Wait for the climax. Hilarious….
Downtown Austin lofts, condos, apartments
Oh, August. TGIF. It’s been so friggin’ hot!
August and December seem to be the two months when real estate is not a priority for most families. It’s vacation time. Back-to-school time. And, in Austin, Texas it’s violently hot. So hot that downtown Austin’s walkability loses some of its romance.
In August we recorded 16 transactions, with the average sale price of a downtown Austin condo hovering around $298 per foot. Once again, this is consistent with recent evidence that shows +/- $300 per foot seems to be a homeostatic equilibrium for downtown Austin.
Of the top-tier buildings, TCAD shows 11 7 closed units at the Austonian. The W Hotel Residences are approaching completion. The Four Seasons Residences TCAD entries have yet to be divided into individual records. TCAD can take 30 days to update.
downtown Austin open house listings for Sunday, August 15th
(Got the wrong week? Click here)
- 1705 Pearl St, 3bd/2ba, $550,000 2-4pm [Moreland Properties]
- 1800 Lavaca St, Greenwood Towers # 608, 2bd/1ba $146,000 2-4pm [Green Mango Real Estate]
- 904 West Ave, 904 West #211, 1bd/1ba $193,300 1-4pm [Urbanspace]
- 1212 Guadalupe, Penthouse Condos #401, 2bd/2ba $215,000 2-4pm [Green Mango Real Estate]
- 510 W 18th St, Chestnut Square #113, 1bd/2ba $259,000 1-5pm [Capital City Sotheby’s Realty]
Expand your home search using DAB’s map-based Austin Property Search
When you’re done with the open houses, you can enjoy an afternoon on Lady Bird Lake by renting a canoe or kayak from at the Texas Rowing Center. Or, dine al fresco at Annie’s Cafe on Congress Ave for breakfast, lunch, or dinner. Make sure to checkout my transaction report from July and discuss with a Realtor who lives and works in downtown Austin.
- 800 W 5th St, Austin City Lofts #505, 2bd/2ba $530,000 2-4pm [AvenueOne]
- 360 Nueces St, 360 Condos #3011, 2bd/2ba $599,900 1-3pm [Urbanspace]
- 360 Nueces St, 360 Condos #1311, 2bd/2ba $429,900 1-3pm [Urbanspace]
When you’re done with the open houses, you can enjoy an afternoon on Lady Bird Lake by renting a canoe or kayak from at the Texas Rowing Center. Or, dine al fresco at Annie’s Cafe on Congress Ave for breakfast, lunch, or dinner. Make sure to download my transactional report from May (registered members only) and discuss with a Realtor who lives and works in downtown Austin.
As a clued-in DAB reader, hopefully you already know about the recent announcement of a very exciting vision and plan to potentially redevelop some 20 or so blocks of Downtown Austin land surrounding the Capitol. It’s land owned by the State, most of it terribly underutilized and poorly built out today. The plan could transform the area into as much a 7 million square feet of new office and mixed use space.
Info on the plan has been well covered by both the Austin Chronicle and the Statesman. And Chris Bradford does a nice job of discussing the economic impact aspects in his Austin Contrarian blog. Obviously getting so many blocks onto the tax rolls would be a huge boost to the local economy while also bringing alive the virtual “dead zone” of downtown space between the Capitol and UT.
But the one further exciting possibility to work into this equation that I have not seen explored yet: the opportunity for new housing. AFFORDABLE HOUSING, to be specific.
This has started to be investigated somewhat as part of the planning work being done around the Waller Creek Tunnel & Redevelopment project. Now, this Capitol redevelopment plan raises the possibility of really connecting these pieces into a solution of great possibilities.
The target properties are all those hideous parking garages that line San Jacinto and Trinity streets.
And the target population to serve should be: State office workers, of course. But also downtown service and support industry workers like bar and restaurant staff, hotel housekeepers, retail clerks, musicians and artists. And also UT and ACC students, too (that would help take some pressure off of over-development of multi-unit housing along the East Riverside corridor where the EROC Neighborhood Association is fighting for survival of what SFR neighborhoods they have left).
Jude is better qualified than I to comment about the supply versus demand of half-million-dollar-plus condos within the CBD, But I am a business owner who works in and close to the aforementioned “service and support” infrastructure that provides downtown with its excitement, vibrancy and great economic vitality in this area.
In that capacity I can say that we have a massive missed opportunity right now to build out a whole neighborhood of mid-rise, mixed-use buildings that has as its core focus affordable housing. I’m talking smaller studio, 1BR and 2BR rental units that can lease for $500-$1,000 per month.
