As one of the most highly anticipated entertainment venues ever constructed in Texas, the Formula 1 project promises only to bolster and enhance Austin’s consistently thriving economic atmosphere. The impact that the venue’s construction will have on Travis County real estate and Austin homes for sale has been projected to be more dramatic than any other project in the past 50 years.
What Type of Improvements Will Accompany the Formula 1 Project in Travis County?
Named the Circuit of the Americas, or COTA, the formidable Formula 1 track will bring an estimated 2,000 job opportunities to Austin and the surrounding area. Each Formula 1 driver and sponsor requires a team of talented mechanics, marketing professionals and media experts in order to operate efficiently. In addition to the innumerable employees that are directly responsible for the preparation and maintenance of the F1 cars, hundreds of others will be required to properly operate the track and stadium facilities before, during and after each race.
Combined with the increased number of job opportunities in Travis County, the annual economic impact of the Formula 1 attraction, estimated at $300 million, will only serve to increase demand for additional development in the area. Population will inevitably grow and South Austin homes will be in high demand as the area becomes more well-known for sporting events, live music concerts and other attractions held at the Formula 1 stadium.
How Does the Formula 1 Project Affect Real Estate in Austin?
The influx of job opportunities associated with the Formula 1 project will have a substantial effect on real estate in the area. Available job positions will cause quite a buzz among those searching for a new place to live. Population in the surrounding areas will then increase, causing an understandably high demand for real estate in Travis County. This demand will inevitably cause prices in nearby real estate to reach an all-time high.
In order to take advantage of the low interest rates in Austin before F1 has a chance to increase demand in the housing market, potential home buyers are strongly encouraged to buy now before prices grow and before competition in the home-buying market becomes fierce. Upon completion of the Formula 1 project, home prices are expected to rise exponentially in order to accommodate the expected changes and population growth.
Buying sooner rather than later will be your best bet if you are seeking an Austin home so that you can receive the best deal possible before F1 comes to town.
Are you considering purchasing real estate in the Austin area? How do you feel about the introduction of the Formula 1 track?