Central Austin Realty Bits

Downtown Austin condominium sales recorded in MLS totalled 38 in first quarter of 2011.  Additionally, sales were made in several of the new downtown buildings which are generally not reported in MLS.  The MLS sales in existing buildings sold at a median price of $308,000 in about 121 days on average.  Downtown Austin condos sold for 97% of asking price and the most number of sales occurred under $450,000.  There were 2 sales over 1 million dollars.  

Sales were also recorded at the new  Four Seasons, W, Austonian and Spring Condominiums, but these sales are generally not recorded in MLS.  I am aware of quite a few sales at each project first quarter and in general, these building's prices are mostly over $400,000.  Although Spring has some smaller affordable units under $300,000,  Four Seasons and Austonian prices are well over $500,000 per unit. When adding in these buildings, the number of Downtown sales easily doubles, and the median price would skew much higher.  

The average price per square foot for resale condos Downtown was $325 per square foot, while the new construction projects are commanding $400-$600 per foot regularly. There are 114 active MLS condo listings in downtown Austin, plus at least that many more available in newly completed projects downtown.  

Contact me to buy or sell Downtown Austin condominiums.

Search Downtown Austin condos for sale here.

Jeff Harris, Broker, ABR

jeff@trueaustinhomes.com

512-917-8142 direct anytime

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

Austin ranks as a top US spot for young entrepreneurs according to Under30CEO.  Austin ranked third, behind New York City and San Francisco.  The CEOs were asked to think about resources, schools, events, climate, and the social scene that a young entrepreneur looks for.  Austin compared favorably.  No other Texas city made the list.

Take a look around Austin and it's easy to notice the youthful influence on our city.  Many of the younger clients and prospects I encounter who are relocating to Austin are excited at seeing young businesses flourish in and around Austin neighborhoods and Downtown.  Housing choices are abundant and relatively affordable, and the business climatewelcoming so that thousands are able to relocate to Austin annually in persuit of entrepreneurial dreams. 

Relocate to Austin and join the thousands before you who saw Austin as integral to their success.  Contact me about an Austin relocation or search Austin homes for sale.

Jeff Harris

Realtor & Mortgage Broker

jeff@trueaustinhomes.com

W Austin hotel & condo residences opened the doors of the hotel and public lounge and restaurant in Downtown Austin this week.  I grabbed a few friends and headed to the Living Room lounge on the hotel's ground floor.  What a great job they did with these spaces.  The Living Room is really a series of large, yet intimate feeling interconnected rooms for socializing and mingling.  Bars are available in each area with cocktail service at your table if you wish.  Several of the W Austin lounge spaces have large fireplaces to add to the sexy stylish mood of this Downtown Austin hot spot. 

W Hotels are known for their fashionable, trendsetting spaces and the W Austin is no exception. Interior designers and architects did a great job of making the place stylish but not overly trendy, and not at all pretentious.  Just like Austin.  What I saw was a well dressed crowd who didn't mind letting their hair down to the terrific DJ who spun obscure and familiar tunes from the 60's to present day. The music volume was up but not so much as to prevent conversation.

We found a great spot by the fireplace to enjoy a few cocktails and chat, and later moved into different rooms and to the small tucked away patio off the restaurant to see old friends and meet new ones.  W Austin seems to be an instant hit and when the W Austin Residences are completed above the hotel in February, new residents will surely be pleased with their "living room" bar and adjacent restaurant on the ground floor.

The W Austin condominium residences start in the $400,000 range and go up to over $2 million.  They are modern and clean and offer great views over Austin.  Owners will begin closing on their homes in February 2011.  No doubt, the opening of the W Austin Hotel will spur sales although approximately over 50% of the 159 W Austin residences are already reserved.  The new Austin City Limits music venue is a part of this project as well.

For more info on W Austin Residences or the entire Downtown Austin luxury condo market, contact me or go here and click on downtown luxury:  http://trueaustinhomes.com/austinhomesearch.asp

Jeff Harris, Broker

jeff@trueaustinhomes.com

512-917-9142 direct

With all the downtown Austin luxury high rises at or nearing completion, it was recently reported that sales may be better than expected.  The completed Four Seasons Residences and nearly completed W Residences are over 50% sold.  The Austonian is at about 40% sold.  Generally the homes in these towers start at about $500,000 and go up into the millions of dollars.  The other new recently completed Spring Condominiums are approaching 65% sold out.  Spring residences start in the low 200's.

