Just northeast of the capital in Travis County, Manor is one of the most underrated neighborhoods in the Austin area. Starting with mostly farmland, the community has grown exponentially over the years. With its reasonably priced properties, Manor is quickly becoming a popular destination for young entrepreneurs and families looking to establish roots.

Manor Developments

As the community rapidly grows, it is no surprise that developers are turning their attention to the city with hopes of making their own contribution. At the end of July, the Manor City Council agreed to rezone nearly 63 acres of land just east of the city. This rezoning will clear the way for the development of a brand-new neighborhood along with some commercial space. 

355-Townhome Neighborhood 

With housing demand significantly increasing over the years as the population of Manor skyrockets, this new neighborhood will be a welcome addition to the area. Mill Creek Residential, the developer of this upcoming community, has announced plans for 335 townhomes on at least 52 acres of the land. The homes are mainly three to four bedrooms, with backyards and garages for future homeowners. They range in size from 1,100 to 1,700 square feet.

Commercial Space

Nine remaining acres will be used for commercial development, such as general retail, restaurants, financial services, and art studios. Certain establishments, including standalone nightclubs, pawn shops, gas stations, junkyards, etc., will be prohibited from developing in this space to keep with the intended use of the community.

An upcoming development like this is a positive sign for Manor and its neighboring communities. If you have questions as this development progresses, feel free to contact me here or email me at tmcneil@kw.com. I love to report on all the exciting things coming to the Austin area!

Travis County residents will be relieved to hear of new development in the works from the Texas Department of Transportation: the expansion and realignment of FM 973. The proposed development would include rerouting the road east for roughly 5.6 miles between U.S. Route 290 and State Highway 130 toll road. This would allow for an intersection with downtown Manor. It would also expand FM 973 from two total lanes to six, with a grassy median in between.

FM 973 Congestion

This proposition comes after a long-standing traffic issue raised by the surrounding community. Congestion on that highway has become unreasonably high. With the newly established Tesla Gigafactory located nearby, residents have raised concerns about the massive influx of workers (thousands currently employed at this location) being the culprit for this increase in traffic congestion. 

State Improvements

The state’s plan to realign and expand FM 973 could significantly impact the surrounding business and improve traffic for residents. The Texas Department of Transportation stated that the “purpose of the proposed project is to improve mobility and connectivity and provide additional roadway capacity to meet future traffic demands due to population growth.”

With the rapid development and growth of the Tesla Gigafactory, this project will create more accessible access to and from the factory as it continues to develop. This project will also prove to be a beneficial change for the nearby residential areas as well. Providing a better system of transportation and easing congestion will allow neighboring communities to stand out as prime locations for real estate investments and upcoming developments. Already, some communities are underway, such as Lagos by Ashton Woods and Whisper Valley.

Don’t hesitate to reach out with any questions about the expansion of FM 973 or any other developments happening in the area. Email me at tmcneil@kw.com or contact me here with any questions!

It has never been a better time to be a homeowner. And the 2022 U.S. Home Equity & Underwater Report from the real estate data provider, Attom has shown that rising home prices have made the Austin housing market one of the most equity-rich markets in the nation. As we near halfway through what has been an unprecedented year in real estate, news of an increase in equity-rich homeowners is an excellent sign for homeowners and potential sellers. 

Attom’s Findings

The report shows that, in Austin, 73.8% of homeowners were considered equity-rich in Q1, up from 41.9% during the same quarter in 2021. Attom also analyzed over 8,000 U.S. zip codes in this report, revealing that 37% were equity-rich and eight of the top ten zip codes were in Austin.

So, how did rising prices contribute to this trend? Todd Teta, Attom’s Chief Product Officer, made these remarks in regards to their report: “As home prices kept rising, so did the equity built up in residential properties, to the point where close to half of all mortgage payers around the country found themselves in equity-rich territory,” meaning that these homeowners owe no more than half of their property’s current market value. 

Rick Sharga, Attom’s executive vice president of market intelligence, commented on this report as well, noting the benefits and challenges these numbers reveal about the housing market. “Homeowners continue to benefit from rising home prices…Record levels of home equity provide financial security for millions of families, and minimize the chance of another housing market crash like the one we saw in 2008. But these higher home prices and rising interest rates make it extremely challenging for first time buyers to enter the market.” 

June Housing Market

While rising prices make it more challenging to enter the market as a first-time buyer, news of the current housing market shows signs of cooling. The June Housing Market Report from the Austin Board of REALTORS® has shown a dip in home sales and an overall slow in the increase of residential home prices for the area. Surrounding areas have also experienced this market deceleration, indicating that buyers should still hold out hope for more footing in the coming housing market.

If you are a current homeowner, curious if you fall into this equity-rich category, or are in the market for that perfect home, contact me, and I’ll give you the rundown on why Austin is the best place to buy!