• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TOWERS

Austin city life since 2007.

  • News
    • Condo Projects
    • Neighborhoods
  • Listings
    • Austin Condo Guide
  • Newsletter
Search
You are here: Home / Market Analysis / New York Times: Downtown Austin is Attractive Second Home Location
Search suggestions: condos for sale • rainey street

New York Times: Downtown Austin is Attractive Second Home Location

towers staff October 26, 2008 Comment

An article in yesterday’s New York Times analyzed downtown Austin as a second home location. The enthusiastic article shed light on an important trend in the downtown market: the popularity of downtown condos with out-of-town buyers looking for a weekend getaway. We have heard first-hand from many developers that affluent Houston and Dallas residents, especially this with children attending UT, have been active buyers in the downtown Austin condo market.

The New York Times also indicated that buyers are increasingly able to negotiate with developers and condo owners for price reductions and free upgrades. In this tough market, where too few buyers can get decent loans, developers are increasingly eager to cut deals with prospective buyers.

Here is the full article from the New York Times:

MORE than 200 live music sites, weather with annual temperature averages in the 70s, and thoughtful urban planning make downtown Austin an appealing second-home location.

Beginning in the 1990s, city planners decided to model its urban core on the downtown in Vancouver, British Columbia. The result is an area of high-density housing; vertical mixed-use building; plenty of cafes, restaurants and bars; and pedestrian-friendly public spaces that include biking and hiking trails around Lady Bird Lake (formerly Town Lake).

Buyers of second-home downtown condominiums come from larger cities like Boston, New York, Dallas, Houston and San Francisco. Some choose the area based on their experiences there while attending the University of Texas. Others, like young technology professionals, come to the city while on business, then choose to purchase small units for use on weekends or vacations.

Retirees and those who are about to retire are often attracted by the area’s amenities, real estate agents said. Another group of buyers are people who don’t want to be dependent on cars.

Eric Winkler, owner of E. J. Winkler Realty Company in Austin, said the supply of new construction condominiums now exceeds the demand. “Prices are negotiable,” he said. “I’ve seen $90,000 come off a $490,000 list price.”

Buyers at the Plaza Lofts at Republic Square Park can find one-bedroom units listing for about $329,000. Cory Culpepper, an agent at van Heuven Properties, said that the price is about $100,000 less than a year ago.

Dave van Heuven, owner of van Heuven Properties, said that changes in lending practices, not an excess of building, account for a trend in pricing. “If you look at the 43-story 360 Condominiums, all 432-plus units were sold out, most of them preconstruction,” he said. “Now some of these same units are being offered again because of financing that didn’t go through.”

At the low end, listings range from about $250,000 to $450,000 for an 800-square-foot unit in a new building. At the high end, prices range from about $750,000 to $1 million, with penthouses in luxury buildings listing for up to two-thirds more.

HIGH

Overlooking Republic Square Park, this 12th-floor, 2,900-square-foot penthouse condominium is in a six-year-old building called the Plaza Lofts at Republic Square Park. A staircase inside the unit leads to a private rooftop terrace providing more than 600 square feet of outdoor space. The living area includes floor-to-ceiling windows, custom-made wood cabinets, polished and stained concrete floors and 13-foot-high ceilings. Electronic solar shades cover the windows, and the heating and cooling systems are zoned and computer-controlled. Glass inserts in interior walls allow natural light to pass through. The master suite is 900 square feet, and there are two and a half bathrooms. The building’s amenities include concierge service, a rooftop pool and a fitness center. Fees: $1,040 monthly. Taxes: $21,869. Listing agent: Kumara Wilcoxon, van Heuven Properties, (512) 480-8944; www.downtownaustinliving.com.

LOW

Ten-foot floor-to-ceiling windows and a 64-square-foot balcony face west from this condominium with a view of Lady Bird Lake. It has 812 square feet of living space, which includes oak hardwood floors, granite countertops in both the kitchen and the single bathroom and an area for a stackable washer and dryer. Stainless steel appliances are included. The building provides wireless Internet service in all common areas. Other shared amenities include a ninth-floor activity deck with a lap pool, an outdoor living room with a fireplace, a catering kitchen, a movie theater, a fitness center and 24-hour concierge service. Fees: $247 monthly. Taxes: $5,590. Broker: Taylor Andrews, Andrews Urban LLC, (512) 477-0360; www.lifesurroundsyou.com.

Related

Filed Under: Market Analysis

About towers staff

Real estate, architecture, and city planning. Email: austin@towers.net

603 Davis Street #604
Austin, TX
Photo of 603  Davis Street #604, Austin, TX 78701 (MLS # 2434110)
$649,900
10
  • Lot Size
    214 sqft

  • Home Size
    1,136 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

Previous Post: « September Update: Prices Hold Steady
Next Post: Original Series on Downtown Austin TV »

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  •  Schedule a showing

FEATURED Listings

603 Davis Street #604
Austin, TX
Photo of 603  Davis Street #604, Austin, TX 78701 (MLS # 2434110)
$649,900
10
  • Lot Size
    214 sqft

  • Home Size
    1,136 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

44 EAST Avenue #2310
Austin, TX
Photo of 44  EAST Avenue #2310, Austin, TX 78701 (MLS # 9418770)
$1,425,000
40
  • Lot Size

  • Home Size
    1,260 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

View Virtual Tour
44 East Avenue #1607
Austin, TX
Photo of 44  East Avenue #1607, Austin, TX 78701 (MLS # 3439383)
$1,250,000
36
  • Lot Size

  • Home Size
    1,221 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

View Virtual Tour
608 Brentwood Street #A
Austin, TX
Photo of 608  Brentwood Street #A, Austin, TX 78752 (MLS # 3202099)
$989,608
33
  • Lot Size
    4,356 sqft

  • Home Size
    1,959 sqft

  • Beds
    3 Beds

  • Baths
    3 Baths

501 West Avenue #2103
Austin, TX
Photo of 501  West Avenue #2103, Austin, TX 78701 (MLS # 4503529)
$2,895,000
40
  • Lot Size

  • Home Size
    2,822 sqft

  • Beds
    3 Beds

  • Baths
    4 Baths

austin condo report

Featured Buildings

  • 360 Condos
  • Austin City Lofts
  • The Independent
  • The Shore Condos
  • 70 Rainey

Footer

LEGAL NOTICE

TREC Information About Brokerage Services (pdf)

Texas Real Estate Commission Consumer Protection Notice


TOWERS realty

Austin Condos For Sale

Agents

Downtown Buildings

Luxury Towers

  • Four Seasons Residences
  • W Hotel & Residences
  • The Austonian
  • 5 Fifty Five at Hilton

Most Popular

  • The Shore
  • 360 Condos
  • Seaholm Condos
  • Spring Condos
  • Milago Condos

New Construction

  • The Independent
  • 70 Rainey
  • Austin Proper
  • Fifth & West

Loft Style

  • Austin City Lofts
  • Brazos Place
  • The Sabine
  • Plaza Lofts
  • Avenue Lofts
  • Brazos Lofts
  • Brown Building

Resources

  • Austin Condo Guide
  • Condos For Sale
  • Condo Buyer FAQ
  • Property Search

Featured

Archives

Newsletter · About · Contact Us · DMCA · Privacy Policy · SLAPP · Copyright © 2007-2022 TOWERS.net · All Rights Reserved