Accuse an Austin local of being weird and you are likely to receive a thank-you. Residents of the progressive Texas capital, which contrasts greatly from the rest of the state in both culture and lifestyle, have long celebrated their outsider status. Because the city is a major national hub for the technology industry, is recognized as the "Live Music Capital of the World," and contains the state’s largest university, Austin attracts an eclectic population that has led to the city being dubbed the "Third Coast."
This dynamic attitude has made Austin one of the fastest-growing cities in the country. In the last decade alone, Austin has seen a nearly 35 percent population increase, drawing families and empty nesters alike. With this influx, prices in highly sought-after neighborhoods, such as waterfront property along Lake Austin, have more than doubled during that same time frame.
In the midst of an economic decline, second homes in Austin have become exceedingly attractive to buyers, as they provide all of the sophistication and amenities one would expect in a large metropolis, but without the exorbitant metropolitan price tag. And unlike New York or Los Angeles, Austin’s smaller size seems to be working in its favor. Without the risk of an oversaturated market, property investments are poised to maintain their values, even during difficult times, says Eric Moreland of Moreland Properties, which handles sales of many of the city’s high-end properties. "There are only so many choices on the upper end of the luxury market, so the demand remains high," Moreland says. As a result, the city’s newest developments have introduced a level of refinement previously unseen in Austin.
The vast majority of Austin’s second-home buyers have traditionally flocked to outlying rural areas—and with good reason. Set amid central Texas’ scenic Hill Country, the areas enjoy a mild year-round climate and provide easy access to picturesque lakes, rolling hills, and miles of dedicated hiking and biking trails. Discovery Land Company’s Spanish Oaks, located 15 minutes outside of downtown Austin, has taken advantage of the region’s outdoor appeal, pairing its new residential community with an exclusive golf club that features a course designed by Bobby Weed. Residents customize their homes on sites ranging from a half-acre to more than four acres and can enjoy resort-style amenities such as a spa and two restaurants. Another development, Skywater Over Horseshoe Bay, teamed up with the popular Horseshoe Bay Resort to create a luxury community complete with a Jack Nicklaus Signature golf course, a marina, and a private airport.
More recently, as undeveloped land becomes scarcer, increasing interest in vertical urban living has sparked the emergence of a vibrant downtown culture. Since the 2004 completion of Austin’s first bona fide skyscraper, the 515-foot-tall Frost Bank Tower, the town-cum-city’s skyline has undergone a massive face-lift, and new restaurants, boutiques, and high-rise condominiums are popping up in every last corner.
Upon next year’s completion of the Austonian, which will reach a record-breaking 683 feet high, the city will claim the tallest residential building west of the Mississippi. The amenities-rich Austonian will feature one of the largest rooftop gardens in the state, complete with a private dog park, a spa, and a 75-foot pool. Also opening in 2010, the Michael Graves–designed Four Seasons Residences Town Lake will offer residents access to first-rate amenities at the nearby Four Seasons Hotel Austin, as well as unique in-house features such as an art gallery showcasing the work of local and national artists.
