“Austin developer David Kline is transforming a South Congress apartment complex into affordable condos.” In the development world you can build new or convert existing space. Conversions can be far less expensive than building new and developers can therefore offer the condos at a lower price.
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Post Office – future location
Local developer Taylor Andrews recently updated the Downtown Austin Alliance on the status of the Post Office relo. He announced that the Post Office, currently located at 6th & Guadalupe, will relocate to 9th & Red River – a property the Post Office currently owns. This will make room for the proposed Block 52 development by Novare/Andrews Urban.
January Sales
| January | dt | 1b | 5 | 6 | 7 | ut |
| sales | 5 | 4 | 5 | 6 | 5 | 7 |
| high psf | 415 | 285 | 262 | 384 | 281 | 326 |
| low psf | 267 | 217 | 198 | 148 | 218 | 214 |
| avg psf | 335 | 238 | 236 | 257 | 242 | 251 |
| avg dom | 73 | 27 | 61 | 75 | 74 | 80 |
December Sales
| December | dt | 1b | 5 | 6 | 7 | ut |
| sales | 11 | 5 | 1 | 6 | 1 | 9 |
| high psf | 580 | 518 | 241 | 287 | 224 | 342 |
| low psf | 247 | 162 | 241 | 166 | 224 | 194 |
| avg psf | 401 | 276 | 241 | 207 | 224 | 250 |
| avg dom | 65 | 15 | 158 | 38 | 70 | 38 |
The Austonian Throws Itself A Little Party
The Austonian threw itself a ground breaking party this morning in the parking lot on the corner of 2nd and Congress, where the shiny building designed by Houston-based Zeigler Cooper Architects will one day stand. The festivities, complete with mimosas and mini-quiches, celebrated the future ‘landmark’, and featured a whole lot of loving between the City and Benchmark Development.
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The Monarch is going mental (and rental)
“ZOM Inc. has again changed its mind about whether units in the currently-under-construction Monarch should be rented or sold. You may recall that The Monarch was initially announced as rental apartments, but switched to for-sale condos two months ago. The timing on that decision wasn’t great – Austin’s housing inventory has been piling up in the last few months
About twenty percent of The Monarch’s units were sold between then and now, but that wasn’t enough for ZOM, so they cancelled those contracts and plan to rent the entire building. Construction is expected to be completed next spring.” source: austinist.com
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Sales of condos priced below $150,000 improve
“NORTHEAST FLORIDA — As with other price ranges, condominiums valued at
$150,000 or less are languishing on the market longer than they have in
two years. That said, those low-priced condos are selling far better
than those in higher-priced categories.”
source: Jacksonville Business Journal
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November Sales
| November | dt | 1b | 5 | 6 | 7 | ut |
| sales | 7 | 7 | 2 | 15 | 3 | 5 |
| high psf | 383 | 243 | 223 | 309 | 241 | 285 |
| low psf | 288 | 154 | 198 | 142 | 172 | 194 |
| avg psf | 338 | 197 | 211 | 233 | 201 | 246 |
| avg dom | 118 | 63 | 36 | 41 | 62 | 22 |