According to a press release sent to Downtown Austin Blog, 80% of the reservations for the under-construction Seaholm condos have become full contracts.
Last October nearly all 280 residences at the Seaholm condos were snapped up in a matter of days of the project being announced. The resulting frenzy of buyers trying to reserve units became a bit of a cluster, leaving subsequent people interested with the singular option of joining a wait list. Now, I expect, many of those existing Seaholm “wait-listers” will very happily absorb the remaining 20% (56 units) prior to the building’s opening next year.
Seaholm was the first downtown Austin condo project announced post-recession.
When announced last year there were precisely zero competing high-rise condo proposals, no remaining inventory from the last building cycle, nor were there many downtown resales to whet buyers’ appetites. Combined with below market rate pricing [relative to the newer downtown towers], the swell of interest in Seaholm was not at all surprising. Seaholm’s rapid absorption reflects superb timing.
Trader Joe’s, the national grocery chain anchoring the development, should be open by the time the residences begin to receive their certificates of occupancy next year. We’re stoked to see that the Seaholm “district” will be immediately active with retail and residents upon the building’s opening. The entire development will be a solid addition to the increasingly pedestrian fabric of downtown Austin.
Interestingly, Seaholm could be getting a neighboring tower within a couple of years, too. Earlier this month Constructive Ventures announced a revitalized proposal for a 50+ story tower caddy-corner to Seaholm.
-Jude
