Search Results for: four seasons

Storage Wars: Top Three Options For Condo Dwellers

Jude Galligan | January 13, 2014 |

I recently helped a couple downsize from a 3,000sf suburban home into a 1,000sf condo. Getting this empty-nester couple to move would not have been possible without storage. They purged a lot, but still ended up using all three of the options below.

Where space is scarce, storage is costly. Prices for storage units have gone up in recent years. A few times each year we see a storage unit come up for sale at the Shore Condos. The last one was ~$7500. Recently, I observed at 360 condos a storage unit trade for $15,000. Storage units at the Austonian will trade for ~$20,000, on average.

Storage units in building
Cost: varies, $2,800 – 20,000 (rent $75 – 200+/month)

Storage closets/units/lockers come in many shapes and sizes. Most high-rise condos do not convey with a storage closet (some do, for example Bridges On The Park and Brazos Place). The ones that do don’t always have enough storage to meet demand. Sometimes it’s just a fenced cage, other times it’s an actual closet with lockable door and electricity.

Unless a storage unit conveyed with the sale of the condo (a buyer can amortize the cost of the storage unit over the term of their mortgage) most transactions for building storage units are handled in cash. The cash-only aftermarket can put storage units out of reach for some owners. As you can see below there is a wide range of pricing.

Recent transactions: (sizes are ballpark based on owner input)
*5 Fifty Five – 4’w x 7’d x 7’h = $2,800-4,000.
*Milago = $3,750
*The Shore – 4’w x 7’d x 8’h = $7,500
*360 Condos – 5’w x 7’d x 9’h = $15,000.

Public Storage
Cost: varies, ~$100+ per month

Many downtown condo dwellers forget there is a Public Storage close by on W. 6th Street. As of this post, these rentable storage lockers start at $122 per month, plus a $75 move in fee, for a 5’w x 10’d.

I try to avoid renting whenever possible – it’s a sunk cost, and you need to drive to get there. However, when you’re downsizing and about to start moving, you just want an easy place to put stuff. This is where Public Storage is really helpful. Later you can transition into more permanent storage options once settled into your new digs.

USU “Urban Storage Unit”
Cost: fixed, $2000

The USU is sturdy box that sits in front/above your parking space. It maximizes space you are underutilizing. We have two of these and they are perfect for golf clubs, ski/snowboard equipment, holiday stuff, tools, and generally bulky items we want convenient access to from our door.

We needed to persuade our HOA board to let us install the USU, but now more buildings and HOAs are approving them based on the convenience and value these bring to their residents. You can see USUs in use at the Four Seasons, Spring Condos, W Hotel Residences, and the Shore Condos.

Hopefully, this will help those of you longing for some extra space. If you’ve seen more creative storage solutions, please make sure to share in the comments!

-Jude

[UPDATED: Though we’ve not used SpareFoot, we wanted to give them shoutout. SpareFoot is an online self-storage marketplace that allows storage seekers to search by price and area. So, you can price shop storage facilities across Austin. They are based in downtown Austin, too!]

Trinity Tower: Planning a 39 Story, 350 Unit Highrise

Jude Galligan | November 12, 2013 |

Last year we discovered planning efforts for an apartment tower with the working name of “Trinity Place.” The forlorn metal building on the corner of Trinity and Cesar Chavez was acquired by World Class Capital Group.

Since then, there hasn’t been a peep out of the site leaving many of us wondering what would happen there. We’ve now discovered some proof-of-life based on public records filed by the engineering team.

99trinity_current2 — corner of Trinity @ Cesar Chavez

The name “Trinity Place” has been scrapped, it is now dubbed “99 Trinity Tower” and is being proposed as a mixed-use residential skyscraper seven stories taller than the neighboring Four Season Residences.

The applicant is proposing a 39-story tower with ~14,000 square feet of restaurant on the ground level. Those are unchanged specs from last year. Above that, the first 8 floors will be dedicated for parking, with the remaining floors being dedicated to about 350 residential units.

Even with the Lakeside Apartments to the south, the structured parking garage will allow clear lake views for most of the residential units above.

