Archives for May 2012

Austin Rocks Texas (Across from City Hall) Grand Opening on June 2nd, 2012

Austin Rocks Texas (Across from City Hall) Grand Opening on June 2nd, 2012

Wild About Music on East Sixth Street has a fancy little sister called Austin Rocks Texas (ART), a 1,350 sf retail space at the corner of 2nd and Guadalupe.  The store features upscale apparel, jewelry, artwork and other unique items, and is a perfect stop after a concert at ACL.

From the press release: [Read more…]

Fishing Pier Coming to Lady Bird Lake in Rainey Street, Downtown Austin

Fishing Pier Coming to Lady Bird Lake in Rainey Street, Downtown Austin

The focus is on inclusion.  That’s what Nicole Harmon of Core Health Foundation, a non-profit spin-off of Core Health (a for-profit facility focusing on rehabilitation of those suffering with brain injuries), tells me. The project is a fishing pier, located on the northern shore of Lady Bird Lake, just south of the Holiday Inn off I-35 in the Rainey Street District.  The project has been in the works for over 8-years, but was officially approved in 2010, and construction is expected to be complete in 2013.   And while the driver and primary purpose of this project is for [Read more…]

Episcopal Church Site: Finally Reaching For The Heavens?

Episcopal Church Site: Finally Reaching For The Heavens?

Back in 2009, the Episcopal Church paid $9.5MM for a 1.6 acre city block bounded by Trinity, Neches, and 7th Street.

The purpose of the site, which is currently a surface parking lot, is widely believed to house their national archives.

The Episcopal Church recently submitted a Capitol View Corridor (CVC) height determination application with the city.   This application is the first step in knowing how tall they can build.

2/3 of the site is encumbered by a CVC, so I suspect any building on this site will be capped at a few stories.

The application proposes commercial, mixed-use.

downtown austin episcopal church archive

episcopal church cvc

 

 

O. Henry Pun Off at Brush Square Park in Downtown Austin May 19th

O. Henry Pun Off at Brush Square Park in Downtown Austin May 19th

Yes. Yes, O. yes.  It’s that time again, folks.  Time for the 35th annual O. Henry Pun Off.  Taking place this Saturday (May 19th, 2012) at the O. Henry Museum (adjacent to Brush Square), this delightful competition celebrates the pun with two separate competitions – Punniest in Show and Punslingers.

However, a video is worth a million words – so, check out some of these punny finals videos from previous years: [Read more…]

BY THE NUMBERS: Downtown Austin Highrise Sales

BY THE NUMBERS: Downtown Austin Highrise Sales

In light of the recent Statesman article highlighting new construction sales, I thought this would be a good time to update our trending chart for downtown condos.

Combined sales of new construction and resales of downtown Austin condos delivered a seasonally strong 46 transactions representing $26,720,149 total sales volume in March.

Currently there are 95 resales and 197 new construction condos available for sale in the downtown Austin core.  That’s not many.  Within the past 12 months, we’ve seen 201 resales and 186 new construction sales.

In the chart below, that little red trend line for average resale price per foot gets steeper each month as we see more resales in the top-tier buildings.  By this time next year, you will be able to count the total availability of new construction condos on two hands.

downtown austin real estate prices

March 2012 Resale Statistics

- # of resale transactions = 29
- avg price per foot = $364
- avg sales price to list price (SP/LP) = 97%
- avg days on market (DOM) = 32 days
- Total resales volume =  $12,038,599

March 2012  New Construction Statistics

- # of new construction transactions = 17
- avg price per foot = $554
- Total new construction sales volume =  $14,681,550

Downtown Austin 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)
TOTALS52171873%197
Four Seasons ResidencesMay 7, 20109914867%496March 2013
Spring CondosAugust 17, 200924724899%1 (5 reported)4June 2012
W Hotel ResidencesJanuary 10, 20119115957%684February 2013
The AustonianJune 10, 2010
84163
52%797November 2013
The data was assembled on May 1st, 2012. Only new construction sales counted. Data does not reflect units currently under contract. Combined units were divided into their respective original units.