A Sabine Condos Auction?

UPDATE 01/05/2010: The Sabine auction has been confirmed.

UPDATE 02/28/2010: The Sabine auction results!


This should be interesting…

In a conversation with a credible source I learned that CWS, the developer of the Sabine condos in downtown Austin, is on an almost certain trajectory to place the remaining units at the Sabine condos up for auction.

Information is a little spotty, but 20-25 undetermined units could be auctioned off in mid-October, just in time for buyers to qualify for the $8,000 first-time home buyers tax credit. The remaining units would be sold in the open market.

In February, a group of owners filed a lawsuit against the Sabine HOA, controlled by CWS, which has prevented any units from being sold since then.

This would be the second downtown Austin auction, the first being Brazos Place.

Updates will soon be forthcoming. 🙂

-Jude

p.s. As a current resident/owner, and former listing agent for the Sabine, I have a personal interest in this story. Investors and buyers desiring original pricing, unit availability, and insights into the building and specific units to pursue/avoid should contact me directly – judegalligan [@] gmail.com

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. I wanted to update you on the status of the Sabine auction. Delays in reaching a settlement agreement with the developer continue to push back the date.

    There will be an auction, and though no official date has been set, I am told by multiple sources that it will happen in December.

  2. All of the units are finished.

  3. avatar Mike Johnson says:

    Did the developer even finish out all the units at the Sabine? Last time I visited the building it appeared not to be finished.

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