development

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

Downtown Austin Apartments: 404 Rio Grande

Jude Galligan | March 21, 2009 |

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Continuing this week’s theme of apartment reviews…

404 Rio Grande is the oft neglected apartment complex in the core of downtown Austin. (Gmap) It doesn’t evoke the same reaction as the Monarch or AMLI on 2nd. Still, 404 Rio Grande, at the corner of West 5th and Rio Grande, has one of the best locations in downtown Austin. The rents are cheaper, too. Unlike the new high rises parking is included for you and your guests.

Don’t expect the finishes to be similar to Monarch, its next door neighbor. It would be easy to frown upon 404 Rio Grande’s faux-hardwood-laminate flooring and white appliances while paying a substantial rent. Washer and dryer are not included. Still, the loft style design of AMLI is not preferred by everyone, and 404 Rio Grande’s units are cozy – ultimately you are paying for location.

So, if your budget or desires don’t call for a 24-hour concierge or loft-like design, you might consider 404 Rio Grande. After incentives, which constantly change at every building, one-bedrooms begin around $1300 and two-bedrooms around $1900. The biggest challenge for a renter interested in 404 Rio Grande is availability. 404 Rio Grande has been fully occupied for a couple of years so, unlike the new high rises, availability depends on someone moving out.

If you are considering a move downtown, feel free to give me a call!

Jude Galligan, Downtown Austin Realtor
judegalligan [@] gmail.com
(512) 226-3414

5th Street Commons

Jude Galligan | March 18, 2009 |

[youtube=http://www.youtube.com/watch?v=0_gzpDn7SqU]

This morning the I visited the folks at 5th Street Commons. They kindly invited me for a tour of their new digs, and to discuss the incentives currently available to renters. Located on the outskirts of downtown Austin, the 150 apartments at the 5th Street Commons are sufficiently close enough to downtown to be included here.

What I like:
1) Ground floor retail and street side parking. Once fully occupied with commercial tenants this should become another walkable district.

2) Smart floor plans. At only 759/ft, the A1 plan is incredibly spacious with enough room for a dining table, kitchen island, and laundry room – without feeling cramped.

3) It’s equidistant to Whole Foods as the Sabine, and closer than Legacy on the Lake, Milago, etc.

4) Standard size washer and dryer included in all units

With advertised incentives, the rents are roughly 10-20% less than AMLI on 2nd or Monarch. Accounting for two months of free rent on a 12 month lease, one bedrooms should begin around $1300 (studios even less), two-bedrooms around $1700.

-Jude

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.“

DAP phase II approved!

Jude Galligan | March 12, 2009 |

Great news! According to our knowledgeable members of DANA, the vote passed 7 – 0 this morning. Laura Morrison moved to postpone the vote but there was no 2nd.

Just in from the ABJ…

“The Austin City Council approved a a professional services agreement with San Francisco-based Roma Design Group for planning services to complete the Downtown Austin Plan.”