We’ve received multiple emails from irate participants in the Bel Air condo auction. The most recent reports are that as few as two units actually sold in the auction. The rest of the bids were supposedly rejected by the seller. As more details come out, it is becoming clear that the Bel Air condo auction…
Star Riverside Halts Construction
Star Riverside, a high end condo project on the south shore of Ladybird Lake just east of I-35, announced today that construction has “temporarily” stopped as a result of the ongoing economic crisis. Star Riverside In an emergency change, the project developers are redesigning the project well into the construction process. Apparently, the original plan…
Updated: Bel Air Condo Auction Results
Contradicting our initial report on the Bel Air auction, it now looks as if the real auction results differ substantially from initial published reports. In a very unusual auction development, updated reports on the Bel Air condos suggest that while bids were placed for all of the units, only 2 of the bids have actually…
W Must Replace Troubled Lender to Proceed
Since long before the 36-Story W Hotel and Residences began to rise earlier this year, the developers have faced the unpleasant task of replacing Corus Bank as their prime lender. Bad development loans in other markets have squeezed the bank’s liquidity, making it impossible for Corus to provide the capital required to complete the W. What is the impact?…
Analysis: Understanding New Condo Pricing and Risk
Condo fire sales at Brazos Place , the Shore and other projects have led readers to question the value of purchasing condo units directly from the developer during or prior to construction. In these and other projects, full price buyers have seen the value of their units plummet when the developer dumped excess units at a deep discount.For…
Sage Announces Auction Plan: Here We Go Again
First Brazos Place. Then Bel Air. Now the Sage.This week the Sage Condos in South Austin — 1702 South Lamar — announced that they will be selling the remaining 23 units through an auction on August 22. This is the third major auction in the Austin market. In May, the Brazos Place auctions saw strong…
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