundreds of millions of dollars, primarily from institutional investors such as pension funds and insurance companies, according to the Austin Business Journal.</p><p>"Is this guy for real?" the publication asked in a 2015 <a href="https://www.bizjournals.com/austin/print-edition/2015/06/12/is-this-guy-for-real-the-tall-but-true-tale-of.html" rel="noopener noreferrer" target="_blank">profile of Paul</a>. The next year, he claimed a <a href="https://www.forbes.com/pictures/fgfi45jfi/nate-paul-28/#3e7f3159251b" rel="noopener noreferrer" target="_blank">spot</a> on Forbes' "30 under 30" list of promising young financiers.</p><p>"I started with zero," Paul told the Business Journal. "There was no legacy. I'm self-made."</p><p>In brief media appearances, Paul has shown off a taste for luxury. In 2013, a New York Post <a href="https://pagesix.com/2013/11/12/oil-tycoon-spends-big-at-leos-birthday-party/" rel="noopener noreferrer" target="_blank">report</a> documented his attendance at Leonardo DiCaprio's 39th birthday party. In 2017, he drove a Forbes <a href="https://www.forbes.com/sites/nathanvardi/2017/07/18/the-30-year-old-texas-tycoon-who-is-building-a-real-estate-empire/#1cd3879f594e" rel="noopener noreferrer" target="_blank">reporter</a> around Austin in a Bentley to point out his real estate holdings. He has posed for <a href="https://www.bizjournals.com/austin/print-edition/2015/06/12/is-this-guy-for-real-the-tall-but-true-tale-of.html" rel="noopener noreferrer" target="_blank">photos</a> in the Austin Business Journal in his office in the penthouse of Austin's iconic Frost Bank Tower. And he owns a nearly 9,200-square-foot mansion in a wealthy West Austin neighborhood appraised at $2.4 million, according to local tax records.</p><p>A 2017 Forbes profile pronounced him a "Texas Tycoon" and estimated his net worth to be about $800 million. Paul's company at the time had $1.2 billion in assets and 10 million square feet of commercial space, ranging from offices to retail outlets to self-storage facilities, according to Forbes.</p><p>As his real estate ventures expanded across state lines, with World Class and its related companies opening offices in New York and Los Angeles, Paul attracted controversy at home. Former employees of one of his rooftop bars in Austin sued after the bar allegedly cheated them out of tips, according to Forbes. The case was settled privately in 2014.</p><p>And among local musicians, Paul became known as something of a venue-killer, as World Class developed a reputation for <a href="https://www.bizjournals.com/austin/news/2018/08/02/nate-paul-goes-on-buying-spree-of-austin-nightlife.html" rel="noopener noreferrer" target="_blank">buying properties leased by bars and clubs</a> and promptly evicting them as tenants.</p><p>Vincent Salvaggio, the owner of downtown rooftop venue Ethics Music Lounge, <a href="https://www.austinchronicle.com/music/2018-08-03/eviction-notice/" rel="noopener noreferrer" target="_blank">told the Austin Chronicle in 2018</a> that World Class Capital locked the bar's doors for delinquent payment immediately after purchasing the property, unbeknownst to Salvaggio.</p><p>"They had me locked out before I even got the legal paperwork that they owned it and they haven't let me back in to get my shit — not my sound system, not even my checkbook," Salvaggio told the Chronicle at the time. "They're trying to raise the rent on everything, so it's good for [them] to get people out who are playing lower rent."</p><p>Recent local news reports and bankruptcy filings indicate Paul's business may have fallen on difficult times. At least 18 <a href="https://www.bizjournals.com/austin/news/2020/08/04/world-class-entity-files-for-chapter-11-bankruptcy.html" rel="noopener noreferrer" target="_blank">entities</a> connected to World Class Holdings have filed for bankruptcy in the past year, according to the Austin Business Journal. Paul's firm has used the bankruptcy process to "fend off creditors and provide a degree of breathing room as it tries to find a way out of default on multiple loans tied to real estate across the city," the publication reported.</p><p>In September, American Express sued Paul and World Class Capital seeking to collect more than $300,000 in credit card debt, court records show.