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Archives for June 2013

Lets Hug It Out: Rainey Street Traffic

Jude Galligan | June 12, 2013 |

With the increasing amount of construction happening in the Rainey Street District, I think we have seen the last of the Google Villages and such taking the neighborhood over – at least for a while.

I’m going to lay out a summary of the transportation plan here first, then drop my two cents in the bucket on the drama surrounding it.

What to expect

City staff have settled on maintaining two-way traffic on the street, and adding sidewalks where there is not existing development taking place. The east side of the street will retain on-street, metered parking, while the west side (on the right side if you are facing the river) will be converted into a striped area with pedicab pick-ups and bike parking.

Once the sidewalks are built out, the city may move forward with converting that striped area into bike lanes.

The city will convert the turning circle into a “modern roundabout” – like this one at Rio Grande and 10th Street.  The city also plans to install speed humps (not speed bumps) and up the ante on the navigational signs in and around the area.

[Read more…] about Lets Hug It Out: Rainey Street Traffic

Filed Under: downtown austin, Downtown Austin Districts, Rainey Street District, urban planning

By The Numbers: Downtown’s Shrinking Inventory

Jude Galligan | June 9, 2013 |

The data supports what we all see – demand exceeds supply for downtown condos, especially dwellings priced under $500,000.  May was the first month ever that both the average and median price per foot for a downtown resale was over $400/ft.

At the extremes, asking prices for new construction high-luxury condos are approaching $1000 per foot, and there are several recently recorded transactions between $700-$800 per square foot.

Downtown condo inventory as of 6/7/2013

1) total resales available = 49
2) total new construction available = 77 est.

As of this post, there are only 13 units for sale under $500,000, and built within the past 15 years, in all of downtown Austin.  This leaves us with just over one month of inventory available for the largest segment of condo buyers in downtown’s core.

The lack of new product in the market is putting significant upward pricing pressure on resales.  With no new condo development planned in downtown, as interest rates remain low, resale prices will continue to rise to meet the demand.

DT Resale Chart - May TTM - MaxMin

You’ll recall that back in January, for the first time, the average sales price of a new construction downtown condo exceeded, $1,000,000.  There were 14 closings in May for new construction condos: the Austonian, W Hotel, and Four Seasons Residences.  Spring is sold out.  [UPDATE: The Four Seasons is sold out, with contracts pending.]  The W and Four Seasons could officially be sold out after another couple months of sales and pending contracts close.  The Austonian has a pretty good inventory remaining, but soon lacking any competition sales could accelerate quickly.

May 2013 Resale Statistics

- Total sales volume (resales only) =  $12,717,900
- # of resale transactions = 22
- avg price per foot = $453
- median price per foot = $424
- avg sales price = $578,086
- avg sales price to list price (SP/LP) = 97%
- avg condo size = 1275 sq. ft.
- avg price per bedroom = $343,727
- avg days on market (DOM) = 43 days

May 2013 New Construction Statistics

- # of new construction transactions = 14
- avg price per foot = $700-$800/ft est.
- Total new construction sales volume =  not reported

[table id=33 /]

DT Resale Chart - May TTM

Filed Under: Austin Real Estate Data & Statistics, austin towers and high rises, DAB Stats, data, statistics, downtown austin

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