There should be no doubt: It’s a tough time to be a downtown condo developer in Austin, Texas. While building costs have slipped from their peak, demand is soft and it remains a buyer’s market. For high-end projects in particular, supply remains plentiful and competition among sellers is fierce. Yet, developers are once again thinking…
Sabine Auction Results!
Today, more than 200 registered bidders showed up to compete for 31 units in the much anticipated Sabine auction. In the end, 29 of 31 units sold for an average 30.5% discount with a final price per square foot of $228. With strong demand, the developer added four units into the auction: three just days before…
Sabine Auction Pricing Analysis: Looking at MLS Sales
With one week until the Sabine auction , it is clear that many potential buyers are considering participating in the sale. With starting bids as low as $85,000, bargain hunters will inevitably emerge looking for a great deal. The big question, however, is what is the right price for a Sabine unit. For a few reasons, valuation…
Austin is Very Very Very Lucky
2009 was a tough year for job creation in the United States. Since job creation drives home prices, the 2009 job losses are likely to leave a lasting impact. How lasting? Economists estimate that it may take the United Stated 125 months (10+ years) to fully recover the jobs lost during the great recession of…
Sabine Auction Update
As we reported last month, 27 of the 44 long-vacant units remaining in the Sabine are finally headed to auction on February 28th. The auction is a last hope for the project which is currently facing foreclosure. According to the Austin Business Journal, “Beverly Hills-based auctioneer Kennedy Wilson will sell-off 27 of the available 44 units…
Waller Creek Tunnel Project Advances
On Thursday, City of Austin officials approved eminent domain proceedings to reclaim a parking lot between 4th and 5th street that is required to begin the Waller Creek tunnel project. The half-block property is essential to development of the mammoth downtown tunnel project. According to officials, it is needed for two tunnel easements, one temporary…