Archives for November 2010

DAB Spotlight: Live Oak Pharmacy

Nicole Sanseverino | November 12, 2010 |

There’s a new pharmacy in town… And it’s not your typical “over-the-counter” experience.

“We are a firm believer in the body-mind connection,” said Scot Maitland, co-owner of Live Oak Pharmacy. “If you feel good you are gonna be good and healthy and well. So, to be able to provide people with a unique surprise when they walk in the door, that it’s not business as usual at Live Oak Pharmacy, it’s about you.”

Live Oak Pharmacy – located on West 5th street – opened its doors in April. Maitland says it’s not just about counting pills…. It’s about being rooted in the community.

“We’ve really kind of integrated ourselves in the community because we live here; we live downtown and our customers are our neighbors,” Maitland said.

The pharmacy hosts monthly health and wellness education programs and also supports local events such as the Mamma Jamma Ride and the AIDS Walk. But what really makes the pharmacy unique are its services.

Staff at Like Oak mix medicine – also known as compounding – in order to fit the unique needs of each patient.

“Not everything works for everybody,” Maitland said. “We live in a very customized world. You can customize your own car. You can customize your home. Why not customize your medications.”

Patients might request compounding to convert solid pills into liquid form or just to add a dose of their favorite flavor.

Live Oak also has a medication take back program. Customers can bring unused medicine to be disposed of in a safe way. Since the start of the program in April, Live Oak has collected more than 275 pounds of pills.

“We’ve been big advocates of collecting those unused medications that would have otherwise gone into our water supply or into a dumpster somewhere or worse yet into the hands of the hands of our youth,” Maitland said.

At Live Oak, wellness isn’t just about your health… it’s about the wellness of the community.

Three New Building Permit Requests On Rainey Street

Jude Galligan | November 10, 2010 |

I love this.

On my desk sits three simultaneous requests, from different owner/operators, for building permits on Rainey Street.

Since Rainey Street is a National Registered Historic District any improvements must pass through the Historic Landmark Commission. We knew about 86 Rainey St. That will become The Blackheart. 69 Rainey Street, according to applicant Rick McMinn, will be a food concept to serve patrons at the bars located mid-block. 92 Rainey Street is expected to become a bar, but we haven’t been able to confirm if they will also serve food or if they will operate with daytime hours.

92 rainey street austin texas 78701 — 86 Rainey St

69 rainey street austin texas 78701 — 69 Rainey St

I-35 Makeover Construction Progress – LOOKING GOOD

Jude Galligan | November 10, 2010 |

We’ve been covering the I-35 makeover for years, and it’s exciting to see it taking shape. It’s more impressive in real life than it did as a rendered concept. The polished inverted arches are huge – the size of these things needs to be seen up close.

I35 - Perspective (Day) — I-35 Makeover, Day Perspective

Architect Phillip Reed of COTERA+REED ARCHITECTS explains to us the expected construction schedule. “…work will complete on the north block – roughly around Thanksgiving – and then start on the south block, which will complete around the middle of February.”

According to Reed, an artist is currently working on some programs for the lighting – which will be attached to the bottom of the stitches. “When only the north block is open, it will only have a very neutral light quality, but when both blocks are open the lighting will be programmed to change,” Reed says.

Thanks to downtown Austin entrepreneur and purveyor of rave supplies, Neville Medhora @ nevblog.com, for his pics and video (taken yesterday)!

[flickr-gallery mode=”photoset” photoset=”72157625350346720″]

HOLY COW: October Residential Transactions

Jude Galligan | November 4, 2010 |

I’m blown away by the number of closings that occurred in October for new luxury condos in downtown Austin. Total number of downtown Austin condo transactions in October is confirmed at 29 30 closings! Resale data shows eight resale transactions, two of which were over $1MM. Here’s the kicker: there were a combined 21 closings at the Four Seasons Residences, Spring, and The Austonian!

I spent extra time this month confirming transaction reports at the top-tier buildings. “Spin” was minimal and there is genuine transaction velocity.

October Highlights:

two $1MM+ resale transactions (not including developer sales at top-tier buildings)
The Austonian shows 30 closed units, nine in October.
The Four Seasons Residences shows 43 closed units, six in October.
Spring Condos closed six seven in October.
DANA’s Downtown Living Tour was the biggest ever with over 1000 attendees.
W Hotel is hiring its staff, and buyers with contracts are anxiously awaiting their Q1 2011 move in date

One not so bright spot in the data: the number of resale transactions is down year-to-year, from 18 in October of 2009 to just eight this past month. The data below highlights last month’s aggregate sales statistics for MLS Area “DT”.

Investors and economic contrarians, like me, who demand value should continue to be on the prowl for deals on downtown Austin condos by focusing on the resale market. Especially during the winter months, increased seasonal buying power is evident. I’m working one short sale deal right now, and I’ve targeted others for my clients. For example, I’m tracking a 2bd/2ba at Milago that can be purchased for ~~under $299,900~~ SOLD (inquire with me).

The average resale price remains steady at $294.55 per square foot, compared to $293.65 psf in October 2009. The chart below shows downtown resale transactions. Notice the spike in buying activity during the springtime. Now, notice the subsequent fall off… that’s a buying opportunity. 🙂

-Jude

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Downtown Austin TV Features Rainey Street

Jude Galligan | November 2, 2010 |