Archives for 2009

Austin electric use sets record

Jude Galligan | June 25, 2009 |

I think we hit 105 degrees today. The gizmo on my car said 106, but that was sitting on blacktop at an intersection. Posted on the City of Austin website today was a message the June 25th, 2009 set a new record for power consumption.

The new peak demand record of 2,518 megawatts (MW) occurred between 4 and 5 p.m.. This means that during that hour, energy use in Austin reached the highest level ever in the history of Austin Energy. The previous Austin Energy peak demand record was set last summer in August at 2,514 MW.

Neville's Homeless Experiment

Jude Galligan | June 25, 2009 |

Neville Medhora lives off of Riverside. Earlier this month he made the decision to leave his home for five days to better understand what it’s like to be homeless in Austin. He chronicled the entire journey and not surprisingly it ends up being a fascinating story. Apparently, the bums over on Riverside are tame compared to those who reside downtown. One of the most salient points I gleaned from reading his experience was his struggle to find things to do – boredom became a problem for him. He goes on to comment…

On any given day a homeless person whose food/water/shelter are taken care of probably has about 10-12 free hours of the day. That’s a lot of time when you’re doing NOTHING….and doing nothing can be excruciating if you do NOTHING all day long, everyday.

Through the story you learn about Neville, including how he used to live in a loft above Paradise on 6th Street. I give Neville kudos for going through with this and telling the story along the way. From photos of the ARCH accommodations to under the bridge accommodations, you can find the details here.

-Jude

Thanks to Andrew Allemann for the heads up!

Bridges On The Park

Jude Galligan | June 23, 2009 |

For information and to preview Bridges On The Park contact Jude Galligan at 512-226-3414 or jude [@] downtownaustinblog.org.

view of downtown from 6th floor of east side of building

You might say Bridges On The Park has an identity crisis. Is it part of South Austin? Or, downtown Austin? Geographically it lies in what’s generally considered South Austin. By design and lifestyle it very closely resembles downtown. This makes for strange bed fellows as these two neighborhoods have been portrayed in the media as clashing in recent years over Austin’s growth.

Regardless of how the residents identify themselves, the setting is one of Austin’s most spectacular urban environments: Lady Bird Lake, running trails, Butler Park, pitch n’ put golf, trees, trains, Zach Scott theater, Barton Springs Rd, Zilker park is around the corner… the list goes on. Even the Taco Cabana next door is an Austin institution for anyone who went to high school here in the ’90s.

So, what’s the story with this place? I’m going to attempt to show you why, right now, this Bridges On The Park is one of the best real estate opportunities for downtown Austin buyers.

The raw info

Six stories.
105 units.
Full list of amenities: concierge, pool, fitness, etc.
Storage units.
Underground parking.
Aligned length-wise along Lamar Blvd.
Built by CLB Partners

The finish quality is high

CLB Partners is the same developer as the Austin City Lofts, which provides an example of CLB’s high quality construction and finish outs. Bridges On The Park takes on much of the same philosophy: copious amounts of Texas limestone, with metal and wood accents. The lobby, building decor, art work, and interior finishes are tastefully executed.

The bathrooms have a floating (I suppose cantilevered) cabinet design which allows lighting to come from below. Wherever possible a double vanity is used.

Historical Paggi House adjacent to Bridges On The park

Mixed Use

Pedestrian friendly retail on the ground floor, combined with the proximity to the parks and running trails make Bridges On The Park truly mixed use. The setting of the development surrounds the historical Paggi House.

The economy has been hard on this development

Completed in 2008, of the 105 units, 32 remain unsold [and one resident is furious about a new billboard]. Many buyers could not find mortgages when it came time to close. Originally prices were characteristic of 2007 at $400+per foot. Many new buyers are skeptical about prices that are still high compared to the deals which have been clearing the inventory downtown condos this past Spring.

The Opportunity

A marketing blitz earlier this year carried an opportunity for 20% off – a deal that generated roughly a dozen sales for CLB Partners. From the perspective of my clients, interest in Bridges On The park started to wane in April, as the anticipation for the Brazos Place auction grew and other developers began to negotiate attractive discounts.

The remaining 32 units are priced at an asking price of $324/ft on average. Like most buildings, each has its own micro-economy of views and floor plans. The east view towards the trees is priced at a premium to the west view over Lamar Blvd.

