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Luxury real estate booms as buyers from both coasts flock to Austin: ‘COVID has set our market on fire’
This 4-bedroom, $10 million Westlake home is privately listed by Moreland Properties. ModernWestlake.com
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When businesses closed their doors in March, Austin realtor Cord Shiflet did not think he would sell another house this year.
To his surprise, this has been the busiest month he has ever seen for well-funded buyers moving to Austin.
"In my 23 years of doing this, the last month has been the craziest, most active market I've ever seen, with big buyers moving into Austin," said Shiflet, who works for Moreland Properties. "COVID has set our market on fire."
Austin realtors say business is booming in luxury real estate, which is a pleasant surprise after expecting sales to plummet due to coronavirus.
The majority of his big buyers have usually come from California, Shiflet said, but now he is seeing a drastic increase in New York executives and business owners who want to move to Austin.
After months of stay-home orders and working remotely, people from both coasts seem to be reevaluating where they live.
"We've just been seeing New Yorkers coming out here in droves," Shiflet said. "They can work from really anywhere in the world, and these people don't want to live in the tight spaces that they're currently in."
Texas has long appealed to people living in more regulated states due to a business-friendly climate and lack of state income tax. Shiflet said realtors are struggling to keep up with the increased demand from new buyers, many of whom are shocked to see how much further their money can go in Texas.
"We're going through our Rolodexes and knocking on doors, trying to find the quality product that these people want," Shiflet said. "They have a hard time believing they can have so much house and so much space and land around them as opposed to the apartments they're coming out of in New York."
Michelle Dolch, a realtor from Austin Luxury Group, said she has experienced the same thing—she even has a few buyers who are looking in the range of $20 million and above.
"We don't really have a lot of real estate in that market," Dolch said. "Our inventory is really stressed."
In addition to those from California and New York, Dolch has seen an increase in buyers coming from Seattle and Chicago, citing complaints about coronavirus and taxes.
"It just seems that a lot of people that have been considering moving here over the years are now coming here all at once," Dolch said. "A lot of people have always considered Austin as a place they'd like to live in. They're not considering it anymore—they're moving forward with it."
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Popular
Samsung could be adding to its presence in Northeast Austin, according to an Austin Business Journal report.
Samsung might soon be making more moves in the Austin metro.
The tech giant, which made waves as it announced plans to build a $17 billion chip plant in Taylor in late 2021, might be looking to expand in the Northeast Austin area, according to an Austin Business Journal report.
ABJ said the South Korean company is seeking more tax breaks from nearby Taylor and Manor school districts. The company filed documents requesting Chapter 313 incentives related to the breaks Saturday, and ABJ said each district will review the requests separately on Tuesday.
"While we do not have specific plans to build at this time, the Chapter 313 application process is part of our long-term planning to evaluate the viability of potentially building additional fabrication plants in the U.S.," Samsung Austin Semiconductor LLC.'s director of communications, Michele Glaze, told the ABJ.
But Samsung has made headlines for more than just the $17 billion plant: In early 2022, the company caught heat for two separate spills of millions of gallons of wastewater into tributaries near its semiconductor plant.
While no expansion is promised, ABJ speculates that expansions could occur at the 1,200 acre planned Taylor factory or near the chipmaking factory on Austin's East Parmer Lane. Both expansions could bring even more revenue and job opportunities to Samsung's Texas home.
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Austin FC earned a last-minute 2-2 draw against Orlando City SC at Q2 Stadium Sunday night. (Austin FC/Twitter)
A first minute error gave Austin FC an early setback, but with the help of two red cards and two second-half goals, the Verde and Black still forced a last-minute tie in a messy home battle against Orlando City SC Sunday night.
With the 2-2 draw, Austin dropped from No. 1 in the MLS West conference but still earned a point in the standings thanks to a penalty kick goal from Sebastian Driussi and a breakthrough shot from striker Moussa Djitte, who scored his first goal with the club in the final minute of play.
Here are the top three takeaways from the match:
A fateful mistake
Pouncing on the early chances 🔥 #DaleMiAmor | #VamosOrlandopic.twitter.com/RDn1w7NCHM
— Orlando City SC (@OrlandoCitySC) May 23, 2022
Just days after his highlight reel-worthy LAFC performance, Austin keeper Brad Stuver scratched heads as he gave away a goal seconds into the game. Stuver's fateful pass went straight to Orlando's Junior Urco, who was already in the box and tapped a quick pass to Ercan Kara to score the first goal of the match.
The mistake forced Austin to chase a tie for the rest of the match, especially as center back Ruben Gabrielsen benched himself in the 20th minute. The team later said Gabrielsen has come down with something similar to a stomach bug.
Orlando would score two minutes later, and Austin FC left the first half looking like the opposite of its "Best in the MLS" self from just days prior.
The two red cards
Sebastián Driussi right down the middle.
— Major League Soccer (@MLS) May 23, 2022
His 8th goal of the season cuts the lead in half for @AustinFC. pic.twitter.com/4sGccamVg3
By the 60th minute of the match, however, the tides had turned. Orlando's Rodrigo Schlegel, who had already racked up a yellow card on a handball, was ousted from the game two minutes later for yet another handball, this time in the penalty box.
Austin's main man Sebastian Driussi took the kick and sent it in for his eighth goal of the season to make it 2-1.
And just over five minutes later, Orlando's Cesar Araujo was the second man in purple kicked out of the match after he kicked Alex Ring on a slide tackle near the box. Austin was left with just over 20 minutes, and just nine opponents left, to try and tie it up.
The 'Mouss' is loose!
Moussa Djitté STOPPAGE TIME EQUALIZER for @AustinFC! 😱 pic.twitter.com/db7iQwff6Q
— Major League Soccer (@MLS) May 23, 2022
As the whistle blew and regulation time ran out, Orlando seemed to have won the match. The team had withstood many, many close calls—including two shots off the post from Austin FC's Diego Fagundez and Maxi Urruti—as Austin FC flooded the box with 22 cracks at a goal.
But thanks to the chaotic nature of the game, Austin FC was given nine extra minutes to tie it up. Moussa Djitte was the one who finally broke through five minutes into stoppage time, earning his first goal in Verde to put a 2-2 cap on the wild home match.
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