5 Real Estate Trends to Know in Cedar Park and Leander in 2019

Northline is a mixed-use project planned for Leander. The development will feature a civic space called Leander Town Square.

Northline is a mixed-use project planned for Leander. The development will feature a civic space called Leander Town Square.



1. Plans for live-work-play projects in Cedar Park, Leander progress


Hundreds of locals flocked to the Cedar Park Recreation Center on June 19 to get a taste of a mixed-use development that has long been in the making—the Bell District. The event, called “A Day in the Bell District,” gave locals insight into the redevelopment of Bell Boulevard in Cedar Park, a city-spearheaded project expected to include retail, housing and commercial space.


“We see the Bell District as a place where people can eat while their children are playing, a place where it’s easy and comfortable to walk around,” Matt Whelan, founding principal for developer RedLeaf Properties, told attendees at the event. “There’s a vibrant mix of uses and activities.”


Locals made it clear they are seeking more walkable developments in the area. A live poll at the June event found 60% of participants think a pedestrian experience is more important than ease of parking.


Several other mixed-use development projects are in the works in Cedar Park and Leander. Indigo Ridge, a mixed-use development coming to northeast Cedar Park, is planned to feature office space, residential options, retail, restaurants, entertainment and more. The city of Cedar Park entered into an initial agreement in March with the developers of Indigo Ridge and the U.S. Tennis Association Texas, which is anticipated to anchor the project. A final contract between the city of Cedar Park and Indigo Ridge Development Partners could go before City Council this summer.


In Leander, Northline could become Leander’s first “downtown.” The city of Leander agreed to a public-private partnership with Northline to fund part of the infrastructure in June 2018, including $15 million in bonds for public improvements such as streets, sidewalks and parks. Northline is anticipated to include a mix of residential, retail and dining options.


“The community has been striving and yearning for more retail and restaurant options,” said Alex Tynberg, owner and developer of Northline Leander Development LLC. “We believe that a build-out that is more live-work-play has a lot of additional benefits, serving the community in a more meaningful manner but also creating more value for the city in terms of the tax base from both property and sales tax on a per acre basis.”


The city of Leander announced June 19 the mixed-use development is planned to feature a civic space called Leander Town Square. Leander City Council discussed putting a new City Hall adjacent to the civic space during a retreat meeting in late June, but final plans are not yet approved.


“We’re looking at creating an urban environment in Leander in a traditionally suburban market,” Tynberg said. “We’re looking to create a walkable, livable, more urban community centered around the town square.”







2. Cedar Park-Leander make list of hottest areas for apartment rentals


People are filling up apartment units in Leander and Cedar Park, causing rental rates to rise, according to data from Apartment Data Services, which provides information on multifamily properties.


The Cedar Park, Leander and Four Points submarket ranked the second-hottest submarket in the Austin area in June, according to ADS Southwest Regional Manager Cindi Reed.


“They are desirable areas,” Reed said. “Living in the city of Austin itself, like downtown, The Domain—those areas are pricey. I think we’re finding that everyone is starting to kind of move out into the suburbs.”


Rental rates in Cedar Park, Leander and Four Points grew 13.2% between March and June, according to ADS.


In the four ZIP codes that make up Cedar Park and Leander specifically, there are 63 apartments and 18,632 units, according to ADS. Between June 2018 and June 2019, occupancy increased 5.9 percentage points. Occupancy is greater in these areas than in the Austin area as a whole.


No new construction took place in the last year in Cedar Park and Leander, according to Reed, but eight complexes are currently under construction in the Cedar Park and Leander area.







3. Leander has more new home sales, fewer existing home sales than Cedar Park


While existing home sales are typically higher in Cedar Park, Leander’s existing home sales appear to be catching up, according to data from the Austin Board of Realtors.


From June 2017-May 2018, Cedar Park ZIP code 78613 saw 130 more existing homes sold than Leander ZIP code 78641. Over the following year, the Cedar Park ZIP code only saw 10 more existing homes sold than Leander.


Still, Leander continues to see more new home sales than Cedar Park. RE/MAX Capital City Realtor Joel Peal said this has to do with available land.


“I definitely think in terms of new home construction there appears to be a lot more in Leander,” Peal said. “They have more land to develop. I think Cedar Park has become somewhat landlocked. ...It simply has to do with the ability to build. There are not that many new developments in Cedar Park.”


Aaron Hickman, a Realtor at Keller Williams Realty, said Leander’s resale market is almost as good as Cedar Park’s, but the pace of new home construction in Leander causes some challenges for Leander’s resale market.


