Where Are The Neighbors Going?

11 03 2008

 

This past weekend I was showing downtown condos to clients. The weather was gorgeous. Seventy degrees, not a cloud in sky on Saturday. 

As of late, the focus is on new high-rise condos and lofts that are sprouting up all over the place. However, during our tour, something else caught my eye as we visited the historic Brown Building.

I immediately wondered, where are these sellers moving? And why?

Perhaps they are moving up and into a newer building or relocating to some other place. Maybe they are just testing the market to see if they can find an offer that will make them move. Or, they could be in financial trouble.





Urban or Suburban: How Much Does it Cost to Own in Downtown Austin?

1 11 2007

There’s no doubt the downtown Austin buzz is growing. It seems there are more than a few people considering a lifestyle change by moving out of the suburban areas and into downtown. Until recently, there hasn’t been a large supply of downtown residential space available. Predictably, demand for condos and lofts in the urban core continues to swell.

For example, the W Hotel & Residences saw 80 percent of their units reserved within a week of breaking ground and the sales center opening its doors (1 reservation = $10,000.00 deposit per unit). That’s remarkable given the expected completion date is still 3 years away… But even if you’re not willing to wait 3 years for your condo, there are at least 10 other projects under construction and roughly 2,000 units due to be complete by the end of next year. All of this begs the question… How much will it cost to own a downtown condo?

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Block 21: W Hotel and Residences

24 10 2007

Last week the W Hotel and Residences officially broke ground. To be honest, it’s the first time I’ve seen the letter “W” downtown without an anti-symbol displayed with it. In fact, this seems to be a W that many Austinites are happy to welcome to town.

Block 21 of the 2ND Street District is now the construction site of a $260 million dollar project that once completed, will be home to a 35 story, Platinum LEED-certified structure designed by Arthur Andersson of Andersson-Wise. Here’s what’s planned for the site: 

  • 250 hotel guestrooms

  • 196 condos  

  • Austin City Limits Studio Theater (2,200 seats)

  • Spa and Pools

  • Signature bar and Restaurant

  • 25,000 sq ft of ground floor retail space (The sales staff shared with me a list of possible tenants including Uchi, Eddie V’s, and a high-end grocer)

Unfortunately, I probably will not become a lucky resident of the W Austin anytime soon, but that doesn’t stop me from daydreaming about the legendary “Whatever/Whenever” service the home owners will enjoy. If you’re unfamiliar with the experience, W/W stands for pretty much anything and everything you could possibly request… so long as it’s legal, which some would argue is a relative term here in Austin… Here are few examples of that delightful W/W service:

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