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Challenged to articulate a narrative around 2011 downtown Austin real estate data, I’ve been keeping this post under wraps for a couple of weeks. Data is useful to me and my clients, but these numbers have little meaning without context and history.
How do I convey that the best news is no news at all?
Stability in the downtown condo market continues to be the story. Stability attracts the timid buyers from the sidelines. Those additional buyers embolden timid sellers to enter the market.
What forces are creating stability downtown? Low interest rates, shrinking inventory, and multi-generational demand for urban lifestyle. We can see the outcome of stability in the chart below: the gradually upward sloping trend line.
downtown austin condos - 10 years of resale data
In 2011, if you were a seller in downtown Austin, then you did slightly better than sellers in 2010. If you were a buyer in downtown Austin in 2011, then you were more focused on lifestyle and proximity, rather than the post-bust discount pricing found in 2008-2009.
Highlights
Looking back on the downtown Austin condo market in 2011, we see $77,688,824 in total resales over 200 resale transactions. Combined with an estimated $120,000,000 in downtown new construction sales from another 200 transactions, 2011 reflects a healthy real estate market, gradually trending up. read more…
According to an administrative site plan application filed with the city, the Austin Skyhouse is a proposed downtown Austin mixed-use apartment tower at 47 Rainey Street. If built, the tower could deliver 15,000ft of retail and 320 apartments to downtown Austin’s red hot rental market.
The ~1.4 acre site, shown below, is directly north of the Legacy apartments (187 units), and across the street from the Milago Condos (240 units). The CBD zoned property has long been expected to be developed into a tower, so this shouldn’t be received with much surprise.
According to the application: “The applicant is proposing to construct Apt. Tower/Retail and Garage/Retail with associated improvements.” The applicant is familiar to downtown Austin development – Novare/Andrews Urban – the same team who developed the successful 360 Condos.
Since Milago has the dominant lake and city view for the first twelve floors, we’ll hopefully see a tall tower over podium design where most of the units’ views would clear Milago’s roof. Given the parking challenges in the Rainey Street district, perhaps we’ll see extra parking included in the design which could be available to visitors to the neighborhood.
This is the latest of several proposed downtown Austin high rise projects catering to renters. Riverside Resources is under construction of their 20 story building at 3rd Street & San Jacinto. 7 Rio looks like it is being repurposed as a rental product and could break ground this year.
(UPDATE 1: Novare is building the Skyhouse concept in Atlanta on what looks to be a similarly configured site. UPDATE 2: we’ve confirmed the tower will be 23 stories and could break ground as early as May.)
Today the City of Austin released the latest issue of Waller Creek Tunnel Project Updates. Don’t yawn – just check out the pics of real tunnels – under downtown Austin!
OK, so the massive middle-earth boring machine shown on page two is stock footage, but I confirmed with Carolyn Perez that the other photos are indeed from Waller Creek improvements, which is great to see.
Combined with the parallel Sabine Street promenade effort and earnestness of the eponymous Conservancy, the Waller Creek District is becoming the most exciting part of downtown Austin to watch.
You can download the newsletter here: Waller Creek – winter 2012 newsletter (pdf)
Remember the plans for the 7 Rio condo high rise? It’s back in play, with a new scaled down plan focused on renters rather than buyers.
The original proposal by CLB Partners was an attractive 32-story point tower. According to an updated site plan application filed in late October, developer/applicant CWS is seeking entitlements for a “24-story building with approximately 221 multi-family units [for rent] and associated ground floor uses, along with parking and utility improvements.” 198,612ft total and the plan does call for retail, or some commercial use on the ground level.
The building will be situated along W. 7th Street, including the southeast corner of 7th Street and Rio Grande. In previous plans for 7 Rio, I recall the inclusion of Ranch 616, but the latest footprint looks to leave it untouched.
7 Rio has spent at least four years on the City’s Downtown Austin emerging project poster, and it is still there as of the most recent publishing with the attached description: “Plans are on hold for a 32-story condominium tower at W. 7th Street and Rio Grande by Dallas-based development company CLB Partners. The 158-unit project will also have about 7,400 square feet of new retail space on the ground floor. The project, being designed by local architectural firm Rhode:Partners, is expected to cost more than $50 million.” I expect that info will be updated soon.
Interestingly, in the comments to the site plan application, it reads: “Parkland fees will be required for payment at $650/unit.” This yields $143,650 to City of Austin Parks & Recreation‘s coffers. I’d like to see that money stay in downtown Austin, and used for downtown public open space. read more…
Another win for Austin and a much needed boost for the neighborhood surrounding E. 6th Street.