The project is proposing Great Streets standards along Trinity St., and to build a hike and bike trail to connect to the existing Lady Bird Lake Trail.

While we know what is being proposed, it still remains to be seen if it will come to fruition in the end. The applicant is trying to nail down the base floor-to-area ratio (FAR) provided by the zoning, and navigate restrictions within the Waterfront Overlay “North Shore Central” district and will have to wait for the city, which could take some time if history serves as a guide.

The ball is rolling on this site. The demolition permit was issued to scrape the dilapidated metal structure for whatever lands there. We are excited to see more.

***Below, DAB has mocked up a building envelope showing [extremely crudely!] how a 39 story building could fit onto the site, and how it would add to downtown Austin skyline.

99trinity_massing_crude — a crude massing by DAB of how a 39 story building would fit on the 99 Trinity site

99trinity_massing_crude2 — At 39 stories, the tower would be taller than the neighboring Four Seasons Residences

By The Numbers: Downtown’s Shrinking Inventory

Jude Galligan | June 9, 2013 |

The data supports what we all see – demand exceeds supply for downtown condos, especially dwellings priced under $500,000. May was the first month ever that both the average and median price per foot for a downtown resale was over $400/ft.

At the extremes, asking prices for new construction high-luxury condos are approaching $1000 per foot, and there are several recently recorded transactions between $700-$800 per square foot.

Downtown condo inventory as of 6/7/2013

1) total resales available = 49
2) total new construction available = 77 est.

As of this post, there are only 13 units for sale under $500,000, and built within the past 15 years, in all of downtown Austin. This leaves us with just over one month of inventory available for the largest segment of condo buyers in downtown’s core.

The lack of new product in the market is putting significant upward pricing pressure on resales. With no new condo development planned in downtown, as interest rates remain low, resale prices will continue to rise to meet the demand.

You’ll recall that back in January, for the first time, the average sales price of a new construction downtown condo exceeded, $1,000,000. There were 14 closings in May for new construction condos: the Austonian, W Hotel, and Four Seasons Residences. Spring is sold out. [UPDATE: The Four Seasons is sold out, with contracts pending.] The W ~~and Four Seasons~~ could officially be sold out after another couple months of sales and pending contracts close. The Austonian has a pretty good inventory remaining, but soon lacking any competition sales could accelerate quickly.

May 2013 Resale Statistics

- Total sales volume (resales only) =  $12,717,900
- # of resale transactions = 22
- avg price per foot = $453
- median price per foot = $424
- avg sales price = $578,086
- avg sales price to list price (SP/LP) = 97%
- avg condo size = 1275 sq. ft.
- avg price per bedroom = $343,727
- avg days on market (DOM) = 43 days

May 2013 New Construction Statistics

- # of new construction transactions = 14
- avg price per foot = $700-$800/ft est.
- Total new construction sales volume =  not reported

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9th Annual Downtown Living Tour – May 19th, 2013 – Reserve Your Tickets

AG | May 5, 2013 |

The 9th Annual Downtown Living Tour is a couple of weeks away. Produced by the Downtown Austin Neighborhood Association (DANA), the tour is a great way to tour downtown living, at your own pace, all in one day!

[standout-css3-button cssclass=”button-tangerine” href=”https://dana.ticketbud.com/2013-downtown-living-tour-shuttles-and-champagne”]Get your DLT tickets now[/standout-css3-button]

This year, although the tour will still be self-guided, the tour will also have shuttle service to facilitate access to each tour stop (nice!), and will showcase the following buildings:

The Whitley Apartments
The Shore Condos
Park West Residences
360 Condos
Avenue Lofts (one of the few Art Deco buildings downtown)
The Four Seasons Residences -RECEPTION – (VIP only, and only open from 4pm-5pm)
Brazos Lofts (check out the history, formerly Capital Chevrolet)
Towers of Town Lake (Penthouse, VIP only, only open from 1-4pm)
Capital Studios (to-be-built Foundations Communities project designed by Dick Clark Architecture)
LBJ’s apartment at JJ Pickle Building (VIP only, only open from 1-4pm)
More stops to be announced!

