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re: Virgin Atlantic Pulls Out of Austin
Posted on 10/27/23 at 11:05 pm to H2O Tiger
Posted on 10/27/23 at 11:05 pm to H2O Tiger
quote:
Austin’s Tech Bubble Is Starting to Burst
Real estate prices are beginning to reflect this. Inventory is now at an 8 year high and you are not seeing the bidding wars and people paying $150,000 over asking price like you did 18-24 months ago. Plus several homes are sitting on the market for many more days now than in 2022.
Downtown isn’t in good shape either with their very low occupancy rates for all of these high rise buildings you see.
Similar to oil and gas for Louisiana’s economy, tech is great for Austin as its primary economic driver, but it really needs to find some alternative economic engines not just rely heavily upon tech.
Oh, and property taxes seem to increase exponentially every year.
1
Posted on 10/28/23 at 12:48 pm to Paul Allen
I know AUS has been looking for an Asia flight too, which probably is going to be a little more difficult if the tech market can't support it.
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