19 Brazos Place condos in downtown Austin are being offered via an auction hosted by Kennedy Wilson. The auction is scheduled for May 17th. While the opening bids are enticing, a hidden reserve price has been set for each unit.
I’ll definitely be watching this closely. Most auctions, including this one, have the right to cancel or reschedule if there isn’t a good response. Judging by the amount of coverage the Brazos Place auction is getting I expect there to be lots of interest.
If you are considering a residence in downtown Austin, then it’s worth giving this auction your attention. After checking out the auction website, you can contact me to learn more about the building, discuss the dynamics of the auction, and to preview the units.
related stories:
Downtown Austin – Do The Math
Downtown Austin – By The Numbers
For further information, including registration, contact:
Jude Galligan
Downtown Austin Realtor
judegalligan [@] gmail.com
512-226-3414
Mike is correct. A handful of the units are not complete. The developer will complete them once under contract. Brazos Place NEVER traded on good views, though. It is purely about location. One of those is the famous “80k” unit, and I wouldn’t be surprised if the majority of those that previewed the unfinished units were scared off. The result is that fewer people will bid and someone could walk away with a very inexpensive downtown condo.
My understanding is there are about 150 bidders. One of the units has already sold, leaving 18 units to clear out.
Hey Thanks Mike A. for that.
My husband and I read your review. Thanks for saving us a trip to Austin!
Sylvia
So I decided to go checkout the condos. The starting bid price is very attractive but as you all know the builder hasn’t published the reserved price. So the starting price actually doesn’t mean anything but is crowd attractor.
After checking almost all the units (yeah I had that much free time), I realized that the brochure is just an eye candy. Some of the units are pretty shitty, no view for the price. While the once I liked probably will be more than 350K.
Here is the breakdown.
705, 706, 710 are not completed. 710/1210 is just really really small with shitty small window view. 709 has the worst view (it faces a huge AC unit), and you could hear the AC of all the buildings close by. 1107/1108 basically all the *08 and *09 units have awesome views but the price is too much (at least for me). Anywho, don’t take my word.. do take time and visit before you bid.
Oh yeah you get 1 parking spot with the successful bid. And $.35 per sq. ft for condo fee. So look around $350ish.
I would advice anybody interested to checkout before bidding, I think the previously priced section of the brochure is just not right. It has to be priced lower than what they have. It’s ludicrous.
Check out my News 8 Austin interview
It will be interesting to see if the developers decide to accept the bids given at auction. Most recently, developers have decided to hold “auctions” just for market attention, not for sales. I’m waiting for the first real auction to come to Austin.