Where: The Austonian
When: Tuesday, December 9th 5-8pm
What: The Austonian would like you to join them to celebrate – 28 of 56 stories are complete! [info pdf]
RSVP for The Austonian half-way party!
development
Build or Bust? Fact or Fiction? Downtown Austin Condos
You might have seen this article recently. It’s an interesting read. Filled with quotes and bold statements. You might have also seen my recent article about the actual number of dwellings in Downtown Austin. As your loyal Downtown Austin Realtor (plug!), I thought I would dissect this article and give you the scoop from the trenches of Downtown Austin Real Estate.
I’m going to cut/paste a handful of quotes from the article, and then explain if that quote is, generally speaking, true or false. Let’s begin…
“If people are waiting for the crash to come and for people to give away condos downtown, it’s not going to happen,” Spring developer, Perry Lorenz
Know the truth after the jump!
[Read more…] about Build or Bust? Fact or Fiction? Downtown Austin Condos
'Rural Density' – Is this the beginning?
I think many downtown residents, musicians, artists, and anyone searching for something off the beaten path will appreciate this. Brad Kittel constructs and sells period-style dwellings — dubbed Tiny Texas Houses because they range from 100 to 500 square feet — as an answer to sprawling mansions and the myriad forms of exorbitance that come with them. (source: Statesman). Prices range from $40-90k.
Brad uses mostly reclaimed materials included siding, flooring, windows, hardware, and fixtures. You can see photos of his workshop on his website. The period-style dwellings are, in fact, modular and therefore could appeal to those already interested in the modular concepts of Rocio Romero or local firm KRDB’s Ma Modular.
La Vista on Lavaca picks up new investors
For a few months La Vista was turning dirt, blocking streets, and looked like a real development. Then…nothing. Radio silence. In early 2008 rumors began to trickle through the real estate community that prices for these condos would average $500psf. Some would consider that hubristic price for a location that has been overlooked for years. Located at 18th & Lavaca, this project sits between three major economic zones – Downtown Austin, the Capitol, and UT. This location, historically underutilized, could be the perfect fit for lawyers, lobbyists, and [tenured] professors.
I imagine the terms on this deal are pretty favorable for the new investors. This is great news for Downtown and UT. If, in fact, La Vista on Lavaca reaches completion, it has the opportunity to revitalize the area surrounding it. Fingers crossed.
more about this story can be found at the Austin Business Journal
Proposition 2 Fails
From the City of Austin web site:
Voters did not pass Proposition 2, which would have prohibited the City from entering into future agreements to provide financial incentives in connection with the development or redevelopment of property that includes one or more retail uses, and to stop the City from providing financial incentives under certain existing agreements in connection with the development or redevelopment of property that includes one or more retail uses. The unofficial vote tally on this proposition was 126,064 “for” and 136,609 “against.”