Bridges On The Park

Bridges On The Park

For information and to preview Bridges On The Park contact Jude Galligan at 512-226-3414 or jude [@] downtownaustinblog.org.

view of downtown from 6th floor of east side of building

view of downtown from 6th floor of east side of building

You might say Bridges On The Park has an identity crisis.  Is it part of South Austin?  Or, downtown Austin?  Geographically it lies in what’s generally considered South Austin.  By design and lifestyle it very closely resembles downtown.  This makes for strange bed fellows as these two neighborhoods have been portrayed in the media as clashing in recent years over Austin’s growth.

Regardless of how the residents identify themselves, the setting is one of Austin’s most spectacular urban environments: Lady Bird Lake, running trails, Butler Park, pitch n’ put golf, trees, trains, Zach Scott theater, Barton Springs Rd, Zilker park is around the corner… the list goes on.  Even the Taco Cabana next door is an Austin institution for anyone who went to high school here in the ’90s.

So, what’s the story with this place?  I’m going to attempt to show you why, right now, this Bridges On The Park is one of the best real estate opportunities for downtown Austin buyers.

The raw info

Six stories.
105 units.
Full list of amenities: concierge, pool, fitness, etc.
Storage units.
Underground parking.
Aligned length-wise along Lamar Blvd.
Built by CLB Partners

Bathroom with double vanity

Bathroom with double vanity

The finish quality is high

CLB Partners is the same developer as the Austin City Lofts, which provides an example of CLB’s high quality construction and finish outs.  Bridges On The Park takes on much of the same philosophy: copious amounts of Texas limestone, with metal and wood accents.  The lobby, building decor, art work, and interior finishes are tastefully executed.

The bathrooms have a floating (I suppose cantilevered) cabinet design which allows lighting to come from below.  Wherever possible a double vanity is used.

Historical Paggi House adjacent to Bridges On The park

Historical Paggi House adjacent to Bridges On The park

Mixed Use

Pedestrian friendly retail on the ground floor, combined with the proximity to the parks and running trails make Bridges On The Park truly mixed use.  The setting of the development surrounds the historical Paggi House.

The economy has been hard on this development

Completed in 2008, of the 105 units, 32 remain unsold [and one resident is furious about a new billboard].  Many buyers could not find mortgages when it came time to close.  Originally prices were characteristic of 2007 at $400+per foot.  Many new buyers are skeptical about prices that are still high compared to the deals which have been clearing the inventory downtown condos this past Spring.

The Opportunity

A marketing blitz earlier this year carried an opportunity for 20% off – a deal that generated roughly a dozen sales for CLB Partners.  From the perspective of my clients, interest in Bridges On The park started to wane in April, as the anticipation for the Brazos Place auction grew and other developers began to negotiate attractive discounts.

The remaining 32 units are priced at an asking price of $324/ft on average.  Like most buildings, each has its own micro-economy of views and floor plans.  The east view towards the trees is priced at a premium to the west view over Lamar Blvd.

Summary

The market is buyer friendly and this is not CLB Partners’ first rodeo.  I predict that Bridges on the Park will begin to discretely entertain offers in the neighborhood of $240 per foot, on average, or about 30% off of the asking price. [See update below] The data at Brazos Place and the Shore provide evidence that this program of discounting works to quickly sell units. Add to that the superior location of Bridges On The Park, and I expect there will be some very happy buyers over the next few weeks.

[UPDATE 09/08/2009 –
The most recent inventory I have from August 17th for Bridges On The Park shows:
min price per foot = $234
max price per foot = $312

average price per foot = $278
*numbers reflect discount]

Jude Galligan, Downtown Austin Realtor
512-226-3414
judegalligan [@] gmail.com

Complete Bridges On The Park photo set on Flickr!

About Jude Galligan

Jude Galligan, REALTOR, Principal of TOWERS Realty and publisher of Downtown Austin Blog (aka. "DAB"), spends his time matching remarkable people with remarkable properties in Austin’s urban core. A resident owner in downtown Austin, Jude has served on the Board of the Downtown Austin Alliance (DAA) and the City of Austin Downtown Commission. Contact Jude.

Comments

  1. avatar Mary Johnson says:

    Hi Jude (Hey Jude?):

    Can you update me/us about current status of Bridges on the Park — I’ve noticed a 1000 SF 1BR unit MLS-listed for $300K, but reading your posts from April 2009, I wonder if this Asking is a good estimate of the unit’s worth. Sure could use more current info on recent sales. Also, do you have any idea what kind of resident mix lives there? Is it a “party” group, or UT students, or young professionals? What about renters? Thanks.

    • Mary,

      Since there is now comparatively little inventory of new condos, the buying market has fundamentally changed since I first posted this. Since it’s now a resale market, Seller motivation and capacity are different. There are no more developer discounts. That ship has sailed for most buyers. You can occasionally find a short-sale, REO, or off-market deal, but that’s it.

      In this season’s resale market, $275-300 per foot is ballpark average one-bedroom at Bridges, or more depending on the specific unit and motivation of the Seller.

      As for demographics, you’ll find all of the above at Bridges. I can’t identify any single group that defines the building.

      -Jude

  2. mike, you should have read closer. the link is there.

  3. Should’ve at least mentioned the billboard controversy, especially when talking about the east v west pricing.

  4. Hmmm… Crescent could be Travis Heights, could be South Congress. Depending on present company you could say downtown. I have some friends who own at the Riverwalk condos across the street from Crescent who refer to their property as “downtown condos”

  5. Great article. I feel as if several places share the same identity crisis as Bridges on the Park, on of them being The Crescent located on Congress/Riverside. It’s one of the places that teeter between the downtown and SoCo areas. What area you you say Crescent is part of?

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