downtown Austin's real estate and neighborhood blog
Yesterday, the marketing team at the Austonian invited us to tour the building. This was my third time [near] to the top, and this time I remembered my camera! The 54th floor is the top residential floor. Floors 55 & 56 will be common area for the building. Construction elevators to the highest floor in the tallest residential tower west of the Mississippi are fun. 🙂
TRAINING SESSION: 6TH STREET NEIGHBORHOOD WATCH
We have scheduled a training session with officer Carlisle and officer Ehrler who help coordinate the Austin neighborhood watch programs. The meeting will be held at the Alamo Drafthouse at the Rizt (320 E 6th Street) at 3:00 PM on Thursday, October 29. Complimentary drinks and light snacks will be available.Officers Carlisle and Ehrler will train residents and business owners on how to safely patrol the district, what to look for and how to report and give us guidance on setting up a system appropriate for our neighborhood.Following the training, we will then meet as a group to discuss a system that is appropriate for our neighborhood.
If you are interested in attending this meeting, please RSVP to info@6thstreetaustin.com
At the DAA’s Annual Luncheon & Mayor’s State of Downtown Address yesterday, Mayor Leffingwell gave a bullish speech about downtown Austin growth.
I sat at the DANA table and observed Mayor Leffingwell as I’ve never seen nor heard him before. A Mayor who recognizes that growing Austin’s downtown is not at odds with preserving Austin’s character, and that growing downtown is in fact complementary and necessary to smart growth for the entire city. This is what we heard yesterday.
PRO downtown Austin growth
PRO urban rail system
PRO getting the bums out and dealing with crime*
PRO hotel and convention center growth
*I’m paraphrasing, he was much more diplomatic.
You don’t have to take my word for it. There was a quorum of City Council members in attendance, including City Manager Marc Ott, who can provide their own testimony. The Mayor provided some genuinely funny jokes, too. The best one [kindheartedly] jibbed former Mayor Will Wynn, a downtown resident, about how much he enjoys greeting construction workers in the morning. 🙂
downtown-austin-alliance-2009-report (pdf)
-Jude
According the City’s press release, Kevin Johns, was recently appointed to be “responsible for implementing economic programs that foster jobs and nurture Austin’s creative industries.”
Judging by that title, Kevin’s role in the future of Austin could have big impact. What’s interesting to me is how much media coverage is given to how tall downtown buildings are allowed to be, all the while hugely important positions like this receive minimal dialogue in the blogosphere. Maybe it’s just where I’m looking.
I’m interested in learning more about this position. Godspeed Kevin. Maybe you can rekindle Villa Muse.
MSNBC is reporting that the $8,000 first time home buyer tax credit, which had been scheduled to terminate at the end of November, will now be extended to April.
UPDATE: OH NO!!!! Due to some unforeseen circumstances, I will NOT be in attendance for this lovely event. So no me, and no DAB T-Shirts!!!!
Do you like pumpkins? Or more accurately, do you hate pumpkins so much you like to attack them with knives for your own pleasure? Well then – GET PUMPED-KIN – this is the event for you.
Quick Facts:
Date: Friday, October 30, 2009 (day after tomorrow), Time: 3-5pm, Location: La Condesa @ 400 A West 2nd Street (Click here for map), KID FRIENDLY (but also will have spiked punch for the adults).
I will be attending this event (probably with a couple of DAB t-shirts in hand for loyal readers), so come out!
Do you believe downtown Austin is overbuilt? If you do, I don’t blame you for thinking that. Over the past two years, the traditional local media outlets have delivered an array of sensational headlines, like “Condos Caught By Crisis At Last“. But, dig a little deeper and you could find a new perspective based on data, rather than some columnist leading a band wagon.
At the Downtown Austin Blog, we are passionate about downtown and urban Austin real estate, but we can recognize that prices have softened. In fact, we think that’s a good thing – more people can afford to move here! As much as I’ve railed against certain Statesman columnists for their curmudgeon style sensationalism, ironically, perhaps it was those stories that drove this summer’s buying spree. If you advertise a sale, then you expect buyers to come. That’s what happened.
We’ve written about the auctions and discounts. We’ve observed how an average 25% – 30% discount will clear out a building quickly – like 90 minutes quick. We’ve seen this at Brazos Place, at 360, and at the Shore where residences which had been trading at upwards of $400 per foot in 2007 are for all intents and purposes gone.
NOW WHAT?
Recently, you might have heard former Austin Mayor Will Wynn’s radio ad for downtown living. I’ve only heard this ad on KGSR, but it could be playing elsewhere. Click below to listen to it.
This advertisement directs you to a website called downtownaustinfacts.com. The goal of this website is to combat mis-information about downtown Austin being over built. To quote the website…
While many people believe that the Downtown Austin condo market is overbuilt, the fact is only about 400 new condos remain for sale downtown. With the economic downturn and continuing tight credit markets it is very unlikely that any more new condos will be built downtown for at least another 5 years. That means there are only 400 new downtown condos for sale for the next 5 years.
By my count this number is low. If you only count Spring, W Hotel, Four Seasons, and the Austonian, then 400 units is close to accurate. If you include the remaining units at the Sabine and 904west, (those are rehabs, not new construction) then the number is closer to 475. Those extra 75 don’t make a big dent in the argument, however.
THE INVENTORY IS LOCKED IN. You will not see any new projects come out of the ground until at least 2013, perhaps longer.
Here are more facts that DAB has come up with.
1) # of downtown Austin condos available for sale and ready for immediate occupancy = 284, approximately (156 in MLS + 128 Spring units, not including 44 units at Sabine)
2) # of downtown Austin condos under $300 per foot = 42 (from MLS, not including the 44 units at Sabine)
By and large, the new product under construction in downtown Austin is considered luxury product. Downtownaustinfacts.com makes this point salient, even if not overtly. Sabine will go to auction, soon, and then what is left that’s under $300 per foot? The answer: only resales. Over the next few years expect this shortage to drive demand for resales.
The past few years have been dominated by new construction. That’s over. The remaining inventory of new construction in downtown Austin happens to also be the most expensive. We can speculate on pricing discounts, but until those buildings are complete, and we see contracts converting to closings, it’s too early to tell what the velocity of sales will be, and how aggressively they will negotiate with buyers. What the data clearly shows is a shortage of attainably priced homes in downtown Austin. There is no slowing the demand for downtown living.
-Jude
I hope to see some of you DAB readers at the preview party this evening for 904 West Ave! If you plan on attending please send a quick RSVP to info@904west.com.
Where: 904 West Avenue
Time: Tuesday, October 27th, 2009 from 5:30 p.m. to 8:00 p.m.
The Boutique Real Estate would like to extend a personal invitation to you to join us at our exclusive Preview Party and to share with you our vision of Austin’s premier high-rise alternative.
Come enjoy an intimate, behind-the-scenes look at the future of eco-conscious development right here in our own backyard. 904 West offers a unique live-work environment with both commercial and residential units in downtown Austin!
This evening will include catering by The Rio Grande, Cocktails by Dripping Springs Vodka, Paula’s Spirits and Z Tequila, non-alcoholic beverages from Emerald City Press and music to top it off! Come party and check out our progress!
