data, statistics

Downtown Austin: Useful Data For Protesting Your Property Taxes

Jude Galligan | April 24, 2009 |

If you plan to protest the latest property tax assessments, you can maximize your effectiveness by arming yourself with the right tools: sales comps. Property tax assessments are based on the previous year’s values. Your most immediate comps will be in your building, then your neighboring buildings, then greater downtown, etc. To get you started, we are going to focus on fourth quarter 2008 transactions. You can download the data set below.

21 = number of downtown Austin sales in Q4-2008
$311 = average sale price per foot
$263 = average sale price per foot of properties built pre-2000
$322 = average sale price per foot of properties East of Congress Ave
**this data does not include developer sales**

Not sure of your property’s value assessment? Visit Traviscad.org and search by your address. Print a copy of the protest form and submit by May 31st. BTW, the County’s value assessment has little to do with the amount you can sell your property for – so fight on!

pdf list of Q4 sales.
xls for the quants 🙂

-Jude

$0.10 Gas Tax Freakonomics

Jude Galligan | April 10, 2009 |

A 2007 U.S. Census estimate places Austin’s population at 743,074 people. We’ll use 0.85 as the multiplier to approximate the number of vehicles per capita in the State of Texas. Assume the average car owner drives 12,000 miles a year and gets 24mpg. That person will purchase 500 gallons of gas each year. By employing a $0.10 gas tax per gallon, for the driver this equates to $50.00 per year, or only $4.17 per month. But, the City could collect over $31.6MM in a single year. (The City could realistically expect much more from drivers passing through.)

$31.6MM is more than half the cost of Portland’s, Tampa’s, or Seattle’s budget for their street car system (article, pdf). A real world case study in streetcar economics yielded enhanced property values, connectivity, 400 new businesses (90% locally owned), the majority of these businesses are owned by women and minorities.

Even I, an economic conservative, can identify with the social value generated by $4.17 per month towards paying for an Austin streetcar. Food for thought for our next City Council.

-Jude

Downtown Austin Condo Sales

Jude Galligan | March 30, 2009 |

We love numbers here at DAB, and AustinTowers.net takes a look at average sale prices (per foot) for each building in Downtown Austin over the past 14 months. You’ll find each building ranked by price/foot in descending order. 5 Fifty Five takes the top spot at $473/ft. You might be surprised to see the Westgate show up at $325/ft. Greenwood Towers sets the floor at $197/ft.

The most interesting result might be Plaza Lofts coming in at an average of $291/ft. Plaza Lofts is the most centrally located of all downtown Austin condos. These numbers have a back story, which is what I assist my clients with. Over the past 14 months, the Plaza Lofts has been subjected to construction expectations. Gables Republic Park was scheduled to begin construction next door to the South. Andrews Urban/Novare were expected to push their Ovation project where the post office is located. This would have killed many people’s views of the hill country. It doesn’t appear that either of these projects will be complete within the next five years, if not longer.

Another key point to remember about Greenwood Towers, the least expensive Downtown Austin condo, its intrinsic value is significantly linked to the fact that the building sits on a land lease which expires sometime near 2050.

Complete AustinTowers.net Analysis (link)

Ranked in descending order:
5 Fifty Five, $473/ft
Nokonah, $442/ft
Brazos Place, $370/ft
…
Villas on Town Lake, $241/ft
Towers of Town Lake, $228/ft
Greenwood Towers, $197/ft

Chronicle Takes Notes on the Downtown Austin Condo Market

Jude Galligan | March 13, 2009 |

OK. I just got blindsided by this story.

The Austin Chronicle has just published one of the most balanced and insightful articles about Downtown Austin condos I’ve ever read. Below are a handful of quotes taken from our beloved local-leftist-zealously-liberal rag(?)

“…Austin has a reputation nationally as being a pain-in-the-ass city in which to get a project done. (Thank demanding city regulations and laborious processes, environmental protections, and our activist neighborhood associations and citizens.) Our reputation actually helped stabilize the Austin market, discouraging overbuilding and a Miami-like volume of investor-driven projects.”

Benefits to the city:

“As Mayor Wynn points out, on average, 80 percent of all taxes generated Downtown go to provide services outside of Downtown, in effect subsidizing other areas of town”

Benefits of high density:

“High-rise development also contains city costs, in comparison to the suburban model. “If 178 families live on 1-acre lots, the city is charged with maintaining four to five miles of streets, water lines, wastewater lines, drainage pipes,” and so forth, said Mitchell, as well as city services to 200-plus acres. “The Austonian abuts 334 linear feet of streets, water and wastewater pipes, and drainage pipes and consumes less than an acre of land. That makes it far more sustainable, and less expensive to the city, than a sprawling subdivision of similarly priced homes.“

Downtown Austin condos: do the math

Jude Galligan | February 24, 2009 |

OK. We did the math. Below is DAB’s analysis of the inventory of condos in Downtown Austin.

776 residences were delivered in 2008
670 +/- units have sold
106 unit surplus.

This is a net absorption of over 600 units in one year. The 360 Condominiums has only 2 units left.

789+/- units under construction in downtown Austin
+/- 350 of the 789 units are under contract

545 +/- units remain in downtown through at least 2013.

There are no projects coming online that are not already under construction. It takes 2-3 years to build a project and it is unlikely a developer will get construction financing for another 12-18 months.

To put things in perspective, Miami area is delivering approximately 60,000 high rise condominiums during this development cycle. Miami MSA is approximately 2,387,000 people. That is a ratio of 1 condo for every 40 Miami MSA residents.

The Austin area is delivering approximately 1565 high rise condominiums during this development cycle. Austin MSA is approximately 1,600,000 people… that is a ratio of 1 new condo downtown for every 1,022 Austin MSA residents. A single project in downtown Miami is larger than the entire number of units being delivered in downtown Austin over a 6 year period!