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Jude Galligan

Public Hearing On Dillo Cancelation Today

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Capital Metro Main Administration Building
2910 East 5th St. [map]
12:00pm

“PUBLIC HEARING NOTICE
DATED: JULY 24, 2009
Capital Metro is proposing to eliminate the Downtown Dillo routes beginning October 5, 2009 (last day of service would be end of day Friday, October 2nd). Capital Metro Planning Staff will be available to speak directly with citizens regarding route or schedule issues. Citizens are encouraged to attend any of the following meetings or to contact Capital Metro Planning by e-mail or by calling 474-1200. The public may also call 385-0190 with comments. Persons with hearing impairments may call the TDD line at 385-5872. A sign language interpreter for persons with hearing impairments will be provided at the public hearing. ”

-Jude

Gables Pressler

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[youtube = http://www.youtube.com/watch?v=KH4Xq1qtgeQ]

Yesterday, I headed over to the nearly completed Gables Pressler apartments on W 5th Street.  Located just a few blocks east of another new Gables development, 5th Street Commons, Pressler is being marketed as Gables most “green” project in Austin.

5th Street, west of Lamar, has evolved rapidly.  In less than a year we’ve seen the addition of dozens of new retail shops filled with local businesses along with hundreds of new residents and pedestrians improving what had been nothing more than a wide boulevard that connected Mopac to Lamar.

Ad for Presslers Garden, in the 1887 Austin City Directory
Ad for Pressler's Garden, in the 1887 Austin City Directory

Gables Pressler is named after Paul Pressler, proprietor of Pressler’s beer garden originally built where Gables stands today.  The chronicle has a great article on turn of the century beer gardens and goes on to say about Pressler:

“Pressler’s Beer Garden was located between the river and West Pecan Street (Sixth Street) in Old West Austin. Built around a steam brewery started by Paul Pressler in the early 1870s, it operated for more than 30 years before being swallowed by residential development. Situated on what was then the western fringe of the city, its idyllic rural location made it the perfect spot for relaxing under live oaks with a frothy mug of beer. It had a concert hall that regularly hosted touring German singing and theatrical acts. The grounds around the concert hall were landscaped with curving walks, ornamental shrubbery, arbors, and a fountain. The extended grounds also featured a boating ramp, a shooting club, and an alligator pond.“

The location is what sells this place – it’s equidistant to West Lynn @ 12th as it is to Whole Foods or the running trails.  There are 168 units made up of studios, 1bd, and 2bd units.  The finishes are nice.  There is an interior courtyard with a pool.  The leasing agent informed me that they are offering three months free on a twelve month lease for all leases which commence by August 31st.

Pricing as of August 4th, 2009 (pdf)

Gables Pressler
507 Pressler St
Austin, Tx 78703
(map)

-Jude

Michael Barnes and DAA Brainstorm E 6th Street

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Just found this column from Statesman’s Michael Barnes discussing what is [or isn’t] happening on E. 6th Street.  This is a topic that Downtown Austin Blog is very familiar with. [part 1, part 2, part 3]. One thing is certain: Sixth Street needs help. The historic landmarked buildings have been neglected to the point of ruin. The crowds are becoming more violent.  Drugs are available on nearly every corner and alley.  The music has left and gone to Red River.   There are millions in untapped tax revenues from a lack of services/goods for residents, visitors, and day time patrons in general.

-Jude

Auction Systems

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[youtube = http://www.youtube.com/watch?v=3j2ff1YydWE]

The auction of the Sage Condos will use a different system than the auction at Brazos Place or the Bel Air.  Rather than auction each individual unit, the auctions are for the right to choose which unit you want.  Everyone bids and the highest bidder gets to choose the unit he/she wants. The auctioneer repeats this process until 10 units are sold.

The different models necessitate different tactics.  For instance, at the Brazos Place auction, a buyer was able to study the units they wanted and were only required to participate in the auctions for those specific units.  Collectively, with only those interested in the same units, buyers would only participate in the auctions for those units.  Conversely, the auction system being used at the Sage encourages all buyers to bid in every auction.

At the Sage, if I simply want the best deal – without regard to view, size, etc – then I am still competing with other buyers that DO want a premiere unit and are willing to bid more to win the right to choose that unit.  It is hard to say if this would encourage or discourage me from bidding.  This system should clear out the premiere units early.  Most likely, those that want the choice of premiere units will bid early and aggressively.  Those that want the best deal at the Sage will bid in subsequent auctions once the premiere units are absorbed.

It remains to be seen if the bidding system used at the Sage will be of greater benefit to the Seller by encouraging more bidders and higher bids.

The Bel Air auction is this Sunday.   The Sage auction is a couple of weeks from now.

-Jude

[Update from local auctioneer, Mike Hanley: “This is called the Multi Parcel Auction Method. It can be very effective!  I have seen it used at Sheldon Good Auctions of Condos in Dallas,a Tranzon-Hanley Auction in Wimberly and have used it myself for the sale of undeveloped land in Utah and New Mexico.”]