Will Tesla Influence Home Prices?
East Austin (Del Valle) will be home to Tesla's largest electric car plant.
The manufacturer facility is said to employ 5,000 workers, creating a tremendous amount of jobs and boosting Central Texas economy. The space will stretch over 2,100 acres in the Del Valle area and the annual salaries are estimated at $47,147 a year.
So how will this effect Southeast Austin & Del Valle's housing market?
Truth is . . . there is an abundance of raw, undeveloped land east of Highway 130 (unlike the limited amount of land in North Austin when Apple made it's move and housing prices shot up) this could take some time experts say.
Many foresee a peak in investor interest, along with new home developments as they start employing new workers.
The Del Valle Independent School District approved an incentive agreement with Tesla that allows for the facility to build the 4-5 Million square-foot plant on land that rests on the district's jurisdiction. This $60 Million tax break comes from the school district AND Travis County.
Homes in Del Valle and SE Austin will see rising prices and a lack of supply. Land prices will likely drive home prices to increase as well.
Del Valle's average home price in June 2020 was $252,000. This could be an incredible time to invest in SE Austin & the Del Valle area.
Elon Musk calls it an "Ecological Paradise"
"It’s about 2,000 acres and we’re going to make it a factory that is going to be stunning. It’s right on the Colorado River. So we’re actually going to have a boardwalk, where there’ll be a hiking/biking trail. It’s going to basically be an ecological paradise, birds in the trees, butterflies, fish in the stream, and it’ll be open to the public as well. So not closed and only Tesla. So if anyone’s interested in working at Giga Texas with engineering, production, whatever the case may be, please let us know."