The Brazos Place auction is big news: residents are outraged, bargain hunters are taking note, and the media is marking the first downtown condo auction with glee. The big story is that opening bids start at less than half of original listing price for most units. The real question should be: what will the units…
News
Austin real estate news combined with editorial and opinion.
Surprise “Fire Sale”: 20 Brazos Place Units in Upcoming Auction
In an unfortunate turn for the downtown Austin condo market, the Detroit-based developers of Brazos Place — a 72 unit condo conversion project on 8th and Brazos — have posted the remaining 20 units for sale in a surprise auction on May 17. Like most auctions, the starting bid price is very low — as little as $80,000…
60-Unit East Austin Condo Project Sells Out
While it’s not our primary focus, there are plenty of interesting condo developments rising outside of downtown Austin. In the portion of East Austin, close to 6th street and within a mile of I-35, a number of affordable, interesting mid-rise projects have risen over the last couple of years. Today, the 4-floor 60-unit 2124 Condos…
WSJ: Austin Apartment Vacancy Surges
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…
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….