</p><p>Meanwhile, Paxton's office has come to Paul's defense in at least one other legal matter, records show. Paul's World Class firm works through a complex web of more than a dozen affiliated business partnerships, which jointly own properties with investors.</p><p>A dispute arose two years ago between companies affiliated with World Class and the Roy F. and Joann Cole Mitte Foundation, which invested in multiple Austin properties with the companies. The foundation is an Austin-based nonprofit that provides grants to charitable organizations and academic scholarships for students with financial needs.</p><p>The Mitte Foundation sued Paul in 2018, claiming he wasn't sharing financial information on their jointly owned investments that Paul's businesses managed. The case went to arbitration, and on July 1, 2019, a company affiliated with World Class agreed to buy out Mitte's interest in the real estate partnerships for $10.5 million with payment due that August.</p><p>It never came, said Ray Chester, the lawyer representing the Mitte Foundation in the case.</p><p>In October 2019, the judge in the case ordered a receiver to take over the business partnerships, which would compel Paul to reveal the financial records that Chester said still hadn't been shared with the Mitte Foundation. Chester said that within days, Paul "blatantly defied" the arbitrator's ruling and said he had sold the partnerships at less than half of their market value.</p><p>But the sale was to another company affiliated with Paul, Chester said.</p><p>"He basically sold it to himself at below market value," Chester said, although court records show the sale was never consummated.</p><p>As Paul's firm cycled through teams of attorneys and held back on making the $10.5 million payment, Paxton's office intervened in the case on behalf of World Class and its business affiliates this June, court records show. Paxton argued that his office needed to "protect the interests of the public" because the suit involved a charitable trust.</p><p>In July, Paxton asked a judge to halt the case. During that time, Chester said Paxton's office called him five to 10 times per day to try to get him to settle for "pennies on the dollar," calls that Chester characterized as "vaguely threatening."</p><p>On Sept. 20, less than two weeks before news broke about the allegations against Paxton, the attorney general's office reversed itself and announced its intention to step away from the case, which is still ongoing.</p><p>After filing for bankruptcy in August, the World Class affiliate handling investments in the property did not pay the $10.5 million or turn over the records, Chester said. But a clause in the settlement agreement does allow the Mitte Foundation to take a valuable, larger ownership share in the downtown property, Chester said.</p><p>As media reports surfaced detailing Paul's connection to the allegations against Paxton, Texas Republican politicians who had received campaign contributions from Paul announced they would donate the funds to charities. Campaigns for Lt. Gov. <a href="https://www.texastribune.org/directory/dan-patrick/" rel="noopener noreferrer" target="_blank">Dan Patrick</a>, Comptroller <a href="https://www.texastribune.org/directory/glenn-hegar/" rel="noopener noreferrer" target="_blank">Glenn Hegar</a>, Land Commissioner <a href="https://www.texastribune.org/directory/george-p-bush/" rel="noopener noreferrer" target="_blank">George P. Bush</a> and U.S. Rep. <a href="https://www.texastribune.org/directory/chip-roy/" rel="noopener noreferrer" target="_blank">Chip Roy</a> distanced themselves from Paul's campaign contributions, which ranged from $2,500 to $10,000.</p><p>Roy, formerly a top Paxton aide at the Texas attorney general's office, also <a href="https://www.texastribune.org/2020/10/05/ken-paxton-chip-roy/" rel="noopener noreferrer" target="_blank">called on Paxton to resign</a>.</p><p>Although Paul has not said much publicly since garnering attention in the past year for the FBI raid and his bankruptcy lawsuits, he frequently shares inspirational quotes on his LinkedIn profile. He shared a Sun Tzu quote <a href="https://www.linkedin.com/posts/natepaul_suntzu-worldclass-warrior-activity-6707480271530336256-i1MV" rel="noopener noreferrer" target="_blank">this summer</a>: "Pretend to be weak, so your enemy may grow arrogant," appending the hashtag #WorldClass.</p><p>On Monday, he posted another update: "Work Hard in Silence, Let Success Make the Noise."</p><p>In the Austin Business Journal's 2015 profile of Paul, outside observers praised him with a tinge of skepticism. David Armbrust, a real estate attorney at Armbrust & Brown, called Paul's meteoric rise "very impressive."</p><p>"I suppose like many in the real estate business, he may fit into one of two categories — either a rising star or a shooting star," Armbrust said at the time. "Only time will tell."</p><p><em>Shannon Najmabadi and Emma Platoff contributed reporting.</em></p><p><em><br/></em></p><p><strong>More on this story:</strong></p>
