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BY THE NUMBERS: Downtown Austin Highrise Sales

by | May 10, 2012 |2 Comments
downtown austin real estate prices

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.

 

Filed Under: Austin Data & Statistics, DAB Stats, data, statistics, downtown austin, Downtown Austin lofts, condos, apartments, Real Estate

Sutton Company Proposes Towers In Rainey Street District

by | April 18, 2012 |11 Comments
Sutton Company Development on Rainey Street

The Statesman broke the story publicly yesterday that the Sutton Company intends to build a multi-tower 40+ story mixed-use project at the north end of the Rainey Street District. The assemblage includes 9-10 lots wrapping Rainey Street, Driskill Street, and East Ave. We’ve mocked-up a footprint of the site (below).

Sutton Company Site - Rainey Street

The renderings show two point towers, both over 40 stories, and a third office tower in the background.  As a Downtown/Rainey Street neighbor, I’d love to see this project happen. This is exactly the type of concept envisioned for Rainey back when zoning was changed to CBD.

Sutton Company Development on Rainey Street

This is the second major residential concept proposed for the Rainey Street District within the past couple of months.  The other being the Austin Skyhouse proposed by Andrews Urban/Novare.  If built, a portion of the ad valorem taxes from these projects would contribute to the Waller Creek TIF district.

Filed Under: austin towers and high rises, development, downtown austin, Downtown Austin Districts, Downtown Austin lofts, condos, apartments, Rainey Street District, Real Estate

2012 Downtown Living Tour – Showcasing Downtown Austin

by | April 15, 2012 |4 Comments
DLTlogo

Next Sunday, April 22, 2012, from 11am-5pm, is the 2012 Downtown Living Tour.  The Tour is a showcase of homes located in Downtown Austin, and is put on by the Downtown Austin Neighborhood Association (it’s DANA’s only fundraiser, and helps keep the organization chugging throughout the rest of the year).  A portion of proceeds this year will also go to The Health Alliance for Austin Musicians (HAAM).

The 2012 Downtown Living Tour has [Read more...]

Filed Under: 2nd Street District, 6th Street Historic & Entertainment District, austin condos, austin neighborhoods, austin news, austin open houses, austin retail, austin towers, austin towers and high rises, Congress Avenue District, downtown austin, Downtown Austin lofts, condos, apartments, high rises, life in austin, Railyard District, Rainey Street District

Virtual Flyover Of The 3rd & Brazos Apartment High Rise

by | March 29, 2012 |4 Comments
riverside resources downtown austin apartment tower

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...]

Filed Under: austin apartments, Austin photos, images, downtown austin, Downtown Austin Districts, Downtown Austin lofts, condos, apartments, high rises, Railyard District, Real Estate

DAB Stats: Downtown Austin Sales

by | March 28, 2012 |2 Comments
downtown austin condo sales - february 2012

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.
Filed Under: Austin Data & Statistics, DAB Stats, data, statistics, downtown austin, Downtown Austin lofts, condos, apartments, Real Estate

Recent History: An Original Railyard Condos Marketing Flyer

by | March 23, 2012 |4 Comments
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

Filed Under: austin history, Downtown Austin lofts, condos, apartments, Railyard District

Capitol Terrace: An Affordable Housing Development Proposed In Downtown Austin

by | February 1, 2012 |3 Comments
foundation communities

foundation communities site for capitol terrace

Foundation Communities site for Capitol Terrace 11th @ Trinity

Walter Moreau is a developer with a unique vision.

Walter’s vision is to bring housing into downtown Austin for people who earn $15.00 per hour, or less.

Say what?!

Proposed is a 135 efficiency-style apartment building (for rent) at the southwest corner of 11th & Trinity.  The site is currently a surface level parking lot.  It is intended that 27 of the units will be reserved for people with absolutely no income, specifically clients of Caritas, Trinity Center, ARCH, and the Salvation Army.

Musicians can afford it.  Many downtown workers, including State employees can afford it.  Veterans on disability can afford it. Initially, the average rent would be between $400-650 per month, all bills paid.

Walter is the Executive Director of Foundation Communities (FC), a nonprofit affordable housing developer.  FC has a track record of success.  Established in 1990, FC is owner and manager of 13 communities all around Austin and built with support of local neighborhood associations. They are a long term owner, have never sold one of their properties, and claim they never intend to.  Last year FC opened M Station on MLK: the first LEED for Homes Platinum apartment building in the entire country!

foundation communities site for capitol terrace

Foundation Communities site for Capitol Terrace 11th @ Trinity

Here’s the rub: FC cannot build an affordable housing community without the express support of the immediate neighborhood association.  In this case, it’s either DANA or the DAA.

I was invited by FC to tour their other buildings, which was needed because I wasn’t really educated about affordable housing.  Elliott McFadden, the communications director for FC (also the publisher of Austin On Two Wheels), succinctly explained what affordable housing isn’t.   [Read more...]

Filed Under: austin apartments, austin neighborhoods, downtown austin, Downtown Austin lofts, condos, apartments, high rises

2011 Recap of Downtown Austin Condo Sales

by | January 20, 2012 |6 Comments
downtown austin condo sales - 2011 prices trailing 12 months

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

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...]

Filed Under: Austin Data & Statistics, DAB Stats, data, statistics, downtown austin, Downtown Austin lofts, condos, apartments, Real Estate

New Rainey Street Apartment Tower Proposed: The Austin Skyhouse

by | January 10, 2012 |18 Comments
downtown Austin Skyhouse site

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.)

[Read more...]

Filed Under: austin apartments, austin condos, development, downtown austin, Downtown Austin lofts, condos, apartments, high rises, Rainey Street District

DAB EXCLUSIVE: Sales Data From The Austonian, W Hotel Residences, Four Seasons, Spring Condos

by | October 24, 2011 |4 Comments
downtown austin condo report

[Personal update why we've not published data for a while. A couple of months ago, I began work on obtaining sales data from the newly constructed buildings. Not a quick and easy task.  However, after several conversations and a leap of faith by everyone involved in assembling the data (thanks!), we've got some REALLY interesting data to share. --Jude]

Back in 2010, when downtown Austin’s luxury condos started closing, the actual sales prices were closely guarded (not entered into the MLS).  I’ve been publishing monthly sales of Downtown Austin condos for years, and began tracking sales of new construction condos by laboriously tracking new deed records. That data was [at least] an accurate count of how many new constructions units had closed, and what floor plans were selling best.  That was real data my clients could rely upon, but actual closing prices were simply not available.

As a result, I have only been able to consistently highlight resale pricing.  With all of my talk about the average sale price for downtown is solidly planted at $300 per foot, I would always qualify it as incomplete without closing price data for new condos.

My goal has always been to combine the resale numbers and the new construction numbers into a single statistic.  The closely guarded luxury condo sales data has kept me from doing that.

Until now…  [Read more...]

Filed Under: austin condos, austin lofts, DAB Stats, downtown austin, Downtown Austin lofts, condos, apartments
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