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What’s Next For Agora?

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Agora is closed.

It was a rocky start and a quick ending to the sports bar on East Ave.  Agora’s massive footprint, copious parking, and out-of-place architecture raised questions about what the concept would be really be.  “Is it a strip club?” was an all-to-common refrain.

Turns out it really was just a sports bar, albeit one out of place in downtown Austin’s burgeoning Rainey Street neighborhood.

Perhaps the final blow to the struggling venue was last month’s decision by the City of Austin Music Division to revoke Agora’s Outdoor Music Venue permit, after receiving too many noise complaints.

What’s next?  Our intel has it that the 18,000 sf CBD-zoned site is now for sale.

Agora OMV permit was revoked in December (pdf)

 

 

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HOLY COW: October Residential Transactions

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I’m blown away by the number of closings that occurred in October for new luxury condos in downtown Austin.  Total number of downtown Austin condo transactions in October is confirmed at 29 30 closings! Resale data shows eight resale transactions, two of which were over $1MM.  Here’s the kicker: there were a combined 21 closings at the Four Seasons Residences, Spring, and The Austonian!

I spent extra time this month confirming transaction reports at the top-tier buildings.  “Spin” was minimal and there is genuine transaction velocity.

October Highlights:

  1. two $1MM+ resale transactions (not including developer sales at top-tier buildings)
  2. The Austonian shows 30 closed units, nine in October.
  3. The Four Seasons Residences shows 43 closed units, six in October.
  4. Spring Condos closed six seven in October.
  5. DANA’s Downtown Living Tour was the biggest ever with over 1000 attendees.
  6. W Hotel is hiring its staff, and buyers with contracts are anxiously awaiting their Q1 2011 move in date

One not so bright spot in the data: the number of resale transactions is down year-to-year, from 18 in October of 2009 to just eight this past month.  The data below highlights last month’s aggregate sales statistics for MLS Area “DT”.

MLS resale statistics

Investors and economic contrarians, like me, who demand value should continue to be on the prowl for deals on downtown Austin condos by focusing on the resale market.  Especially during the winter months, increased seasonal buying power is evident.  I’m working one short sale deal right now, and I’ve targeted others for my clients.  For example, I’m tracking a 2bd/2ba at Milago that can be purchased for under $299,900 SOLD (inquire with me).

The average resale price remains steady at $294.55 per square foot, compared to $293.65 psf in October 2009.  The chart below shows downtown resale transactions.  Notice the spike in buying activity during the springtime.  Now, notice the subsequent fall off…  that’s a buying opportunity. 🙂

-Jude

MLS resale trends

[table id=9 /]

Downtown Austin Open Houses

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downtown Austin open house listings for August 28th & 29th
(Got the wrong week? Click here)

Saturday

  1. 904 West Ave, 904 West Condos, 1bd/1ba $193,300 1-3pm [Urbanspace]

Sunday

  1. 360 Nueces St, 360 Condos #1103, 1bd/1ba $262,900 11am-3pm [Keller Williams Realty]
  2. 54 Rainey St, Milago Condos #Ph05, 3bd/3ba $475,000 2-4pm [Urbanspace]
  3. 54 Rainey St, Milago Condos #Ph02, 2bd/3ba $899,900 2-4pm [Urbanspace]
  4. 510 W 18th, Chestnut Square Condos #113, 1bd/2ba $259,000 1-5pm [Capital City Sotheby’s Realty]
  5. 360 Nueces St, 360 Condos #3011, 2bd/2ba $575,000 1-3pm [Urbanspace]
  6. 904 West Ave, 904 West Condos, 1bd/1ba $193,300 1-3pm [Urbanspace]

Expand your home search using DAB’s map-based Austin Property Search

When you’re done with the open houses, you can enjoy an afternoon on Lady Bird Lake by renting a canoe or kayak from at the Texas Rowing Center. Or, dine al fresco at Annie’s Cafe on Congress Ave for breakfast, lunch, or dinner. Make sure to checkout my transaction report from July and discuss with a Realtor who lives and works in downtown Austin.

-Jude

Downtown Austin Open Houses

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downtown Austin open house listings for August 21st & 22nd
(Got the wrong week? Click here)

Saturday

  1. 603 Davis St, The Shore Condos #103, 2bd/3ba, $465,000 2-4pm [Urbanspace]
  2. 603 Davis St, The Shore Condos #1603, 2bd/3ba $650,000 2-4pm [Urbanspace]
  3. 603 Davis St, The Shore Condos #1711, 2bd/2ba $449,900 2-4pm  [Urbanspace]
  4. 360 Nueces St, 360 Condos #4004, 2bd/2ba $399,900 11am-3pm [Platinum Realty Austin]
  5. 360 Nueces St, 360 Condos #2508, 1bd/1ba $265,900 12am-3pm [Platinum Realty Austin]
  6. 360 Nueces St, 360 Condos #1311, 2bd/2ba $419,900 11am-3pm [Platinum Realty Austin]

Sunday

  1. 904 West Ave, 904 West Condos, 1bd/1ba $193,300 1-4pm [Urbanspace]

Expand your home search using DAB’s map-based Austin Property Search

When you’re done with the open houses, you can enjoy an afternoon on Lady Bird Lake by renting a canoe or kayak from at the Texas Rowing Center. Or, dine al fresco at Annie’s Cafe on Congress Ave for breakfast, lunch, or dinner. Make sure to checkout my transaction report from July and discuss with a Realtor who lives and works in downtown Austin.

-Jude