There is much speculation about the state of the Austin condo market. With lots of new projects, a national housing crisis, and no precedent for high-rise development in downtown Austin, the common wisdom is that all the new projects will fail. With the revitalization of downtown, the rapid growth of the city, the strong local…
Austin Hike & Bike Trail to be Extended
The Austin City Council took a first step today to extend the much-loved Hike and Bike Trail surrounding Lady Bird lake to close the gap between Congress Avenue and I-35 on the south side of the lake. Currently, hikers, bikers, runners, walkers, and other trail-goers must brave the shoulders of riverside drive for more than…
Great News: Austin Home Prices up 0.33%!
If you’ve owned a house in Austin over the last year, I am pleased to announce that you are 0.33% richer based on the new value of your home. Between February, 2007 and February, 2008, the average single family house in Austin is up 1/3 of a percent to $233,015. While this may not seem…
National Condo Market Continues to Implode
Outside of Austin, the health of the U.S. condo market continues to deteriorate. It’s well known that many formerly hot condo markets have come upon tough times. In markets such as Fort Lauderdale and Miami where flippers would by and sell units many times before projects were completed, the meltdown has caused investors to flee,…
Arthouse Announces Striking Downtown Expansion Plan
Arthouse, a downtown contemporary art museum located on Congress and 7th, today announced plans to remodel and expand their downtown galleries and educational facilities. According to Arthouse, “The plans — developed by Lewis.Tsurumaki.Lewis, New York-based architects, the Board’s Building Committee and Staff — will triple total space from 7,000 sq. ft. to 20,830 sq.ft.” Arthouse…
The Central Austin Condo Conversion Boom
Last year, 824 Austin apartments were converted to condos. This year, that number is expected to grow to 1,167. As downtown condo prices have skyrocketed to $400 / SF or more (sometimes much more), a wave of Central Austin rental properties are being converted into more-affordable central condo buildings. Many of these new projects offer…