Real Estate

Chronicle Takes Notes on the Downtown Austin Condo Market

Jude Galligan | March 13, 2009 |

OK. I just got blindsided by this story.

The Austin Chronicle has just published one of the most balanced and insightful articles about Downtown Austin condos I’ve ever read. Below are a handful of quotes taken from our beloved local-leftist-zealously-liberal rag(?)

“…Austin has a reputation nationally as being a pain-in-the-ass city in which to get a project done. (Thank demanding city regulations and laborious processes, environmental protections, and our activist neighborhood associations and citizens.) Our reputation actually helped stabilize the Austin market, discouraging overbuilding and a Miami-like volume of investor-driven projects.”

Benefits to the city:

“As Mayor Wynn points out, on average, 80 percent of all taxes generated Downtown go to provide services outside of Downtown, in effect subsidizing other areas of town”

Benefits of high density:

“High-rise development also contains city costs, in comparison to the suburban model. “If 178 families live on 1-acre lots, the city is charged with maintaining four to five miles of streets, water lines, wastewater lines, drainage pipes,” and so forth, said Mitchell, as well as city services to 200-plus acres. “The Austonian abuts 334 linear feet of streets, water and wastewater pipes, and drainage pipes and consumes less than an acre of land. That makes it far more sustainable, and less expensive to the city, than a sprawling subdivision of similarly priced homes.“

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

Austin Community College Purchases Two Downtown Properties

Jude Galligan | March 8, 2009 |

Thanks to DANA board member Roger Cauvin for the heads up!

ACC has purchased 800 and 812 w 12th Street (Gmap). Combined, these properties take up a chunk of the Northwest corner of 12th @ West Ave. This isn’t surprising as ACC’s enrollment has surged in recent years.

From the article:

“The ACC District approved the purchase of two downtown properties this week. ACC paid $1 million for the sites at 800 and 812 W. 12th Street in Downtown Austin….General obligation bonds paid for the purchase.”

El Sol Y La Luna – it's all good

Jude Galligan | March 4, 2009 |

El Sol y La Luna: a catalyst for change on east sixth street

Quick… think of the top three table-service restaurants, east of Congress, which are open at 7am to serve breakfast on weekend mornings?

Stumped? Can’t even think of one?

There weren’t any, until now.

This morning I had breakfast at the new El Sol y La Luna restaurant at 6th & Red River. THIS is what is needed on East 6th Street! There are so many residents and visitors in this area ready to spend money on items other than alcohol. I’ve never been to their first location on South Congress, but the vibe was a combination of Magnolia meets Las Manitas meets Habana. The food was very good (I had an american breakfast of eggs, bacon, and waffles). Two entrees, two drinks, plus tip was $25. El Sol y La Luna gave me a reason to walk on the northern edge of the 600 block of East 6th street, which is a good sign for other businesses to move to the district.

I don’t want to sound overly grand, but I really think that in combination with the efforts of the DAA, DANA, and 6th Street Austin, El Sol y La Luna is the catalyst for change on East 6th. Show your support through patronage.

El Sol y La Luna

-Jude

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.