Homes and Real Estate in Austin, Texas

Despite the fact that Austin’s downtown is solidly weathering the financial storm and has avoided the kind of collapses familiar to those who followed the condo booms in places such as Miami, FL, there’s still the occasional piece of bad news.

In a time when new projects in the heart of Downtown Austin are still being announced and there’s another boom on the horizon, the developers of the 1155 Barton Springs project have just filed for Chapter 11 protection.

The project, which has been plagued with financial and approval issues since the beginning, is located just across the street from the Palmer Events Center, and was forced to make this move after the lender decided not to renew their loan this month. But even this bad news for the developers comes with a silver lining: the project isn’t doomed, and the developers view this as nothing more than a temporary setback.

The 1155 Barton Springs project has been in the works since all the way back in 2005, and has operated under various names including “The Milan.” Financial issues are just one of the problems that they developers have faced in trying to bring the project to fruition. The first attempt to break ground was announced and scheduled for 2007, with tenants supposedly set to move in by Mid-2009, but that fell through.

The Bouldin Creek Neighborhood Association filed complaints in 2004 and the project was in three-year legal limbo due to zoning and compatibility disputes. And in the first quarter of 2008, the leaders of the company decided to simply shelve the project until such time as the downturn in the economy and the lending drought could be mitigated.

The project is now back on target (sort-of) and the developers are actively trying to resolve the current issues with their lenders so that they can move forward. Though no target date is set, the parties have now negotiated a final judgment in terms of the height of the building and the compatibility concerns, and the developers have stated that it’s only a matter of time before the project is back online.

The building (not yet named) will include 24 residential units ranging from 1,600 to an astounding 6,200 square feet, priced from about $1M to in upwards of $6M each.

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

The high-end condo market in Downtown Austin is, put simply, a relatively new phenomenon. The type of development that’s taken place in the 78701 since 1999 has drawn lots of national attention, and the projects currently coming on line in Downtown Austin are among the most luxurious projects ever to come to fruition in Texas. We’ve recently talked about some of the robust sales predictions for the coming year for the luxury projects downtown, another new high-rise project just announced by Constructive Ventures, and the fact that the downtown condo boom version 2.0 will soon be upon us.

But this month the big news is the opening of two of the most high-profile – and truly luxurious – of the downtown Austin condo projects: The Four Seasons Residences and the Austonian Condos.

Incredible Finishes at the Luxurious Four Seasons Residences

The anticipation and excitement surrounding these two projects has been intense since construction first began two years ago, particularly because the Austonian has so dramatically altered the Austin skyline (it’s now the tallest residential development west of the Mississippi river!). Residents will begin moving in to the Four Seasons (a 32-story building offering 148 luxury condo and incredible hotel amenities including the famous Four Seasons spa service) and the Austonian (the 56-story behemoth just north of the river offering 188 luxury condos). There’s also another major opening scheduled for December of this year at the W Hotel and Residences, a 26-story project offering 252 hotel rooms, 165 condos, and the high-profile new theater that hosts the infamous Austin City Limits live music program.

Together these buildings represent not just a subtle shift in the luxury offerings downtown, but a wholesale reconfiguration of downtown Austin’s residential market. The combined 501 luxury condos (the majority of which are over $1M) featuring amenities such as anywhere-anything concierge service, hotel services such as in-room dining, and world-class interior finishes have dramatically changed the conversation in terms of what our market can support. And with Austin as the #1 city in the United States in terms of recovery from the recession, there’s lots of reasons to be optimistic about the future development of our central business district.

Check out the interesting graphic below showing the progress of the “first wave” of Downtown Austin condo sales – it’s incredible to think that despite their relatively high prices these condos are 98% sold as of March 2010! And for a very interesting read about the possibilities (and the realities) of Austin’s booming downtown, check out the article “Up in the Air” by Harold Hunt.

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Just announced: lenders have posted the office building at University Park, the former Concordia University campus, for the June 1 foreclosure auction.

The original construction loan was for $39 million – provided by U.S. Bank and Texas Capital Bank – and they joined in the filing against the owner, East Avenue Holdings LP, according to the foreclosure petition. This does not bode well for the future of the former site of Concordia University, as the office building is merely the first component at the mixed-use site with lots of other space sin the planning stages. Read on to learn more about this development and about the future of the University Park Site, and check out the Austin American Statesman article here.

