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A Sabine Condos Auction?

Jude Galligan | August 26, 2009 |

UPDATE 01/05/2010: The Sabine auction has been confirmed.

UPDATE 02/28/2010: The Sabine auction results!

[youtube = http://www.youtube.com/watch?v=YBi6pVJR7m0]

This should be interesting…

In a conversation with a credible source I learned that CWS, the developer of the Sabine condos in downtown Austin, is on an almost certain trajectory to place the remaining units at the Sabine condos up for auction.

Information is a little spotty, but 20-25 undetermined units could be auctioned off in mid-October, just in time for buyers to qualify for the $8,000 first-time home buyers tax credit. The remaining units would be sold in the open market.

In February, a group of owners filed a lawsuit against the Sabine HOA, controlled by CWS, which has prevented any units from being sold since then.

This would be the second downtown Austin auction, the first being Brazos Place.

Updates will soon be forthcoming. 🙂

-Jude

p.s. As a current resident/owner, and former listing agent for the Sabine, I have a personal interest in this story. Investors and buyers desiring original pricing, unit availability, and insights into the building and specific units to pursue/avoid should contact me directly – judegalligan [@] gmail.com

Public Hearing On Dillo Cancelation Today

Jude Galligan | August 10, 2009 |

Capital Metro Main Administration Building
2910 East 5th St. [map]
12:00pm

“PUBLIC HEARING NOTICE
DATED: JULY 24, 2009
Capital Metro is proposing to eliminate the Downtown Dillo routes beginning October 5, 2009 (last day of service would be end of day Friday, October 2nd). Capital Metro Planning Staff will be available to speak directly with citizens regarding route or schedule issues. Citizens are encouraged to attend any of the following meetings or to contact Capital Metro Planning by e-mail or by calling 474-1200. The public may also call 385-0190 with comments. Persons with hearing impairments may call the TDD line at 385-5872. A sign language interpreter for persons with hearing impairments will be provided at the public hearing. ”

-Jude

UPDATE: Austin Gets Raw, Y'all

AG | July 8, 2009 |

9/30/2009

UPDATE: Just got word that Borboleta is now offering bicycle delivery. The bicycle delivery service goes to downtown and Clarksville. It’s provided by Beat the Clock bike messengers. They will deliver to downtown or Clarksville for lunch or dinner. There is a $5 delivery fee and a $20 minimum. Please allow ample time for delivery (currently up to an hour).

Most Austinites are familiar with the raw food movement in some fashion, but many of these same Austinites still don’t “get it.” The reality is, most people like their meals cooked. Can’t say I blame you if you think it’s a bit weird, but I will say this – the “living cuisine” movement is super healthy, and when done well, actually pretty delicious. And downtown dwellers are very fortunate to have a living cuisine restaurant right in the neighborhood (well, technically Clarksville, but RIGHT on the edge of downtown Austin). The name of the place is Borboleta Gourmet.

Borboleta’s food is organic, vegetarian, dairy-free, gluten-free, kosher, soy-free, and trans-fat free. Sounds like everything a true southerner would hate, right? Well, I’m here to tell you – it’s really good. I found out about the restaurant through an E-mail campaign from the restaurant , and I was intrigued enough to stop by. I took the ‘Dillo to Whole Foods, and walked west 4 blocks. Borboleta Gourmet is actually inside Bella Hair Salon (although the entities are not related, I’m told).

You walk in, and the atmosphere is quaint, but polished. It’s a small cafe setting, with only about 6 tables. There are two large commercial refrigerators that house most of the food. I think they are still in the process of “figuring” out the service, but when I ordered, I simply grabbed the covered plate of food I wanted from the refrigerator, gave it to the cashier (who prepped it and touched up the presentation), paid, and chose my seat. The food was delivered only moments later. Easy and quick! And so good.

I like the atmosphere of the place, the fact that it’s raw, vegan, soy-free, etc etc, and that the menu rotates weekly (so it’s consistently different and interesting). You can also order brewed coffee, so it’s not only a good place to eat lunch, but also just chill and read the paper.

Borboleta is the type of unique/eclectic small, local business that I want to see more of in and near downtown Austin. It offers a unique food experience, is convenient, and supports the local economy with a function that a wide-array of folks can enjoy. And it’s just NEAT. I don’t know of another place like it in Austin (with the possible exception of Casa de Luz, but Borboleta is really pretty different from the Casa de Luz concept and vibe, as well). I think downtown Austin residents are lucky to have these kinds of fun and different choices at their disposal and should support them accordingly.

Contact Info: 1221 W Sixth St, Austin, TX 78703, (512) 828-7404, www.borboletagourmet.com

Hours: Mon-Fri: 8-8, Sat: 10-5, Sun: Closed.

Bridges On The Park

Jude Galligan | June 23, 2009 |

For information and to preview Bridges On The Park contact Jude Galligan at 512-226-3414 or jude [@] downtownaustinblog.org.

view of downtown from 6th floor of east side of building

You might say Bridges On The Park has an identity crisis. Is it part of South Austin? Or, downtown Austin? Geographically it lies in what’s generally considered South Austin. By design and lifestyle it very closely resembles downtown. This makes for strange bed fellows as these two neighborhoods have been portrayed in the media as clashing in recent years over Austin’s growth.

