Many families are skipping the suburbs for a downtown condo
The downtown and near-downtown market is doing very well. Empty-nesters who are retired and looking to downsize from large homes, couples and even some young families are increasingly calling condos home.
This reflects a national trend toward more interest in living in the center of a city, instead of in the suburbs, say real estate experts.
"There's a general shift going on in the United States. People are looking for an urban lifestyle," said Jim Gaines, a research economist at the Real Estate Center at Texas A&M University. "There's an interest in living closer in to downtown, where a lot of the activities are. People are giving up suburban shopping centers and making a lifestyle switch. They are looking for cultural and entertainment options, and all of that in Austin is primarily concentrated downtown."
While most condo and townhome purchasers are people whose children have grown, or couples who have not yet had kids, some families are finding Central Austin to be very family-friendly.
Investing in pre-construction property is easier than you might think. Best of all, it’s a proven strategy that can yield a significant return on investment.
You get all the benefits of appreciating condos during the construction time without the expenses of owning the real estate. Unlike traditional investment real estate, preconstruction real estate investing offers advantages not found in fixer-up or landlord properties. No tenants, No repairs, No maintenance, No monthly payments, No HOA dues, No taxes and No insurance.
Despite the current market conditions, Real estate investments continue to be one of the safest investments an individual can make in this day and age. Preconstruction condos are selling at a breakneck pace. By going to contract prior to construction, investors should be able to benefit hugely from the projected appreciation increases before closing on their purchases. Those who purchase multiple condo units in several projects should do exceptionally well before rising inflation costs drive prices up even more.
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