The $21.75M purchase last week of a prime downtown block adjacent to Republic Square for a new 17-story Travis County Courthouse exposed problems in the county’s tax appraisal accuracy. If you look at the historical tax appraisal data for the downtown lot, the appraised value was clearly significantly below market: 2005 Value: $7.6M2006 Value: $7.6M2007…
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Austin real estate news combined with editorial and opinion.
Ignoring Criticism, Travis County Buys Key Downtown Block
Ignoring public criticism and without a public process, Travis County closed on a prime downtown block just South of Republic Square in downtown Austin for $21.75 million. With this transaction, Republic Square is likely destined to become a dead block surrounded by government buildings. As a result of the transaction, the prime park block is…
New East Austin Condo Project Planned
If you take the new light rail from downtown, the first stop is at Plaza Saltillo on 5th and Comal just 8 blocks East of I-35. With a thriving bar and restaurant scene evolving on east 6th street and great new public transportation options, it’s no wonder that developers are headed to the area. Plaza…
Travis County to Ruin Republic Square
Over the last decade, the Austin Museum of Art has attempted to build a new downtown museum on the south side of Republic park multiple times. With a prime lot (now a parking lot) between 3rd and 4th street off Guadalupe, the museum aimed to be a cultural anchor for the second street and warehouse…
Downtown Condo Sales Heat Up
According to the Austin Business Journal, sales at the newest downtown condo projects including W, the Austonian, the Four Seasons Residences, and Spring have accelerated in recent weeks with more than 30 closings in October for downtown condos Sales at the five newest downtown condo buildings heated up in recent weeks, showing a continued trend…
The Condo Mortgage Crisis
In the current real estate market, condo sellers need all the buyers that they can find. With mortgage lending requirements still incredibly tight, the pool of available buyers is much smaller than it was just a few years ago. Now, new rules for FHA loans targeted specifically at condos will further limit the options for…