The Austin City Council is now regulating the short-term rental of homes that are not classified by their prospective owners as their homestead of main dwelling.
Austin homeowners looking to rent out their houses for fewer than 30 days must obtain a license costing $285—$235 for a renewal—in one of three different categories, Type 1 and 1A, Type 2, and Type 3, depending on the type of property they will be renting. They also must pay hotel occupancy taxes.
Zaatari applied for a Type 2 license, which is for residential rentals the owner doesn’t claim as his or her main dwelling, or homestead, according to city regulations.
In November 2015, the Austin City Council placed a temporary moratorium on new licenses for Type 2 short-term rentals. In February, the City Council voted 9-2 to amend the law and implement new regulations for those rentals, including a ban on them by 2022.
The council’s new rules created an occupancy limit of no more than 10 related adults or six unrelated adults in a short-term rental and prohibited “outdoor assemblies”—weddings, bachelor or bachelorette parties, concerts, or “group activities other than sleeping”—from 10 p.m. to 7 a.m.
Outdoor gatherings of more than six adults also are prohibited from the hours of 7 a.m. to 10 p.m. And the new rules allow inspectors to enter and survey properties “at all reasonable times.”
In response to the new rules for Type 2 short-term rentals, the Austin-based Texas Public Policy Foundation filed a lawsuit challenging the constitutionality of the regulations.
“The ordinances infringe upon the rights to...
Good news for all condo buyers-- the H.R. 3700 or "Housing Opportunity Through Modernization Act"-- was finally signed into law by President Obama. Hailed as a "significant step" by the National Association of REALTORS®, the new law will eliminate barriers that prevent buyers from acquiring safe and affordable mortgage credit for condos. NAR has been a staunch supporter of the bill and has lobbied in Congress for its passage. Realtors believe that the passage of the bill will help buyers across the country who look into buying a condo as a cheaper option for their first home or investment.
The newly-passed law will make the Federal Housing Administration’s recertification process “substantially less burdensome”. NAR also reports that the law will lower FHA’s owner-occupancy requirement from 50% to 35%. Lastly, the law requires the FHA to replace an existing policy on transfer fees with a less-restrictive model that has been previously adapted by the Federal Housing Finance Agency. Ultimately, the law will help qualified potential home buyers to buy their own home in spite of tight housing inventories, fast-rising home prices, and strict mortgage credit underwriting guidelines, among others.
To know more about this newly-passed law, you can access the original article from which this post was based at the official REALTOR® website.
The Trammel Crow Company is working with hotel developer The Kor Group to build a 243-room hotel and 100-unit condominium complex on Block 188 in the Green Waer development, south of the Austin Music Hall.
The downtown area is quickly changing its city scape, with old properties being redeveloped into towering skyscapers that, in turn, serve as a testament to the fast-paced progress enjoyed by Austin.
To learn more about the Austin Proper Hotel and Residences, you can check out the developer's official website by clicking on this link
A new 25-story office tower located at West Fourth and Colorado streets is bound to change the skyline of downtown Austin for the better very soon. We bring you the latest news from the hottest property development in an around the Austin area: Brandywine Realty Trust's 405 Colorado.
The 210,000-square-foot tower will stand about 366 feet tall. The specialists at Duda|Paine Architects will design the building. We can, therefore, expect a unique and savvy architectural design from this project, seeing as how the experts who designed the Frost Bank Tower will oversee its development.
Brandywine officials are acting mysterious about the new project as they decline to disclose info on price tags and declare that breaking ground is contingent on the leasing activity.
Diana Holford, senior vice president in Austin with JLL, a commercial real estate firm, said the tower “cannot be built fast enough.”
“The demand to be in Austin’s downtown market is at an all-time high and the supply of large blocks of new, well-located office space is at a historic low.”
-Diana Holford, JLL Vice President
405 Colorado will be built in downtown's Warehouse District where food & dining, shopping, and entertainment outlets are a mere stone's throw away. Promising 3,000 sq.ft. of ground floor retail space and 12 parking levels with about 530 spaces for tenant and public use, it's sure to be part of your downtown day trip as soon as the project is completed.
To read about the launch of this new project, you can access Shonda Novak's original news article here.
According to the Austin Business Journal, Austin’s City Council has approved a resolution for the city manager to come up with plans that help developers build taller and thinner condos in downtown Austin. The hope is the plan will allow smaller lots to be developed to help provide more supply for housing downtown. More supply usually comes with lower prices.
Austin OKs push for taller, narrower towers downtown