Dwell Downtown Austin Blog

Foreclosures higher in car-dependent neighborhoods

Posted in Condos, Downtown Austin Condos by Bryan Cady on February 20, 2010

This article is centered on location relative to train stations; however, in my opinion it is not too far of a stretch to conclude that this is applicable to downtown Austin and its surrounding areas within the urban core.

“Can living near a train station save your house?

Researchers looked at mortgage defaults in three cities and found something curious — the chance of foreclosure is higher in neighborhoods more dependent on cars, according to a report by the Natural Resources Defense Council, which included data from Chicago’s Center for Neighborhood Technology. The report examined 40,000 mortgages in Chicago, Jacksonville and San Francisco.”

The link became more obvious in looking at foreclosures after July 2008, when gas spiked over $4 a gallon, said CNT President Scott Bernstein, who studied foreclosures in the Chicago area. Bernstein found that gas price spikes provide an “early warning” of a rise in foreclosures in car-dependent communities.

“Nobody should be surprised this is happening,” said Bernstein, noting that the cost of a gallon of gas doubled between 2000 and 2008. “In the suburbs, two or three cars and all that driving can cost more than the mortgage,” Bernstein said. “If gas prices go up, some percentage of people will find those pressures to be too much.

Source: http://www.suntimes.com/news/transportation/2048241,CST-NWS-ride15.article?utm_source=mortgagenewsclips+test+list&utm_campaign=0d45ce3b47-RSS_EMAIL_CAMPAIGN&utm_medium=email

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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.

Downtown Austin W Condos – Financing in Place

Posted in Condos, Downtown Austin Condos by Bryan Cady on November 6, 2009

W Hotel Residences and Condos - Downtown Austin

The Dallas office of Holliday Fenoglio Fowler LP (HFF) has arranged a $120 million recapitalization for the W Hotel & Residences, a mixed-use project under construction in downtown Austin’s 2nd Street District.

Working on behalf of Stratus Properties Inc. and the Canyon-Johnson Urban Fund, HFF placed a new five-year construction loan originated by CLG Hedge Fund LLC, a hedge fund affiliated with Beal Bank Nevada. This loan is replacing an original $165 million construction financing through Corus Bank that HFF secured on behalf of the borrowers in 2008.

As part of the recapitalization, Stratus and Canyon-Johnson are also contributing $45 million to the project.

Due for completion in December 2010, the W Hotel and Residences will have 252 guest rooms and suites, about 159 residential units and approximately 54,000 sf of retail and office space. There will also be an entertainment venue operated by Live Nation and a new studio for KLRU-TV’s Austin City Limits show.

Source: Holliday Fenoglio Fowler LP

The Truth about the Future of Downtown Austin Condos

Posted in Condos, Downtown Austin Condos by Bryan Cady on May 6, 2009
Downtown Austin Sites & Development Potential

Downtown Austin Sites & Development Potential

As a follow up to my most recent post, here is a more compelling visual indicating that overbuilding of downtown Austin condos in the Central Business District (CBD) is not very likely.

Bryan Cady, urbanspace Realtors, LLP

Is Downtown Austin Overbuilt?

Posted in Condos, Downtown Austin Condos by Bryan Cady on May 1, 2009
Downtown Austin Sites & Development Potential

Downtown Austin Sites & Development Potential

Is Downtown Austin overbuilt? I get asked this question a lot. In my opinion, NO. But before you take my word for it, take a look at the latest Downtown Austin Sites & Development Potential map created by the Downtown Commission. You will immediately notice that once you account for sites that cannot be developed as well as sites that have Capitol View Corridors slicing through them, there is simply a limited amount of development opportunities in downtown Austin. Maybe the question should be: Why is downtown Austin under-built?

Bryan Cady, urbanspace Realtors, LLP

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

360 Condominiums – Closeout Specials

Posted in Condos, Downtown Austin Condos by Bryan Cady on March 1, 2009

360 Condominiums in the heart of the West End Market District in Downtown Austin has only 2 developer-owned units available for sale at significant discounts.

360 Condos