Downtown Austin Blog

downtown Austin's real estate and neighborhood blog

You are here: Home / Archives for 2010

Archives for 2010

Is This The Next Bar On Rainey Street?

| |

86 Rainey Street

The Rainey Street Historic District is listed on the National Register of Historic Places, and new businesses must get approval from the Historic Landmark Commission before commencing with any building rehab.   I have to give credit to businesses coming into Rainey Street.  They are doing a great job at rehabbing the old bungalows and creating an enjoyable atmosphere.

But, with 1,000+ door fronts in the district, let’s shoot for more mixed uses.  Are we approaching market capacity for new bars in downtown Austin’s Rainey Street District?  It’s a fair question to ask.

Rainey Street is zoned CBD, and this is a good thing!  However, the density entitlements of CBD sit idle (potentially for years) and the district is dominated by residential uses.  The Downtown Austin Plan expresses five Urban Design Priorities for Rainey Street District.  One of those states: “Limit the number of cocktail uses allowed.”

When are we going to see some day time retailers and restaurants, eh? Truth is the district is lacking sidewalks and offers little parking to support many uses except for bars, which are listed below.

1) Lustre Pearl (97 Rainey Street) is has applied for Rainey Street’s first Outdoor Music Venue permit, to the chagrin of many neighbors fearing a trend.
2) Clive Bar (609 Davis Street) is a great bar that we love to go to.
3) “96” Rainey Street under construction, and will soon be a sports bar.
4) Icenhauer’s (83 Rainey Street) is under construction, and should be open on September 20th.  It will be a bar.
5) 86 Rainey Street (pictured above and below) has started down the path towards becoming… something.

Back in April, I found myself hanging out in front of 86 Rainey Street, drinking cold beers with John Arley – an affable guy who sang a few songs for me.

DAB STATS: July Transaction Summary

| |

In July of 2007 we recorded 14 transactions at an average of $353psf.

In July of 2008 we recorded 11 transactions at an average of $289psf.

In July of 2009 we recorded 13 transactions at an average of $267psf.

In July of 2010, we recorded 12 transactions at an average of $314psf!!

What insights can we glean from four years of July transaction data?  Based on my experience this year, I would say those numbers show that [in aggregate for downtown] a bottom had been reached, and we’re returning to normal where average prices hover around $300psf.

If developers reported sales (they don’t, but if they did), July’s closed Sabine units would nullify the effect of the higher priced closings at the Austonian, Spring, and Four Seasons.  Also, at least two of July’s transactions were deeply discounted transactions at Milago and yet the average numbers are still strong.

The market continues to place a premium west of Congress Avenue, as transactions at Austin City Lofts and 360 condos exceed $400psf.  Feedback from my clients indicate this premium is a reflection of these buildings’ proximity to a mix of retail uses and to Whole Foods.  As inventories of new construction continue to dwindle, the average buyers’ expectations are beginning to come back inline with a healthy resale market.

An example of a great buy in July:  Milago #423. A 2bd/2ba corner unit at tree level with city views for $300,000.  The seller took a hit on this one and originally paid $382,500.  Also, I’m bullish on the Rainey Street District, future improvements to Waller Creek, and the desirability of living near the trail for couples/families.

What does the buyer who prioritizes value do now?  Be prepared.  Get pre-qualified for a mortgage.  Be ready to pounce on the random short sale or bank owned property.  I seem to find 1-2 each month.  Forget about foreclosure auctions in downtown – they simply do not happen with any regularity, and 99% of the time the bank takes back the property and lists it on the MLS market where they can get closer to market rates.  Of course, you can go to the courthouse to see for yourself.  Or, you can just contact me.

Registered members of DAB can download a complete statistical and transaction report here.

-Jude

Downtown Austin Open Houses

| |


downtown Austin open house listings for Saturday, July 31st

  1. 360 Nueces, 360 Condos # 914, 1bd/1ba $349,800 1-3pm [Urbanspace]
  2. 360 Nueces, 360 Condos # 3011, 2bd/2ba $575,000 1-3pm [Urbanspace]

downtown Austin open house listings for Sunday, August 1st

  1. 800 W 5th St, Austin City Lofts # 505, 2bd/2ba   $499,900  1-4pm [AvenueOne]
  2. 54 Rainey, Milago Condos # Ph05, 2bd/3ba $499,900 1-3pm [Urbanspace]
  3. 54 Rainey, Milago Condos # Ph02, 2bd/3ba $899,900 1-3pm [Urbanspace]

The “__11” stack at 360 is one of the best 2bd floor plans in that building.  Definitely check it out. 

When you’re done with the open houses, you can enjoy an afternoon on Lady Bird Lake by renting a canoe or kayak from at the Texas Rowing Center. Or, dine al fresco at Annie’s Cafe on Congress Ave for breakfast, lunch, or dinner.  Make sure to download my transaction report from June (registered members only) and discuss with a Realtor who lives and works in downtown Austin.

-Jude

Artists Inspired By The 80’s: Free Exhibition at Domy Books

| |

DAB fan Erin Portman sent this to us and we couldn’t resist showing some promo love.  The upcoming “88” Event held at Domy Books on Sat., Aug. 7th from 7:00 – 10:00 p.m., is a free exhibition, organized by Andy Coolquitt, offers a view through the lens of 1988 in Austin to demonstrate how “we developed as a visual culture … what we’ve learned and what we’ve lost and where we need to go.”

As a child of the ’80s, it’s always interesting for me to look back at those years with the benefit of hindsight.  Memories of Vision Street Wear and Hypercolor tee-shirts, jeans with tightly rolled cuffs, Michael Jordan, and ubiquitous Patrick Nagel fashion art posters hanging on the walls of bachelor pads around the country.

What were artists working on and exhibiting in the ’80s?  Coolquitt continues… “My interest in this exhibition is to publicly celebrate these amazing people that I learned from, to provide a small glimpse into some of the ideas that were floating around 22 years ago, and to see what they are up to now.”

One of the artists, Elisa Jimenez’s – Project Runway alum, and named by Vogue as one of today’s emerging designers to watch – interactive show starts at Domy at 7 p.m. and will feature models unveiling her creations while transitioning the event into a raw and immediate parade to OKAY MOUNTAIN for a final runway-esque presentation at 9:30 p.m.

[flickr-gallery mode=”photoset” photoset=”72157624622595928″]

After “88”, on Sunday., Aug. 8 from 2 to 5 p.m., Jimenez will host a pop-up store at W3LL PEOPLE, located at 215 Lamar Blvd., featuring pieces from the Hunger World, her spontaneous couture and one-of-a-kind “ready-mades” of which she’s built her 14-year career. They are all hand wrought, hand drawn and imbibed with scented oils. Elisa’s celebrity clients include Marisa Tomei, Courtney Love, Cher, Sarah Jessica Parker, Lisa Bonet and Melissa Auf Der Maur, among others.

More details on this event are available at http://www.domystore.com.