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DAB Stats: Downtown Austin Sales

Jude Galligan | March 28, 2012 |

February delivered strong numbers for sales of downtown Austin condos. I count nine new construction sales and 14 resales (compared to six and 10 in January respectively).

The 14 resales averaged $397 per square foot – the highest monthly average for resales that I can remember. Don’t mistake this for accelerating appreciation, though. Included in February’s numbers is a resale at the Austonian. And, while there’s clearly a gradual upward trend in the resale market, February’s price-per-foot surge is attributable to this burgeoning market for resales in the top-tier buildings.

downtown austin condo sales - february 2012 — trailing 12 months of downtown condo sales

You can anticipate that by the end of March all of the top-tier buildings will [factually] be over 50% closed. Each has already crossed the chasm.

Notably, Spring condos has only a couple of new units left, the [seriously amazing] penthouse(s) being one of them. For most buyers, Spring condos can be considered sold out and opportunities to buy are in the resale market. The Four Seasons Residences leads the pack in terms of percentage of units sold, though the W Hotel Residences is showing the greatest velocity. See below.

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Recent History: An Original Railyard Condos Marketing Flyer

Jude Galligan | March 23, 2012 |

This piece of real estate ephemera fell into my hands only a day ago. I didn’t set out to publish two consecutive posts about the Railyard, but this was too interesting not to share!

Most of you know the Railyard condos were converted from apartments in the late ’90s. This flyer was intended to lure renters of the original Railyard apartments into buyers of the soon-to-be condos before opening them up for purchase by the general public.

Coming Soon: The Changing Face Of The Railyard District

Jude Galligan | March 21, 2012 |

Let it be known as the Railyard District, that part of downtown Austin, south of 5th Street and sandwiched between Congress Ave and the Austin Convention Center. You could straddle the convention center and include the area east, around Moonshine, too.

It’s an interesting mix of conventioneers and locals, both feeding on chicken and waffles at Max’s Wine Dive.

For decades, the district has been anchored by the Railyard condos, and recently flanked by the Four Seasons. Soon, these will not be the only full time residences.

In the past couple of years we’ve seen improvements and new businesses open in the neighborhood, including AF1 Racing, Vince Young Steakhouse, Hank’s Garage (which is gone), and Skinny’s Ballroom.

Walking around a post-SXSW absent is the hyper-pedestrianism of the past 10 days, and I observe a “coming soon” sign. I see more as I keep walking. In one lap around the Railyard district, I counted nine businesses or projects “coming soon”!

Nine!

What’s COMING SOON to the Railyard District? [Read more…] about Coming Soon: The Changing Face Of The Railyard District

How cool it is to live downtown?

Jude Galligan | March 11, 2012 |

This picture captures so much of the vibrancy of our growing downtown. The photographer, friend David Gottlieb, has one of the best vantage points in the city: Spring condos.

The influx of people for SXSW – traffic be damned – reminds me of what a 24/7 vibrant city looks and feels like. And, we’re getting there. Checkout an even cooler picture…

Street Patio Experiment: Congress Ave @ Royal Blue Grocery

Jude Galligan | March 7, 2012 |

I love this idea for downtown Austin. Convert two duck-in parking spaces in front of Royal Blue Grocery on Congress Ave, in order to improve the pedestrian experience and create a retail destination.

“Street patios” have been implemented before in other cities, successfully, under the badge of “parklet” or “pop-up” cafe.

Upon approval by Council, later this month, the initiative would be a partnership between the City of Austin and Royal Blue Grocery, with design coming from Studio DWG and civil engineering firm Big Red Dog.

The street patio in front of Royal Blue Grocery is just a trial run. If successful we could see more street patios in other parts of downtown. The results should provide more space for pedestrians and a cafe sitting area, similar to Jos on 2nd Street. WIN!

More pics after the jump. [Read more…] about Street Patio Experiment: Congress Ave @ Royal Blue Grocery

Javelina Bar: MENU, Pictures, Short Review, and a Call for Action

AG | March 6, 2012 |

Another bar, ahem – excuse me – I mean to say a real restaurant (golly gee!) has finally opened in the Rainey District of Downtown Austin. Yes – reader – you may be sensing sarcasm. That’s because even though, yes, Javelina Bar has a kitchen and a menu – making them technically a restaurant – and even though the owners are touting that they are different than the other bars in the district because they have said kitchen – there’s no mistaking that this place totally feels more like a bar than a restaurant – I mean, it even has the word “Bar” in its name.

But – I will say, I think it’s a step in the right direction. A nice, large step in the right direction.

I visited the brand new establishment yesterday, had a couple of brews and a fairly delish veggie burger (they put queso on it, too!). Nice, clean, pseudo-rustic environment. Understandably, they were working out some kinks, but I will say, the food was alright and the service was super friendly (shout-out to bartender / server Amanda!).

So, here’s the menu – in all of its glory: [Read more…] about Javelina Bar: MENU, Pictures, Short Review, and a Call for Action

Rivals Steakhouse Coming To 5th & Trinity

Jude Galligan | March 5, 2012 |

I spotted this while walking this morning in the burgeoning Railyard District.

Rivals Steakhouse is under construction at the southwest corner of 5th & Trinity. This comes after more than three years of vacancy, since property owner Tim Finley refused to renew Paradox’s lease.

This isn’t the neighborhood’s vision for highest and best use of a downtown corner property, but, overall, most of the surrounding loft owners are pleased that it’s no longer vacant.

I wonder what the economics of steakhouses are because there seems to be a lot of them. If you would have asked me ten years ago where to buy a good steak in downtown Austin I would have instinctively said “Sullivans”.

A Smarter Route? Proposed Urban Rail Along Trinity Street

Jude Galligan | March 2, 2012 |

Transportation wonks: is there something different about the conceptual urban rail alignment depicted in the latest flyer from Project Connect?

The portion of the rail system south of 4th Street is showing that the preferred alignment (solid orange lines) is not Congress Ave, rather it’s humble ol’ Trinity Street.

On previous maps, I recall Congress Ave having the bold lines and Trinity Street relegated to a hypothetical dashed line. This is a subtle change on paper, but a potentially big improvement to ridership and economic impact.

I presume a Trinity alignment would have a stop at/near Waller Creek. Imagine connecting businesses and visitors to the Rainey Street district, Waller Creek, the Boat House, the MACC, the Convention Center. There’s greater density of residential and recreational use. There’s more [taxable] development opportunity along the Trinity alignment.

Somethin’s Happenin’ Here… What It Is Ain’t Exactly Clear…

Fred Schmidt | February 22, 2012 |

Remember that great old Buffalo Springfield song? Well those were the lyrics that started going through my head as I spotted this scene unfolding tonight in the long-vacant retail space in City Hall, at the SE corner of 2nd Street / Willie Nelson Blvd and Guadalupe.

What I do know is the sweet vibe of SXSW is definitely in the air all around Downtown on these 80-degree late February days. The countdown is on: only 16 more days til Austin starts rockin’ off its hinges! And I don’t just mean with music… but also energy, enthusiasm, innovation, creativity, knowledge, adventure, technology. It’s a week when we all can really visualize Austin’s future as a global creative capital.

New Renderings Of Capital Studios

Jude Galligan | February 17, 2012 |

Foundation Communities’ proposed downtown Austin affordable housing development will no longer be referred to as Capitol Terrace, but rather Capital Studios. Yes, the spelling is correct.

DAB has obtained draft drawings of the development at 11th & Trinity. These are intended to show massing and different uses within the building. There might be small changes to the final design – the colors are for clarity and do not represent how the skin of the building will look.