The Wall Street Journal is reporting that Austin experienced one of the largest increases in apartment vacancy rates last quarter among major metropolitan areas. The vacancy rate, which jumped to 9.2% from 7.5%, is both high and rapidly growing — a major problem for landlords and apartment developers. The problem with the rental market is…
News
Austin real estate news combined with editorial and opinion.
Federal Courthouse to be Constructed by Republic Square Park
Thanks to the Federal stimulus package, a controversial Federal courthouse will be constructed on the west side of Republic Square Park in the heart of downtown. The $116 million project will be constructed on the former Intel site. Earlier in the decade, the city pushed the feds hard to locate the courthouse on the abandoned…
Problems at the Sabine: Residents Sue Developer
This week, 35 residents of The Sabine filed suit against the developers for list of problems that the condo owners say have been ongoing for month. The Sabine is an 80-unit condo conversion project of a mostly-empty office building on Waller Creek into a new condo project adjoining the Hilton Garden Inn on 5th Street near I-35….
The 10 Mile Loop: Austin to Proceed with Hike & Bike Trail Extension
Over the last few months, the City has been floating a proposal that would achieve one of Austin’s most important urban planning goals: filling the 1.2 mile gap in the 10.1 mile hike and bike trail around Lady Bird Lake. While land owners along the 1.2 mile stretch of the lake have objected, the City…
Austin May Eliminate Downtown Meters! (there’s a catch)
Good news! The City of Austin is considering eliminating 3,800 single space parking meters! The only downside is that they plan to replace the 3,800 meters with 750 whole block “pay station kiosks” that will make you walk down the block to figure out how to use a complex machine to print a ticket to…
On Sale! Bridges on the Park Now 20% Off?
In a highly unusual strategy, Bridges on the Park has announced a “March Sale” in which they have reduced unit prices by 20%. With the reduction, prices start under $300,000 for a 1 bedroom 1 bath unit and under $400,000 for a 1,349 square foot 2/2 unit. The pricing reduction shifted the price per square foot from $350-$430/SF to…