Natiivo Austin, a new home-sharing building unlike any other, has “completely sold out” according to its developers at Pearlstone Partners in Austin and Newgard Development Group in Miami.
Listed by agents at Prospect Real Estate, the 248 units in the Rainey Street District building sold out before expected.
It’s no surprise that the units were in high demand. As the nation experiences a severe housing shortage, people are scrambling to find other alternatives that meet their needs. In the midst of Austin’s 2021 real estate market, 97 sales contracts were written for the development between March and May of this year.
Natiivo Austin operates under a “home sharing” ownership model that combines the benefit of conventional ownership with the conveniences and services of a hotel. Unit owners and their renters can enjoy housekeeping, grocery delivery, on-site MasterHost and laundry service. The arrangement figures to not be too different from that of a condo, albeit with more modern conveniences and shared benefits.
Even though the words “sold out” are being used, technically all of the units are still under contract, and most are expected to go to second-home investors. Prospect Real Estate expects to begin closing on the units by January 2022.
