Jude Galligan

DAB STATS – June Transaction Summary

Jude Galligan | July 1, 2010 |

In June we made local real estate history.

1) We observed the most expensive (per foot) recorded transaction ever in downtown Austin: the 43rd floor 2bd/2ba 2022ft penthouse at 360 Condos, once owned by the building’s developer, sold for $717psf. Note, this sets the record for a recorded transaction in downtown, that is auditable via the MLS. We’re familiar with the off-record purchase of the 11,000ft penthouse at the Four Season Residences for more than ~$1,000 per square foot.

2) The Austonian posted in June a 3bd/3ba 45th floor unit for sale @ $1120psf. This is the most expensive (per foot) unit ever listed in the MLS area “DT”. Mind you, the 45th floor is well below the penthouse.

3) The Austonian and Four Seasons now have residents, and each building has closed more than a dozen units, with more in queue. These transactions are not reflected in the summary data below.

The transactions in aggregate show year-to-year growth for the month of June from 13 to 17 transactions, selling at an average of $296psf to the current $321psf, respectively. Compared to last month, prices are up from May’s average of $284psf. As always these numbers require qualification. Prices did not surge 13% from last month as the raw data would indicate.

In May, nearly 25% of the transactions occurred in buildings outside of the downtown core (Cambridge Tower, Penthouse, Greenwood Tower). These buildings can generally trade $100psf less than the average, so when there is an abnormal number represented in “DT” sales, it brings the averages down. In June, there were only two of these transactions.

I’m increasingly using a modified version of the DT boundary that brings the boundary south from MLK to 15th Street, as this better represents the core, but I will always indicate this to you when doing so.

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

-Jude

Downtown Austin Miscellany

Jude Galligan | June 30, 2010 |

Below are a few photos from the past week.

The former location of Thai Tara has been razed…

W 6th @ Rio Grande - Former site of Thai Tara

In the Rainey Street district, next door to El Naranjo…

We’re seeing progress on Icenhaur’s

The lone house on Bierce Street…

This billboard on W 5th Street is completely blocked from view by the bank building. It’s always been a curiosity to me.

This billboard is having an existential crisis

New Office Tower On Congress Ave?

Jude Galligan | June 28, 2010 |

909 Congress Ave - massing view showing interplay with view corridors

Jacob Dirr, with the ABJ, is reporting on a new office tower being planned for Congress Ave.

A 16-story, 88,000-square-foot office tower is being planned for the 900 block of Congress Avenue, a site currently occupied by three vacant buildings, according to city documents.

Located directly across from Little City, the derelict structures have been sporting plywood facades for years, and have been a general blight on downtown Austin. My understanding of these properties was that there was tension amongst the ownership that inhibited combining all three into a develop-able tower, until recently. According to the article, the developer, Dalton Wallace, will restore the facades as part of the building.

From the applicant’s presentation to the Design Commission…

909 Congress is a mixed use office and retail project located mid‐block on the east side of the 900 block of Congress Ave. The site measures 69’ x 160’ and is composed of three lots 907, 909 and 911 Congress, zoned CBD‐H and the allowable FAR is 88,000sf. The project will consist of retail at the ground floor along Congress with one level of parking below grade and seven levels of parking above grade plus eight levels of office space. We will be restoring the three historic two‐story building facades and setting the tower back 10’ above the historic buildings. We will also be respecting the Capital View Corridor along Congress with an additional setback and remain under the Capital Dominance Cone height restriction. The parking access will be from the alley behind the site and will be serviced by two automobile elevators and valet staff. The above ground parking will be screened from view. The building will be located between two larger office buildings at 919 Congress and 823 Congress.

Downtown Austin Open Houses

Jude Galligan | June 26, 2010 |

downtown Austin open house listings for Sunday, June 27th

800 W 5th St, Austin City Lofts #505, 2bd/2ba $530,000 2-4pm [AvenueOne]
360 Nueces St, 360 Condos #3011, 2bd/2ba $599,900 1-3pm [Urbanspace]
360 Nueces St, 360 Condos #1311, 2bd/2ba $429,900 1-3pm [Urbanspace]

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 transactional report from May (registered members only) and discuss with a Realtor who lives and works in downtown Austin.

-Jude

The Other Seaholm Project

Jude Galligan | June 24, 2010 |

The re-utilization of downtown Austin’s Seaholm Power Plant will happen. When? Not soon. Why? No $$$. No surprise.

However, at Wednesday evening’s Parks Commission meeting, CM Chris Riley shared the opportunity to adapt the Seaholm intake structure (which sits on the lake) into something usable and complimentary to the trail.

An ordinance passed in 1985 required facilities such as this, owned by the city, immediately become park land upon termination or cessation of their existing uses. Hence… PARD controls these buildings.

Furthermore, the 1987 Town Lake Park Comprehensive Plan states: “…the building south of W. First Street that houses the cooling water intake for the power plant is ideally situated for conversion to lakeside dining.” It goes on to suggest: “A water taxi stop will give additional access.”

OK, this is getting interesting, right?

PARD is strapped for cash, and PARD director Sarah Hensley is a progressive force. There is reason to be optimistic that something can happen here, and we’re not going to have to wait 10 years to see it realized.

According to CM Riley, the use should be contextual, and specifically cater to the myriad people using the trail. I understood this as concessionaires and open seating, rather than a proper restaurant as might be inferred from the plan. This makes sense, considering there is little/no room for additional parking here. Not a bad thing, IMO.

How can you help? Keep the discussion moving, and share the idea with your friends. Send a note to city council that you want to see these buildings put to public use.

-Jude