[ IN THE NEIGHBORHOOD … ]
DINE: Paggi House, a beloved fixture in Austin’s restaurant scene since 1980, reopened last fall with a sleek renovation and outdoor expansion. The rotating menu reflects a variety of international influences and techniques, with a focus on seasonal and local ingredients for dishes such as the sake-roasted mero bass and quail confit with frisee salad. Paggi House, 512.473.3700, www.paggihouse.com
RECREATE: The Fazio Foothills golf course at Barton Creek Resort & Spa has undergone a $550,000 renovation, adding more than 200 yards and featuring new fairways and tees. Barton Creek Resort & Spa, 866.572.7369, www.bartoncreek.com
STAY: Named for the patron saint of musicians and poets, the Hotel Saint Cecilia, which opened in December, pays homage to Austin’s serious love of music. The former Victorian mansion has just 14 rooms, including six bungalows, and features amenities with quintessential Austin kitsch, such as a vintage vinyl music library and mohair headboards. Hotel Saint Cecilia, 512.852.2400, www.hotelstcecilia.com
HEAR: Last spring’s completion of the Long Center for the Performing Arts created a new venue for Austinites’ eclectic tastes in entertainment, ranging from the classically innovative Ballet Austin to Texas icon Willie Nelson. The renowned Austin Symphony’s inaugural season in the center’s 2,400-seat Dell Hall runs through July. Long Center for the Performing Arts, 512.457.5100, www.thelongcenter.org
SPA: The Lake Austin Spa Resort recently added an array of spa menu items devoted to capturing the essence of the Hill Country, including Flora Bee, which uses local sweet honey, and Gifts of the Garden, which incorporates ingredients from the resort’s organic garden. Lake Austin Spa Resort, 800.847.5637, www.lakeaustin.com
[ REAL ESTATE & RESOURCES ]
The Austonian
Location: Downtown Austin, along the Second Street District, at the northern end of the Congress Avenue Bridge
Residences: Designed by Houston-based architecture firm Ziegler Cooper Architects, the 56-story, 683-foot-high tower—the tallest in the city—contains 178 units, including four full-floor penthouses with 360-degree views, ranging from one to five bedrooms. Chicago-based design firm Gary Lee Partners
created the interiors
Amenities: The 12,000-square-foot rooftop area on the 10th floor includes an urban garden replete with a 75-foot pool, luxury cabanas, a private dog park, and a sundeck. The 5,000-square-foot interior of the 10th floor is outfitted with an entertainment room, a business center, a theater screening room, a billiard room, and private spa treatment rooms. Floor 56 is a fully equipped fitness center with 360-degree views of the Austin skyline, Texas Hill Country, and the Colorado River. Other amenities include 24-hour concierge and valet services, lobby-level retail, and housekeeping and laundry services
Timeline: Construction began in late 2007; completion expected in mid-2010
Pricing: $573K to $8.4M, 866.396.7128, www.theaustonian.com
Four Seasons Residences Town Lake, Austin
Location: Downtown Austin, steps from Lady Bird Lake and adjacent to the Four Seasons hotel
Residences: 166 Michael Graves–designed units, including a top-floor Grand Penthouse
Amenities: A rooftop terrace with a pool, a fitness center, and an observatory; a library; entertainment rooms; a private dining room; a permanent gallery collection featuring local and national artists’ work; 24-hour concierge and valet services; and access to the facilities at the Four Seasons Hotel Austin, including a 5,500-square-foot spa and a restaurant
Timeline: Broke ground January 2008; completion expected mid-2010
Pricing: $450K to $3.35M, 512.422.2600, www.residences.fourseasons.com
Skywater Over Horseshoe Bay
Location: Encompassing 1,600 acres in Texas Hill Country, 45 minutes west of Austin and adjacent to the Horseshoe Bay Resort and Lake Lyndon B. Johnson
Residences: A total of 1,000 units—550 custom homesites with a choice of five distinct architectural styles, and 450 predesigned villas and townhomes—all featuring golf course and hillside views
Amenities: An 18-hole Jack Nicklaus Signature golf course and clubhouse, a private club with pool and fitness center, and an extensive park and trail system. Residents will also have access to Horseshoe Bay Resort, which offers three championship golf courses designed by Robert Trent Jones Sr., tennis facilities, white-sand beaches, a spa, a full-service marina and yacht club, a private airport and jet center, and several restaurants
Timeline: Sales launched in 2007; golf course completion in 2010
Pricing: From $900K to more than $2.5M, 830.596.7600, www.skywatertexas.com
Spanish Oaks
Location: About 15 minutes from downtown Austin on 1,200 acres in the Texas Hill Country, surrounded by 15,000 acres of nature preserves
Residences: A total of 66 villas and 396 customizable homesites
Amenities: Facilities and gear for water and land sports; residents’ lounge; seven parks; access to the adjacent Austin Tennis Academy; and personal concierge services including car care, house-sitting, pet-sitting, and grocery shopping. Residents will also have the option of joining the exclusive Spanish Oaks Golf Club, which features an award-winning Bobby Weed–designed golf course, two restaurants, a salon, a fitness center, a spa, and a lap pool
Timeline: Shared facilities completed in 2008
Pricing: Villas from $700K to $2.2M; homesites from $325K to $1M, 877.554.4628, www.spanishoaks.com
Resources
Moreland Properties
512.924.8442, www.moreland.com