• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TOWERS

Austin city life since 2007

  • News
    • Condo Projects
    • Neighborhoods
  • Listings
    • Austin Condo Guide
  • Newsletter
  • Realty
Search
You are here: Home / News / Sabine Auction Update
Search suggestions: condos for sale • rainey street

Sabine Auction Update

towers staff February 8, 2010 Comment

As we reported last month, 27 of the 44 long-vacant units remaining in the Sabine are finally headed to auction on February 28th. The auction is a last hope for the project which is currently facing foreclosure.

According to the Austin Business Journal, “Beverly Hills-based auctioneer Kennedy Wilson will sell-off 27 of the available 44 units Feb. 28, taking bids as low as $85,000 and $195,000. The apartments were previously listed near $204,900 and $550,000. Condo buyers would receive a one-year Tower Health Club and Spa membership and up to $1,500 in closing costs paid by the seller.”

Kennedy Wilson has handled many condo auctions in the last year, including the successful Brazos Place auction in Austin. The auction will be held in February 28th at 1 p.m. at the downtown Hilton. According to the auction firm, potential buyers must register by Feb. 25. The company has set up a Web site specifically for auction information here.

It’s always hard to predict what will happen in an Auction like this. In the Brazos Place auction, held during tougher times, all 19 remaining units were sold in less than 90 minutes to a packed room of bidders. In that case, the units sold at a 29% discount to the original listing price. This is, however, is a useless barometer as the units were not selling well at the original prices. More useful is the average price / square foot which at $281/SF is a 9% discount to the 2008 downtown condo average of $308. Unfortunately for the original Brazos Place residents, the units sold for 24% less on a $/SF basis than the $370/SF average of the 12 Brazos Place units sold via MLS in 2008. We’ll see what will happen with the Sabine, but discounts of 20 – 35% off original prices are likely.

The Sabine is an 80-unit condo conversion project of a mostly-empty office building on Waller Creek into a new condo project adjoining the Hilton Garden Inn on 5th Street near I-35. The project was completed in 2007 and the majority of units still remain vacant although they have been removed from the market due to pending litigation. Unit plans range from one-bedroom, 682-square-foot units to two-bedrooms with as large as 1,419 square feet.


Get the full details on the auction here.

Related

Filed Under: News

About towers staff

Real estate, architecture, and city planning. Email: austin@towers.net

Austin Homes with Seller Financing available

Seller Financing in Austin
Previous Post: « Waller Creek Tunnel Project Advances
Next Post: Austin is Very Very Very Lucky »

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  •  Schedule a showing

FEATURED Listings

2804 Lafayette Avenue #2
Austin, TX
Photo of 2804  Lafayette Avenue #2, Austin, TX 78722 (MLS # 6466792)
$679,988
29
  • Lot Size
    2,178 sqft

  • Home Size
    953 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

210 Lavaca Street #2711
Austin, TX
Photo of 210  Lavaca Street #2711, Austin, TX 78701 (MLS # 9784437)
$1,475,000
26
  • Lot Size
    109 sqft

  • Home Size
    1,423 sqft

  • Beds
    2 Beds

  • Baths
    3 Baths

View Virtual Tour
301 West Avenue #5103
Austin, TX
Photo of 301  West Avenue #5103, Austin, TX 78701 (MLS # 5945580)
$1,894,900
33
  • Lot Size

  • Home Size
    1,474 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

360 Nueces Street #907
Austin, TX
Photo of 360  Nueces Street #907, Austin, TX 78701 (MLS # 3584447)
$648,500
40
  • Lot Size
    131 sqft

  • Home Size
    852 sqft

  • Beds
    1 Bed

  • Baths
    1 Bath

View Virtual Tour
501 West Avenue #3701
Austin, TX
Photo of 501  West Avenue #3701, Austin, TX 78701 (MLS # 9503524)
$3,299,000
40
  • Lot Size
    157 sqft

  • Home Size
    2,517 sqft

  • Beds
    3 Beds

  • Baths
    3 Baths

austin condo report

Featured Buildings

  • The Independent
  • Fifth & West
  • 360
  • Austin City Lofts
  • W Residences
  • The Shore
  • 70 Rainey

Footer

LEGAL NOTICE

TREC Information About Brokerage Services (pdf)

Texas Real Estate Commission Consumer Protection Notice


TOWERS realty

Austin Condos For Sale

Agents

Downtown Buildings

Luxury Towers

  • Four Seasons Residences
  • W Hotel & Residences
  • The Austonian
  • 5 Fifty Five at Hilton

Most Popular

  • The Shore
  • 360 Condos
  • Seaholm Condos
  • Spring Condos
  • Milago Condos

New Construction

  • The Independent
  • 70 Rainey
  • Austin Proper
  • Fifth & West

Loft Style

  • Austin City Lofts
  • Brazos Place
  • The Sabine
  • Plaza Lofts
  • Brown Building

Resources

  • Austin Condo Guide
  • Condos For Sale
  • Condo Buyer FAQ
  • Property Search

Featured

Archives

Newsletter · About · Contact Us · DMCA · Privacy Policy · SLAPP · Copyright © 2007-2022 TOWERS.net · All Rights Reserved