Star Riverside, a large condo project under way on the south shore of Ladybird Lake near I-35, has announced that it is going to auction 64-units in partnership with ibidcondo with no minimum price and no minimum bid. Before you call your mortgage broker and grab your credit card checks, the fine print on the Star…
CNN Report: Condo Auctions Common (Mentions Brazos Place)
An article from earlier today on cnn.com discussed the national condo auction market (it is growing fast) and the incentives provided to move condos nationwide. The issue is that condos take years to develop while condo demand can change very fast. As real estate markets across the country have retracted over the last year, condo developers…
Exclusive: March Downtown Condo Sales Disappoint
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…
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)….