St. Patrick’s Day 2011 may have been the most crowded that I have ever seen downtown. With SXSW music in full force, a packed free concert for the Strokes at Auditorium Shores, and a steady stream of locals headed downtown to celebrate St. Patrick’s Day, downtown was absolutely crazy.This year’s SXSW music festival packed downtown…
First W Austin Condo Sale Prices Hit MLS
As condos in the W Residences begin to close, the first two units have hit the MLS. For buyers looking at the W, this is one of the first public signals of the building’s market value. The units were: 23rd Floor1,169 Square Feet1 Bedroom / 2.5 Baths$570,984$488 / SF22nd Floor3,498 Square Feet3 Bedroom / 3.5 Baths$2,035.000$582 /…
Exclusive: Condo Sales Soar in February
There is lots of evidence that the Austin real estate market should be improving: inbound migration rates are extraordinarily high. Job growth is back. Inventory is declining. Rental rates are soaring. February’s sales provide the first evidence that the market may be improving.We’ve updated the AustinTowers | TOWERS Realty Downtown Austin Condo Market Index for January and February, 2011. In…
Report: Downtown Rents Soaring
We’re hearing reports of soaring rents in high-end downtown Austin rental buildings like the Monarch, Ashton, and AMLI. In one case, a tenant’s recent renewal resulted in a 30% increase in the market rate and the elimination of concessions. In total, this meant a rent increase of more than 50%.While downtown rental properties struggled to…
Austin Population Explosion Continues
Austin’s population continues to rapidly grow. For real estate owners, this may be good news — increasing population with static supply often means price appreciation. While real estate prices in Austin have stayed relatively flat, rental rates are beginning to soar. Over the next few years, as the population is predicted to continue to soar,…
Downtown Vacation Rentals: Many Delinquent on Hotel Taxes
There are more than 200 Austin vacation rentals currently listed in Austin including units in major downtown Austin condo projects. According to the City, any unit that is rented for fewer than 30 consecutive days and more than $2 / day (Really! $2 / day!) must charge and pay the full hotel tax. Currently, the…