The Austin Condo Hell Film Festival (Part 2)

We proudly present: Homewrecker!  For your slacker enjoyment...

Now this we like!

From the Statesman:

"City leaders have urged developers to build more affordable housing downtown with little success. Now, Austin plans to put its money where its mouth is with the upcoming sale and redevelopment of the Green Water Treatment Plant and nearby Austin Energy property.

Blunting the developers' argument that land and building costs downtown are just too high, city officials plan to give them no choice but to include low- to moderate-priced housing in the redevelopment of the nearly four city blocks..."

Click here to read the full article.

OMG

From the Austin Business Journal:

"More than three years after Austin developer Tom Stacy and a Chicago partner company purchased the building at 501 Congress Ave. and unveiled plans for a dramatic multiuse tower on the site, the deal has grown much larger, incorporating one-and-a-half city blocks, two soaring towers and an estimated $500 million investment.

Stacy's company, T. Stacy & Associates Inc., and Walton Street Capital now plan a 500,000-square-foot office and retail tower at 501 Congress that would be slightly taller than the 26-story Bank of America Center building the partnership owns at 515 Congress next door. The group is also plotting a hotel and condo tower at the corner of Brazos and Fifth streets that would rise more than 800 feet, making it by far the tallest building in Austin and the sixth-tallest in Texas."

Click here to read the full article.

Hm...

We aren't quite sure what to make of this news...  The apartments on S. Congress that we almost moved into when we first moved to Austin in 2005 are now becoming condos!  Check out 2020 Congress and let us know your thoughts.

Austin condos -- good investment (so far...)

From an article about the national condo market, Austin gets a very special shout out as a market where prices are actually appreciating:

"Austin, Texas, is an area that saw steady growth from year to year. The NAR reported the median condo price in the fourth quarter of 2007 was $173,200, up 7.6 percent from $160,900 at the end of 2006. That’s no surprise to Paul Perez, operations manager for the Live Well Team, part of Prudential Texas Realty in Austin. Perez said Austin benefits from being the state capital of Texas, and the location of the University of Texas' Austin campus. “We’re not as affected as other markets (by the economy),” Perez said today, noting that prices for condos in Austin rose steadily rather than skyrocketing as they did in some metro markets across the United States in recent years. “Texans aren’t’ going to pay an exorbitant amount and density isn’t a problem here as it in New York or California.” Perez said there are condos for every price point in Austin, noting his firm just sold a one-bedroom condo in Downtown Austin last week for $145,000 but also has listings for luxury developments. One property his firm is marketing is Star Riverside, a lakefront development where prices start in the $600,000 range.?

See, they can't shut up about it either

From today's Statesman:  Urban Urges.

Makes us feel all corporate and tingly all over

Here is some interesting info about the Four Seasons condo development downtown.  From the Post Properties Q4 2007 Earnings Call (they're the developers):

"Last month we commenced construction of the Four Seasons Residences in Austin. Austin has one of the stronger housing markets in the country and pre-sale activity has been very good. We’ve written contracts on nearly a third of the units representing nearly 40% of the aggregate sales revenue."

Then in the Q & A section:

"Louis W. Taylor – Deutsche Banc Alex Brown

And then Dave lastly, in terms of the Austin condo Four Seasons project you just started how firm are those presale commitments? What’s the size of the deposits?

David P. Stockert

We’re generally collecting 10% deposits and these are fairly expensive units so it’s very sizable absolute deposit commitment. That project benefits from its location from the Four Seasons brand from its hotel services although it’s got its own set of amenities and high quality. It’s being very well received.

Louis W. Taylor – Deutsche Banc Alex Brown

Is that deposit refundable?

David P. Stockert

No."

Ouch.  Er, we mean, good for them! :{p}