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June 2015
| Business World
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was simultaneously working as a real estate
agent, and I opened my brokerage, Turner
Residential, in 2003 while continuing to
build houses along the way.” This market-
based perspective proved to be invaluable
to Turner during the downturn. “Because of
the brokerage, I’m a little more in tune with
market conditions, particularly in urban
neighborhoods. When the market began
to tighten in 2007, we made the decision to
stick with homes priced near the conforming
loan limit of $417,000. Our clients wanted
the urban lifestyle and could still qualify for
a good mortgage.”
Before long, Riverside Homes knew they
had found their calling. Now, the company
tackles 10-12 houses a year that range in
size and scope, exclusively in urban Austin.
“After the downturn, we were positioned to
take on larger, multi-unit projects, opportu-
nities that brought us to where we are today,”
Turner said. “We’re averaging $700,000 to
$900,000 per unit with a variety of products
and price points, appealing to families, emp-
ty nesters, and even first time buyers.”
After the early days of his high risk, high re-
ward baptism of fire in Austin real estate, his