Downtown Austin Blog

downtown Austin's real estate and neighborhood blog

You are here: Home / Archives for Jude Galligan

Jude Galligan

DAB STATS – May Transaction Summary

| |

WHEW…

In May, we saw at least four articles suggesting that more downtown Austin buildings are forthcoming: Block 51, Austin Energy building on West Ave, City planning a new parking garage, State capitol considering more density.  We haven’t seen that many speculative media reports about downtown development since 2006.

We’ve been hammering the point that there is no more new inventory under $400 per foot.  It’s gone.  But, don’t get caught up in the hype about new construction, at least not yet.  Even if the data suggests that there is capacity for more new attainably priced product (2bds/2ba+ for under $400k), the capital markets aren’t racing to provide financing.

Conversely, there’s a robust resale market working like a well oiled machine.  The difference between average asking price and average sale price is shrinking.  Last month, across 22 transactions, this spread was ~4%.  Timid buyers and sellers should take confidence in this stability.  To drive home the point even further, we witnessed at least two bidding wars last month.  Many buyers are longing for the days of 2008 and 2009 when 25-30% discounts were being offered.

Area “DT” – MLS defined market area for downtown Austin – has such diverse product that average numbers cannot be used without qualification.   For instance, it is necessary to qualify the age, location, and level of amenities when comparing Cambridge Tower to 360 Condos. ($226psf vs. $385psf, respectively)

Average price for area DT was $283.91 per foot, based on data collected from 22 transactions recorded in May.  That is down from May of 2009 when pricing was $303 per foot across 13 transactions; however, the spread between list price and sale price in 2009 was closer to 10% – much more volatile.

The MLS data does not include private developer sales (Spring, Austonian, W Hotel, Four Seasons).  Multiple sources have shared with us that the W entered into approximately 10 deals in May, and will not accept offers with more than a 5% discount.   The Austonian recieved their certificate of occupancy and is planning it’s first closing next week.  No news from the Four Seasons.

Registered DAB subscribers may access the complete May 2010 transaction report.

-Jude

[table id=3 /]

Downtown Culture Cruise

| |

UPDATE: The ride will meetup at our local bodega grocer, Royal Blue, just below 360 condos (not Java Jive as had been planned) Saturday morning between 8:30 and 9am. If you need a bike or haven’t RSVP’d, click below…

This Dutch cruiser has internal gears and is perfect for using around downtown Austin

Block out the morning of Saturday, June 5th, because you’re going to want to cruise with us on a bicycle stroll through downtown.  Downtown Austin Blog is working in partnership with Living On Two Wheel’s to bring you the Downtown Culture Cruise, part of LTW’s Summer Social Ride Series. The guided ride will include stops to look at some of downtown’s hottest condos as well as food and shopping stops to sample downtown living.

Stops will include food and drink at Froots in the 2nd street district and a vehicle presentation by Austin CarShare. Whether you are looking to move downtown, learn more about living an urban lifestyle, or just want to see some great properties, this ride is going to be a lot of fun.

All food & drink, bike valet, and guides included in registration as well as a coupon book to series partner businesses. We’ll be drawing to giveaway an Electra Amsterdam Royal 8 bike at the end of the series. Dutch city bikes available for rental on tour. Total ride distance will be approximately 5 miles.

Downtown Culture Cruise

DATE: Saturday, June 5, 2010

TIME: Meet up at 8:30 AM, Leave at 9:00 AM (please arrive at least 15 minutes prior to departure for check-in). Ride will wrap up by approximately Noon.

LOCATION: Austin City Hall, north side of building, 301 West 2nd St

COST: Before ride day $20/person, Ride day cash only registration $25. Bring a friend and save $5! 2 persons registration: $35, Ride day cash registration $45. (Ride is limit to 50 riders.)

RIDE PACE: These are social rides so we will be riding at a pleasant social pace and no one will be dropped. Our ride guides will be wearing identifiable shirts and will keep the group together and make sure no one is left behind. This ride is about the simple pleasure of riding with friends, not competition or workouts. If you want to race or get in a workout, we’d suggest you do that before the ride.

OTHER INFO: Please bring a bike in working order. Our ride guides will have spare tubes and basic repair equipment should you run into trouble. In addition to food and drink on the tour, bottled water will be available to participants. Please bring ID if you plan to sample alcoholic beverages at the stops. Staff will watch bikes at each stop so locking bikes will be optional. If you are in need of a tune-up, please check with a bike shop like Bicycle Sport Shop at least three days before the tour.

NEED A BIKE? We will have a limited number of Dutch bikes available to ride on the tour for rent for $20 for those who need a bike.

Waller Creek Tunnel Project TIF Analysis

| |

Last week’s meeting of the Waller Creek Citizens Advisory Committee hosted an update on the Tax Increment Financing district that was established to fund the construction of the Waller Creek tunnel.  Below is a summary of Q&A between WCCAC and Leslie Browder with the City Budget office

Waller Creek District Master Plan - Open Spaces


1. How much land is in the TIF (acres)?
TIF Reinvestment Zone No. 17 includes approximately 126 acres.

2. What are the geographic boundaries of the district?

The boundaries of the zone are within the area bounded on the west by Red River Street from 12th Street south to 3rd Street, then west along 3rd Street to Trinity Street, then south along Trinity Street to Lady Bird Lake; on the south by Lady Bird Lake from Trinity Street east to Cummings Street, then east along Cummings Street to East Avenue; on the east by East Avenue from Cummings Street north to the south bound access road of IH-35, then along said access road north to 11th Street, then west along 11th Street to Sabine Street, and north along Sabine Street to Red River Street; and on the north by 12th Street between Sabine Street and Red River Street.

[Read more…] about Waller Creek Tunnel Project TIF Analysis

Boutique Hotel Coming to 400 Block of Congress?

| |

416 Congress Ave

The DAA has been working for years to recruit retailers and destinations to Congress Ave.  Operating with a bold vision that Congress Ave can return to its pre-1950s prominence.

Many downtown Austin stakeholders (including this author) are concerned about “bar creep” from 6th Street and the Warehouse district.

Yesterday, the Statesman reported on a possible boutique hotel concept in the 400 block of Congress Ave.  This is a step in the right direction.  A hotel concept that embraces the historical nature of the building.

When done right, boutique hotels provide terrific branding for a city and a district.  It’s hard to imagine SoCo without Hotel San Jose or the Austin Motel.  Historic-ish structures that have been modernized.

One reason a hotel concept like this is so important to a burgeoning district is because boutique hotels are talked about outside of Austin.  They are reviewed and discussed on travel forums and websites like TripAdvisor.

That discussion ends up having a significant role in branding and defining the character of a district.  Years ago, Hotel San Jose helped revitalize SoCo into a destination for visitors. A boutique hotel like this could be another catalyst for Congress Ave.

I’d love to see this happen.

-Jude