Back in September, DAB stopped just shy of begging readers to weigh in on CAMPO’s survey of the public about which projects should be awarded grants; specifically, advocating support for granting funds to Austin bike share and streetscape improvements to Sabine and E 6th Street. Yesterday, we were excited to learn that CAMPO approved funding for Austin bike share system.
CAMPO has also awarded $2.7 million for the construction of a Sabine Street promenade, that will involve the development of sidewalks, bike lanes and pedestrian amenities between downtown Austin’s 4th and 7th Streets.
This idea was originally framed as part of the implementation of the Waller Creek District Master Plan. It progressed last year as the mobility bond package was approved by voters, and the Sabine Street promenade was bundled with improvements planned for “dirty 6ixth”, ostensibly to provide connectivity between Waller Creek and Congress Ave by way of Austin’s most historic street. read more…
In an announcement by the Austin Transportation Department, we learn that CAMPO has approved $22 million for Austin transportation projects, including $1.5 million for Austin bike share!
The $1.5MM grant required matching funds of at least 20%. Mellow Johnny’s, GSD&M, and a growing roster of local businesses are stepping up to raise an additional $500,000.
Ever since seeing a successful bike share in action (Minneapolis and Montreal), I’ve been an apostle for bringing a robust, managed, convenient, and predictable system to Austin.
For years a managed cycle program was not even part of the transit discussion. The reason for the surge in broad based popularity comes down to money. For a fraction of the cost of buses, a managed bike share system can solve many of the same last-mile challenges.
Now, because of leadership at City Hall and the financial commitment by local businesses, Austin bike share is integral to discussions of last-mile and urban transportation options in Austin, Texas. read more…
Quick post about the Downtown Austin Neighborhood Association’s monthly Urban Core Happy Hour, (12/8/2011) from 6:30pm – 8:30pm.
This month’s HH will be at downtown Austin Whole Foods, on the Plaza Level, right next to the newly opened ice skating rink! Whole Foods will be providing nibbles and booze for DANA members (only $5 if you are not a DANA member!), and both Whole Foods and Dr. Georgeanne Freeman will be doing raffles for awesome prizes! Also, we’ll have live music at the event, starting at 7! Make sure to drop by and enjoy the fun!
Click Here for full details for the event. Please make sure to read the door policy at the bottom of the event page.
If you aren’t a member of DANA, individual memberships only cost $25 per year, and you get a host of benefits, including free entry into ~10 Urban Core Happy Hours a year! Join now!
The newest addition to Rainey Street’s eclectic mix of repurposed bungalows is a backyard trailer named Budare’s serving … drum roll… BREAKFAST!
The sign has been up for a couple of weeks, but it was the sight this morning of my vacant refrigerator that got me motivated to walk 100 yards to a warm meal.
I ordered two visayas tortas with turkey and a bottle of water. $9.50 total and worth every penny on this cold morning.
It’s news anytime something other than a bar opens on Rainey Street and Budare’s modest menu is a welcome addition.
Budare’s is on the way to work for many of you at Milago Condos, the Shore Condos, or the Windsor apartments. You can check them out at 75 Rainey Street. EZ street parking in the morning from 6AM to 10AM. BONUS: you can call in your order at 512-487-6791. read more…
It’s free. It’s family-friendly. And heck, yeah, it’s even fun. This Saturday, December 3, 2011, marks the 9th annual Holiday Sing-Along and Downtown Stroll – culminating in a Tree Lighting Ceremony at The Capitol Steps in Downtown Austin. The event is a partnership effort of the Downtown Austin Alliance and KUT, and it’s a pretty nice thing to do.
A couple of cool special events that caught my eye in coordination with the Downtown Holiday Stroll to note: read more…
Based on the TABC application mounted to the facade, 309 E 6th Street could become productive again. The applicant, “The Nook“, is seeking a “Mixed Beverage-Late Hours” permit.
Prior to some dedicated stewardship from 6ixth Street Austin’s board of directors (notably Tim League’s cadre of creative support, Wild About Music’s Fred Schmidt, and 6ixth Street Austin Executive Director, Josh Allen) all that remained at 309 E 6th Street was a hole – a legacy from the summer of 2002 when the Black Cat Lounge burned down. For years a chain link fence guarding the site added to the blight around “Dirty Sixth”.
The building’s Houston-based owners, George and Mark Santikos, worked with 6ixth Street Austin to erect a colorful temporary facade depicting “Austin, Texas Live Music Capitol of The World” which blocks the view of building carnage. That sign has become one of the most recognizable and photographed things in downtown Austin. read more…
