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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