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 for…
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)….
60-Unit East Austin Condo Project Sells Out
While it’s not our primary focus, there are plenty of interesting condo developments rising outside of downtown Austin. In the portion of East Austin, close to 6th street and within a mile of I-35, a number of affordable, interesting mid-rise projects have risen over the last couple of years.Today, the 4-floor 60-unit 2124 Condos (located…
Austin’s Unique Urban Employment Core
Austin Contrarian discovered a very interesting report on “job sprawl” in major metropolitan areas. The report looks at 98 major metropolitan areas and tracks job decentralization — the increasing percentage of jobs located more than 3 miles from the urban core. According to the report, 95 of 98 cities, including Austin, saw the percentage of jobs located outside…
WSJ: Austin Apartment Vacancy Surges
The Wall Street Journal is reporting that Austin experienced one of the largest increases in apartment vacancy rates last quarter among major metropolitan areas. The vacancy rate, which jumped to 9.2% from 7.5%, is both high and rapidly growing — a major problem for landlords and apartment developers.The problem with the rental market is rooted…