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Downtown Austin Open Houses

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Downtown Austin open house listings for Sunday, March 28th

Ahhh… it’s 8am and it looks like another beautiful day in Austin, Texas.  If you’ve been considering buying a downtown Austin condo, then you should come down and check out a few open houses.  You can generally walk from building to building.  When you’re done, you can enjoy an afternoon on Lady Bird Lake by renting a canoe or kayak from Matt Knifton at the Texas Rowing Center.

This weekend you can browse at your own pace at the Austin City Lofts, 36o condos, Cambridge Tower, The Shore condos, Spring condos, and the Austonian sales center.  If you’re into adaptive reuses of older buildings, checkout DAB’s list of downtown Austin lofts for sale.  Looking for downtown Austin FHA approved condos in order to qualify for 3.5% down?  We’ve got the info.

Sunday
1) 603 Davis #1503, 2bd, 2ba, $695,000, 2-4pm [AvenueOne]
2) 800 W 5th #601, 2bd, 2ba, $649,900, 1-3pm [Urbanspace]
3) 360 Nueces #2508, 1bd, 1ba, $287,500,11-2pm [Platinum Realty]
4) 1801 Lavaca #15A, 2bd, 3ba, $411,000, 12-4 [Uptown Condos]
5) 1801 Lavaca #4J, 3bd, 2ba, $469,000, 12-4pm [Uptown Condos]
6) 300 Bowie St, Spring sales center, model units, 1-5pm map website
7) 200 Congress Ave, Austonian sales center located at 300 W 6th, 12-5pm map website

Don’t see the properties you’re interested in? Ask a Realtor who lives and works in downtown Austin.

Latest From Downtown Austin Facts

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What’s it like to be a single mom, or a married couple in downtown Austin? Take a listen…


The audio links above represent the latest radio spots from DowntownAustinFacts.com (link).  I still feel compelled to qualify their proclamation that there are only 400 condos remaining.  From one perspective, that number is insufficient to describe the number of units available for purchase.  From another perspective, that number paints an overly rosy picture of what’s available to the average buyer. To elaborate further:

First, this number (400) represents new construction and doesn’t include the approximately 175 resales that are on the market.

Second, this number represents the inventory at four buildings: the Austonian, Block 21 Residences (aka W Hotel Residences), Residences on Town Lake (aka Four Seasons Residences), and Spring condos.

Third, how many new “attainably” priced units are available?  Nearly ZERO – ok, there are five units at Sabine and two units at the Shore condos.

Let’s get this out of the way for the trolling skeptics… DowntownAustinFacts.com is a website sponsored by a consortium of builders.   That fact doesn’t change the reality that downtown Austin is facing a shortage of condos for sale over the next 5-10 years, especially priced in the 200-400k range.  THE INVENTORY IS LOCKED IN.  You will not see any new projects come out of the ground until at least 2013, perhaps longer.

-Jude

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Downtown Austin Evening Views

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Last evening, we enjoyed the weather and the view from mezzanine deck at the Shore condos.  Nights like this are a great opportunity to appreciate downtown Austin, Texas – and practice with my new Nikon D40. 🙂

Auction Planned For Downtown Austin Condo – Sabine On 5th

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*** 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

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DAB's Professional Endorsements For 2010

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When you’re looking for assistance, especially a professional service, it’s helpful to have testimony. My business is driven by referrals.  If I do a good job for a client, that client shares their experience with their friends and colleagues, and eventually I get a phone call that goes something like this: “Hey!  Got your info from So-And-So and she said you’re the guy to speak with about buying a condo in downtown Austin.”

Nice!  This is how it should work.

Below I wanted to acknowledge a few people/organizations that have assisted me, and many of my clients, over the past couple of years.  These are not sponsors, nor did they ask to be written about.  If they stopped working with me, it wouldn’t change my positive experience when it was needed.  I look for integrity in everyone I work with and the people below will tell you if they can’t help you, and whenever possible they will direct you to someone that can. I like that, and my clients do to.  So here goes.

1) Mortgage lending: Brandon Sparks. Brandon has a nickname in my office: “The Fixer”.  When Big Banc Corp isn’t playing nice, Brandon can find a way to get the deal done.  One of my most challenging deals occurred this year.  It lasted from April to November.  Brandon stuck with my client when many brokers would have long ago stopped responding to emails and phone calls.  This wasn’t an isolated case either.  Many of my colleagues keep Brandon on speed dial when a client needs financing.  In fact, Brandon handled our purchase at The Shore Condos – a transaction that had so many moving parts that I’m still amazed we got it done.