The University Park District - Location of the Foreclosing Office Building

Office Building at University Park Posted for Foreclosure
So what’s happening at University Park? First off, you may have heard of the project called East Avenue – this was the original project name – this is now being called University Park. So far the only tenant of the building (officially) is Texas Monthly Magazine. And as touted on the University Park website (screen shot below), the Aveda Institute training school is supposed to move in to the building later on this summer. The building ia a huge 215,000 square foot, 8 story facility with an attached parking garage, but the vast majority of those spaces are unfilled. According to Andy Sarwal – the Austin developer who’s leading the project and who acquired the land from Concordia with a winning bid in 2006 – the explanation is the general economic climate, even in a city as (relatively) unscathed as Austin.

From the Statesman: “Like many other projects in Austin, leasing has been slow with the current economy, but we really believe the project is turning the corner,” Sarwal said. “We are working hard and doing our best to come up with a solution that works for the banks.”

According to the developers, this setback will not impact the planning or the schedules associated with all of the other structures set for the 23-acre site right on IH35 in central Austin, and it’s not as if this is the first large office building in the market to end up with a foreclosure filing in the past few years. Sarwal actually sold off slightly less than half the site earlier this year, but still plans to work with Hyatt on a 203-room hotel on the site as well. It’s not all bad news though: all signs point to things getting back on track when construction financing becomes available, and like so many other Austin projects, success seems to be less a matter of luck than a matter of time.

Again, from the Statesman: local real estate consultant Charles Heimsath said in March that it “looks like a ‘win-win’ for both the developer and the note holder.” Sarwal is “freed from his debt obligations at a time when construction financing is nearly impossible to obtain, and the lender secures title to an excellent, fully entitled site that will be one of the first to go (forward) when new construction resumes,” Heimsath said.

An Image from the Green-Focused University Park Website

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Are we gearing up for the Downtown Austin condo boom 2.0 version?

Recently we’ve written about the high-profile project in the planning and approval stages at the historic Seaholm Site, as well as the recent new project announcement from Novare Group (developers of the 360) of the Ovation condos that are set to be built just a few blocks away in Downtown Austin, TX. Then the Aquaterra project even came back from the grave with rumors that it’s going to be rebooted as a rental-only project. Well now there’s been yet another major announcement for a new, ambitious residential project in the 78701 – this time by Constructive Ventures, the developers of the Spring Condos – and it raises the question: are we gearing up for the Downtown Austin condo boom 2.0 version?

Artist's Rendering of the Forthcoming Towers - Name Not Yet Announced

Two New Point Towers Coming to Downtown Austin 78701
The new projects consists of two 400-500 foot point towers (similar to the Spring Condos) on the site just West of the 360 that’s currently owned by Austin Energy (map below).

The towers are set to consist of about 425 condo units and about 15,000 square feet of retail space. It’s adjacent to the 360 condos as well as a decommissioned City of Austin water treatment facility on a 1.7 acre site. The total cost of the project is expected to be about $220 million and construction should begin in 2013 provided that financing goes through. This project brings the total to 4 MAJOR projects discussed just in the last week, and it seems as if 2012-2014 will be another huge boom for Downtown Austin, with more projects being proposed all the time (not all of which will get through the approval and financing stages, of course) and lots of downtown real estate still un(der)-utilized. Stay tuned for more news as it breaks on new developments in the Downtown Austin condo market in the 78701.

From the Austin American Statesman:

The community benefits from the project would include contributions for public art and $2.7 million for the city’s affordable housing fund, the largest proposed payment from a developer for a project to date, said Rodney Gonzales, deputy director of the city’s Economic Growth and Redevelopment Services Office.

“This is a really good chance for the city to convert an underutilized piece of downtown property into one that generates property and sales taxes for the city and brings forth a substantial contribution for the affordable housing trust fund,” Gonzales said.

Those projects are part of the city’s grand plan to transform downtown’s southwestern edge, including the former Seaholm Power Plant, into a lively, densely developed district. A new central library is also planned along Cesar Chavez.

Larry Warshaw, a principal with Constructive Ventures, said the condominium buildings would be so-called point towers — slender buildings on a wider base like the Spring condominium high-rise, of which he was a co-developer — and would soar between 400 and 500 feet.

