Search Results for: sabine

Sabine On Fifth Auction Results

Jude Galligan | February 28, 2010 |

UPDATE: As of 3/24/10 there are five units remaining at the Sabine. Send me a message for availability.

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

In a packed house, over 200 registered bidders showed up for the auction of 31 units at the Sabine on Fifth condos. 31 29 buyers walked away very happy, as this was believed to be the last great buying opportunity for attainably priced downtown Austin new construction. Where 27 units were originally intended to be auctioned, earlier in the week CWS (developer) decided to include three more, then in the final minutes of the auction they included another 1bd.

The building has 80 units total. Once the 31 auction units close, there will be 13 new construction units remaining. These will be sold through traditional channels. 36 units closed before the now settled lawsuit was filed in February of 2009. During 2009, the 44 remaining units were taken off of the market due to litigation. This auction marked the “re-debut” of the Sabine.

# of units offered = 31 (29 bids accepted as of 4pm Sunday)
Avg winning bid (inc. 4% prem.) = $228psf
Avg original asking price = $326psf
Avg discount from asking price = 30%

You’ll recall that the Brazos Place auction fetched an average of $281psf, and that was an avg 29% discount from original asking price.

-Jude

Auction Planned For Downtown Austin Condo – Sabine On 5th

Jude Galligan | January 6, 2010 |

*** UPDATE: Sabine auction results ***

A selection of the remaining units in downtown Austin’s Sabine On 5th building will be auctioned on February 28th. A lawsuit filed by residents against CWS, the developer of the Sabine On 5th, and the building’s condominium association (which was under CWS’s control) has been withdrawn as the parties have reached a settlement agreement. The lawsuit was filed last year as residents grew tired of lack of action by CWS regarding “persistent and major problems” relating to elevator repairs, amongst other problems.

The HOA has been turned over to the owners, which is unusual in buildings where less than 50% of the units are sold. The specific terms of the settlement agreement have not been released. Scott Dixon Smith, president of the Sabine On 5th HOA, indicated that “there will be major renovations to the building to alleviate the concerns of the lawsuit.”

Greg Miller, vice president of investments at CWS, has confirmed that steps are being taken to prepare the Sabine for the auction. 27 of the remaining 44 units will be available for bidding.

During the litigation no units were available for sale, and CWS’s loan had twice been posted for foreclosure by Compass Bank. The first time in September, when Compass Bank granted CWS an extension to remedy issues. Then in December, it was reposted for January’s courthouse auction. CWS was able to restructure the debt and is expected to offer most of the remaining inventory for sale via an auction this February.

There were several condo auctions in 2009, and when the Sabine goes to auction, it will be the second major development in downtown Austin to do so. The first, Brazos Place, was auctioned last year by Kennedy Wilson. Brazos Place is frequently compared to the Sabine on 5th since both structures are located east of Congress Avenue and are adaptive re-use condo conversions

Originally built as an office building in 1981, and converted into condos in 2007, the Sabine is located along the west bank of Waller Creek, on Sabine St between 5th and 6th Streets. With the success of developer discounts at 360 Condos and the Shore Condos, the Sabine is the last “attainably” priced building with new inventory left.

Email jude [@] downtownaustinblog.org, or send me a note, to inquire about the Sabine auction and the status of Waller Creek.

-Jude

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

Sabine Residents File Lawsuit

Jude Galligan | March 14, 2009 |

Shonda Novak is reporting on the recent lawsuit filed by the Sabine on Fifth residents against the developer, CWS, to repair the elevators and resolve the property tax issues.

I am a resident owner at the Sabine and understand that ALL condominiums face challenges. While the issues sited in the article are serious, the solutions are within reach. Ironically, the residents’ and developer’s interests are somewhat aligned – fix the problems and refocus on what makes the Sabine a great place to live: its uniqueness, its residents, and its location.

-Jude

Chill Out

Jude Galligan | April 22, 2016 |

Leave no stone unturned. Check out how Austin Energy wants to use a sliver of downtown land, next to Gables Park Tower, for a new chilling station.

The site dimensions make the site pretty much unusable for intense development, so it is great to see a municipal use. AE has engaged Cotera Reed to handle the design. The project is being presented to the City of Austin Design Commission on the 25th.

Many downtown buildings are connected to the the City’s “chilled water loop”. One of the existing chilling stations is at 5th & Sabine (that blue tile “box” connected to the ACVB parking garage).

-Jude

potential "skin" of the station — potential “skin” of the station

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