That would give us places to house our critical service industry workers, students and state office support staff within walking distance of the places where they work, study and play the rest of their dayparts. Right now, these folks are having to live in far north or south Austin, thus adding to the traffic congestion on local roads or having to add hour-long bus rides in two directions to their already long and hard days. (Not that Cap Metro runs any bus service after midnight when loads of these folks get off of work or leave our multiple downtown entertainment districts.)
If you would like to see and hear more about the Capitol Redevelopment vision/plan, the Downtown Austin Alliance is hosting a forum next week — June 3rd, 7:30am — where you can have a close up look and hear directly from the folks involved with the project. It’s early in the morning but you can do it! 🙂 Free and open to the public but an RSVP is requested to make sure there are enough breakfast tacos and OJ on hand to reward your attendance. Details can be found here.
WHAT: Downtown Austin Alliance, Issues & Eggs Breakfast Forum
TOPIC: Capitol Complex Redevelopment Plan
WHEN: Thursday, June 3, 2010; 7:30am breakfast, 8:00am presentation
WHERE: St. David’s Episcopal Church, Sumner Hall, San Jacinto betw. 7th & 8th
RSVP by June 1 to: firstname.lastname@example.org or call (512) 381-6270
Yesterday, DAB commenter Chop Chop reminded us that Aquaterra isn’t dead. Back in February the ABJ’s Jacob Dirr had word from Rhode Partners that the project, long forgotten, was gaining new traction.
Sure enough, we found the permits.
Liz Rau, an architect with Rhode Partners filed a new permit application on April 6th. Simultaneously, general contractor Lyda Swinerton pulled permits for plumbing, electrical, mechanical. The original and approved 20 story (163 unit) site plan expired on April 20th, so it’s possible we could see some changes.
With over $1B in debt, the developer, Crescent Resources, went through a bankruptcy in 2009. From what we can glean from the news, the lenders took over the company. With limited residential product coming to market, and construction crews looking for projects, I wouldn’t be surprised if we see a project announced soon, and it might be Aquaterra [possibly rebranded].
Located at 210 Barton Springs Rd, next to the Hyatt, Aquaterra would have one of the best views of downtown Austin in the city. Back in 2007, when the Aquaterra sales center was firing on all cylinders, they were seeing reservations for more than $500psf. With the existing tier one buildings coming online, that would be a difficult price point to compete near over the next couple of years.
Council has voted to approve the zoning change request by Schlosser Development, according to a report by InFactDaily, for the proposed Shoal Creek Walk office, residential, retail tower. Though not out of the fire yet as this was only a first reading and council member Laura Morrison dissenting (shocker!), it’s a good indicator that Schlosser will receive the requested zoning change from downtown mixed use (DMU) to downtown mixed use central urban development (DMU-CURE), a change that is necessary to increase the height limit from 120 feet to 350 feet. Much of the property is encumbered by a Capitol View Corridor.
Schlosser has been making the rounds, and building stakeholder support for this project, for a couple of months. The new development would replace the surface level parking lot just east of Whole Foods. What’s interesting about this zoning review case is that Schlosser is not requesting more density, as measured by FAR (floor to area ratio); rather, they are seeking more height in part of the building, to compensate for the CVC restricted height in another part of the building.
Taking the wind out of the politcal sails of anti-growthers, Schlosser offered up an affordable housing proposal. This is interesting because they are not seeking more density, and therefor have zero obligation to subsidize affordable housing, or pay a fee-in-lieu of affordable housing.
Another office tower was recently announced, next to Gables Park Plaza, not far from Schlosser’s site.
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Just posted my review of downtown Austin residential real estate for the first quarter of 2010. This report is only available to registered DAB readers. Why should you bother?
1) You want accurate and timely information on the market
2) You live, work, or care about downtown Austin
3) You are interested in selling or buying a downtown condo
4) You want access to information (like this report) not available anywhere else
5) There’s no commitment, if you don’t like it then unsubscribe with one click
Sign up in the DAB member area, where in addition to the report, you will have access to sales data in real time. As always, we appreciate your input as to how to improve DAB. Check it out!
We love penthouses. There is only one top floor in any building, and this space is currently the highest occupied residence in Austin, Texas. Located on the 43rd floor, this two-story unit includes a private rooftop terrace. 2,022 ft, 2bd/2ba, and dramatic views by the truck load. Owned by Taylor Andrews, who along with Novare, developed the 360 condos. Link to photos and listing.
Before you jump to more information below, did you see that you can now search for downtown Austin lofts and condos on DAB? You can always click the link in the top right corner labeled “Property Search“.