Just this week we learned that Apple and Amazon will be creating about 10,000 new jobs in the Austin area and now we have more good news – actually great news. Austin beat out Oklahoma City to become the new manufacturing site for Tesla’s pickup trucks. They will create 5,000 new jobs for their site which is located in southeast Austin along the Colorado River on 2,100 acres which is now a sand and gravel operation. Elon Musk said that the site will have a hike and bike trail available to the public, so that is also good news. Starting wages aren’t that high, about $35K a year, but there are a lot of folks in our area that will jump on this one as the job comes with an assortment of benefits.
The offshoot is that this new player in the Austin Economy will bring an array of additional businesses to serve Tesla’s needs and those employed there. We are talking here of retail, dining, and of course HOUSING.
So this week we have been able to say that within the next five years that’s 15,000 new jobs will be created in the Austin area. San Jose, CA saw a mid-sized city become Silicon Valley in a short period of time. Well guess what? Now we get to see Austin transform itself into Silicon Hills. A single family home in San Jose bought in 1976 for $49,000 is now valued well over $1,000,000.
We continue to see investors purchase rent property here – how about you?
We suggest you do two things. One, go to our webpage www.alpsmgmt.com and read Rick Ebert’s article “Real Wealth through Real Estate”. It is a bit dated but the principals are the same. Second, contact one of our licensed REALTORS who are also residential property managers and learn how you can enter this market while there is still time to get in at a decent price. Why wait for the property to hit the $1,000,000 mark!