Regardless of how the residents identify themselves, the setting is one of Austin’s most spectacular urban environments: Lady Bird Lake, running trails, Butler Park, pitch n’ put golf, trees, trains, Zach Scott theater, Barton Springs Rd, Zilker park is around the corner… the list goes on. Even the Taco Cabana next door is an Austin institution for anyone who went to high school here in the ’90s.

So, what’s the story with this place? I’m going to attempt to show you why, right now, this Bridges On The Park is one of the best real estate opportunities for downtown Austin buyers.

The raw info

Six stories.
105 units.
Full list of amenities: concierge, pool, fitness, etc.
Storage units.
Underground parking.
Aligned length-wise along Lamar Blvd.
Built by CLB Partners

The finish quality is high

CLB Partners is the same developer as the Austin City Lofts, which provides an example of CLB’s high quality construction and finish outs. Bridges On The Park takes on much of the same philosophy: copious amounts of Texas limestone, with metal and wood accents. The lobby, building decor, art work, and interior finishes are tastefully executed.

The bathrooms have a floating (I suppose cantilevered) cabinet design which allows lighting to come from below. Wherever possible a double vanity is used.

Historical Paggi House adjacent to Bridges On The park

Mixed Use

Pedestrian friendly retail on the ground floor, combined with the proximity to the parks and running trails make Bridges On The Park truly mixed use. The setting of the development surrounds the historical Paggi House.

The economy has been hard on this development

Completed in 2008, of the 105 units, 32 remain unsold [and one resident is furious about a new billboard]. Many buyers could not find mortgages when it came time to close. Originally prices were characteristic of 2007 at $400+per foot. Many new buyers are skeptical about prices that are still high compared to the deals which have been clearing the inventory downtown condos this past Spring.

The Opportunity

A marketing blitz earlier this year carried an opportunity for 20% off – a deal that generated roughly a dozen sales for CLB Partners. From the perspective of my clients, interest in Bridges On The park started to wane in April, as the anticipation for the Brazos Place auction grew and other developers began to negotiate attractive discounts.

The remaining 32 units are priced at an asking price of $324/ft on average. Like most buildings, each has its own micro-economy of views and floor plans. The east view towards the trees is priced at a premium to the west view over Lamar Blvd.

Summary

The market is buyer friendly and this is not CLB Partners’ first rodeo. I predict that Bridges on the Park will begin to discretely entertain offers in the neighborhood of $240 per foot, on average, or about 30% off of the asking price. [See update below] The data at Brazos Place and the Shore provide evidence that this program of discounting works to quickly sell units. Add to that the superior location of Bridges On The Park, and I expect there will be some very happy buyers over the next few weeks.

[UPDATE 09/08/2009 –
The most recent inventory I have from August 17th for Bridges On The Park shows:
min price per foot = $234
max price per foot = $312
average price per foot = $278
*numbers reflect discount]

Jude Galligan, Downtown Austin Realtor
512-226-3414
judegalligan [@] gmail.com

Complete Bridges On The Park photo set on Flickr!

Downtown Stakeholders Respond To Violence

Jude Galligan | June 18, 2009 |

This past year downtown stakeholders have identified hot spots of criminal activity in the entertainment district and have been able to work with police, TABC, and landlords to remove Paradox, Planeta, and Spiros. This morning I received the following message from Randy Fortenberry in response to KVUEs story on violence surrounding Club Fuze. With Randy’s permission, his message is copied in its entirety below. Randy has been instrumental in purging the entertainment and convention district of venues which host the majority of violent crime.

Please take five minutes to email the people listed below with a message that you will not tolerate clubs that knowingly play host for violent crime.

All,

Last night one of our local TV stations did a large feature on Club Fuze and the continued violence surrounding that club. There have been continued “sucker punches” of passing pedestrians similar to the type which killed the young man in front of Coyote Ugly.

I am sending you a list of relevant city officials that I am asking you to contact in relation to this new story.

If there is enough pressure at this time we may be in the perfect position to make a real impact on the existence of Club Fuze.

Your concerted actions in regards to Club Paradox and Planeta worked wonders.

Please take just a few minutes to address one, a few, or all of the following folks regarding our downtown safety, our desire to live in a downtown urban core that is safe, the necessity of a crime free downtown if Austin is to remain as one of the most livable cities, your personal safety and the safety of your family.

It only takes a minute and your letter may be the one that makes the difference.

Thanks,

Randy Fortenberry
The Avenue Lofts

Andrew.Moore@ci.austin.tx.us
Art.Acevedo@ci.austin.tx.us
bbrice@downtownaustin.com
brewster.mccracken@ci.austin.tx.us
cbetts@downtownaustin.com
Antonia.Singletary@ci.austin.tx.us
Cory.Ehrler@ci.austin.tx.us
David.Laibovitz@co.travis.tx.us
*personal email address removed*
gena.curtis@ci.austin.tx.us
mike.martinez@ci.austin.tx.us
sheryl.cole@ci.austin.tx.us
lee.leffingwell@ci.austin.tx.us
laura.morrison@ci.austin.tx.us