Just like right here in Dallas, Austin is experiencing some serious growing pains.
According to a report from Austin’s KXAN, available inventory in Austin is so low that many more modest homes inside the city limits are going for luxury-level prices. And luxury homes that are priced right are flying off the shelves.
“The cost of housing has gone up 10 percent since last year at this time,” Paul Hilgers, president of the Austin Board of Realtors, said. “The pressures are obvious. When people put their home up for sale they’re getting four and five offers that day.”
All agreed that the city should work toward keeping development costs as low as possible, but declined to elaborate on which city regulations should be re-examined. Hilgers said that more requirement cost developers more money, and the added costs are passed on to home buyers.
“Give certainty to the development community,” Hilgers said.
Frank Fernandez, who runs a nonprofit geared to bringing in more affordable housing to Austin, said that every $1,000 added to the sale price of a home reduces the pool of potential buyers by about 17,000.
While that’s bad news for middle-income families looking to move to Austin, that’s got to be good news for Iranian artist Reza Derakhshani, who just listed her amazing Austin compound at 3612 Pearce Road for almost $3 million. This home, which abuts Emma Long Metropolitan Park just west of MoPac, is nothing short of amazing. Designed by Charles Trois as a modern Mayan utopia, this 1985 stone mission-style mansion is incredibly private on 6 acres with a separate guest suite, several outbuildings, and a huge artist studio.
I can’t imagine who is going to snatch this place up, because it really is incredible. The pool is the perfect juxtaposition of old and new, and all of the huge wooden doors are visual treats in themselves.
Of course, what makes this home a work of art are the pieces hand-selected and even created by Derakhshani. The mobile in the sitting area near the stairs is just visionary, isn’t it?