Central Austin Realty Bits

SXSW has officially kicked off in Austin, with Downtown Austin condo dwellers right in the thick of things.  Movie, media, interactive are in full swing with film premieres, workshops and presentations, and a line around the block at Apple's pop up store launching the new iPad.  While I was downtown on Friday doing the final make-ready and staging for my new listing in Brown Building lofts, there was a lot of traffic and lots of people wandering Downtown Austin streets.  The weather has been perfect so the folks attending South by Southwest Music Film Interactive will especially appreciate the outdoor events at Auditorium Shores and patios and decks of Downtown bars, restaurants and hotels.  The music portion of SWSW starts March 15 and if you lived in Brown Building Lofts, the annual event would be right out your front door. Enjoy!

Want to live in Downtown Austin? Click here to search all Downtown Condos for sale.

Jeff Harris, Broker, True Austin Properties

Contact me when you are ready to move!

www.trueaustinhomes.com

jeff@trueaustinhomes.com

As of mid Febuary 2011, there are just over 100 active Downtown Austin condo listings for sale in the Austin MLS, plus another 300 or so developer owned units in new buildings. In the past 12 months, sales have averaged about 30-35 sales per month in Downtown Austin so inventory is slowly declining as no new buildings are under construction or coming on line. 

Here's a Downtown Austin Condo Market snapshot of active MLS inventory:

Under $500,000: 

74 active listings

Median List Price:  $305,000

Average square footage:  945 

Average price per square foot:  $319

$500,000 to $1,000,000

16 active listings

Median List Price:  $737,000

Average Square Footage:  1865

Average price per square foot:  $404

$1,000,000 +

13 active listings

Median List Price:  $1,651,000

Average Square Footage:  3268

Average price per square foot:  $540

Buyers downtown still have choices, but as a client of mine recently discovered as we viewed available condos for sale in several Downtown Austin buildings, the choices become more limited if you are looking for more than one bedroom and don't wish to spend over $500,000.  Most of the developer inventory in new buildings is over $500,000 except for Spring, which is all over $400,000. Unless existing owners place more units on the market in that segment, choices there will narrow, possibly raising prices eventually because no new buildings are going up. 

Recent reports show Downtown Austin apartments are almost fulland rent concessions are gone, so the demand for downtown living is strong.  It will at best be 3 years before any new for sale projects could be delivered.  A strong rental market usually portends a strong sales cycle.  Now looks like a good time to buy a Downtown Austin condominium.

Search all Downtown Austin condos for sale here:  http://www.myaustinhousehunt.com/listings/propertytype/CONDO/areas/24842/

Contact me to buy or sell Downtown.

Jeff Harris

Realtor, Broker

jeff@trueaustinhomes.com

512-917-8142

Travis County proposes to build a new courthouse on Republic Square Park in Downtown Austin.  Already a federal courthouse is under construction on the west side of this newly revitalized park and now a second courthouse for the county is proposed for the south side of the park.  Most recently, this site was to be the new Austin Museum of Art with residences above.  What a waste of a brilliant location! 

Why is Travis County paying a premium to acquire a prime downtown development block on Republic Square Park, when more affordable land exists that is not in the dead center of one of the most vibrant emerging areas of the city?  With this decision, 2 sides of the park will be flanked by dead 9-5 only, Monday through Friday uses. Along with the Hobby state office complex to the southeast, there will be a string of 3 government use blocks right through the heart of this dynamic part of Downtown Austin.  We can guess the architecture of the new Travis County Courthouse will be uninspiring and the buildings empty and dark at night...hardly the goal of city planners in this part of the city.

Travis County is paying a high price for "location" and removing a valuable parcel of tax dollars for the City of Austin.  Undoubtedly, that site would otherwise ultimately offer something much more 24/7 and a structure that could contribute to the city's tax base and take advantage of the park front location. 

Should a new Travis County courthouse be built somehwere else?  County Judge Sam Biscoe thinks it is a great idea to build a courthouse on Republic Square.  Tell him otherwise. 

Please Travis County, rethink this decision.

 Jeff Harris, Broker

jeff@trueaustinhomes.com

www.trueaustinhomes.com

The Pfluger Pedestrian Bridge over Lady Bird Lake in Downtown Austin is being extended.  Thousands use the bridge weekly to cross the lake on foot and by bicycle, whether commuting or enjoying the hike and bike trail that runs down both sides of the lake.  The views of the Downtown Austin sklyline and up and down the lake are amazing.  From the middle of the bridge, one gets a wonderful perspective of the city and how nature and the built environment blend in a wonderful urban setting.

Now the Pluger bridge over Lady Bird Lake is being extended.  The bridge will pass over W. Ceasar Chavez St. and "land" in the area adjacent to the Seaholm redevelopment project.  The New Gables apartments sit just beyond the terminus of the extension, and the Seaholm development which will include offices, hotel, condo, entertainment and retail uses, will spread out immediately to the east of the bridge's extension.  Eventually a trail will lead through the Seaholm area, across the railroad tracks and into the W. 5th street "market district" where Whole Foods sits along with Spring Condos and The Monarch Apartments.

Construction has begun on the extension and soon Central Austin will be more easily connected to an ever evolving Downtown.

Follow this link to get more details on the Pluger Bridge Extension.

http://www.ci.austin.tx.us/publicworks/pflugerbridge_design.htm

 www.centralaustinliving.com