downtown austin

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

No Development Permit Extensions Says Austin City Council

Jude Galligan | March 29, 2009 |

According to the ABJ, Austin City Council has voted against one-time development permit extensions which would extend the time frame real estate developers had to commence with their project from three to five years. Sponsored by the newest Council Members on the dais, Randi Shade and Laura Morrison were not around in 2006-2007 to vote on urban infill projects.

Development permits will likely expire before any rebound in the capital markets. If the land where the development was to occur has already been razed (Marriott), then the outcome of this ruling is most likely blight – empty lots, not generating property taxes, and often surrounded by chain link fence.

A far better solution would have been to levy fines or taxes on undeveloped land. Because, you know, that could have generated money for the city!

Link to agenda item

Coordinated Urban Candidate Forum – April 4th

Jude Galligan | March 27, 2009 |

In what could become the most attended and media covered of all the candidate forums, mark your calendar for the coordinated Urban Candidate Forum.

On Saturday, April 4th the Downtown Austin Neighborhood Association will co-host a forum to learn where the city council and mayoral candidates stand on the issues that affect Austin and its urban core. The major candidates will debate such issues as economic development, the livability of the downtown neighborhood, public spaces, urban rail, and parking.

DANA is combining forces with:

-Downtown Austin Alliance (DAA),
-Congress for New Urbanism (CNU),
-Alliance for Public Transportation,
-Old Austin Neighborhood Association (OANA),
-Rail4Real,
-Austin Parks Foundation,
-Austin Metro Trails and Greenways,
-6ixth Street Austin,
-Austinist.com.

Complimentary coffee, water, and light breakfast items will be provided.

WHEN: Saturday, April 4th, 10 am – 1:30 pm

WHERE: St. David’s Episcopal Church @ 304 E. 7th Street (map)

Paid parking will be available in the St. David’s garage. You may also plan your trip using Capital Metro’s trip planner. Enter the church at the intersection of 8th & San Jacinto.

Downtown Austin Car Share – Smart Car Pilot Program

Jude Galligan | March 27, 2009 |

How do you increase parking? Shrink the cars, of course!

Daimler will partner with the City of Austin to operate a car-share pilot program, Mayor Will Wynn announced yesterday morning.

From the Statesman:

“The city will set aside urban-core parking spaces for 200 of Daimler’s “Smart” cars. Rather than paying for the spaces, Daimler will let city employees use the cars for a number of hours that’s equal to the monetary value of the spaces. (That amount hasn’t been determined yet; it will be negotiated over the next few weeks, city officials said.)…The program will start in October and run for six months. Daimler will pay for fuel, maintenance and insurance during that time, said the city’s transportation director, Robert Spillar.”

The car share program is a proven model in many cities, and the Smart Car program specifically is already smashing success in Germany. Austin mayoral city council candidate Chris Riley is responsible for Austin Car Share – a small but well utilized car share program in Downtown Austin.

Thanks to Austin Contrarian for picking up on this story.

Downtown Austin Retail > Walton's Fancy & Staple

Jude Galligan | March 25, 2009 |

UPDATE

Back in December I reported on the construction activity at 609 W 6th. It appears that Walton’s could be open any day now. The doors were locked so here are some photos from behind the windows. I dig the bistro furniture and old-fashioned look.

Waltons Fancy & Staple — Walton's Fancy & Staple

This will be a great addition to West 6th. Another perspective…