“Financing will be the most likely factor dictating a start date,” he said

Future Site of the Constructive Ventures Project (marked by the red circle)

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

The Next Downtown Austin Condo Project by Novare: The Ovation

For those who follow the downtown Austin condo market and are interested in high rises in the 78701, the 360 Condos need no introduction. As one of the most popular and successful downtown Austin condo projects (search Austin downtown condos for sale here), the 360 condos sold out quickly and for solid prices when it was first built by the Novare Group – a successful developer out of Atlanta, GA. They are also a prominent feature in Austin’s growing skyline, and a project that has, to put it simply, garnered more positive reactions than many others.

Well now the Novare Group is at it again, with another large, high-profile project in the planning stages just two blocks away from the 360 Condos: The Ovation.

The popular 360 Condos in Downtown Austin sold out QUICKLY

The Ovation + Adjacent Office Tower

The Ovation won’t be breaking the mold too much as far as design – it will in fact be quite similar in terms of design and construction quality to the 360 – but all signs point to it becoming another hot seller due to what promises to be attainable pricing.

The Ovation will be a 250-unit, 28 story residential building at the 1.2 acre site that’s between 5th Street, 6th Street, San Antonio, and Nueces, and there will also be a 16-story office tower adjacent to it. It will be just one block west of the downtown post office and just a block from Republic Square Park.  There was originally going to be another 400-unit building at the same site, but the developers opted to go with 250 instead despite the fact that the 360 was by far one of the most successful (and largest) downtown condo projects. All 430 units at the 360 Condos sold out (and there was minimal discounting or specials offered), and perhaps the most critical element to the success of the project was attainable pricing. Most units were between $200,000 and $500,000, and there will most likely be very similar pricing models for the units at The Ovation as well.

According to the Austin American Statesman, the new “residential tower, called Ovation, is for 250 units with ground-level commercial space” and “the office tower would include a restaurant, bank and a parking garage with 567 spaces.” In addition to the condo building, the plans call for “a 153,634-square-foot office building, a 5,000-square-foot “high-turnover” restaurant, 14,000 square feet of specialty retail and a 4,000-square-foot drive-through bank.”

Awesome stuff Novare Group, keep it up.

Future Site of the Ovation Condos (marked by the red circle)

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Sales Estimates: Projects Under Construction in Downtown Austin, TX

Depending on who you ask, the Downtown Austin condo market is either a perfect exemplar of what a sustainable, timely downtown boom looks like, or it’s the beginning of a huge glut of properties that will have to be sold at fire-sale prices.

Here at Red Home Realty, we think they’re both wrong: Austin’s downtown condo market – with properties such as the Austonian, The 360 Condos, the Plaza Lofts, and the Four Seasons Hotel and Residences – is indeed an example of timely growth that can be absorbed by the market, but isn’t completely perfect either.

There have certainly been examples in which condos have undersold, have to be sold at Auction (the most recent example being The Sabine), or have been sold off-MLS for much lower than the original asking prices. The most recent data from Capital Market Research (via Austin Towers) shows that the truth is indeed somewhere in the middle: while affordable downtown units (such as the 360 Condos) sell quickly and easily, those over $1M tend to be far more difficult to unload. 

Check out the Austin Sales Estimates for Projects Under Construction chart below for the full scoop on what’s happening with the four most high-profile (and luxurious) projects currently under construction and in the pre-sales phase in Downtown Austin, 78701:

So what does all of this mean? Well first off, it’s important to note that of the 1500 units delivered to the Downtown Austin condo market since 2001, about 98% of them have been sold and have closed.

To add another number to put that figure in perspective, only 18 out of 1,554 units in downtown over the past 7 years have NOT sold. But the data above illustrates the challenges of selling numerous units for $1M+, and a number of the remaining units remain unsold. We believe that this may lead to some changes (price drops) for a number of these availabilities, perhaps putting some downward pressure on the sky-high price-per-square-foot of these recent projects.

Want to get the scoop on exactly what’s out there above $1M? Looking for a luxury condo downtown and want to work an off-market deal with the developers? Redhomerealty.com has your back – just give us a call today for more information.

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Bridging the gap between Downtown Austin, TX and the developing Riverside / South Lamar district just south of the river, Bridges on the Park is one of the coolest projects south of downtown, offering incredible finishes, moderately priced units, and a location that’s absolutely perfect. Completed in 2008, Bridges on the Park is a medium sized, six-story building offering 105 units, all of which are one or two bedrooms that range from 862 square feet to 1,623 square feet with prices starting around $275K. Read on to learn more about what Bridges on the Park has to offer and find units available today!

