ACL Wraps. Condos Break Ground. South Austin Keeps Winning.
78704 Real Estate — October 13, 2026
The numbers this week. No spin, no drama — just what the market is actually doing in 78704 right now.
The story in the numbers this week remains the same — and bears repeating because it keeps mattering. The listing failure rate in 78704 is 49.8%. Half of everything listed didn't sell. The overpricing spread is $81,979 between ask and close. That gap is not a negotiating tactic. That's what happens when sellers price against their feelings instead of the data.
Meanwhile — 182 homes sold in South Austin last month. Which proves the market isn't broken. It's just precise. Price it right and you're in that 182. Price it wrong and you're the cautionary stat the next agent uses when they're pitching a new listing appointment.
"78704 is Austin's most expensive non-lakefront ZIP code. Lot scarcity controls the pricing floor — you can build more homes in Round Rock. You cannot build more 78704." — LRG Realty, 2026
The Big Story This Week — Leland South Congress Breaks Ground
$173M Construction Loan. 265 Condos. Right Here on South Congress.
Intracorp Homes has secured a $173 million construction loan from BGO and broken ground on Leland South Congress — a seven-story, 265-unit condominium development at 2105–2121 South Congress Avenue, right in the heart of 78704.
The development will include studio, one-, two-, three-bedroom, and penthouse condos ranging from 500 to 3,000 square feet — plus nearly 22,000 square feet of ground-floor retail space and a 6,000-square-foot outdoor dining paseo. Think restaurants, coffee, and walkable retail directly on South Congress Avenue.
Co-developer Leifer Properties is partnering with Intracorp on the project. Andres Construction is handling vertical construction. Kirksey Architecture is the lead architect, with the acclaimed Michael Hsu Office of Architecture handling interiors and amenities — a design team whose Austin portfolio speaks for itself.
The site formerly housed a gas station, auto shop, nursing and rehab center, and parking lot. All structures have been demolished. Vertical construction is underway now.
Units at Leland are already listing on the MLS — a penthouse at 2121 S. Congress #714 listed October 7, 2026 at $2,065,000. A unit at #705 is listed at $2,519,000. Pre-construction pricing is active now.
25 Years at Zilker Park — The 04 Record Report's Take
ACL Festival 2026 — 25th Anniversary Complete
Austin City Limits Music Festival's 25th anniversary edition is officially in the books. Two weekends. Six days. Zilker Park. And a genuinely memorable run that gave the neighborhood — and anyone watching from a South Austin front porch — everything the festival has delivered for a quarter century.
The 2025 festival contributed $557.8 million to the Austin economy. The festival is contracted at Zilker Park through at least 2040. The neighborhood that hosts this is not going anywhere — and neither are its home values.
New Openings — Verified This Week
Nishi — Japanese Sashimi and Handrolls Goes Brick-and-Mortar
Little Nishi — which built a devoted following through its South Congress Avenue trailer — is closing the trailer in early October and opening its first full brick-and-mortar restaurant, Nishi, at 2000 Southern Oaks Drive on October 15. The concept focuses on made-to-order sashimi and handrolls, with a standing counter where guests can watch dishes being prepared in real time and chef-curated boxes for a more immersive experience.
Before the brick-and-mortar, the couple behind Nishi built their following through a charming omakase experience in a South Austin barn — growing their own produce for multi-course, rotating menus. This is a genuine South Austin culinary story graduating to a permanent home.
Casa Fina — Spanish Tapas Arrives Near Zilker Park
Casa Fina opened in September 2026 at 408 Josephine Street — a Spanish tapas restaurant and bar steps from Zilker Park, serving tapas, drinks, and the kind of patio vibes the Zilker neighborhood was born for. The team announced the opening in late spring and delivered on schedule — a rarity worth acknowledging. The menu includes seafood tapas, paella, Spanish wines, and cocktails, indoors and on a new patio.
Escuela — Farm-to-Table Tex-Mex in a 50-Year-Old Schoolhouse
I haven't made it out to Escuela yet — but it is absolutely on the list and I am genuinely looking forward to it.
Here's the story: Escuela is a 5.5-acre working farm and dining destination in Oak Hill at 6240 W US-290 — the team behind Cabo Bob's took an old elementary school building that served Oak Hill for fifty years, kept the name as a tribute, and built something genuinely special around it. The main dining building is the original schoolhouse. The farm surrounding it grows seasonal produce for the kitchen. Two distinct dining concepts share the property: Campo — a more casual, farm-driven experience — and Fino — the elevated side of the menu with grilled steaks, fajitas, seafood tapas, paella, and Spanish wines.
Early reviews are calling it "fantastic" and "planned with intention" — which is exactly what you want to hear about a restaurant that converted a schoolhouse into a dining room and planted a vegetable garden out back. Reservations available on OpenTable. Open Tuesday through Saturday, 5 to 10 PM.
