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

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

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