Downtown Austin Blog

downtown Austin's real estate and neighborhood blog

Monday Morning Link Roundup

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Lot’s of news coming out of downtown Austin.

  1. A very nice slide show of a finished out Austonian residence.  This will no doubt become one of their model units.  Back in November, the Austonian team invited Downtown Austin Blog to take some interior pics.  You can see those here.  BTW, the first Austonian closing is scheduled for June 7th. (!)
  2. Texas Facilities Commission has big plans for the Capitol complex over the next couple of decades.  They are calling for more dense development surrounding the Capitol with enough square footage to fill 13 Frost Bank towers.
  3. The re-envisioned Block 51 development is gaining new traction.  A 28 story condominium and 16 story office building could replace the surface level parking lot just west of the downtown Austin post office.
  4. It appears that Aquaterra is prepping to break ground.  Perhaps re-branded, and as an apartment building rather than a condominium.
  5. The Austin Convention Center is facing a potential cash shortage.  More downtown hotel space is needed in order to recruit more and bigger conventions.

Think Big, Live Small: I Love Efficient Living in Downtown Austin (A Sunday Thought)

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Tiny Turtle Approves Of Your Small Abode

When I talk to people about living in downtown Austin, one of the main questions (I italicize the word, because it’s generally not really even a question, but almost a statement, filled with doubt and incredulity – often said with wide-eyes and some form of pitied-awe) I get is “How on earth do you live in such a small space?”

It’s true, 877 square feet (the size of Jude and I’s first place downtown, The Sabine), doesn’t really sound like a lot, given that most of our friend’s places in the suburbs are triple the size or more, but I’ll be honest, it was really, truly, great.  Jude and I try very much to embrace a minimalist lifestyle in terms of our material possessions and enjoy putting the emphasis of our lives on experiences rather than objects.

Which is why I was inspired when I read a story in this month’s Real Simple magazine (the one magazine that I regularly read).  The headline was “Happily Ever After, in 351 Square Feet.”

Did you catch that?  351 feet.

The story is about a couple that lost their home in a fire, and due to financial necessity, had to move into a 351 square foot shed in the back of their lot. Making the most of their situation, they converted this shed into a pretty bad-ass model of efficient living – scaling down on their material needs, employing multiple uses for spaces/furniture, and making sure every square foot of space has a purpose.

To me, there is something very freeing and inspiring about using only what you need, and being thoughtful in your consumption and use of space.  Certainly, it is great to have ample room, but with ample room often comes the burden a million things you have to deal with and are often emotionally held down by – at least in my experience and what I see with those I know.

So, my Sunday thought: Living in a small space not only is an urban-planning strategy to maximize scarce land-use and energy resources, but, on a very personal level, encourages a lifestyle of thoughtful consumption and creativity of living.

Aquaterra Reanimated

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Yesterday, DAB commenter Chop Chop reminded us that Aquaterra isn’t dead. Back in February the ABJ’s Jacob Dirr had word from Rhode Partners that the project, long forgotten, was gaining new traction.

Sure enough, we found the permits.

Liz Rau, an architect with Rhode Partners filed a new permit application on April 6th.  Simultaneously, general contractor Lyda Swinerton pulled permits for plumbing, electrical, mechanical.  The original and approved 20 story (163 unit) site plan expired on April 20th, so it’s possible we could see some changes.

With over $1B in debt, the developer, Crescent Resources, went through a bankruptcy in 2009.  From what we can glean from the news, the lenders took over the company.  With limited residential product coming to market, and construction crews looking for projects, I wouldn’t be surprised if we see a project announced soon, and it might be Aquaterra [possibly rebranded].

Located at 210 Barton Springs Rd, next to the Hyatt, Aquaterra would have one of the best views of downtown Austin in the city.  Back in 2007, when the Aquaterra sales center was firing on all cylinders, they were seeing reservations for more than $500psf.  With the existing tier one buildings coming online, that would be a difficult price point to compete near over the next couple of years.

-Jude

Neighborhood Watch Signs Reflect New Skyline

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Two years ago, DANA rolled out the first Neighborhood Watch signs in downtown Austin.  This year, the signs are being updated with the improved skyline. Thanks to Ken Cobb for providing, and fitting, the posterized picture of the downtown skyline.

neighborhood watch sign: now with real buildings!

DAB STATS – April Transaction Summary

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This awesome image is from nataliedee.com

With 12 recorded transactions this past month, downtown Austin hosted 300% more transactions compared to April of 2009, when only four transactions were recorded.  For the month of April, the average sale price per foot remains unchanged between 2009 and 2010 at $276psf.

To provide a little more perspective, Q1 2010 compared to Q1 2009 saw negligible increase to $304 psf from $300 psf, respectively.  What is more interesting, IMO, last year in the first quarter of 2009 only 16 transactions were recorded; conversely, this year in the first quarter there were 33 transactions recorded!

This significant increase in recorded transactions, year-to-year, requires qualification.  Numerous unrecorded (off MLS) developer sales occurred in 2009.  Now, those buildings are sold out, and we’re seeing a surge in re-sale activity, which is recorded in the MLS.  This bodes well for transparent transaction data.  Re-sales are back, baby!  This is a trend we should continue to see for a few years.

A more detailed transaction list and statistical report can be accessed in the member area.

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