On the Market

Starter homes in San Antonio have all but disappeared, warns new report

San Antonio is one of the most difficult cities to buy a home due to a lack of inventory.

Photo courtesy of Phyllis Browning Co.

It’s becoming increasingly difficult to own property in San Antonio. Not only is there a lack of housing availability but there’s also a lack of affordable options — and it’s only getting worse. A recent report from Trulia helps to outline exactly how bad the shortage is for the Alamo City.

The real estate site looked at the 100 largest U.S. metros to dig deeper into inventory and home buying trends over the past four years. It seems that there is a strong correlation between affordability and availability, two factors going against San Antonio.

This is being played out most visibly with starter homes (typically the first house an individual or family can afford to purchase) and their scarcity. While 95 cities out of the 100 have shown a decrease in availability, San Antonio has witnessed one of the largest decreases in the nation.

From January 2012 to March 2016, the amount of starter homes available in San Antonio decreased by 86.2 percent, the second worst decrease in the entire country. To give some perspective, in 2012 San Antonio had 3,097 starter homes on the market, but as of March 2016, there were only 426 starter homes available.

Our Texas neighbors in Austin and Houston are also among the worst cities for prospective homebuyers. Austin had the third highest decrease in starter homes, at 82.9 percent. Houston, at No. 8, experienced a 74 percent decrease. The city that saw the largest decrease in starter homes was Salt Lake City, with an 87.9 percent decrease and an inventory of only 151 starter homes in 2016.

According to Trulia, the supply of starter homes is being affected by the increase of investor-owned property in San Antonio. This not only drives up prices of starter homes but also trade-up and premium homes, making those properties scarce as well.

It doesn't appear that inventory will get better any time soon. With almost 140 people moving to San Antonio each day, there’s added pressure for real estate opportunities in the city. So if you’re in the market to buy a home, you’ll want to hire a great agent — and prepare to act quickly — as 426 available starter homes makes for some steep competition.

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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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