Mortgage mess?

Roof could cave in on San Antonio housing market, study warns

A new study says San Antonio's housing market could falter.

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A new study indicates the Alamo City could be poised for a housing crisis.

Published January 25 by GOBankingRates.com, the study puts San Antonio among 40 U.S. cities that could be facing a faltering housing market, one largely triggered by "pandemic-related disruptions."

"Although today’s housing market is largely hot, experts are bracing for a wave of evictions triggered by pandemic-related disruptions," the study says. "That, they fear, could be the catalyst for a different kind of housing crisis that could rival even the dreariest days of the Great Recession — all with COVID-19 still far from contained."

For its study, GOBankingRates combed through data from the U.S. Census Bureau, Consumer Financial Protection Bureau, and RealtyTrac and examined factors such as mortgage delinquencies, foreclosures, and homeowner and rental vacancy rates.

The study found 3.6 percent of mortgages in San Antonio were 30 to 89 days delinquent, and 1 percent were at least 90 days delinquent. The foreclosure rate is one in every 8,142 homes, and the homeowner vacancy rate is 1.9 percent.

San Antonio is among seven Texas cities that made the GOBankingRates list along with Corpus Christi, Killeen, Amarillo, El Paso, Brownsville, and Laredo.

San Antonio’s appearance in the study contrasts with the success of the local housing market in 2020. In the San Antonio area, home sales went up 11 percent last year compared with 2019, according to the San Antonio Board of Realtors. The city is also among one of the country's most popular places for millennial homebuyers and is increasingly heralded as a top city for tech companies looking to relocate from the East and West coasts.

“With all that 2020 brought us locally, regionally, nationwide, and worldwide, the end-of-year data certainly showed us continued growth of the housing market,” Cher Miculka, SABOR's 2021 chairwoman, says in a release. “Bexar County did especially well, with 27,855 homes sold. Our city and surrounding areas are attractive places to own a home, both for locals and for transplants, and the numbers prove it.”

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Take A Walk

New multifamily community opens near Stone Oak restaurants and shopping

Rendering courtesy of Greyson Luxury Living

The new community offers 291 units.

A new multifamily community is now open to prospective residents in San Antonio. Greyson Luxury Living comprises 291 units at 1734 N. Loop 1604 West, with a focus on lifestyle amenities. But the location will be the main draw for many.

Apartment floor plans range from one to three bedrooms, starting at $1,317 for one bedroom and one bathroom, and working up to a base price of $2,611 for three bedrooms and two baths. The community's pet policy according to the website is: "We welcome all your furry friends at Greyson."

Residents will get reserved parking and a garage with EV charging stations, but it might not always be necessary to hop in the car. The apartments are directly adjacent to restaurants like Cover 3, Eddie V's Prime Seafood, and Blü Prime Steakhouse — not exactly everyday eats, but there's tons more at the Vineyard Shopping Center and the Stone Oak neighborhood's Blanco Market Shopping Center across the highway.

In addition to restaurants, the community is less than a five-minute drive from H-E-B Plus, Whole Foods Market, Target, fashion and furniture stores, and multiple fitness studios like StretchLab and LA Fitness.

A press release promises wood-style flooring, quartz and granite countertops, and ceramic tile backsplash. On the more utilitarian side, it offers single-basin sinks, kitchen islands, "spacious" pantries, a stainless-steel Energy Star appliance package, and washer and dryer connections. (Images shared by the complex so far appear to be more illustrative of the desired vibe than the actual space.)

Every floor plan also shows a private patio or balcony. The most expensive floor plan — the three-by-two — has a wraparound outdoor space.

For shared spaces, a resort-style pool with a tanning shelf (a very shallow area for placing lounge chairs) and bike storage encourage residents to get outside, and a dog wash station makes it easy to leave dirt and hair outside of apartments. There's also a fitness center, a clubhouse with wi-fi, elevators, and concierge services.

“We developed Greyson as a luxury multifamily community aimed to fit any type of lifestyle, and we are grateful for all of our partners that helped bring this project to life,” says Ed Garahan, partner and CEO at Carbon Companies, the development firm heading the project.

Carbon Companies also sold the Addison Medical Center Apartments, Ventura Ridge, Triomphe Apartments, and Pecan Springs Luxury Apartment Homes, with more in the works in San Antonio.

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