OK, non-downtown Austin related news here. The Bel Air condos are located deep in South Austin, but I’m confident many DAB readers will appreciate knowing about this before it hits the PR wires.
Kennedy Wilson’s website indicates that the Bel Air condos in South Austin will be going to auction on August 9th. Kennedy Wilson is the same group that auctioned Brazos Place. Located on South Congress, past Ben White, and not far from Hills Cafe, the Bel Air is a unique product in a unique location. Although not downtown, the Bel Air condos have always appealed to me: they’re designed to commercial specs, they’re raw, industrial, and highly functional spaces. Some units have full floor roof top terraces.
Bidding begins at $90k. As we all know by now, this is a ruse. It’s doubtful this auction will generate the buzz and turnout we observed at the Brazos Place auction. My prediction is the condos will sell for an average 30-40% discount from original asking price, or at least more than what we would see in the downtown CBD. We’ll just have to wait and see. Unlike foreclosure auctions which require cash on the spot, private auctions are more buyer friendly as buyers can have up to 30 days to close if they are pre-approved for a mortgage.
Bel Air features:
• Rooftop decks
• Private direct access garages
• Private balconies
• Commercial grade construction: steel and concrete
• Green Building Features
• Loft design: Concrete floors, high ceilings, exposed ductwork
• Tankless water heaters
• Energy efficient appliances
For my investor clients, here is a link to the Bel Air condos auction brochure and registration form. (pdf, 6MB)
Preview by appointment Showing hours 11-6pm everyday, and there are several photos of Bel Air available on Flickr.
Jude Galligan, Realtor
Jude Galligan says
Any remaining units are sold through traditional channels (broker/MLS). However, most auction companies will require you to show a pre-qualification letter before allowing you to bid.
kevin bowen says
on these auctions, if they do not qualify, where does the property get sold????i am in the market in austin….
Kevin, there are 5 units still available. MLS price ranges from 185k-232k.
See if Jude can show you the units!