Why Austin could beat New York in a fight for millennial home buyers

For millennials, weird is the new luxury

TRD New York TRD WEEKEND EDITION /
Mar.March 10, 2018 01:00 PM

“Keep Austin Weird” is the city’s unofficial slogan. From left: a scene at South by Southwest (SXSW), 2009 Austin birthday party, Maria’s Taco Express, Austin, TX. (Credit: DieLaughing, Jack Newton, Larry D. Moore, State Farm)

Authentic, convenient and weird — that’s the magical triumvirate to attract millennials to a neighborhood. After all, who wants to be average?

Well, Austin’s got weirdness in spades, even by New York standards, which says a lot and it’s fueling real estate in the city, according to the Financial Times.

In the past five years, home values have risen more than 60 percent and, in 2017, homes selling at between $1.4 and $2.4 million would sell “instantaneously,” as broker and owner of Kuper Sotheby’s International Realty, J. Kuper told the Times.

The market is due to the increasing presence of major tech companies that started setting up shop in the Texas city around 2010 — the year Facebook moved in. Apple and Google have also got offices in the city and Amazon is considering Austin for its second headquarters. The tech jobs brought a wave of millennials to the city, but where they buy and how much they’ll fork over depends on the level of authentic weirdness in the neighborhood.

Case in point: the 1964 honky-tonk bar, the Broken Spoke, is one of the draws to the $60 million condo and retail complex that surrounds it.

“Keeping Austin Weird is still alive and well, I’d say,” Kuper told the Times by way of explanation of how the city’s unofficial slogan jives with new real estate development. “Maybe it’s just not as weird.” [FT]Erin Hudson


Related Articles

arrow_forward_ios
16 Sutton Place (Credit: Google Maps)

Sutton Place co-op in turmoil over terrace fees

Sutton Place co-op in turmoil over terrace fees
Molly Townsend (Getty, iStock)

Ex-Douglas Elliman sales manager Molly Townsend joins Triplemint

Ex-Douglas Elliman sales manager Molly Townsend joins Triplemint
New home listings in Manhattan are up for the 4th week in a row. Contract signings, not so much. (Getty; iStock)

Manhattan resi listings are up while contracts “limp along”

Manhattan resi listings are up while contracts “limp along”
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
102 Prince Street and Jho Low (Credit: Modlin Group; Low by Michael Loccisano/Getty Images for New York Times)

Jho Low’s former Soho condo sells at a discount

Jho Low’s former Soho condo sells at a discount
(Credit: iStock)

Loan applications to buy homes rise for fifth week

Loan applications to buy homes rise for fifth week
For the first time in six weeks, the number of Manhattan homes that went into contract increased. (Credit: iStock)

Manhattan home deals jumped 52% last week

Manhattan home deals jumped 52% last week
An institutional investor’s sale of a 7 percent stake in an exchange-traded real estate fund reveals deep concerns about the sector. (Credit: iStock)

Mystery investor dumps big stake in real estate fund

Mystery investor dumps big stake in real estate fund
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...