There are some stops of particular note, primarily the official office suite of President Lyndon Baines Johnson at the JJ Pickle Building, an office suite he used during his presidency and the site of such landmark meetings as the Cold War discussions on December 6, 1966, which culminated in the first agreement with the Soviet Union to limit nuclear weapons, known as the Strategic Arms Limitation Treaty (SALT).

The JJ Pickle building itself is part of a two-block complex of Federal Buildings in downtown Austin, and was designed by Texas Firms Page-Southerland-Page and Brooks & Barr, and is textbook 1960s high-rise design.

Here are a few exclusive pictures of the interior of the office suite, which is remarkably intact.

The LBJ Suite is only open to VIP ticket holders, and there a very limited amount of VIP tickets – so we would recommend…

[standout-css3-button cssclass=”button-tangerine” href=”https://dana.ticketbud.com/2013-downtown-living-tour-shuttles-and-champagne”]Get your DLT tickets now[/standout-css3-button]

Why Are Prices Surging At The Railyard Condos?

Jude Galligan | January 25, 2013 |

The Railyard condos are unique. The two low-rise buildings sit on two of the best sites in downtown Austin, and have usually been more affordable than the newer, sexier high-rises. Part of the appeal is location: situated across from the Austin Convention Center, 100 feet from the MetroRail, one block from Congress Avenue, three blocks from competing luxury towers, the Austonian and Four Seasons. The Railyard has enviable proximity to most anything in downtown Austin.

Remember last year’s NIMBY fury over Austin’s Short Term Rental ordinance (pdf)?

You would be in good company if you assumed that all of downtown Austin’s condos and apartments were making money on STRs.

You would be wrong, though.

Downtown condos have home owners associations (HOAs). HOAs have rules, and in downtown Austin those rules are usually antagonistic to short term rentals. Breaking those rules could result in a $1000 per day fine by the HOAs. Despite the fact that the STR ordinance does not regulate apartments and condominiums, last year’s fight with the City of Austin to regulate STRs wasn’t going to impact most of us living in downtown because of these HOA rules. [UPDATE: rules have been revised to cap STR permits in CBD multi-family buildings at 25%]

The Railyard condos are very, very unique.

This past November, just a month after Austin’s new Short Term Rental ordinance took effect, an enterprising Railyard owner recognized the Railyard’s bylaws did not forbid short term rentals and put together a fund to purchase several units.

The investment rationale is simple: opening up your condo as a vacation-rental-by-owner (aka. VRBO) during SXSW, ACL, F1 (just to name just the big opportunities, not to mention conventions) can yield more rent during those events than the total rent from a typical 12 month lease! Same for Railyard owner-occupants who can lease their place out for a few nights, take a vacation, and make a couple thousand bucks.

The economics of Railyard ownership shifted overnight. Word quickly spread to the owners and a handful of Austin Realtors. In the previous year (Nov 2011 – Nov 2012), 1bd/1ba units at the Railyard condos were trading at an average of $285/foot, and units with at least 2bd/2ba units were trading at an average of $275/foot. [UPDATE: one year after posting this article, the last recorded MLS sale at Railyard was a building record $415/foot]

Going forward, expect sale prices at the Railyard condos to be 20-25% more than last year, reflecting the new economics of embracing downtown short term rentals. Owner-occupants are getting in on the action, too.

Offering the flexibility to lease your condo on a short term basis is a privilege that makes the Railyard unique among downtown condos. This privilege has significant value.

STRs can be a win-win for owners and associations. The key is balance and monitoring the impact on residents.

The Railyard HOA is smart to approach STRs with reasonableness and attach fees to the process. These extra fees will help fund their operations, building improvements, and keep HOA dues low for homeowners. Homeowners, who are also able to capitalize on their property.

I’ll stop short of advocating that all downtown buildings should permit STRs – I don’t agree with that. However, there are several buildings that should be paying attention to what the Railyard is doing. It seems reasonable for more HOAs to experiment with loosening their STR rules, monitor the process, use the money for building improvements, and course correct as needed.

-Jude

[updated 06/01/2014: It has been discovered that Brazos Place Condos at 8th Street & Brazos Street is doing something similar by permitting one-month minimum lease terms.]