Tesla's Largest Plant Coming To Austin

No matter what you think of Elon Musk or his famous brand, Tesla, a decision this past month on selecting Austin for the site of Tesla’s biggest production plant is a win for all Austinites, especially in these pandemic times. Tesla’s new plant is slated to bring on 5,000 new employees in the Austin area who will specialize in assembling two models for Tesla: its new pickup truck slated to be introduced next year, and a Tesla SUV that is already in production. Tesla plans to pay an average salary of $47,147, with entry-level positions starting at $35,000.

Incentive to Come to Austin

Musk was looking for a centralized location in the country for his new plant, and while other locations like Tulsa, Oklahoma, put up a good fight, the city of Austin won out due to its overall incentive package.

Tesla will build on a 2,100-acre site in Travis County near Austin and will receive more than $60 million in tax breaks from the county and a local school district over the next decade. Work on the plant, which will be over 4 million square feet, is already underway, Tesla CEO Elon Musk said.

Where Will Tesla Locate?

Tesla is building the factory on a plot of land east of the Austin-Bergstrom International Airport, next to about two miles of Texas’ Colorado river. The land is largely unused right now, although a sand and gravel mining company does operate in the center of the development.

Future site of Tesla plant in Southeast Austin

The Irony

While we are happy to have this economic boost come to Austin, the irony of Tesla choosing ATX as its largest location is that currently, Tesla isn’t allowed to legally sell its vehicles in Texas. Why? Because Texas state law requires that cars can only be sold through franchised dealers, not company stores like Tesla. We will see if that law flexes over time, but for now, Texans will only be allowed to make Teslas, not buy them!

More Efficient, Easier on the Environment

While many Tesla executives were pushing for Austin as the next choice, the ultimate reason Tesla chose Austin was to cut down on its delivery timeline to customers in the Northeast. East Coast customers will no longer have to wait for a car to be transported from Tesla’s Fremont factory in Northern California, and the company will save on fuel and transport costs as well.

What do you think about Tesla coming to Austin? Let us know in the comments below!

Virtual Reality is Not the Same as 360-Degree 2D Images

Let’s review the differences between a 360-degree 2D image versus virtual reality. A 360-degree video is a compilation of 2D images connected. A buyer consumes the 2D images that are put in front of them; they cannot take part in what is happening because they are limited to the photos provided. The buyers experience is always the same, as you can’t change the photo sequence, move to a different perspective (other than what is provided), or get a 3D spatial feel of the room.

Virtual Reality is an interactive experience. Buyers can walk around, explore the space and even change the space. Does your project have different finishes? The VR technology allows buyers to switch in and out finishes so they can see the difference.

In VR, buyers are also not limited to a predefined sequence as they can access every aspect and area of the property. A buyer’s decision to interact with a certain area will change their experience. Every buyer is unique; so, during the VR walk through, buyers can focus on what is important to them (i.e. spend more time in the kitchen, master bathroom, or admiring the views from the bedroom). And this is what makes VR technology so engaging and attractive to a buyer.

http://www.360homephoto.com/ Example of a 360 Degree 2D image Home Tour

Virtual Reality tour—envision the project before it is even completed

The Waterloo Greenway Project

We all know that Austin is known as the “Live Music Capital of the World.” But now, thanks to Phase I of the Waterloo Greenway Project, Austinites will soon be able to listen to that live music in one of the newest outdoor amphitheaters in the world.

Currently under renovation, Waterloo Park is 11-acres and sits between 12th Street and 15th Street along Red River Street. The renovated Waterloo Park will include more than 1.5 miles of tree-lined hike-and-bike trails and a 150-ton heritage live oak from the State Capitol Complex that was relocated to Waterloo Park in February of 2019.

However, the main attraction of Waterloo Park will be the new outdoor Moody Amphitheater that will hold 5,000 people for concerts and performances. The space will also have rooftop terraces and VIP viewing platforms. Just this week, this venue became even more promising for music loving Austinites, as the Waterloo Greenway Project announced its new partnership with booking agencies C3 Presents and Live Nation, ensuring that this amazing new venue will book and sell tickets to some of the best acts in the country.

Above are pictured: Moody Amphitheater under construction; a rendering of the completed concert venue; Waterloo Park Hike & Bike Trail Renderings Photo Credit: Waterloo Greenway Conservancy.

Waterloo Park and Moody Amphitheater are just Phase One of the Waterloo Greenway Project and are set to be ready for use in the Fall of 2020. However, once the entire Waterloo Greenway project is complete, the greenway will be a 35-acre park system that runs from East 15th Street and along the eastern edge of downtown to Lady Bird Lake. The Waterloo Greenway will eventually connect the greenway from The University of Texas all the way to Lady Bird Lake through one continuous three-mile path of trails. This will also connect to the Ann and Roy Butler Hike-and-Bike Trail and Shoal Creek Trail.

