austin lofts

Art in Downtown Austin – ArtProm by Big Ass Canvas

AG | January 15, 2015 |

We’ve been fortunate to experience and host the work of several Austin artists, notably Hallie Rae Ward and Truth have dedicated space in the TOWERS Realty office.

We’re always on the lookout for new additions, and were thrilled to discover a temporary gallery space that’s just opened in the 2nd Street district. It’s being called ArtProm, is located at 208 Colorado, and is the brainchild of Travis Huse of Big Ass Canvas.

You’ve likely seen Travis’ work around Austin. For one thing, he’s done the garage murals for the AMLI on 2nd Street district (if you are driving southbound on Guadalupe, you’ll see it on your right as you pass 3rd Street). Residents of The Shore Condos may also recognize his work in our parking garage elevator bay at P1.

In our opinion, Austin is in dire need of more gallery experiences, particularly of the street art variety, and ArtProm delivers in similar fashion to SpraTX.

They’ll be around for the next couple of months, and we highly recommend stopping in and checking it out. Art will rotate as it sells.

Additionally, Travis would also be excited to help coordinate using the space for private parties and the like. He wants to get people in the gallery and viewing the art. If you have a guest list and need a cool space for your event – just reach out to him through his Big Ass Canvas site.

ArtProm is the best gallery addition to downtown Austin, since the Peoples Gallery started at City Hall.

From Bail Bonds To Condominium

AG | November 3, 2014 |

12/10/2014: Updated rendering below!
09/15/2015: The project will be called Esquina Austin

While many of DAB’s friends will be sad to see Bail Bonds (777-7777) office go [sarcasm], we are interested in what is planned to replace it: 908 Nueces Condominiums.

908 Nueces LLC purchased the site in July. The address for 908 Nueces LLC on the deed records matches up to several entities, but it looks like the management of 908 Nueces LLC is a company called Scotia Western States Housing LLC, based in Tucson.

Through a little research, we’ve confirmed that a builder in Tucson, A.F. Sterling Homes, will be the company developing this project. While the company owns some single family rentals in Austin , this project will mark their first foray into developing dense housing in Austin.

Perales Engineering, who posted the below rendering of the project on their FB page in September, will be working with Urban Foundry Architecture on the project.

Here’s what we know so far:

Address = 908 Nueces
Lot = 0.29 Acres (~12,800 sf)
Proposed structure = (~34,000) sf
Number of stories = 4 + 1 level of parking
Number of residences = 32

908-Nueces-Today — Google Street View Image of 908 Nueces Today

A rendering of the northeast perspective, given to us on 12/10/2014. All renderings subject to change.

Cuban Restaurant in Downtown Austin – Pleasant Storage Room

AG | April 22, 2014 |

As far as I know, there aren’t currently any Cuban restaurant concepts in downtown Austin proper. Well, there WASN’T before this week, anyway. There’s a new one popping up in the warehouse district, where the now defunct Stack Burger Bar used to be (one of the restaurant concepts owned by the now infamous Yassine Enterprises).

Let me introduce you to Pleasant Storage Room, officially opening TODAY: [Read more…] about Cuban Restaurant in Downtown Austin – Pleasant Storage Room

FLOR coming to Downtown Austin’s 2nd Street District March 7, 2013.

AG | February 11, 2013 |

Looks like FLOR will be opening in downtown Austin’s 2nd Street District (209 W 2nd to be exact, where Mercury Design Studio was – they’ve now moved 2 doors down).

They’ll be opening a day before SXSW 2013 starts, just in time for the crazy crowds. We suspect they’ll do well in the area with DWR and Mercury Design Studio nearby – as well as several high-end downtown austin condos and apartment buildings, and look forward to doing a little shopping there ourselves.

Why Are Prices Surging At The Railyard Condos?

Jude Galligan | January 25, 2013 |

The Railyard condos are unique. The two low-rise buildings sit on two of the best sites in downtown Austin, and have usually been more affordable than the newer, sexier high-rises. Part of the appeal is location: situated across from the Austin Convention Center, 100 feet from the MetroRail, one block from Congress Avenue, three blocks from competing luxury towers, the Austonian and Four Seasons. The Railyard has enviable proximity to most anything in downtown Austin.

Remember last year’s NIMBY fury over Austin’s Short Term Rental ordinance (pdf)?

You would be in good company if you assumed that all of downtown Austin’s condos and apartments were making money on STRs.

You would be wrong, though.

Downtown condos have home owners associations (HOAs). HOAs have rules, and in downtown Austin those rules are usually antagonistic to short term rentals. Breaking those rules could result in a $1000 per day fine by the HOAs. Despite the fact that the STR ordinance does not regulate apartments and condominiums, last year’s fight with the City of Austin to regulate STRs wasn’t going to impact most of us living in downtown because of these HOA rules. [UPDATE: rules have been revised to cap STR permits in CBD multi-family buildings at 25%]

The Railyard condos are very, very unique.

This past November, just a month after Austin’s new Short Term Rental ordinance took effect, an enterprising Railyard owner recognized the Railyard’s bylaws did not forbid short term rentals and put together a fund to purchase several units.

The investment rationale is simple: opening up your condo as a vacation-rental-by-owner (aka. VRBO) during SXSW, ACL, F1 (just to name just the big opportunities, not to mention conventions) can yield more rent during those events than the total rent from a typical 12 month lease! Same for Railyard owner-occupants who can lease their place out for a few nights, take a vacation, and make a couple thousand bucks.

The economics of Railyard ownership shifted overnight. Word quickly spread to the owners and a handful of Austin Realtors. In the previous year (Nov 2011 – Nov 2012), 1bd/1ba units at the Railyard condos were trading at an average of $285/foot, and units with at least 2bd/2ba units were trading at an average of $275/foot. [UPDATE: one year after posting this article, the last recorded MLS sale at Railyard was a building record $415/foot]

Going forward, expect sale prices at the Railyard condos to be 20-25% more than last year, reflecting the new economics of embracing downtown short term rentals. Owner-occupants are getting in on the action, too.

Offering the flexibility to lease your condo on a short term basis is a privilege that makes the Railyard unique among downtown condos. This privilege has significant value.

STRs can be a win-win for owners and associations. The key is balance and monitoring the impact on residents.

The Railyard HOA is smart to approach STRs with reasonableness and attach fees to the process. These extra fees will help fund their operations, building improvements, and keep HOA dues low for homeowners. Homeowners, who are also able to capitalize on their property.

I’ll stop short of advocating that all downtown buildings should permit STRs – I don’t agree with that. However, there are several buildings that should be paying attention to what the Railyard is doing. It seems reasonable for more HOAs to experiment with loosening their STR rules, monitor the process, use the money for building improvements, and course correct as needed.

-Jude

[updated 06/01/2014: It has been discovered that Brazos Place Condos at 8th Street & Brazos Street is doing something similar by permitting one-month minimum lease terms.]