This past weekend, the Austonian hosted one of Austin biggest galas — the Ballet Austin Fete. With dinner on the 33rd floor, a cabaret on the 10th floor, and a wild party in the lobby, it was quite an event for an active construction site. Hundreds of guests moved between venues on rickety construction elevators…
New FHA Rules for Condo Mortgages
FHA loans provide qualified buyers an opportunity to purchase units with loans that they would not otherwise qualify for. In particular, FHA loans allow for smaller down payments, often as low as 3% of the purchase price. Next month, the rules behind these Federal loans will be changed substantially, making many condo projects and buyers…
Starwood “Hotel 1” Concept Proposed for Warehouse District
It’s been a long time since a new building was announced downtown. Today, Starwood announced plans to build a new 17-story concept hotel called Hotel 1 (Hotel One? One? 1? Hotel1?) on the southwest corner of 5th and Colorado across Colorado from Kenichi. The new eco-luxury concept will feature 250 – 275 rooms and will…
Shore Closeout Promotion
Since May 2, the Shore has been aggressively trying to closeout sales on the last 82 units. Amazingly, the developers successfully sold 62 units in the first 10 weeks of the promotion between May 2 and July 23. This is twice as many sales as were recorded during the same period for all other DT MLS listings….
July Downtown Condo Sales Show Improvement
We’ve updated the AustinTowers | TOWERS Realty Downtown Austin Condo Market Index for July, 2009 and, for the first time this year, MLS sales were higher than the previous year numbers.MonthSales Avg. Price$/SFAvg SFAvg Year% AskADOMJul-08 10 $307,500 $279 1,098198597%106 Jul-09 12 $265,450 $265 1,021198797%88
Impressive New W Renderings
As the W Hotel & Residences continues to rise, the developers have been busy creating new renderings of the high visibility second street project. The renderings look great — in fact, they make you wonder how they produce renderings this good for a building that does not yet exist. We are particularly impressed by the second image where they…