“If you’re going to spend $500,000, do you want a house built in 2013 that has speckled carpet and brown cabinets? Or do you want to buy a brand-new house right around the corner in Leander for the same price and get a little bit larger home and everything is brand new and modern and gray?” Hickman said. “The market in Leander is actually a really tough one if you’re selling a resale house because there are so many options for new homes.”







4. Residents are renovating, adding to their homes


Peal said a common trend he sees in Cedar Park and Leander is residents updating their homes.


“I see people really sprucing [homes] up and using them as investment properties,” Peal said.


Certain additions and remodels that involve structural, electrical or plumbing changes require city permits. The number of permits granted in Cedar Park and Leander has increased. In 2014, the city of Cedar Park issued 23 permits for remodels and additions. In 2018, it issued 51 permits, according to data from the city. Fewer permits have been issued in Leander—since July 2014, 30 permits for additions or remodels have been issued.


Hickman said Anderson Mill West and Shenandoah neighborhoods in Cedar Park are common areas where remodeling takes place.


“You can remodel and make your house a dream house and not move if you like your community,” Hickman said.







5. Williamson County has record year in residential real estate


In 2018, Williamson County saw a record year for residential growth since the 2007-09 recession, according to Alvin Lankford, chief appraiser with the Williamson Central Appraisal District. Lankford gave a presentation to the Williamson County Commissioners Court in May.




SHARE THIS STORY


MOST RECENT

Travis County commissioners proposed swapping ownership of the Palm School for ownership of the Travis County Expo Center and access to hotel tax revenue funds.
Travis County continues to push for Palm School-expo center swap as city of Austin considers other options

With voter approval to expand the Travis County Expo Center secured, county officials have issued an offer to the city of Austin to exchange ownership of Palm School for the expo center with a deadline of Dec. 16.

The Williamson County Courthouse is located at 710 S. Main St., Georgetown.
Williamson County commissioners set cap, condition on law firm hire for county sheriff’s office

The court approved the hiring of the firm during its Nov. 19 meeting.

In 2013, a nearly 1-mile segment of the Red Line Trail opened in North Central Austin between the Crestview and Highland rail stations. (Peter McCrady/Community Impact Newspaper)
Capital Metro, city of Austin to partner with nonprofit to explore creating a Red Line rail trail plan

Capital Metro, city of Austin to partner with nonprofit to explore creating a Red Line rail trail plan

Kent Talley ranches on the Bryson Farmstead. (Marisa Charpentier/Community Impact Newspaper)
Historic Bryson Farmstead in Leander could be revitalized

A historic farmstead in Leander may finally get the attention that was planned for it more than a decade ago.

KidStrong Cedar Park is now open. (Courtesy KidStrong Cedar Park)
KidStrong now open in Cedar Park

KidStrong is a child development program.

woman in exercise clothes pushing a weight
Core Progression now open in Lakeline area

Core Progression offers fitness training and group classes.

(Courtesy Casamigos)
Casamigos Tex-Mex plans to open in Leander by Nov. 22

Casamigos Tex-Mex plans to be open by Nov. 22, according to restaurant owner Christoper Rodriguez.

The Bell Boulevard realignment project will relocate the stretch of Bell Boulevard between Buttercup Creek Boulevard and Cedar Park Drive to the alignment of Old Highway 183. (Marisa Charpentier/Community Impact Newspaper)
Cedar Park moves forward with Bell Boulevard realignment utility relocation

The Bell Boulevard realignment project in Cedar Park is going to require a substantial utility relocation.

Greg Kelley, a former Leander High School student whose 2014 conviction was recently overturned, told members of the press after the Cedar Park City Council meeting Nov. 14 that he wants the Cedar Park police chief and sergeant who worked on his case to be held accountable for what happened to him. (Marisa Charpentier/Community Impact Newspaper.
Greg Kelley supporters address Cedar Park City Council, call for police department accountability

After his conviction was overturned Nov. 6, Greg Kelley and his supporters attended a Cedar Park City Council meeting Nov. 14.

Lady Bird Lake at Congress Avenue in Austin. Since late July, parts of the lake have been off limits due to high concentrations of toxic "blue-green" algae. (Courtesy Miguel Gutierrez Jr./The Texas Tribune)
Toxic algae blooms are becoming more common, scientists say

Months have passed, but the capital city still has signs up warning of ongoing dangerous conditions in Lady Bird Lake.

Driver's Edge Complete Tire and Auto Service, at 3510 Lakeline Blvd., Leander, is now Lamb's Tire and Automotive. (Courtesy Wikimedia Commons)
Leander vehicle service business changes name to Lamb's Tire and Auto

Driver's Edge Complete Tire and Auto Service, at 3510 Lakeline Blvd., Leander, is now Lamb's Tire and Automotive

Back to top