The cost of the Waterloo Greenway Project is projected to be $250 million dollars and is expected to be paid for by a combination of public and private funds. Through bond funding and other sources, the City of Austin has committed approximately $150 million. Waterloo Greenway officials say they have plans to raise the remaining $100 million from individual, foundation, and corporate contributions, grants, and more. For more information about or to donate to this upcoming park project, click the button below!

And, in addition to UT Football, start clearing some of your 2020 fall weekends to hang out and listen to live music in our amazing new Waterloo Park and Moody Amphitheater!

Austin Real Estate Boomed in 2019. What's Next in 2020?

An astounding view from the balcony of Shore Condominiums, Austin, TX.

According to the Austin Business Journal and Mark Sprague, who is the state director of information capital at Independence Title, the Austin market continues to thrive beyond everyone’s projections. At the end of 2019, Mark Sprague pointed out two encouraging economic developments for Austin that demonstrate just how phenomenal the economy and housing market have been. First, Austin is one of only eight cities in the nation that has seen its home prices FULLY bounce back since the 2008 recession. Second, over the past 20 years, Austin’s GDP, or gross domestic product, has seen more growth than any other major city in the United States! In other words, its a great time to own a home and earn a living in Austin, Texas.

None of this should be too surprising from the city that has added more people to its population this past ten years than any other city in the United States! Austin’s population has climbed from 1.7 million in 2010 to 2.2 million in 2018. That’s a growth percentage of 26%! And, according to Austin Business Journal, the median price of a single-family home in Austin has increased 64% from 193,520 in 2010 to 318,000 in 2019. Median family income has not kept up with the increase in home prices, however. Most families only saw a 35% increase in their income during the same time frame, causing many home buying procrastinators to get priced out of their desired markets.

If those statistics are not encouraging enough, here are some more astounding findings from the Statesman about Austin’s home market: 9,572 single-family homes sold in the city of Austin last year, totaling almost $13.2 billion total dollars in sales. This is a major increase from 2018 and a brand new record for Austin in both number of homes and total dollar amount in homes sold. In addition, this is the ninth year in a row that the sales volume and the median price both topped the previous years numbers!

And, the good news (if you’re a seller!) is that the housing market seems projected to continue its rise in 2020. With housing inventory in the city limits of Austin down to just 0.9 months in December 2019, we will soon face a housing shortage in this city without new construction and more sellers on the market!

With numbers like these, it’s easy to see why so many buyers consider a home in Austin such a good investment. If you are interested in getting in on the “growing edge” of Austin and finding an affordable home for you at the right price, contact me below! Don’t miss out on this opportunity to capitalize on Austin’s phenomenal growth phase, which will continue into 2020.

Or, if you have a home you need to sell, now is a GREAT time to get it on the market. You will most likely see high competition and multiple offers on your home, especially if you are in a favorable school district or trending area of town.

Whatever your home need, I am available to help you capitalize on this unprecedented time in Austin’s real estate history. Contact me today and let’s realize together your real estate dreams for 2020!

Music Lane Development Coming to South Congress

Music Lane is a mixed-use project developing on South Congress Avenue and will have a variety of tenants, which include retailers, restaurants and businesses. The project will cost $55 million and is located at 1009 and 1011 S. Congress Ave. Music Lane will be comprised of two three-story buildings and one four-story building, all designed by Lake Flato Architects.

Music Lane, which is named after the small street that serves as the property’s eastern border, is slated for completion in spring 2020.

The development has 163,000 square feet of space and will include 25 retail, office and restaurant tenants when fully leased. It will also have about 500 underground parking spaces.

One of the first tenants to sign with Music Lane was Soho House, a trendy, members-only social club that plans to open its first Texas location on SoCo. Soho House will include a hotel with rooftop and club spaces for members to work, eat, drink and relax.

Equinox, an upscale fitness club, has also announced plans to be a Music Lane tenant.

Other Music Lane tenants will include:

• Jewelry designer Nak Armstrong

• Manready Mercantile, an apothecary, candle and apparel store

• Tuft & Needle, specializing in premium mattresses, bedding and bedroom furniture

• Sustainable women’s clothing and accessory retailer, Reformation

• Luxury perfume retailer Le Labo

• Menswear retailer Buck Mason

• Mediterranean restaurant Aba

Music Lane; Endeavor Real Estate Group