I went to a meeting today regarding upcoming condos and lofts near the University of Texas in West Campus. For out-of-town readers, this area is west…of the University of Texas campus, within walking distance to the school. The popular area had previously not seen many new residential construction due to zoning limitations.  Then came along With the UNO, the University Neighborhood Overlay. Developers who meet these option guidelines can apply to build taller, more dense properties. Examples include the TexanTower.

The panelists predicted that West Campus residential real estate will grow towards downtown Austin. Although Downtown Austin prices are low cost ($300-500 per square foot) compared to other cities of our size, it’s still not as cost effective for professionals or students in Central Austin. Campus condos that are within walking distance to the University of Texas range in prices around the $225-275 per sqft.

Residential real estate projects have skyrocketed now that the City of Austin realizes that our housing stock would not keep up with growth if we didn’t start "building up".  If you live in Austin, you’ve noticed the large number of cranes in Central Austin. One indicator of the number of high rise projects that are coming up for central Austin: there was recently a shortage of cranes due to the current demand. When we start running out of cranes, you can start counting the dollars developers are going to make.

So back to West Campus. This area is within walking distance of the University of Texas and is a hot location due to the number of quality renters as well as steady appreciation. Our team developed a list of projects that are open for reservations in West Campus, so contact us for a quick email or call. We’re still working on the data. So far, the demographics of buyers are parents, graduate students, university professionals, and medical staff. Most projects are being sold now but will be completed Fall 2007.

Help yourself to the exciting neighborhood plans online at the City of Austin website and check back soon for further updates.

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This entry was posted on Thursday, February 8th, 2007 at 6:08 am and is filed under Austin Real Estate Market, Hot Issues and Alerts. You can leave a response, or trackback from your own site.