As reported in the Austin American Statesman this week, a $1 billon, that’s right, $1 billon mixed use project is proposed to be built in Leander. The project is called Leander Springs and will be built out over 12 to 15 years but will start with a 4 acre lagoon and boardwalk of 10 acres. The project will have retail, restaurants, hotels and apartments. There will be a fee to use the lagoon but walking the boardwalk is free (of course that’s how one would get to the retailers and restaurants).

So it looks like the red headed cousin of Austin is growing up. This is great news for those of us that have purchased residential rentals in the area because there is a lot of growth in the Leander – Cedar Park corridor.

Even with the pandemic still in place people are still moving into the Austin area to take jobs and to get away from high taxes and to start or expand their businesses and Leander Springs is a sign of this trend.

By the way, the cost of new home construction is rising. For some reason the price of lumber has increased 170% since April. This increase has been stated to add another $12,000 to the cost of an average home nationwide. I guess wood doesn’t grow on trees anymore!

The best time to have purchased an Austin area residential rental was yesterday but with the area poised to continue to expand, the second best buying time is now.