So I know the Apple complex should be starting construction somewhat soon, and that it'll be probably a 2-ish year construction time frame. Is anyone game planning or already making moves to take advantage of the insane number of tradesmen, etc that will be coming in to work on that project? Is anyone scooping up properties to make rentals, or finding land to put mobile homes/storage facilities? Would love to hear of any ideas of how to capitalize on it, and if any of ya'll are already making moves on it.
@Joe Crupi That's a very hot area now.
@Joe Crupi Majority of my clients are buying around that area. A quick example, one of my clients bought a new construction in that area maybe 6 weeks ago and the house has not started building yet and the price for that plan has already gone up by $10K. I was talking to one of the builders there and they were supposed to sell out (120-180 homes) in 5 years, it is year 2 and they have 3 lots left :|
WoW...thats insane...Do you think these are all primarily investor bought, or homeowner bought? Is there folks buying up to get ready to rent by the room for all the construction guys?
I'm currently trying to do an owner-occupy house hack in the areas of Pflugerville to Cedar Park because of the amount of development happening in that area right now.
That seems like it would be great idea! What about the Round Rock area, beind that its just down the street from the new campus?
@Joe Crupi RR is a decent area, however you will see more appreciation already have taken place in that market. Cedar Park, Wells Branch, Pflugerville give you a lot of house for half the price often than in adjacent neighborhoods.
Have you considered any land or commercial plays in the area?
Welcome! Have you come across anything interesting in the area as of yet? Any unique ideas?
@Joe Crupi I'm personally not there yet, however the commercial side of things in that area are going to be more for your institutional and experienced buyers that all they do is real estate. Deals are slim for the RE entrepreneur unless you source and create your own value in a deal with an owner. I could be off on that but that's just what I'm hearing concerning that area but that really goes for all of Austin so I wouldn't be counting anything out before you try.
@Cory Mortensen I have been watching the Cedar Park and Leander area since they announced that Cedar Park has proposed its own “Domain” style area. https://www.google.com/amp/s/www.kxan.com/news/local/austin/first-look-1-5-billion-cedar-park-project-to-rival-the-domain/amp/
Have you seen an uptick in demand there?
@Jenny D. Thats a pretty interesting take on it. However, with Apples second campus coming in there, I could only imagine the Round Rock, etc areas will get more packed thus making the land more expensive and less ‘cheap’ seeming. Hmmm
@Joe Crupi ..You got a point. We initially thought the same. It is uber expensive to live in Austin proper...I figured more people will shift to the subs. Traffic congestion is the one agonizing bear, however. Thanks for starting the convo.
@Joe Crupi Thanks for starting this convo. We’re also thinking of the same thing. Can anyone chime in on the traffic situation in Austin? We’ve been watching the few areas mentioned above (RR, Cedar Park, Plfugervie etc).
@Beth Phariss Bell Blvd is undergoing early stages of a large mix use development. I just talked to a lady at the city the other day and she loves that area and is excited about the development. There is so much happening around Cedar Park, Jollyville, and just N/NW Austin that growth is happening. I work in commercial and have my eyes fixed on that area right now. Investors vs home buyers look for different things but if you meet in the middle, Cedar Park, Wells Branch, and Pflugerville offer big houses for much cheaper (a 4/3 2700sf at 320k vs a 2/1 condo 1200sf in central). These areas (to me) are being primed with development and should attract more attention in the coming years. You'll most likely see land values chase that attention in the future but to me the getting is good to buy rentals up there even if you just buy off MLS and do conventional in decent areas, CF and Appreciation can be achieved relatively easily if you have even half-way decent resouces.
Great thread here!
Anyone have any thoughts about suburbs / outlying areas to the south? Kyle, Buda, San Marcos, etc
@Joe Crupi - I've fine tuned my focus for buy & holds in that area in anticipation. Most recently purchased a buy & hold just east of the Domain area and plan on expanding on buy & holds in that area.
I think traffic is going to be a huuge consideration, hence my eyes looking at the neighborhoods across street from new apple complex and stuff literally right down the road in round rock. It seems like a no brainer, but then again I could be missing something
Do you think the traffic will be too bad coming from those areas after the new complexes are up, or will people just deal with it bc theres no other choice?
Any focus on lots for storage/self storage in area to accomodate all the workers and construction crews?
Buy and hold is what would appeal to me as well, its just narrowing dowm the area and the right property. Im not local unfortunately, so cant drive to get the vibe myself.
Were you buying at market price and ok with that, or finding distressed deals?
There is this area called tech ridge in pflugerville. Its a real sweet spot. You could find SFH sub 300k. Built after 2010. 6 miles from existing apple campus and 7 miles from new campus. 6 miles from Domain. 2 miles from tech ridge bus terminal which has connectivity to downtown. On top of all of this, icing on the cake is that it has its own tech center development within 2 ro 3 miles called parmer innovation center. Has home depot tech center, GM IT innovation center, Dell, 3M and most recently fb rented office in there. I bet this area would appreciate really well in the next 5 to 10 years. Thank me then ;)
@Joe Crupi - it was purchased below market, rehabbed, appraised, and re-financed.
It is tough to find and execute the sale of undervalued houses because of how competitive the austin market is