Downtown Austin lofts, condos, apartments

Insider Deals

Jude Galligan | March 12, 2009 |

My business is Downtown Austin Real Estate. Not West Lake, not Circle C, not Hyde Park, not Tarrytown – simply Downtown Austin!

Deals are getting done in Downtown Austin. Sellers are loathe to publicly lower prices. Instead, they sporadically reach out to a handful of market makers and suggest a price when they need to get a deal done. I’ve seen developers require a non-disclosure agreement! Who cares, you just got a great deal because you were in the know. Recently, my firm has negotiated deals of 30% off asking price.

Are you in the know?

I am opening up my insider deal contact book to prepared buyers that are pre-approved and ready to negotiate. This is an invitation to join my short list of buyers who receive a heads up whenever a seller contacts me motivated to make a deal. This goes for condo sales AND apartment leases.

Being prepared to close is the key to negotiating a super deal. You, or someone you know, can be added to my distribution list by sending me an email including:

-a pre-approval letter from your lender (if you are buying)
-your desired amount of space

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

Spring condos topping out party pics

Jude Galligan | February 26, 2009 |

[shameless plug 🙂 for more information about buying at the Spring condos, including the inside scoop on pricing at Spring and at other luxury buildings in downtown Austin, contact Jude Galligan, Downtown Austin Realtor (512) 226-3414 judegalligan [@] gmail.com

Southwestern view from 41st floor at Spring condos

If you witnessed a line extending half-a-block down w. 3rd on Tuesday evening it was the line to get to the top of Spring condominiums. The party was to celebrate their topping out at the 41st floor. Using the cargo elevator, attendees were taken to the 41st floor. Once on the 41st floor you walked off the cargo and greeted by a cavernous space filled with guests (similar to the Austonian party). Judging by the line and logistical challenges, including a 45 minute wait to get a tour of the interiors, I don’t think the Spring developers planned for the volume of guests! Still, the drinks were flowing and everyone looked to be having a great time. The views were what you would expect at that level… while the sun was setting… amazing.

Guests were also invited to tour a couple of furnished model units. Many existing buyers were in attendance, eager to get their first glimpse of a completed floor plan.

After the jump you can find a few pics of the interiors.

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!

360 condos retail space for sale

Jude Galligan | February 23, 2009 |

According to Taylor Andrews of Andrews Urban, via the Statesman, the nearly 14,000sf of retail space below 360 condos is for-sale, coincidentally for about $360psf. Royal Blue just moved in. Mulberry is super-cool. Haven’t been to Blu Cafe, yet.

From the article… “The space, totaling about 13,700 square feet, is almost all leased. Tenants already open or coming soon include Garrido’s, a restaurant from former Jeffrey’s executive chef David Garrido; Mulberry and the Lara Reynolds art galley.”

Four Seasons update from developer

Jude Galligan | February 19, 2009 |

Just received this update from the Four Seasons Residences. It pretty much confirms what I’ve been saying about the strength of the downtown Austin condo market – the sky is not falling.

“As we enter 2009, Four Seasons Residences Austin is nearly 50% sold. Understandably, the last quarter of 2008 was slow, but sales activity in 2009 has picked up considerably. In the last week we signed a new contract for a 2,700 square foot residence and have a number of additional contracts in process.”
…
“Figures for the condominium market in downtown Austin are very encouraging. Of the 800 units delivered in 2008, over 90% have already closed. Furthermore, several planned projects have been put on indefinite hold due to a lack of financing which will reduce the amount of future supply for years to come.”