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Jude Galligan

Latest From Downtown Austin Facts

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What’s it like to be a single mom, or a married couple in downtown Austin? Take a listen…


The audio links above represent the latest radio spots from DowntownAustinFacts.com (link).  I still feel compelled to qualify their proclamation that there are only 400 condos remaining.  From one perspective, that number is insufficient to describe the number of units available for purchase.  From another perspective, that number paints an overly rosy picture of what’s available to the average buyer. To elaborate further:

First, this number (400) represents new construction and doesn’t include the approximately 175 resales that are on the market.

Second, this number represents the inventory at four buildings: the Austonian, Block 21 Residences (aka W Hotel Residences), Residences on Town Lake (aka Four Seasons Residences), and Spring condos.

Third, how many new “attainably” priced units are available?  Nearly ZERO – ok, there are five units at Sabine and two units at the Shore condos.

Let’s get this out of the way for the trolling skeptics… DowntownAustinFacts.com is a website sponsored by a consortium of builders.   That fact doesn’t change the reality that downtown Austin is facing a shortage of condos for sale over the next 5-10 years, especially priced in the 200-400k range.  THE INVENTORY IS LOCKED IN.  You will not see any new projects come out of the ground until at least 2013, perhaps longer.

-Jude

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Sneak Peek: Austin's Four Seasons Residences

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On the trail: a beautiful spring day on the Four Seasons lawn

Over the weekend we were able to take a guided tour of downtown Austin’s Four Seasons Residences.  What we have are raw snap shots of views, as captured in the middle of a construction area.  Anytime a building provides access prior to completion I am especially grateful, and it speaks to their confidence in the project.  Like our tour of the Austonian last week, it was requested that we not photograph the interiors until construction is complete, which we respected.  You can get a sense for what the interiors of Austin’s Four Seasons Residences will look like here.

As we see it, the Four Seasons is betting that true luxury buyers are seeking something warmer, more rooted in tradition and familiar with the Four Seasons brand, as opposed to the sleek monolithic aesthetic of the W, or the high profile of the Austonian.  I’ve always been excited about this project, and the building did not disappoint.  Smart layouts, impressive views, and most evident was the level of amenities that would come with home ownership.  Being connected to the Four Seasons has its perks.

west facing terrace with views of the city and lake
west facing terrace with views of the city and lake

The terraces are incredible in every unit.  Unlike many buildings that provide terraces which do no more than defy you furnish one of them, these are large and airy spaces that could be used as outside rooms.  The west facing terraces (above) were my favorites and are available with the Austin and Upper Combo West floor plans.

Like Austin’s W Hotel Residences, the Four Seasons is oriented length wise along Lady Bird Lake.  This orientation maximizes the desirable southern sunlight.  Half way up the building, the views shift from living “in the city” to “above the city”.   In my experience, there are buyers that seek out the former and the latter.  In general, the lower floors will provide better value and a sense of living in the mix of city life.

We’ve confirmed that the 11,000 ft penthouse (31st floor) of the building has been purchased for an undisclosed amount.  We estimate ~$8-9MM [for the shell space] based on pricing released last year.  Interestingly, it is rumored that as part of the deal the Four Seasons agreed to increase the height of the top floor, and perhaps the building, by two feet.

Austin penthouse at the Four Seasons
Entire penthouse (31st floor) purchased. Estimated purchase price between $8-9MM for the shell space.

In our office we discuss how the personalities of the “luxury bunch” are different.  Using comical generalizations, W buyers might tell you that “Our family splits time between Austin and Zermatt”.  Austonian buyers might tell you that “Our company just raised $20MM in VC and is planning its IPO next year.”  The Four Seasons buyer might tell you “I’m a fifth generation Texan, fourth generation Longhorn, and my roots run deep.  Hook’em!”

Thanks to Ian Stonington for setting this up.  Ian is a consummate professional that knows everything about his building, including the answers to the most esoteric questions, like “who makes the light switch?”.

Full Slideshow @ Flickr

-Jude

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The Saga of a Downtown Austin Parking Garage Coming To A Close?

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[UPDATE  09/01/2012: Whittington loses in the end @ Austin Contrarian]

Back in 2008, we made a best efforts attempt to wade through quagmire of litigation between Harry Whittington and City of Austin regarding the unlawful condemnation of Harry’s land at 5th and Red River.  At the time the City urgently needed the land to build a parking garage to service the convention center.  This lawsuit impacted the urban fabric of the entertainment district for the past few years as thousands of feet of retail space has been left vacant.

The Saga of Parking Garage:

Part One
Part Two

The ABJ’s Jacob Dirr reports that Harry has been vindicated in the eyes of the court.

Barring an accepted application for another hearing, Block 38 now reverts back to its original owner, Harry Whittington, while the city must pay him about $3 million in damages and about $700,000 in legal costs, Whittington said.

Downtown Austin Open Houses

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downtown-austin-open-house

Open houses in downtown Austin for Sunday, March 14th

The great thing about downtown Austin open houses is that you can generally walk from building to building.  If you’re into adaptive reuses of older buildings, checkout DAB’s list of downtown Austin lofts.  Looking for downtown Austin FHA approved condos in order to qualify for 3.5% down? We’ve got the info.

This weekend you can browse at your own pace at the Milago condos (btw, have you visited Rainey Street recently?), Towers of Town Lake, 360 condos, Spring, and the Austonian sales center.

Sunday
1) 54 Rainey St, #501, 2bd, 2ba, $369,900, 12-3pm [Pacesetter] map
2) 40 N Interstate-35, #11A3, 2bd, 2ba, $584,000, 2-4pm [Turnquist] map
3) 360 Nueces St, #2508, 1bd, 1ba, $287,500 11-2pm [Platinum Realty] map
4) 360 Nueces St, #1810, 1bd, 1ba, $279,800 2-4pm [Urbanspace] map
5) 300 Bowie St, Spring sales center, model units, 1-5pm map website
6) 200 Congress Ave, Austonian sales center located at 300 W 6th, 12-5pm map website

Don’t see the properties you’re interested in? Ask a Realtor who lives and works in downtown Austin.