Trendy southern boomtown where stunning homes now have HUGE discounts… as buyers use crafty tactic to cut an even better deal

To coin a phrase from Mark Twain, the reported death of Austin’s property market has been greatly exaggerated.

At least, that’s the message from Mark North Jauregui, of NorthMax Realty, and other brokers in Austin, who say home values have certainly adjusted downward but are not in free fall. 

Now may even be a good time to buy in Austin, they say, because sellers are cutting prices and buyers can get a bargain and make gains later from an expected market recovery.   

‘I think that right now is there’s a lot of opportunity for buyers that have been waiting to scoop up a deal,’ Jauregui told DailyMail.com.

Luxury homes in the sun-soaked central Texas boomtown are not selling for as much as they did at the peak of the market in the pandemic, when buyers flocked to the low-tax Lone Star state.

Austin’s median home price peaked in May 2022 at $667,000, when the city saw an influx of people lured by relatively affordable housing and a competitive job market.

They also sought lower state income taxes, warm weather, and Austin’s relaxed and buzzy atmosphere.

The city quickly went from being a melting pot of crunchy artists and musicians to a gentrified tech industry hub, complete with high-rises, snarling traffic and skyrocketing property prices.

After the pandemic, inbound migration to Texas dropped, as the property bargains dried up and people got back to their pre-pandemic routines, causing the market to soften, according to data from property site Redfin.

In January, the average home was changing hands for 3 percent less than the previous year, at $515,000.

When the market was red-hot, construction firms got in on the action and started adding new homes throughout the city and into expanded suburbs.

Many of those properties are coming on to the market now, helping to keep prices lower.

There are other signs of a cooling market in Austin, with homes lingering on listings sites for about 100 days and more than a quarter of them falling in value over the course of a year, says Redfin.

Buyers should shop around, scouring listings sites for properties that have been advertised for more than six months, and then negotiate hard with the seller, experts said.

Another tactic can be to cut a deal with a construction firm on a newly-built property, as they may have a lot of inventory to shift.

‘Our market has historically been very stable and upward trending,’ said Jauregui.

‘The market has been slow, but these reductions in prices we’ve seen are starting to bring buyers back in off the sidelines, and I think we’re going to start seeing a fast acceleration in the market.’

Jauregui says that all the elements that made Austin famous — the music, restaurants, and culture — are still available in abundance, making it ‘a great place to live with a lot to offer.’

DailyMail.com shows what luxury bargains Austin has to offer right now.

THE GREAT AUSTIN PROPERTY SALE

RIVERFRONT ESTATES: $560,000 OFF

This sprawling two-story, 5,000sq ft property is in a private gated community of just 84 properties on the banks of the Colorado River, west of Austin. 

The four-bedroom, six-bathroom house was built in 2017, and features high ceilings, a chandelier, two mud rooms, an office, a game room. 

It also boasts majestic oak trees, a pool, great views, plenty of outdoor living space, wrought iron fencing and a fire pit. 

It was on the market for $2.55 million but has been trimmed down to $2 million.

BARTON HILLS: $500,000 OFF

This stunning modern five-bedroom home of showpiece architecture is in the plush Barton Hills neighborhood, only a short drive from downtown Austin. 

The 4,700 sq ft property is centered around a courtyard-style pool, which can be seen from all sides through the property’s expansive floor-to-ceiling windows. 

It also boasts vaulted ceilings, a curved Venetian plaster fireplace, and a chef’s kitchen complete with marble countertops. 

It was on the market for $5.5 million but has been reduced to $5 million.

WESTLAKE: $220,000 OFF

This elegant 26-year-old home is in a cul-de-sac in the Westlake area, a short drive west from downtown Austin. 

This Mediterranean-style, five-bedroom property features five full bathrooms. 

Added extras include a pool with a swim-up bar, walking trails along a creek, a sport court, a putting green and a cute single-story guest cottage. 

It was on the market for $8 million but has been trimmed back to $7.75 million.

CAT MOUNTAIN VILLAS: $145,000 OFF

A short drive west out of downtown Austin, this four-bedroom home in Cat Mountain Villas can also be bagged at a bargain price. 

It features an eye-catching marble entranceway with a 10-foot chandelier, herringbone oak floors, an open kitchen with a large island, a bar, a Turkish marble pool deck, pool, jacuzzi, and fire pit. 

It may have been hanging around on listings sites for almost a year because of its proximity to a main road. 

It went on the market for $2.5 million, but has been reduced to $2.35 million.

THE HILLS OF LOST CREEK: $15,000 OFF

This landscaped, one-story four-bedroom home is to the west of Austin, close to the Westlake Country Club and the Lost Creek Park. 

The four-bedroom, two bathroom property was built in 1978, but has been updated with a modern kitchen and bathrooms and other upgrades. 

It features a metal roof, slurry exterior, cedar beams, waterfall quartz island, and white oak floors. 

The 2,500sq ft home was on the market for $1.6 million but has been reduced to $1.45 million.

THE RIDGE AT LOST CREEK: $485,000OFF

The seller is motivated to part with this elegant, newly-built, five-bedroom, six bathroom home in the Lost Creek area to the west of Austin. 

The 4,900sq ft home comes with high-end finishes, a secluded pool, mature trees, and a great layout. 

It’s currently on the market for $3.2 million, following a recent $150,000 price drop. 

But as recently as last year, it was listed at $3.7 million, making it even more of a bargain. The agent calls it a ‘rare find at this value.’

HUDSON BEND: $220,000 OFF

This eye-catching, four-bedroom, five-bathroom home is about one hour’s drive northwest of downtown Austin, and close to a yacht club on the Colorado River. 

The 3,300sq ft property wraps around a pool and has an outdoor living area under a covered porch. 

The interior features an office or game room and a flex room, and a kitchen with an island, pantry, and granite counters. 

It was on the market for $1.37 million but has been trimmed to $1.15 million.

WEST RIM: $320,000 OFF

This grand four-bedroom, five-bathroom home sits in a quiet cul-de-sac in a gated community about a 30-minute drive out of downtown Austin. 

The two-story, 4,000sq ft property was built in 1999, and features a stone floor, spacious bedrooms, a game room, and an outdoor living area that’s shaded by towering mature oak trees. 

It was listed in January for $2.75 million but has recently been cut back to $2.43 million.

KENSINGTON PARK: $50,000 OFF

Tucked away in a quiet, tree-lined neighborhood in southeast Austin, this four-bedroom, three-bathroom home sits on nearly an acre of land. 

The unusual plot features mature trees, a maze, a swimming pool, a gazebo, a fountain, ample storage spaces, and even a spring-fed pond. 

Buyers are asked to imagine what they can do with the nearly 60-year-old property with a renovation team.

It went on the market in January for $1.1 million but has since come down to $1.05 million.