Archives for March 2012

Virtual Flyover Of The 3rd & Brazos Apartment High Rise

Virtual Flyover Of The 3rd & Brazos Apartment High Rise

Not much info has been released about the design of Riverside Resources’ 20 16-story apartment building under construction at 3rd & Brazos (in the newly monikered Railyard District).

The video below is a virtual flyover of the building, and provides more insight into the design. (update: the video settings have been changed to private)

[Read more…]

DAB Stats: Downtown Austin Sales

DAB Stats: Downtown Austin Sales

February delivered strong numbers for sales of downtown Austin condos.  I count nine new construction sales and 14 resales (compared to six and 10 in January respectively).

The 14 resales averaged $397 per square foot – the highest monthly average for resales that I can remember.  Don’t mistake this for accelerating appreciation, though.  Included in February’s numbers is a resale at the Austonian.  And, while there’s clearly a gradual upward trend in the resale market, February’s price-per-foot surge is attributable to this burgeoning market for resales in the top-tier buildings.

trailing 12 months of downtown condo sales

You can anticipate that by the end of March all of the top-tier buildings will [factually] be over 50% closed. Each has already crossed the chasm.

Notably, Spring condos has only a couple of new units left, the [seriously amazing] penthouse(s) being one of them.  For most buyers, Spring condos can be considered sold out and opportunities to buy are in the resale market.  The Four Seasons Residences leads the pack in terms of percentage of units sold, though the W Hotel Residences is showing the greatest velocity. See below.

Downtown New Construction Closings

ProjectDate of
1st Closing
# of
Closed Units
(Clerk)
# of
Original Units
(TCAD)
% Units
Closed
# of
Remaining Units
Average
# of Days
Per Sale
Trending Completion Date (estimated)
TOTALS50371870%215
Four Seasons ResidencesMay 7, 20109314863%556March 2013
Spring CondosAugust 17, 200924724899%14March 2012
W Hotel ResidencesJanuary 10, 20118315952%764February 2013
The AustonianJune 10, 2010
80163
49%837November 2013
The data was assembled on March 4th, 2012. Data does not reflect units currently under contract. Combined units were split into their respective original units.
Recent History: An Original Railyard Condos Marketing Flyer

Recent History: An Original Railyard Condos Marketing Flyer

This piece of real estate ephemera fell into my hands only a day ago.  I didn’t set out to publish two consecutive posts about the Railyard, but this was too interesting not to share!

Most of you know the Railyard condos were converted from apartments in the late ’90s. This flyer was intended to lure renters of the original Railyard apartments into buyers of the soon-to-be condos before opening them up for purchase by the general public.

railyard condos marketing flyer

Coming Soon: The Changing Face Of The Railyard District

Coming Soon: The Changing Face Of The Railyard District

Let it be known as the Railyard District, that part of downtown Austin, south of 5th Street and sandwiched between Congress Ave and the Austin Convention Center.  You could straddle the convention center and include the area east, around Moonshine, too.

It’s an interesting mix of conventioneers and locals, both feeding on chicken and waffles at Max’s Wine Dive.

For decades, the district has been anchored by the Railyard condos, and recently flanked by the Four Seasons.  Soon, these will not be the only full time residences.

In the past couple of years we’ve seen improvements and new businesses open in the neighborhood, including AF1 Racing, Vince Young Steakhouse, Hank’s Garage (which is gone), and Skinny’s Ballroom.

Walking around a post-SXSW absent is the hyper-pedestrianism of the past 10 days, and I observe a “coming soon” sign.  I see more as I keep walking.  In one lap around the Railyard district, I counted nine businesses or projects “coming soon”!

Nine!

What’s COMING SOON to the Railyard District?   [Read more…]

Historic 6th Street Townhome