Bureau de Poste — French Comfort Food from a Top Chef Contender
Bureau de Poste opened October 3 at 4300 Speedway — a French comfort food concept from Tiny Grocer's Steph Steele and former Top Chef contender Jo Chan. The menu features wine, escargot, and confit duck legs in a neighborhood-scale setting. A Top Chef pedigree opening a French bistro in Central Austin is the kind of thing that ends up on the Austin Chronicle's best of list before the year is out.
This Week in 78704 and Beyond
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OCT
15Nishi Opens — 2000 Southern Oaks Drive, South Austin
The most anticipated South Austin restaurant opening of October. Brick-and-mortar debut from the Little Nishi trailer team. Handrolls, sashimi, standing counter experience.
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OCT
All MonthZACH Theatre Fall Season — 202 S. Lamar Blvd, 78704
South Austin's world-class regional theater continues its fall season. One of the most underrated selling points in the zip code and one of the most consistently excellent evenings in Austin.
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OCT
All MonthBarton Springs Pool — Daily · 2201 Barton Springs Rd, 78704
October at Barton Springs is when the regulars reclaim it. 68 degrees year-round. The crowds are gone. The water is perfect. The homeowners within walking distance are not advertising this.
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OCT
23Talisman Coffee Pop-Up at La Holly — 2500 E. 6th St
Last pop-up preview before the November 1 official launch. Family-grown, family-roasted specialty coffee in a container bar at La Holly. Worth the trip before it becomes a full-time destination.
78704 Real Estate FAQs — October 2026
What is Leland South Congress and when will it be complete?
Leland South Congress is Intracorp's 265-unit condo development at 2105–2121 S. Congress Ave in 78704, now under construction with a $173M loan from BGO. Seven stories, studio through penthouse units, 22,000 sq ft of ground-floor retail, and a 6,000 sq ft outdoor dining paseo. Designed by Kirksey Architecture with interiors by Michael Hsu. Estimated completion: 2029. Pre-construction units are actively listing now.
What is the median home price in 78704 right now?
As of October 2026, approximately $825,000 with a price per square foot of $541. Homes are averaging 75 days on market with 729 active South Austin listings. The listing failure rate is 49.8% — almost entirely a pricing problem. Homes priced correctly are selling.
What new restaurants opened in South Austin in October 2026?
Verified October 2026 openings in and near South Austin: Nishi at 2000 Southern Oaks Drive (opening October 15 — Japanese sashimi and handrolls), Casa Fina at 408 Josephine Street near Zilker Park (open since September — Spanish tapas and cocktails), Bureau de Poste at 4300 Speedway (opened October 3 — French comfort food), and Escuela at 6240 W US-290 in Oak Hill (open now — farm-to-table Tex-Mex in a converted 50-year-old schoolhouse on a 5.5-acre working farm).
How does new development on South Congress affect 78704 home values?
Major mixed-use development like Leland South Congress — $173M, 265 units, 22,000 sq ft of ground-floor retail — signals sustained institutional confidence in the corridor and the zip code. New residential supply with street-level activation historically supports walkability scores, attracts additional businesses, and reinforces long-term price appreciation for surrounding properties. Buying before Leland delivers in 2029 is worth considering.
How did ACL Festival 2026 Weekend Two turn out?
Weekend Two (October 9–11) brought dry conditions after Weekend One's rain-soaked "MudFest." Charli XCX, Lorde, and Kings of Leon headlined. Bleachers and Turnstile delivered standout sets. City officials confirmed Zilker Park lawn restoration is underway. 450,000 total attendees across both weekends. The festival is contracted at Zilker Park through at least 2040.
The Weekly Take
Twenty-five years of ACL. A $173 million condo development breaking ground on South Congress. Nishi opening its first brick-and-mortar in South Austin. Casa Fina bringing Spanish tapas to Josephine Street. Bleachers finally getting the ACL crowd they deserved.
This is what a week in 78704 looks like when the neighborhood is operating at full speed.
The Leland South Congress news is the one I keep coming back to. When a developer and a global institutional lender commit $173 million to a single project on South Congress Avenue, they're not guessing. They've modeled the market, analyzed the demographics, studied the trajectory, and concluded that this neighborhood — this zip code — is where capital belongs.
They're right. And the buyers and sellers who understand that tend to make better decisions than the ones who are still waiting for "a better time."
The market is right. The development is happening. The restaurants are opening. ACL just put 450,000 people through South Austin's front door and reminded them why this city is worth caring about.
If you want to be part of what comes next — you know where to find us.
— Bob Hachtel, Founder | Record Realty | 78704
Ready to Make Your Move in South Austin?
Record Realty is South Austin's boutique real estate team — based right here in 78704, blocks from South Congress. Whether you're buying, selling, or watching what Leland South Congress does to this neighborhood — we're here.
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