Brandon Sparks
Barton Creek Lending Group
brandon [@] bartoncreeklending.com
(512) 796-4569

2) Credit Re-Scoring: Eddie Johansson. OK, this is embarrassing for me, but I’m so confident this info can help others I’m willing to divulge some personal details.  Two years ago, when purchasing our first home, my FICO score was under 600. Why? Foolish decisions right out of college, a handful of start-up endeavors, AND incorrect information on my credit report.  If you’re a regular DAB reader you know that I’m a skeptic, so it’s important to note that before this experience, I considered the entire credit repair industry as nothing more than snake oil .  I only called Eddie because he was recommended by a colleague (hey, that’s what this post is about!) that I have a lot of respect for.  To get started, I would need to pay $100 for an hour of Eddie’s time when he would pull my credit report and review it with me by phone.  That immediately set off my internal “this is a scam” alert.  But, I had no other option other than to trust in the referral. I paid the $100, and Eddie’s assistant pulled my credit report and placed me on Eddie’s calendar for a one-hour phone call.

That $100 one-hour phone call turned out to be an education.  Eddie came out guns blazing scrutinizing every account on my report.  He explained the nuances of the FICO score.  He explained how large dings in the distant past are often less important than small dings in the recent past.  He explained his company’s process and he set my expectations.  Credit repair requires incredible organization and diligence.  Debt collectors can be severely penalized for inaccurate information – something that would reappear on my credit file in recent months.  I needed a 680 to obtain the mortgage – a required improvement of almost 90 points.  Eddie got me there, and today because of Eddie’s assistance, my FICO score is over 750 and we’re still monitoring and managing it for improvements.

I can’t say that Eddie’s services are inexpensive, but his service was worth every penny.  Increasingly I view this as one of the best investments I’ve ever made.

Eddie Johansson
Credit Security Group
eddie [@] creditsecuritygroup.com
(972) 820-0342
www.creditsecuritygroup.com

3) Attorneys: Stanfield, Berry, and Hiserodt, PLLC. On a couple of occasions this year, I needed legal advice.  At this stage in my life I’m not ready to keep an attorney on permanent retainer.  I also am reluctant to engage a large firm to handle contractual/transactional issues.

On one occasion, I needed to wind down a partnership.  They helped me think through some exit-strategy issues.  They were responsive and worked quickly. We had all the docs needed within a few days.

These guys focus on small to medium sized businesses, and they assist entrepreneurs as they grow their business.  They can handle a variety of legal issues – from basic business organization advice to licensing and intellectual property issues.  They are located in downtown Austin, offer reasonable rates, and won’t nickle-and-dime you.  My experience with them was personalized and client-friendly.

Stanfield Berry & Hiserodt, PLLC
300 West Avenue
Suite 1316
Austin, Texas 78701
(512) 482-0040
www.sbhpllc.com

4) Personal Fitness Trainer: William Wagner. We have mentioned Will before in one of her previous posts, but I think he’s worth mentioning again, particularly with the new year and all the corresponding fitness related resolutions it brings.  He’s unique because he’s not affiliated with a gym. If you are a downtown condo dweller with an on-site gym, he’s perfect, because he’ll meet you at your home for a reasonable rate (as low as $35.00 for a one-on-one session – and if you work out with a partner, as low as $22.50/per person per session – WOW!) and give you the personal attention needed to make your work-out effective.  All right in your building – in the comfort of your own home. If you don’t have a gym in your building, he also has a workout facility at his home, and can meet you almost anywhere (although places like 24-hour fitness and others that have personal trainers on staff won’t allow your own personal trainer to work with you in their facility).

I know for usI, accountability is one of our main obstacles to getting to the gym.  Boredom while working out is another.  Will takes care of both of these obstacles – 1) We’re much more likely to show up for a session when we’re paying per session, and 2) Will’s a great conversationalist if you are one of those people that like to talk during a work-out.

I know that several DAB readers use Will, too – Will, appropriately enough, gets most of his clients through word-of-mouth (referrals!).

Will Wagner Personal Training
(512) 909-5350
www.wagnerpersonaltraining.com

[Disclaimer: Every situation is different and you should do your own research.  These are based on my positive personal experiences and the reputation of each person/group.]