Amid continuing market uncertainty, BartonPlace today announced that they have officially broken ground. With more than $45 million in earnest money on non-refundable contracts, BartonPlace is the latest project to confirm the strong market for well-conceived and affordable downtown housing. BartonPlace, a 270 unit condo project on Barton Springs Road, includes one, two, and three bedroom…
2008 Downtown Condo Property Assessments: Shockingly Modest Growth
This week, Travis County posted 2008 property tax assessments. Across the City of Austin, the assessed value of the average single-family house increased by a significant 12.82%. This is a big jump during a period during where actual property values seem to have increased only modestly.With the new assessment data available online, AustinTowers analyzed Hundreds of…
Surprise Compromise Saves Riverside Condo Project
While the city continues to approve many variances to large downtown projects, there has remained one downtown Austin zoning request request that seems truly sacred: building in the protected zone around Lady Bird Lake. While long-standing rules prohibit construction within 200 feet of the former Town Lake, a new project may soon be built 50…
Austin Real Estate: The State of the Market
With today’s release of March real estate statistics, the Austin market posted its ninth consecutive monthly decline. While the news is mixed, the Austin market — and Texas in general — have fared better than most any other market in the U.S.Still, it’s not like it used to be. While the average sale price last…
Seaholm Plan Approved: New Downtown Neighborhood to Emerge in 2011
Last week, the city approved a master plan for the redevelopment of the Seaholm Power Plant site on Cesar Chavez near Lamar. The $117.2 million project, a partnership between the city and Southwest Strategies, will result in a 22-story hotel, 60 condo units, and 180,000 square feet of retail and commercial space. Between the initial…
Austin Foreclosures and Loan Delinquencies
These days, the national mortgage crisis is big news. As home prices drop, delinquencies rise, and foreclosures continue to grow, the national picture remains bleak. In Austin, however, the mortgage crisis is causing much less pain. According to the Wall Street Journal , Austin loan delinquencies are virtually unchanged from the national market peak in the fourth quarter…