From the Austin Business Journal today. Hutto and Kyle continue to be boom areas, though not areas we recommend to buyers/investors looking for the better appreciation found in the closer in Austin neighborhoods.
If I had to pick one of these areas for a first time buyer to consider though, I’d go with Kyle and I’d try to stay west of IH35. Kyle and Buda have a better mix of commercial and residential real estate activity, have easy access to other locations and amenities, and you don’t have to pay toll fees to get back and forth from Austin (though you do have to drive IH35).
Hutto is almost entirely a bedroom community, but is working hard to create a bigger commercial real estate footprint. Last year Hutto had the lowest real estate value appreciation of any of Austin 50+ MLS areas, a side effect of the rapid growth as resale homes cannot compete against the new home builders. But a young person working at Dell, Samsung or NE Austin would appreciate the location of Hutto and the affordability of the homes, though the daily tolls could eat into the affordability quickly.
Austin Business Journal – 2:27 PM CDT Monday, July 9, 2007
According to U.S. Census Bureau’s statistics from July 2000 to July 2006, Central Texas has some of the state’s fastest-growing cities.
Hutto ranked first as the state’s fastest growing city, with a growth rate of 666 percent. The city of Kyle ranked fifth.
The bureau’s report says Hutto’s population has increased from 1,250 in 2000 to 17,227 in 2006. Kyle’s population increased from 5,314 in 2000 to 20,655 in 2006, an increase of 289 percent.
Kyle’s population may be closer to 30,000 in 2007, says Tom Mattis, Kyle’s city manager. The city has attracted a slew of commercial development in the last year. HEB opened its 150,000 square foot HEB Plus in Kyle in June, the Seton Family of Hospitals and SCC Development announced a $438 million development that will include a hospital, retail and professional buildings and IT systems company RSI, Inc. announced plans to construct a $2 million manufacturing facility in Kyle last fall.
“Kyle is positioned and ready to become a hub for not only residential development, but also commercial, manufacturing and retail development,” says Mattis. “We have been working diligently to accommodate this large scale growth in a planned and responsible manner.”
Hutto has seen a residential explosion, but its commercial growth has been slower. City officials say they hope that will change with a major retail development that’s planned for the city. Jacksonville, Florida-based Atlantic Coast Developers LLC is working with affiliates of New York-based Glenmont Capital Management LLC on a mixed-use development called The Crossings at Carmel Creek, slated for 468 acres in Hutto.