These four towers represent over 700 mostly luxury condominiums downtown.  About 53% of them are sold so far or 389 units.  Undoubtedly, many of those contracts in the new buildings were signed a few years ago when these buildings first began marketing efforts.  If you consider that sales efforts began about 3 years ago, and add the 66 MLS sales over $500,000 in the last 36 months outside these buildings, then you are looking at about 13 luxury condo sales per month in Downtown Austin.

At the rate of 13 sales per month, there is about a 2 year supply of luxury condosremaining in Downtown Austin.  That may seem like alot but keep in mind that this sales rate occurred during 2 of the worst years for the U.S. economy in a lifetime.  Also be aware that often, once a building is finished, the sales velocity increases because buyers can actually touch and feel the product so the rate of sales might increase along with the improving economy. There are no other luxury--or non luxury--downtown Austin condo projects under constructionor about to commence construction.  Even if a new tower began construction tomorrow, it would take about 24 months to complete.  The state of the credit markets and the time it takes to que up a new tower, dictates that probably nothing will get off the ground in at least the next year or maybe 2 or 3 years.  

By the time these new luxury projects sell out, there will be no additional inventory for the Dowtown Austin luxury buyer.  Inventory will be limited to resales and undoubtedly the choices will be much less than there is currently.  The overall economy should be much improved by that time as well.  With no new inventory coming on line in the luxury or sub luxury segment in the next several years, this may be a good time to buy Downtown.  Whether prices increase in the coming years due to a lessened supply remains to be seen, but significant downward pressure on prices seems fairly unlikely if likely at all.

Contact me to learn more about Downtown Austin condominiums or to explore selling your home and moving downtown.

View Downtown luxury condos for sale here:  http://trueaustinhomes.com/downtownluxury-.asp

View Downtown condos under $500,000 here:  http://trueaustinhomes.com/downtowncondos-500k.asp

jeff@trueaustinhomes.com

Jeff Harris

Broker

512-917-8142 Direct

Last night's Realtor reception and open house at Spring Condominiums showcased these exceptional condo homes in Downtown Austin.  The blue skies and amazing sunset painted a spectacular backdrop to what is arguably one of the best projects in Downtown.  I was very impressed.  As Austin's first "point tower", designed to mimic the towers of Canada's Vancouver, BC, The Spring rises on a modest footprint high into the Austin sky.  The efficient, clean modern design eliminates long hallways and gives the units lots of natural light and fantastic views from more than one direction.

Floor to ceiling windows bring the expanding Austin skyline up close and personal.  Lady Bird Lake and the city's greenery lay gracefully at your feet and the city's changing elevations of hillsides and escarpments are more pronounced from the higher floors. 

1,2 and 3 bedroom homes are well planned and efficient.  Finishes are top quality and the look and feel is cosmopolitan and sophisticated but not intimidating or formal.  The location is across the street from the flagship Whole Foods Market.  The hike and bike trail is right outside your door.  All of downtown is accessible.  Prices begin in the low $200,000's for a modest yet open and liveable 583 sq. ft. 

Call me to find out more about Spring and the current specials they offer.  It is destined to be a landmark building in Austin.

Watch a video of the views from Spring:

http://www.youtube.com/watch?v=8j9LquqOTg0&feature=player_embedded

www.centralaustinliving.com

View of W hotel & condos with cranes for new Federal Courthouse in foreground.

Downtown Austin construction is continuing with the W Hotel & Residences being topped off.  The cranes are still in the sky as the exterior building work of the W continues.  The W will contain 160 residential condominium homes priced from around $500,000 in addition to the hotel and mixed uses within the block 21C project. Each W condo owner will have access to hotel amenities such as concierge, dining & housekeeping.  The completion date of the W Residences is in 2011. 

