Pricing for the downtown Austin apartment building, the Ashton Austin, is available – Jude Galligan, 512-226-3414, judegalligan [@] gmail.com. DAB has been covering the Ashton’s obfuscated marketing for months (click to read all posts). It appears the building is almost ready for prime time. One-bedrooms are large, ranging in size from 940-1029 ft. A pdf of the pricing can be downloaded here. For a limited time, the developer is offering two months free on a 12 month lease which effectively reduces the monthly rent by at least $333 per month.
As of today the model units are not open. Judging by the landscaping and the tone of their communications I think it could be as early as this weekend that the model/sales center opens. Expectations are high from tenants who have grown tired of starkly appointed downtown Austin lofts. The photos show a high end finish out, the floor plans are large, and the views are certain to be spectacular… unless you end up staring into 100 Congress. Stay tuned!
-Jude
update:
Sales center will open in late June. Ready for move-in mid-July. Sidewalks are currently getting the great streets treatment.
Here is an interesting reference point – my fiance is currently looking for an apartment in Chicago for law school. For $2,300 you can get a 1BR in the Trump!!! 6 months ago they were asking $3,500. $2k will get you a bigger (1,200 to 1,500 s.f.) in virtual any other top tier building downtown. By many estimates the premium rental market in Chicago is down 20% and could fall another 20%. Austin is now probably more overbuilt than Chicago. Pricing has to fall.
Jean let me know what you end up finding. I’ll be moving at the end of July.
As my lease is up at the end of the month, I’ve been shopping for apartments downtown for the past two weeks. All of these high end apartment places are being overly accommodating. Offering two+ months free, reduced administration/deposit fees, willing to hold the apartment for you up to 60+ DAYS if you sign a lease today!?!? Who has ever heard of such a thing?!?! Throwing out 60 days of occupancy?
Between the apartments and condos downtown, there is already an oversupply. There just aren’t many people out there willing/able to plop down $2000+ a month on an apartment. I would have to agree with DrewC, it appears to me that the apartment complexes can hear the footsteps on this one.
It seems pretty steep to me too. Comparing to Gables 5th Street at ~$1.50 ft. with three months offered now. Gables Pressler is coming online soon too and I would expect similar deals. By July there is going to be a serious glut of “high-end” apartments downtown and it should be a buyers market – that’s what I’m banking on.
If you do the math based on the large square footage and including the two months free you end up with ~$1.75 ft. Recently, on average, $1.75 is a successful pricing target for new downtown apartments. Also, consider the size of the smallest one bedroom is nearly 50% larger than the size of the smallest one bedroom at the AMLI and Monarch.
I guess the whole cheaper rent then Monarch and comparable to Amli pricing is out I see. Those prices are pretty steep to start.
We’ll just have to wait until they can’t fill the place then there prices will drop pretty quick.