Bridges on the Park: Quick Facts

• Completed in 2008
• 430 Units across 44 Floors
• Units range from 721 – 2000 Square Feet
• One bedroom, two bedroom, and penthouse units
• Parking: Yes
• Pool: Yes
• Fitness Center: Yes
• Concierge: Yes

The Bridges on the Park Condos are located at 210 Lee Barton in Austin, TX 78701 just south of the river. Check out the search results below to see units currently available at Bridges on the Park, or give us a ring today to schedule a property tour!

Bridges on the Park Features

• The 2.5 acre site for Bridges has DIRECT access to Lady Bird Lake meaning the Austin hike and bike trail and Lady Bird Lake are basically your backyard.
• Bridges on the Park offers incredible views of downtown and of the lake from the balconies that are a feature of almost every unit at the complex.
• Completely gated access for vehicles in the on-site parking garage as well as gated pedestrian gates for maximum resident security.
• Easy access to tons of restaurants and retail both along Lamar and Barton Springs Road as well as on-site in the ground-level retail section that faces Lamar Blvd.
• The historic Paggi House restaurant is adjacent to the property and the Zachary Scott Theater is just across the street!
• Community features includes concierge services, a spacious fitness center, a gorgeous outdoor pool facing Lamar, a common area with fire pits and lounge chairs, and private on-site storage rooms for each unit.
• Impressive kitchens featuring stainless steel appliances, oversized gas ranges, large islands, granite countertops, and more.
• Units also feature gorgeous hardwood floors and cabinetry, tastefully done recessed lighting, designer tile, six-foot soaking tubs, and more

Bridges on the Park currently has fewer than 10 units remaining, and is offering close-out pricing.Give us a call today today for more information about the Bridges on the Park Condos in downtown Austin and about other cool places to live in Austin, Texas, or check out the search results below for units available at Bridges on the Park for purchase right now!

One of the most stunning and ambitious projects in downtown Austin, The Spring has set a high standard for future condo projects with gorgeous architecture, green building certification, and more. Completed in 2009, the Spring condos are located on the southwest border of downtown just off Lamar Blvd north of Lady Bird Lake, meaning Whole Foods is less than a block from the building and the Seaholm Site is just a block to the south. Read on to learn more about this unique downtown condo building new to Austin, TX 78701 and to find the perfect unit available for purchase today!

The Spring Condos: Quick Facts

• Completed in 2009
• 246 Units across 42 Floors
• Units range from 565 – 1704 Square Feet
• One bedroom – three bedroom
• Parking: Yes
• Pool: Yes
• Fitness Center: Yes
• Concierge: Yes

The Spring Condos are located at 300 Bowie Street in Austin, TX 78701 in the heart of downtown Austin north of Lady Bird Lake. Check out the search results below to see available units at the Spring, or call us today to schedule a private tour!

The Spring Condos: Features

• As Austin’s first true point tower, the Spring offers absolutely stunning view from every residence and maximizes living space in each unit.
• Units range from 500+ square foot one bedroom, one bath units starting at around $300K to 1,700 square foot three bedroom, three bath floor plans for around $1M – the building has 246 units across 46 floors.
• At the ground level there are numerous shops and retail spaces, and the 20-foot sidewalks emphasize the importance of a pedestrian lifestyle for residents at the Spring.
• The building is ideal for those concerned with their environmental footprint – the building has a four star green rating and offers numerous innovative energy-saving features for reduce energy bills for residents.
• Amenities at the building include on-site private parking, 24/7 concierge services, a rooftop pool area with an outdoor kitchen for parties and private events, a private fitness center on-site, direct access to the Pure Austin Gym and fitness center, door-to-door trash pickup, guest suites (complete with beautiful furniture and available year-round to save the expense of keeping a guest room), and an owner’s lounge near the top floor.
• The interior amenities are perhaps even more impressive: dramatic views of downtown Austin or Lady Bird Lake from every unit in the building, floor-to-ceiling wall-to-wall glass in select residences, all corner units for two and three bedroom units, controlled access to each floor, operable windows in all units, gas ranges, eco-duct ventilation for appliances, granite countertops with glass back splashes, wood flooring in the living areas, and more.
• The HOA fees are about $.38 per foot and include gas, water, wastewater, trash, building services, maintenance, and parking supervision.