There have been 20 closed sales of Downtown Austin condos priced over $500,000 in the past year in the MLS.   There have been many other non recorded MLS sales as well in the new buildings like Shore and Spring who do not list all the units in the building in the MLS.  There have also been a number of contracts written for new buildings that are under construction like the W, Austonian and Four Seasons. There are  5 more pending sales over $500,000 currently in Downtown Austin among existing buildings, in addition to the pending sales in buildings under construction...that is a healthier sales pace than has been experienced in quite some time.

Contact me for a complete list of available Downtown Austin condos.

The Brown Building was built in the late 1930's for Brown & Root Construction Company in Austin, Tx.  It onced housed the offices of Congressman LBJ as well as a radio station and other LBJ family enterprises. 

In the late 1990's, the Brown Building was converted to 90 residences.  It was downtown Austin's first residential loft project.  Because the developers maintained the historic integrity of the building exterior and lobby, the building was designated a historic landmark.  As a historic landmark, it enjoys significant property tax discounts vs. other Downtown Austin Condos. 

The original terrazzo floors have been maintained throughout the first 8 floors of the Brown Building, the original lobby shines as a testament to the deco influences of the era, and granite slabs used in the original building interiors were reused in the kitchens of the Brown Building units.  The oversized operable windows are still part of the building and flood the spaces with light and breezes.  The ceilings are extra high too. There is a rooftop deck at the Brown Building in Austin with panoramic downtown views.  Because the Brown Building sits at a higher elevation in Downtown Austin, a 7th or 8th floor unit at Brown Building Lofts has views similar to units on higher floors in buildings farther south closer to Lady Bird Lake.

Brown Building also features assigned covered parking and a gym.  Gumbo's restaurant and The Brown Bar are right on the ground floor of this building too.  Brown Building lofts for sale start in the low 200's and rise to the 700's.  The approximate 65% tax break helps make the Brown Building affordable downtown living. 

History Lives at the Brown Building...and so can you.

Currently listed at Brown Building.  Unit 7C.  $229,900

Fans of contemporary art and 360 Condominiums in Downtown Austin Texas will be pleased to know that Details Magazine named the Laura Reynolds Gallery as one of the 10 best art galleries in the country.  The 360 Condo Tower downtown in the 78701 zip code, has ground floor retail and restaurant space that houses popular spots like Mulberry, Blu, Royal Grocery and the Reynolds Gallery among others in Downtown Austin.

Laura Reynolds Gallery in 360 Condominium Tower made the list with other galleries in New York, San Francisco, LA and Chicago.  The magazine says ..."Reynolds forged a niche in the competitive Austin scene by luring a roster of international talents like British artist Ewan Gibbs to Texas....Why not bring art here that otherwise wouldn't be shown?... And what she shows doesn't just make you look--it makes you look twice."

The 360 condo is a Downtown Austin Texas condominium with 430 residences in over 40 stories.  It was completed in 2008. 360 condos listed for sale range in price from $279,000 for a one bedroom to $549,000 for a two bedroom condo with spectacular Downtown Austin views.  It is located at 360 Nueces St. Austin, Texas 78701.

Call me to find out more about 360 condos or any other Downtown Austin condominiums for sale.

This historic Brown Building loft in Downtown Austin Texas is perfect as an efficient space for crashing when in town for UT games,  SXSW, or Austin City Limits festival.  It makes a great starter home for Downtowners as well.  7th floor, city views, high ceilings, enormous windows that open to reveal the fresh air and retro terrazzo floors are a few of the great features.  One reserved covered parking space in the garage, a rooftop deck with panoramic views, basement level gym and ground floor bar and restaurant guarantee an active downtown Austin lifestyle.

History lives here too as Congressman LBJ had offices here at one time. The building was constructed in the late 1930's and once housed offices and a radio station.  The historic lobby has been preserved and many elements of the original building in Downtown Austin have been reused.

Historic tax exemptions guarantee the lowest property taxes in Downtown Austin.  An approximate 65% discount is afforded owner occupants.  The HOA is very affordable and includes cable with HBO.

Listed at $229,900 this Brown Building loft in downtown Austin Texas is the lowest priced unit available in the building but is on a high floor with light and breezes. 

Live life in the exciting urban core.  Walk to hike and bike trails and Lady Bird Lake.  Live in the historic Brown Building.