However, the boom could hit small speedbumps along the way, especially as housing prices continue to rise and population growth plateaus. New builds are popping up across the region because of a rise in demand, not due to perceived profitability on behalf of large financial institutions. If we look back on the lead-up to the 2008 crash, we find that the housing market expanded due to a rise in subprime mortgage lending explains Anton Kalafati.Īustin is a different situation. This makes it harder for people with bad credit to secure a mortgage. However, analysts believe that the new home construction boom currently underway in Austin is different than the one that caused the Great Recession.įirst, and most importantly, interest rates on mortgages are markedly higher than they were at the start of the 2008 financial crisis. Of course, Anton Kalafati explains with any market upturn, there are concerns that a bubble may form. Of course, with so much growth, the city must provide housing and the city is now undergoing a massive real estate boom discusses Anton Kalafati.
![boom beach boom beach](http://1.bp.blogspot.com/-LT5OjuxW-q4/VdjA-0t7SXI/AAAAAAAAACw/_HW7QunWrtA/s1600/Screenshot_2015-07-19-14-21-26.png)
In just a year alone, the city’s population has grown nearly 3%, mirroring the same level of growth that most cities experience in a decade or more explains Anton Kalafati.Įven Elon Musk has commented that Austin will become a powerhouse city over the next 50 years and selected it as the location for his $1 billion manufacturing plant. Luckily, Austin is working to fix the problem explains Anton Kalafati.Īustin’s Rapid Growth is Driving Real Estate Investmentįor a place once considered a mid-tier city known for its progressive politics in the heart of conservative, Texas, Austin is quickly transforming into the next great American boomtown. Unless new affordable houses are built to stimy these effects, Millennials may never own a home in their lifetime. Now, housing prices are roughly 40% higher than they were a year ago and rent is also on the rise. Yet, with fewer homes being built, Anton Kalafati says prices have skyrocketed, pushing young first-time buyers out of the market. This can widely be attributed to the fear of a second housing bubble following the Great Recession of 2008. Despite a steadily rising population, the 2010s saw a massive decrease in the number of new builds across the nation.
![boom beach boom beach](https://gamescatalyst.com/wp-content/uploads/2017/10/boom-beach-gameplay-1024x576.jpg)
Why Austin (And America) Needs So Many New HomesĪnton Kalafati explains that there’s no getting around the fact that the US needs more homes. Anton Kalafati explores what’s driving the sudden real estate boom and discovers how it’s reshaping the local population. Thanks to a massive upturn in new home builds, Austin is also attracting young first-time homeowners. Yet, Austin, TX is now working to turn things around by investing in a new home construction boom says Anton Kalafati.Īustin, TX looks set to become one of America’s greatest metropolises as thousands of people are moving into the city. With very little affordable housing available in many of the nation’s most-populated areas, first-time buyers have been pushed out of the market. With over 13 years’ experience, Anton Kalafati discusses in the below article why there is a new home construction boom in Austin, Texas, and how it is benefiting the local economy.įollowing a year of rapidly rising housing prices, market analysts have realized that the US housing market has long been suffering from a shortage of supply.
![boom beach boom beach](https://i.ytimg.com/vi/5xXUT0tPT90/maxresdefault.jpg)
Anton Kalafati and his crew have completed noteworthy renovations at places like CSU East Bay Hayward Preseidental Suite, SP2 Communal Bar and Restaurant in San Jose, and Mill Valley Community Center. Anton Kalafati is president and majority owner of B Side Construction based in California.