Summary

The market is buyer friendly and this is not CLB Partners’ first rodeo. I predict that Bridges on the Park will begin to discretely entertain offers in the neighborhood of $240 per foot, on average, or about 30% off of the asking price. [See update below] The data at Brazos Place and the Shore provide evidence that this program of discounting works to quickly sell units. Add to that the superior location of Bridges On The Park, and I expect there will be some very happy buyers over the next few weeks.

[UPDATE 09/08/2009 –
The most recent inventory I have from August 17th for Bridges On The Park shows:
min price per foot = $234
max price per foot = $312
average price per foot = $278
*numbers reflect discount]

Jude Galligan, Downtown Austin Realtor
512-226-3414
judegalligan [@] gmail.com

Complete Bridges On The Park photo set on Flickr!

Purchasing Power of $300,000 in Austin's Urban Core

Jude Galligan | June 23, 2009 |

Railyard #256 is an example of what $300k can purchase in Urban Austin — Railyard #256 is an example of what $300k can purchase in 'Urban Austin'

Inspired by the recent Austin Magazine column, I thought it would be interesting to research the purchasing power of $300,000 in Austin’s urban core. The properties below are currently available to purchase and are listed between $290-310k. I left out several properties, but wanted provide a broad spectrum of product.

The descriptions come directly from the listings.

Downtown
1125sf 2bd/2ba condo at the Railyard
“Bright living/dining area with fireplace, vaulted ceiling. Beautiful mosaic backsplash/walls in Kitchen. Large Balcony. Spacious loft – includes 2 separate work areas with lots of shelf space. Extra storage area behind movable loft shelving — rare in this complex. Can’t beat the location – close to 2nd Street District, downtown bars, restaurants, and music. Buyer Bonus – 1 week stay in Seller’s 2 bedroom beachside condo in Fripp Island, SC (worth approximately $2,000).”

South Austin (SoCo, S. 1st, Bouldin, etc)
972sf 1bd/2ba condo at the 04 Lofts
“Only a few left!! Home to By George & various retail, the 04 Lofts offers open living spaces w/ downtown views while blending textures of natural materials – concrete, granite & glass tiles along w/ natural light, high wood ceilings & terra cotta walls. 1st floor units feature private courtyds,others feature balconies. All units share in a stunning roof-top deck, secured parking, controlled access, & a tranquil garden courtyd. Seller will finance. ”

East Side
2160sf 3bd/3ba house at 2400 E 11th Street
“2400 e 11th st is a recently built home [completed 2008 per builder] in East Austin just minutes from downtown and designed for entertaining. It is unique in every way from the custom doors to the handmade tilework inside to the covered porch defining its architecture. Live near downtown with more space for half the cost! Potential Short Sale. Listed for less than what is owed on property. ”

Clarksville
1454sf 3bd/2ba condo at 606 West Lynn
“This condo is gorgeous inside and priced to sell! Floorplan is good for either a family or roommates.”

Hyde Park
800sf 2bd/1ba house at 3711 Cedar Street
“Just north of UT campus. Estimated +/- 800 sqft per owner. Deep lot with alley access. Updated bath & kitchen. Currently leased thru 8/10/09.”

$300,000 mortgage with 10% down, 5.5% interest over 30 years, yields a payment of $1533 per month. Property taxes will be approximately $530 per month. For more information about these or other properties feel free to call or email me.

-Jude

A Downtown Weekend Spent Outdoors – Sunday

Jude Galligan | June 22, 2009 |

It’s been a couple of years since I’ve been on Lady Bird Lake. I woke up early on Sunday morning and wanted to rent a kayak. Even though the temperature has been high, the mornings are still crisp and perfect for some morning zen. At 7am I headed down to the Rowing Dock, just beyond Zilker Park. Here it is easy and quick to rent a kayak. I rented a normal kayak and not one of the popular single sculls. $10 per hour, fill out one form, they drop the kayak in the water and you’re off.

My goal was to make it from Mopac bridge to Lamar bridge. By foot or by bike this doesn’t seem like a big deal, but by kayak this is quite a distance. It was worth it as I snapped a couple of photos [the white balance on my camera is off 🙁 ]

Not far from where this photo was taken was the Barton Springs outlet. The water depth couldn’t have been more than four feet in certain places. I’ve heard that animal waste that comes from dogs swimming in Barton Springs is one of the main reasons that people are allowed to swim in Lady Bird Lake.

This weekend I’ve rediscovered downtown Austin’s outdoor amenities. We take it for granted and so often forget to enjoy so much of what downtown Austin has to offer.

-Jude