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Downtown Austin Open Houses

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downtown-austin-open-house

The great thing about downtown Austin open houses is that you can generally walk from building to building.  Take a stroll downtown now that summer is over and the temperature is cooler.  On this weekend’s calendar you’ll find the Austin City Lofts and Cambridge Tower.  Also, a good reason to head downtown this weekend is the opening of West Elm furniture at 5th and Lamar (which happens to be across the street from the Spring Condos sales center)

Saturday
1) 800 W. 5th Street #908, 2bd, 2ba, $995,000, 1-3pm [TateProperty]

Sunday
1) 800 W. 5th Street #908, 2bd, 2ba, $995,000, 1-3pm [TateProperty]
2) 1801 Lavaca Street #13A, 1bd, 2ba, $369,000, 2-4pm [UptownCondos]
3) 1801 Lavaca Street #7E, 2bd, 2ba, $365,000, 2-4pm [UptownCondos]
4) 1801 Lavaca Street #7D, 1bd, 1ba, $325,000, 2-4pm [UptownCondos]

There Are Downtown Austin Condos That Are FHA Approved

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(UPDATED AS OF JANUARY 25TH 2013)

To qualify for an FHA loan in Travis County the purchase price of the residence must be under $288,750.  For FHA loans, you only need at least 3.5% down payment.  Consider downtown Austin condos like the Avenue Lofts or the the Shore Condos, two of the five downtown buildings that are FHA approved condos.

FHA approved downtown Austin condos:

FHA approval has ZERO to do with the quality or desirability of a building.  In fact, it is smart Home Owner’s Associations and developers that open up their projects to as many financing options as possible.

-Jude

Defining Austin's Urban Core

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Maybe this is unique to my peers in the real estate world, but how often do you hear the term “urban core” as it relates to Austin?   Some people just say “Central” Austin, but to many that doesn’t imply South Austin, or East Austin.  Generally, when I write about the urban core of Austin this is the area I’m referring to.

How do you define Austin's "urban core"?
How do you define Austin's "urban core"?

For some of you this might be too narrow, but I suspect most of you will accuse me of drawing too broadly.  Notice that UT is excluded as UT is always referred to as UT.  Arguably, it’s one of the most urban areas of Austin – most university settings are dense, walkable, and active – but in my opinion it doesn’t compare well to the other neighborhoods due to the narrow demographics.

Oltorf is still a boundary to the south.  Lamar is no longer a boundary to the west.  To the north, MLK is a natural border between UT and downtown.  To the east I’ve chosen Pedernales, but I could be convinced to include Pleasant Valley.

More importantly, what does it mean to be inside Austin’s urban core?  Well, generally this is how I see it…

1) you can expect to find mixed-use development
2) you can find remnants of Austin’s history
3) you can find urban infill projects
4) decent transit (a generous term for Austin)
5) You could walk to downtown
6) There are no malls

Of course you could find some of the above items miles from downtown, but as a bundle of characteristics I think they work pretty well.  Austin’s “urban core” is a nebulous term that is as flexible as it is convenient.  This map shows what would have not only been the core, but most of the city at the turn of the century.   The boundary will likely grow as our city matures.   Let me know what you think.

-Jude

Round Up

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It's Better To Build Vertical Than Horizontal
It's Better To Build Vertical Than Horizontal

As we’re traveling this week, below is what’s happening in downtown Austin.

1) ROMA’s density bonus proposal (a must read pdf) is getting lots of attention, especially the conversation surrounding the Warehouse District.  Thanks to Miggy, M1EK, and Roger for the informed commentary.

Update: I encourage DAB readers take few minutes to familiarize themselves with ROMA’s proposal.  Page 21 highlights gradually sloping height limits from neighborhood to core.  The Warehouse District recommendations are a small component of a larger thought process.  Equal attention could be paid to the 3:1 FAR recommendation for the Market District along Lamar.  Philosophically, the entire proposal is still a “tax” on density in downtown Austin, which seems backwards to me.

2) The Austonian tops out.   Did you know that you can now see the Austonian from four counties?

3) J Blacks’ menu gets some respect from Maggie’s Austin.

4) ThunderCloud will soon serve subs below 360.

What's Going To Happen To Little City?

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Whats going to happen to Little City?
What's going to happen to Little City?

According to TexasWeekly.com and the ABJ, the Texas Public Policy Foundation is under contract to purchase the building located at 916 Congress Ave, aka. Little City Cafe!!!

Little City is a long-established favorite of Congress Ave’s retail/cafe offerings.  It’s loss would be frustrating news to those working to revitalize Congress Avenue [back] into a retail destination.

Hey TPPF, there are three empty buildings across the street – 907,909,911 Congress Ave – that are available.

-Jude