Search Results for: spring condos

DAB EXCLUSIVE: Sales Data From The Austonian, W Hotel Residences, Four Seasons, Spring Condos

Jude Galligan | October 24, 2011 |

[Personal update why we’ve not published data for a while. A couple of months ago, I began work on obtaining sales data from the newly constructed buildings. Not a quick and easy task. However, after several conversations and a leap of faith by everyone involved in assembling the data (thanks!), we’ve got some REALLY interesting data to share. –Jude]

Back in 2010, when downtown Austin’s luxury condos started closing, the actual sales prices were closely guarded (not entered into the MLS). I’ve been publishing monthly sales of Downtown Austin condos for years, and began tracking sales of new construction condos by laboriously tracking new deed records. That data was [at least] an accurate count of how many new constructions units had closed, and what floor plans were selling best. That was real data my clients could rely upon, but actual closing prices were simply not available.

As a result, I have only been able to consistently highlight resale pricing. With all of my talk about the average sale price for downtown is solidly planted at $300 per foot, I would always qualify it as incomplete without closing price data for new condos.

My goal has always been to combine the resale numbers and the new construction numbers into a single statistic. The closely guarded luxury condo sales data has kept me from doing that.

Until now… [Read more…] about DAB EXCLUSIVE: Sales Data From The Austonian, W Hotel Residences, Four Seasons, Spring Condos

Spring Condos

Project Name = Spring Condos
Type = Condominium, Residential
Address = 300 Bowie St, Austin TX 78702
Pricing = High $300,000 to $5,000,000
Number of stories = 42
Number of units = 246 (this number changes as units are joined)
Height = 455ft
Architect = Rafii Architects
Developer = Spring Austin Partners (Larry Warshaw, Perry Lorenz, Diana Zuniga)
Year complete = 2009

Located in the Market District, and steps from Whole Foods and Lady Bird Lake, Austin’s first point tower, Spring Condominiums is a 42 story tower that offers a true urban living experience. Overlooking the city’s downtown scene, with its cool music venues, serene lake, and eclectic shopping, Spring’s unique point tower design sets it apart. Spring offers its residents unmatched privacy, efficient floor plans, and corner views overlooking beautiful Lady Bird Lake. Located in the Market District, and steps from Whole Foods and Lady Bird Lake.

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Spring Condos Have First Closings, Residents

Jude Galligan | August 17, 2009 |

The one downtown Austin building that has protected views of just about everything in central Austin (Zilker, Lady Bird Lake, Texas State Capitol) is officially open. According to Larry Warshaw, one of the developers of the Spring Condos, closings began late last week and residents have started moving in. Cool!

-Jude

[update: It appears that all of the construction barriers have been removed. 3rd Street reconnects with Baylor St on the other side of Lamar. The ground floor retail frontage is visible from the street. I’ll try and snap some photos tomorrow.]

Spring condos topping out party pics

Jude Galligan | February 26, 2009 |

[shameless plug for more information about buying at the Spring condos, including the inside scoop on pricing at Spring and at other luxury buildings in downtown Austin, contact Jude Galligan, Downtown Austin Realtor (512) 226-3414 judegalligan [@] gmail.com

Southwestern view from 41st floor at Spring condos

If you witnessed a line extending half-a-block down w. 3rd on Tuesday evening it was the line to get to the top of Spring condominiums. The party was to celebrate their topping out at the 41st floor. Using the cargo elevator, attendees were taken to the 41st floor. Once on the 41st floor you walked off the cargo and greeted by a cavernous space filled with guests (similar to the Austonian party). Judging by the line and logistical challenges, including a 45 minute wait to get a tour of the interiors, I don’t think the Spring developers planned for the volume of guests! Still, the drinks were flowing and everyone looked to be having a great time. The views were what you would expect at that level… while the sun was setting… amazing.

Guests were also invited to tour a couple of furnished model units. Many existing buyers were in attendance, eager to get their first glimpse of a completed floor plan.

After the jump you can find a few pics of the interiors.

BREAKING: Sales Of New Downtown Austin Condos Average More Than $1,000,000

Jude Galligan | January 8, 2013 |

For the first time, the average sales price of a new condo in downtown Austin is more than $1,000,000.

It’s not news that residences cost more than $1,000,000. It is news when we’re talking about averages! To be clear, we are focusing on new construction only, not resales (which have also had a banner year, and we’ll cover that in a future post.)

In 2012, the Austonian, Four Seasons Residences, W Hotel Residences, and Spring Condos (which in 2012 closed out their sales), accounted for 124 sales.

According to builder reports assembled by Capitol Market Research for new construction condos sold during the past 12 months:

average price = $1,061,682
average size = 1,701 ft.
number new condos sold = 124

The data is provided to us monthly as an aggregate of the above four buildings. Anonymizing individual building sales was the only way to convince the developers to share their sales data. To qualify the average price, we can approximate a median price using the 12 monthly aggregate records we have.

median monthly average price = $1,044,181 (min $777,813 to max $1,687,857)

The refrain which began in 2010 continues: there are no new downtown Austin condos being built. Nor have we seen any new site plans for downtown condos. Inventories continue to decrease (by 124 units in 2012) and residences are selling quickly at prices close to the asking price. An ancillary effect of this shrinking inventory is rising prices for resales.

By my estimation, when compared against TCAD records, only 115 new construction units remain. If interest rates remain low, the downtown Austin real estate market is on a trajectory to complete sales of new construction condos in 2013.

I’ll continue to provide detailed analysis of 2012 results over the coming weeks, including resales and analysis of building-by-building performance.

-Jude