austin lofts

Partying for a Cause – Ghoulwill Ball at The W Tomorrow Night

AG | October 25, 2012 |

I have been honored to have served on the host committee for Goodwill Industries of Central Texas’ 2012 Ghoulwill Ball event, being held at The W Hotel in downtown Austin tomorrow evening. Helping promote a very worthy cause (GICT’s mission is to generate lifelong connections to work) has been rewarding. All proceeds of this event will go to GICT. Free food, free drinks, a killer DJ, at one of the swankiest downtown hot-spots, AND you get to dress up in a Halloween costume. I couldn’t think of a better time!

And, if you live in The Residences at The W – you can literally just stumble home after the party.

Buy your tickets here.

DAB EXCLUSIVE: Sales Data From The Austonian, W Hotel Residences, Four Seasons, Spring Condos

Jude Galligan | October 24, 2011 |

[Personal update why we’ve not published data for a while. A couple of months ago, I began work on obtaining sales data from the newly constructed buildings. Not a quick and easy task. However, after several conversations and a leap of faith by everyone involved in assembling the data (thanks!), we’ve got some REALLY interesting data to share. –Jude]

Back in 2010, when downtown Austin’s luxury condos started closing, the actual sales prices were closely guarded (not entered into the MLS). I’ve been publishing monthly sales of Downtown Austin condos for years, and began tracking sales of new construction condos by laboriously tracking new deed records. That data was [at least] an accurate count of how many new constructions units had closed, and what floor plans were selling best. That was real data my clients could rely upon, but actual closing prices were simply not available.

As a result, I have only been able to consistently highlight resale pricing. With all of my talk about the average sale price for downtown is solidly planted at $300 per foot, I would always qualify it as incomplete without closing price data for new condos.

My goal has always been to combine the resale numbers and the new construction numbers into a single statistic. The closely guarded luxury condo sales data has kept me from doing that.

Until now… [Read more…] about DAB EXCLUSIVE: Sales Data From The Austonian, W Hotel Residences, Four Seasons, Spring Condos

Downtown Austin Condo Transaction Report For April (And March, Sort Of)

Jude Galligan | May 9, 2011 |

In April, I didn’t publish a transaction summary covering March’s downtown deals.

I had assembled all the info, drafted the post, and it was ready to publish. Some of you noticed that I never got around to posting it, and I’m sorry for not getting it out there (here’s to you John K.).

Jude, why u no post March data?

First and fortunately, I was at the tipping point of having more business than I could handle. Springtime is always busy for me. Combine that with opening the RE/MAX Downtown Austin office and I got distracted, operating on little sleep.

Secondly, I couldn’t come up with a headline for March! March’s data didn’t seem to have a compelling story. March’s data seemed too predictable. That spooked me – what was I going to write about? DAB readers have built up filters to exaggerated headlines, but readers do expect a story. You should expect some insight. What’s the story?

Downtown Austin Condo Prices Drop in November

Jude Galligan | December 6, 2010 |

Judging by the average numbers, November was a rough month for resales of downtown Austin condos. Conversely, luxury condos continue to post strong numbers for the second month in a row. Back in October, I was surprised by the large number of closings we observed in the downtown Austin’s top-tier condo buildings. The ABJ followed up with a story saying “Verdict’s in: Austin condos did work.”

Top-tier (new buildings)
While the high-end market continues to show good numbers, it’s not clear to me how many of these closings are from original reservations, rather than new purchase contracts (within the past 120 days).

-Four Seasons shows 49 closed units, six closed in November.

–Austonian shows 32 closed units, two closed in November.

-Spring shows ~165-170 closed units closed, nine closed in November. It should be noted that these were, in fact, all new contracts.

Resales
Using data available on Nov 30th, 11 downtown austin condos closed at an average $252 per square foot. That’s the lowest average price since August of 2009, and is 19.5% lower than the average resale price compared to November of last year. Compared to downtown condo sales in October, prices were down 14%. Also interesting, average days-on-market (DOM) was 118 days – not surprising to see closing prices averaging 12% less than original asking prices.

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Bremond – A New Downtown Apartment Building Is Proposed

Jude Galligan | December 3, 2010 |

A new site plan has been submitted to the city by developers Mike McGinnis and Rick Hardin for a new 70 unit downtown Austin apartment building. Called the “Bremond,” the name is clear a nod to its unique proximity to the Bremond Block Historic District. The 0.41 acre site, if built, would use the address 807 Nueces St. The written application calls for 12 stories, four to be used for parking. There is no retail component, which is not surprising given the area.

The site is currently an asphalt parking lot.

UPDATE 12-6-2010:

Check out the rendering. Note, none of the buildings along 8th will be razed. The development will not need any variances or public hearings.