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Originally Posted by GoldenBoot
Additionally, I don't think anyone is going to be constructing anything new, in Austin, in the near-term. Costs, as you have mentioned, has skyrocketed and developers need to re-analyze their numbers and possibly make necessary adjustments to hit their margins.
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Grim outlook, but I suppose it's not surprising. It will be interesting to see what happens with the Ovation project, which is on the more "affordable" end of new condo prices. If costs are too high, will they raise unit prices or simply not build? And what about those who are just getting started (like W)? How are they adjusting?
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(e.g., if Barak is elected, he may very well increase the taxes on capital gains which will have a huge affect on America's real estate industry).
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The president, of course, cannot himself raise taxes. Congress would have to do that. But yes, I believe Obama has said he favors raising it from 15% to 20-25%.