Dwell Downtown Austin Blog

The Overlooked Condos with a View – Resale Opportunities in Downtown Austin

Posted in Austin Steals and Deals, Condos, Downtown Austin Condos by Bryan Cady on December 12, 2009

View from Milago Condominiums of Downtown Austin Texas and Lady Bird Lake

Milago Condominiums – 54 Rainey St, Austin, Texas 78701

Most buyers new to the downtown Austin condo market focus on the super luxury condominiums currently under construction including W Hotel Residences, Four Seasons as well as the Austonian Condos; however, Milago Condominiums (completed in 2006 approximately)  is a often overlooked alternative to downtown Austin living. Milago offers many of the same amenities as these super luxury condos such as 24-7 concierge, exercise facility, club room, WiFi lounge and rooftop pool at a fraction of the cost. For example, you can buy a 2-bedroom, 2 bathroom condo with 1,164 SF (per tax record) for $300,000 to $500,000 depending on the views; there are also penthouse homes available below $1M! Not only are sales prices less; the respective HOA dues (Approxiamtely $0.315 per SF per month) and property taxes are proportionally lower. See themilago.com for an overview.


Bel Air Lofts near Downtown Austin – Close Out Specials

Posted in Austin Steals and Deals, Condos, South Austin Condos by Bryan Cady on November 5, 2009

Bel Air Condos - Austin, Texas near Downtown

Recently The Bel Air Condominiums in central Austin, Texas near downtown, were auctioned; however, there were a few units that were held back and/or came back to market because of individuals not being able to obtain financing. There are currently 3 units available at essentially auction prices. For example, you can get a 2-bedroom with a rooftop terrace for $232,800. The original list price was $349,900…this amounts to a $117,100 discount!

The Bel Air Condos are FHA approved.

Brazos Place Condos Auction – Austin, TX

Posted in Austin Steals and Deals, Condos, Downtown Austin Condos by Bryan Cady on April 30, 2009
Brazos Place Condos - Austin, Texas

Brazos Place Condos - Austin, Texas

If you have kept up with downtown Austin real estate, you have heard about the Brazos Place Condos auction that will take place on Sunday, May 17, 2009. Will prospective bidders really get the deals touted in the headlines? In short, this auction is a marketing decision to generate buzz, and it has been successful at that; however, in order to get a “deal” you will need to do your homework in advance, so you avoid making emotional decisions that go hand-in-hand with auctions. So the question is…what constitues a great deal? This will be different for different people; however, I suggest having two numbers with you when at the auction: 1) a price cap of around 20-30% off list price and 2) a price cap based upon a cash flow analysis with 100% down and other assumptions specific to you.

Here is a brief overview of Brazos Place Condos…

The project name is Brazos Place and is located at 800 Brazos St (Austin, TX 78701). It is a recently completed, office-to-condo conversion with a total of 74 units. It is well appointed and amenity-rich. Here is a brief list of the amenities:

– 24/7 concierge
– Complimentary valet parking
– Ground floor retail in lobby
– Exercise facility
– Rooftop terrace

Here is a brief summary of the auction process…

Auction Date: May 17, 2009 (Sunday)
Start Time: 1:00 PM

1. Schedule a time with me to preview the property in advance
2. Register with auctioneer no later than Thursday, May 14, 2009 at 5PM
3. Prequalify for your home loan with Bank of America Mortgage
4. Review all of the purchase and sale documents (Email me for a PDF of these documents)
5. Have a cashier’s check for $2,500 made payable to Heritage Title Company. In short, you need a cashier’s check for $2,500 to gain access to the auction as well as a personal check to make up the difference for the 3% earnest money deposit requirement if you are the winning bidder. If you are not the winning bidder, the $2,500 is fully refunded. (Email me for terms & conditions)

If you’d like a list of available homes, a copy of the project brochure or the detailed terms & conditions for your convenience, Email me.

-Bryan Cady, urbanspace Realtors, LLP