We’ve updated the AustinTowers Downtown Condo Market Index for March and the news is not good. While month-by-month results fluctuate wildly, March saw a drop of 71% in the number of units sold — from 14 units last March to just 4 this March. For the first quarter of 2009, sales dropped from 25 units sold in 2008 to 14…
Analysis: Brazos Place Auction
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…
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 for…
BartonPlace Construction Update & Pictures
I walked by BartonPlace on Barton Springs Road today and was shocked at the rate of progress on construction: the 6-story multi-building development has already topped out. In fact, the steel is being put in place to form the project’s distinctive curved roofline (the top units actually have 15′ curved ceilings — some are still available)….
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 (located…
Austin’s Unique Urban Employment Core
Austin Contrarian discovered a very interesting report on “job sprawl” in major metropolitan areas. The report looks at 98 major metropolitan areas and tracks job decentralization — the increasing percentage of jobs located more than 3 miles from the urban core. According to the report, 95 of 98 cities, including Austin, saw the percentage of jobs located outside…