<h2><a href="https://austonia.com/texas-attorney-general-ken-paxton-says-he-wont-resign-after-accusations-of-criminal-activity-by-top-aides" target="_self">Texas Attorney General Ken Paxton says he won't resign after accusations of criminal activity by top aides</a></h2>
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDQ2NjEyMS9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYzMDU0MjE2M30.PvNXedqcy4y2uI0sjvWlxIu3DSQ9wGUqudGj8BAvYYk/img.png?width=980" id="37725" class="rm-shortcode" data-rm-shortcode-id="5d7437dee598407c3b3b5682a10109fa" data-rm-shortcode-name="rebelmouse-image" />Texas Attorney General Ken Paxton says he won't resign after accusations of criminal activity by top aides(REUTERS/Bill Clark)
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(U.S. Army)
In 2018, the Army unveiled the location for the headquarters of its new Futures Command in Austin.
Army officials are defending nearly $8.5 million in Austin real estate purchases from 2018—around the same time public buzz peaked for the new Army Futures Command headquarters. The military technology hub is now established in Austin, which beat out several other U.S. cities in a process that mirrored Amazon's search for its second headquarters, or "HQ2."
<p>A private company hired by the Army spent $8.49 million on high-end real estate deals in Austin's "second-richest ZIP code," <a href="https://www.stripes.com/news/us/army-says-8-5-million-purchase-of-austin-real-estate-for-top-leaders-housing-was-the-right-decision-1.647219#.X3dQtAeY8c4.twitter" rel="noopener noreferrer" target="_blank">according to Stars And Stripes</a>. Here is how much each property cost at the time:</p><ul class="ee-ul"><li>$3.4 million</li><li>$2 million</li><li>$1.8 million</li><li>$1.29 million (lot next to one of the commander's home)</li></ul><p>The private housing partner Fort Hood Family Housing helped the Army find luxurious properties for three Army Futures Command leaders: the four-star general in charge of Army Futures Command, the command sergeant major and the three-star deputy commander.</p><p>Army officials defended the purchase of the four properties as "the right decision ... just given the complexity of the Austin market," presumably referring to the rapidly rising values of Austin properties.</p><p>Back in October 2018, for example, the average cost of an Austin home was $308,355. Now the <a href="https://www.abor.com/category/press/market-stats/" target="_blank">Austin Board of Realtors reports</a> that $355,000 is the median Austin home value, a 15% increase since the Army purchases. That means the combined value of the four properties could be approximately $9.76 million today.</p><p>They also dispelled any notion that investments in Austin took away from housing investments at the Fort Hood Army base in Killeen.</p><p>"There's no impact to what we're investing in Fort Hood because of the purchase of the homes in Austin," Maj. Gen. Robert D. Harter told Stars And Stripes. </p><p>Fort Hood Family Housing was directed to find housing in close proximity to the Futures Command headquarters in downtown Austin, and the properties purchased are all within a 10-minute drive, Stars And Stripes reports. The homes also were slated to be 4,000-5,000 square feet, although at least one home is reportedly smaller than that.</p>
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(Realtor.com)
The pre-renovated backyard of the Rogan house on Lake Austin.
Austin-based podcast host Joe Rogan, recently called one of the most influential media personalities in the country, paid at least $14.4 million for the luxury lake house he's now living in on Lake Austin, according to local real estate sources and a report by Variety magazine.
