Featured in this week’s Statesman Homes section is one of my listings, and more importantly one of downtown Austin’s most unique properties. Hidden in plain view on 6th Street is a mid-century time capsule. Check out the Statesman write up here.
downtown austin
Austin Bike Zoo Needs Your Help | Support the Arts in Downtown Austin
Readers, I’m guessing by now that you’ve been to G’Raj Mahal – one of my favorite restaurants in all of Austin. I’m betting you enjoyed the food immensely, loved the fact that you could bring your own alcohol, and reveled in the open atmosphere of the trailer / restaurant / Indian food sensation. I’m also guessing you’ve noticed the rather large and fantastic white “snake” bike that hangs out at G’Raj Mahal. And you probably were, like, “What is that thing?”
Here’s a picture, just in case you have no earthly idea what I’m talking about: [Read more…] about Austin Bike Zoo Needs Your Help | Support the Arts in Downtown Austin
Capitol Terrace: An Affordable Housing Development Proposed In Downtown Austin
Walter’s vision is to bring housing into downtown Austin for people who earn $15.00 per hour, or less.
Say what?!
Proposed is a 135 efficiency-style apartment building (for rent) at the southwest corner of 11th & Trinity. The site is currently a surface level parking lot. It is intended that 27 of the units will be reserved for people with absolutely no income, specifically clients of Caritas, Trinity Center, ARCH, and the Salvation Army.
Musicians can afford it. Many downtown workers, including State employees can afford it. Veterans on disability can afford it. Initially, the average rent would be between $400-650 per month, all bills paid.
Walter is the Executive Director of Foundation Communities (FC), a nonprofit affordable housing developer. FC has a track record of success. Established in 1990, FC is owner and manager of 13 communities all around Austin and built with support of local neighborhood associations. They are a long term owner, have never sold one of their properties, and claim they never intend to. Last year FC opened M Station on MLK: the first LEED for Homes Platinum apartment building in the entire country!
Here’s the rub: FC cannot build an affordable housing community without the express support of the immediate neighborhood association. In this case, it’s either DANA or the DAA.
I was invited by FC to tour their other buildings, which was needed because I wasn’t really educated about affordable housing. Elliott McFadden, the communications director for FC (also the publisher of Austin On Two Wheels), succinctly explained what affordable housing isn’t. [Read more…] about Capitol Terrace: An Affordable Housing Development Proposed In Downtown Austin
2011 Recap of Downtown Austin Condo Sales
Challenged to articulate a narrative around 2011 downtown Austin real estate data, I’ve been keeping this post under wraps for a couple of weeks. Data is useful to me and my clients, but these numbers have little meaning without context and history.
How do I convey that the best news is no news at all?
Stability in the downtown condo market continues to be the story. Stability attracts the timid buyers from the sidelines. Those additional buyers embolden timid sellers to enter the market.
What forces are creating stability downtown? Low interest rates, shrinking inventory, and multi-generational demand for urban lifestyle. We can see the outcome of stability in the chart below: the gradually upward sloping trend line.
In 2011, if you were a seller in downtown Austin, then you did slightly better than sellers in 2010. If you were a buyer in downtown Austin in 2011, then you were more focused on lifestyle and proximity, rather than the post-bust discount pricing found in 2008-2009.
Highlights
Looking back on the downtown Austin condo market in 2011, we see $77,688,824 in total resales over 200 resale transactions. Combined with an estimated $120,000,000 in downtown new construction sales from another 200 transactions, 2011 reflects a healthy real estate market, gradually trending up. [Read more…] about 2011 Recap of Downtown Austin Condo Sales
New Rainey Street Apartment Tower Proposed: The Austin Skyhouse
According to an administrative site plan application filed with the city, the Austin Skyhouse is a proposed downtown Austin mixed-use apartment tower at 47 Rainey Street. If built, the tower could deliver 15,000ft of retail and 320 apartments to downtown Austin’s red hot rental market.
The ~1.4 acre site, shown below, is directly north of the Legacy apartments (187 units), and across the street from the Milago Condos (240 units). The CBD zoned property has long been expected to be developed into a tower, so this shouldn’t be received with much surprise.
According to the application: “The applicant is proposing to construct Apt. Tower/Retail and Garage/Retail with associated improvements.” The applicant is familiar to downtown Austin development – Novare/Andrews Urban – the same team who developed the successful 360 Condos.
Since Milago has the dominant lake and city view for the first twelve floors, we’ll hopefully see a tall tower over podium design where most of the units’ views would clear Milago’s roof. Given the parking challenges in the Rainey Street district, perhaps we’ll see extra parking included in the design which could be available to visitors to the neighborhood.
This is the latest of several proposed downtown Austin high rise projects catering to renters. Riverside Resources is under construction of their 20 story building at 3rd Street & San Jacinto. 7 Rio looks like it is being repurposed as a rental product and could break ground this year.
(UPDATE 1: Novare is building the Skyhouse concept in Atlanta on what looks to be a similarly configured site. UPDATE 2: we’ve confirmed the tower will be 23 stories and could break ground as early as May.)
[Read more…] about New Rainey Street Apartment Tower Proposed: The Austin Skyhouse