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Downtown Austin lofts, condos, apartments

Downtown Austin Condo Sales Show Growth

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Downtown Austin condo sales continue to reflect strong fundamentals as resale data from February shows increases year-to-year, and from month-to-month.

I’m continuing to tinker with some new statistics, including the effect of the average age of square footage sold. Values of downtown Austin condos tend to be highly correlated with age. This “age/area” metric is useful when comparing monthly data, and I can quickly tell if the data set is skewed towards older or new buildings.  In February, the [Read more…] about Downtown Austin Condo Sales Show Growth

Progress at 68-74 Rainey Street

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A couple of weeks ago we discovered this Rainey Street development site was placed under contract.  Asking price was $2.4MM for the 0.57-acre parcel (24,840ft) assembled from three contiguous single family lots.

Thanks to a tip from Downtown Austin Blog reader Austin Talley [Austin is a rare downtown resident who owns and lives in a single family home in the Rainey Street neighborhood] there appears to be geotechnical survey truck on the 68-74 Rainey Street property today taking core samples.

Austin, who is an engineer, shared with us “… geotechnical engineering studies are primarily done to investigate subsurface conditions to assist with engineering design for a large scale building or other large projects. The previous times I saw a geotechnical truck in the Rainey area the Legacy, Shore, and Milago were later built on the sites. It is likely [Read more…] about Progress at 68-74 Rainey Street

Downtown Austin Condo Prices On The Rise in December

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1) Price Per Foot, and 2) Number of Transactions (monthly, Jan-Dec 2010)

The downtown Austin loft & condo market hit many milestones this year: 1) Austonian opened 2) Four Seasons opened 3) W Hotel residences approached completion.  Downtown hosted over $60MM in resale transactions during the year.  Moreover, to the surprise or chagrin of some, buyers are flocking to the top-tier buildings.  We close out 2010 with 38 closed transactions in the month of December – 18 resale, and 20 direct to developer.

The above chart shows downtown austin condo resale trends based on monthly data from 2010.  Direct to developer transactions are not shown on the chart.  The most salient trend we can glean from this data is the average sales price hovering steadily ~$300 per square foot.

Details after the jump… [Read more…] about Downtown Austin Condo Prices On The Rise in December

Choice Downtown Austin Block Purchased For $21.75MM

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Travis County will purchase a tract of downtown Austin land owned by the Austin Museum of Art for $21.75MM, according to InFactDaily.  Located directly south of Republic Square Park, it is certainly a choice piece of dirt. Currently a surface level parking lot, this land has everything going for it, most importantly it is not subject to a Capitol View Corridor. [Read more…] about Choice Downtown Austin Block Purchased For $21.75MM