Give us a call today today for more information about the Spring Condos near Lady Bird Lake in Downtown Austin, Texas and to learn about other exciting new projects in Austin, TX. Current availabilities are listed below with the Red Home Realty search tool starting at just under $275K – contact us for details or to arrange a private tour!

Understanding AISD School Rankings
Imagine for a moment that you’re a family moving to Austin and trying to figure out where to buy your first Austin home. Or that you are a young couple relocating away from downtown Austin condo and trying to find a family-friendly area and purchase a larger home. In either case you’re almost certainly going to be considering a very important factor for many people in determining where they buy: the quality of the local schools.

When it comes to school rankings and understanding which Austin schools will be the best fit for your family, it can be difficult to figure out. The recently released schools ranking report below offers a letter ranking for each of the AISD school, ranging from E (excellent), to R (recognized), to A (acceptable), to L (unacceptable performance). The schools included are AISD (the Austin Independent School District) that have at least one TAKS test result to report for the years in question, and other factors such as the dropout rate or completion rates are NOT considered in the ranking: according to the report “TAKS results and only TAKS results are required” to receive one of the four rankings. In addition to the school’s individual rating, the district is also given a rating, and cannot receive an E or R ranking if it has any L (academically unacceptable) campuses. So what are the requirements for TAKS performance to get a particular rating? Check out the table below for the complete requirements. What does all this mean to you, a buyer in Austin, TX? At Red Home Realty, we give our clients two pieces of advice related to school ratings:

1. It’s about more than just the letter ranking, because the ranking is based on a specific, inflexible set of criteria. To really understand the school’s performance, check out the full report (which includes dropout rates, diversity, completion rate, and more), not just the letter grade.

2. When choosing a neighborhood in which to purchase an Austin home, remember that the quality of schools is a great factor to consider even if you don’t have children, because the most in-demand schools create lasting, stable demand on the resale market for their neighborhoods.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Ready for another Downtown boom?
It seems like every week last year there was an announcement of a new high-profile downtown Austin condo development, and just as quickly as some were built others faded away. But some, such as the Austonian, the 360 Condos, and smaller projects such as the Plaza Lofts are proud reminders of the strength of the Austin real estate market.

Well now that downtown Austin seems to have filled up with condo projects, and now that our economy is making a remarkable recovery from the recession, it’s once again time for developers to start take the plunge. Thanks to Austin Towers for the detailed reports, you da man!

The Aquaterra Condos
These were originally supposed to be 163 units across 20 floors on Barton Springs Rd (210 Barton Springs), but were one of the first major cancellations announced a few years back. Not the architects have gone back to the drawing board to try and figure out a way to update the project to be more competitive in the current marketplace. Though no funding has been lined up as of yet it seems likely that this one will go through in the next few years.

7Rio Condos
This project was originally slated for completion in 2009 but got stalled as the plans never materialized. The original plan was a 34-floor condo project with 160 units with a price tag of about $50 million, and though the previous plans feel through it’s not being actively rethought. The project would be located at 7th and Rio Grande at the current site of Ranch 616 restaurant, and the restaurant would be incorporated into the building. The neighborhood association seems to be on board at this point and the developer is already in good with the Austin scene having completed two previous projects in town.

21C Apartments
This is a big one. What the developers are trying to find funding for is a 31-story 350 unit apartment tower at the corner of Red River at Cesear Chavez. The rental rates would be extremely affordable (about $1.50 per square foot) meaning you could potential rent a 700 square foot 1/1 for about $1000 per month. The developers intend to have 70% of the building be 1/1 units and up to 10% of the units dedicated for affordable housing with controlled rent on the lower floors. There are also plans for a second and third tower containing a 200 story hotel, spa, and restaurant and condo units, respectively, but these plans are far more up-in-the-air given the current lending climate and real estate market.

Other Austin Texas Downtown Condo Projects
In addition to these major projects there are numerous other in the works included office buildings (more than 120,000 square foot Class A space at 800 W. 6th Street), office+condo combination (Block 51 which is in development and will have more details later this year), and more. To learn more about these or any other downtown Austin condo projects or anything else in the 78701, just shoot me an email by clicking here.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.