Dwell Downtown Austin Blog

The Results are in! Sabine on Fifth Auction Results in Downtown Austin

Posted in Uncategorized by Bryan Cady on March 1, 2010
Sabine on Fifth Downtown Austin Condos Results are in!

Downtown Austin Condos - Sabine on Fifth Auction Results are in!

There were no surprises at today’s auction. 31 units were auctioned at an average of 30% off the original list price. This is no surprise since there have been other developments that have offered similar discounts without having to compete in an auction environment. In other words, the downtown Austin condos that were bid upon today represent today’s market value of The Sabine on Fifth at an average $234/SF.

See attached Sabine on Fifth Auction Results matrix for detailed chart

The two-bedroom units turned out to be the best deals. The final bid price for Unit 605 represented the best deal in the entire auction in my opinion. The final bid price was $276,000*; however, once you account for the mandatory 4% buyer premium, the actual final bid price was $287,040* (or $196/SF)! That was approximately 34% off the previous list price for a large 2-bedroom with downtown Austin views. Pound-for-pound Unit 907 was the best price per SF at approximately $185 per SF (or a final bid price including the 4% premium of $263,120*)…39% off previous list price!

What can be concluded from this auction? Here are some initial thoughts: 1) The units were sold at fair prices; in other words, no steals or bad deals. 2) The downtown inventory is shrinking; in other words, similar deals are becoming more rare to find. 3) There is strong demand for living downtown in a building with limited amenities; in short, buyers want to be in downtown Austin whether it’s a block from Whole Foods, in the Entertainment District or on the lake.

*Please note: All bids were subject to final seller approval, so the final bid price does not necessarily reflect the final contract price agreed upon both parties.

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Restaurant Tenants Announced for Newest Super Luxury Condo in Downtown Austin

Posted in Uncategorized by Bryan Cady on February 21, 2010

The Austonian, 1 of 3 super luxury condominiums in downtown Austin, will have two local restaurants run by Former Driskill Grill chef David Bull: 1) An upscale concept called “Congress” and 2) a casual concept called “Second at Congress”. In addition, a local yogurt shop called “BerryAustin” will open its second location on the ground level retail.

Source: Austin American Statesman

Legacy on the Lake achieved LEED Certification

Posted in Uncategorized by Bryan Cady on January 20, 2010
Highrise Apartments in Downtown Austin, Texas

Highrise Apartments in Downtown Austin, Texas

Legacy on the Lake achieved LEED certification by 30% reduction of water use, 10% recycled material use, 43% of building materials sourced locally, 77% of construction waste recycled, use of low VOC interior finish materials, and 90% of interior spaces having access to daylight and views.

Other green design and construction features of Legacy on the Lake that contributed to its LEED Certification:

  • Reserved parking for hybrid/fuel efficient vehicles
  • Electric vehicle charging stations
  • Bicycle storage and changing rooms
  • Energy efficient building envelope
  • Water efficient landscaping
  • Treated storm water run-off
  • Commissioned mechanical systems
  • Construction Indoor Air Quality Management Plan during construction

Legacy on the Lake achieved LEED Certification despite having a tight construction budget. Total upcharge to achieve certification was about 1 percent of the total construction hard costs.

Source: EDI Architecture