<p>It is, reportedly, "one of the biggest transactions in the area's history," and rumors among real estate professionals put the sale price closer to $28 million. </p><p>Rogan's name isn't on the property tax rolls yet, but the house was sold at an undisclosed price—reported at $14.4 million but rumored up to $28 million in real-estate circles. Texas is a non-disclosure state and even appraisers aren't allowed to know selling prices. Variety reports Rogan's purchase was off market.</p><p>Rogan has one of the world's most popular podcasts. His audio-and video-podcast "The Joe Rogan Experience" draws in an estimated 200 million monthly listens and views. It is unclear if Rogan is broadcasting his podcast from his new property. He first teased <a href="https://austonia.com/joe-rogan-austin-texas" target="_self">his new Texas studio in August on social media.</a></p><p>He recently moved to Austin, where he now runs his podcast under a new, $100-million licensing deal with Spotify. His frequent episodes feature various guests—including, recently, former boxing champion Mike Tyson, Texas comic Ron White and pop singer Miley Cyrus—and cover an array of topics.</p><p>With more than 11,000 square feet on nearly four tree-lined acres, the house sits near the lake, a grassy backyard leading to the water's edge, a sundeck over the water, boat slips with a party deck, an expansive lawn and giant circle drive with detached garages. </p><p>From Variety:</p><p>"Several years ago, the stately main structure sported a distinctly early-2000s faux-Mediterranean flare that was popular amongst the well-heeled suburban Hill Country crowds back in the day. However, the property's previous owners — architectural designer <a href="https://www.benjaminwooddesigns.com/" target="_blank">Benjamin Wood</a> and his philanthropic wife <a href="http://archives.mtexpress.com/2003/03-12-17/03-12-17ymca.htm" rel="noopener noreferrer" target="_blank">Theresa Castellano-Wood</a> — recently gave the whole place an extensive makeover and it now boasts a much sleeker, Texas-inspired modern farmhouse look with just a dash of Mediterranean influence still shining through....</p><p>"Out back, there's a sprawling grassy backyard for Rogan's dog, <a href="https://www.instagram.com/marshallmaerogan/?hl=en" target="_blank">Marshall Mae</a>, to frolic to his heart's content. The recent renovation added a large saltwater pool to the property, and there's a solarium plus lots of covered patio space to lazily chat with friends, safe from the oppressive heat of the Texas sun. And, of course, the estate also features the obligatory party deck — a must-have for any moneyed river rat living along the lake — and two boat slips."</p><p><a href="https://www.dirt.com/entertainers/performers/joe-rogan-house-austin-1203341096/" target="_blank">See current photos here. </a></p><p><strong>More on Joe Rogan:</strong></p>
<h2><a href="https://austonia.com/austin-businesses-behind-the-joe-rogan-studio-2647571718" target="_self">Meet the two names from Austin behind the transformation of the new Joe Rogan podcast studio</a></h2>
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzkxMTcwMi9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTY1Nzc0OTU3NX0.lIHFEJjqDmr0u476tRotIOhL-Kd5emDPwZfoKX3J7qc/img.png?width=980" id="0608f" class="rm-shortcode" data-rm-shortcode-id="60305d20ad9622f1048dd5227fdd75ab" data-rm-shortcode-name="rebelmouse-image" />Meet the two names from Austin behind the transformation of the new Joe Rogan podcast studio
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(Realtor.com)
Elijah Wood's Austin home goes on the market.
It may not be The Shire, but Elijah Wood is selling the next best thing: his 130-year-old classic Victorian home in Austin.
<p>The "Lord of the Rings" actor, famous for his role as Frodo Baggins, is selling his former home for $1.85 million. Wood bought the house for $1.075 million back in 2012 and has since made a great deal of upgrades to the three-story home. </p><p>The house, located at 608 W. Mary St., features luxury amenities like a clawfoot bathtub, marble countertops, hand-carved trim and banisters, a guesthouse and a large front porch, perfect for watching Texas' famous sunsets.</p><p>The 3,285-square-foot home has four bedrooms, four-and-a-half bathrooms, two living rooms and a third story that overlooks the Austin skyline.</p><p><a href="https://tours.tourfactory.com/tours/tour.asp?t=2786630" target="_blank">The listing</a> is held by Blake Taylor of Taylor Real Estate.</p>
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