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…
Economist: Downtown Condo Market To Remain Strong
In a new report on the Austin housing market, Texas economist Ray Perryman analyzes the future of the downtown Austin condo market. With 40,000 new people moving to Austin each year and fewer than 4,000 downtown units planned over the next 5 years, Perryman believes that the market for downtown condos will remain strong.Perryman’s analysis…
New Downtown Affordable Housing Initiative
As the downtown development boom has driven downtown land and housing prices upwards, the calls have been strengthening for the City to take definitive action on affordable housing o ensure that downtown remains diverse and affordable to as a broad a segment of the population as possible. With the opportunity to control development of a…
BartonPlace Approved by City, To Begin Construction
BartonPlace , a planned 270-unit condo project behind Austin Java on Barton Springs Road, received final city council approval yesterday. According to the developers, the project has taken deposits on approximately 80 of their units with a combined value of $40 million. With decent pre-sales, the project has been able to secure financing for the project…
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