Austin Condos and Lofts - New Page

We recently added a new page that lists all of the developments going on downtown with the new Austin Condos and Lofts. You can access here by clicking Austin Condos and Lofts.  Here is an interesting article from the statesman about new condos underdevelopment.

AUSTIN AMERICAN-STATESMAN
Tuesday, March 13, 2007

Downtown Austin’s condo building boom is taking a twist, with several projects that are turning former office buidlings into residences.

Next up is Sabine on Fifth, a 10-story building of mostly empty offices that CWS Capital Partners LLC recently started transforming into 80 condominiums.

The building, at the northeast corner of Sabine and East Fifth streets, adjoins the Hilton Garden Inn.

Crews are gutting the building, where CWS plans to install new windows and walls, along with new plumbing, mechanical, electrical and heating and cooling systems.

Prices for the smallest one-bedrooms, with about 700 square feet, will start in the mid-$190,000s, lower than many of downtown’s new residences, said Kevin Burns, owner of Urbanspace Realtors LLP, an Austin-based firm that is marketing the units.

The highest-priced units, with 1,461 square feet, will be in the mid-$500,000s.

Just a few blocks away, Pomeroy Investment Corp. said Monday it is considering adding 25 “ultra-luxury” condominiums atop Capitol Tower, one of two downtown office buildings the Bloomfield, Mich.-based firm bought in January. The 20th penthouse floor would be expanded and a 21st floor added, with the condos occupying floors 19 through 21.

Prices would range from the $800,000s to more than $1 million, said Jerry Reinhart, Pomeroy’s president and chief executive. If the company decides to move forward, construction could start within 90 days, he said.

The rest of the building, which Pomeroy is renovating, would remain offices.

Nearby, Pomeroy is well under way converting the former One Commodore office building into Brazos Place, 74 condominiums at East Eighth and Brazos streets.

The smallest one-bedrooms, with 623 square feet, are priced at $189,900. The largest units, with 1,400 square feet, are priced at about $500,000. The largest unit, with 1,200 square feet plus a 900-square-foot balcony on the 13th floor, sells for $619,900. Units in the second phase will go on sale later this month, and prices will be higher, Reinhart said. The project also will include retail space and offices for sale and for rent.

The CWS and Pomeroy projects come amid a residential building boom, with numerous condo and apartment projects proposed or under construction south and east of downtown.

Though some real estate consultants say there’s ample demand to fill all the projects, some real estate agents wonder whether the central business district could end up with more housing units than residents.

“I’m very concerned that there’s a potential for a glut,” said Leigh Gambrell, a real estate agent with Kovas and Associates Realtors, echoing views that a few agents have expressed privately. “You sacrifice space for location, and the downtown living experience appeals to a smaller segment of buyers.”

With many of downtown’s new condos starting in the $300,000s and topping $1 million, “it’s just not an accessible price point,” Gambrell said.

But developers are betting on continued strong demand for housing downtown. Pomeroy, for example, is spending $25 million in improvements for its downtown projects.

“We’ve experienced strong demand . . . and the number of units we’re bringing onto the market is less than 100,” said Reinhart. “And we believe there’s sufficient demand to absorb those units, based on our own market research and the purchase agreements we have signed to date.”

The CWS project coincides with plans to revive the nearby Waller Creek tunnel project. Rising costs have mired plans for the flood control project, now estimated to cost $124 million, but Austin appears to have found a partner — Travis County.

In coming weeks, the county is set to approve a new taxing district that will dedicate much of the new property tax revenue from the creek corridor to pay for the tunnel.

Greg Miller, vice president for investment, said CWS is committed to investing in parts of downtown that traditionally have been overlooked. He said the company will proceed with Sabine on Fifth regardless of whether the Waller Creek project moves ahead.

New Austin MLS Area Boundaries

The Austin Board of REALTORS, the organization that manages the Austin multiple listing service data, recently modified the Austin MLS area boundaries. For example, the old central Austin areas 1b & 4 have given way to the new areas DT & UT with the old area 4 moving up to northern part of area 1b all the way to Hwy 183. Confusing? Here’s a real life example for fans of central Austin. A home in Rosedale north of 35th street and a home in the Allandale area south of Koenig lane used to be considered area 1b. Now, those same homes would be listed in the new area 4. (On a side note… I believe the 1b area designation helped the value of those homes because it grouped those homes in with Tarrytown, Brykerwoods, and the always tony, Pemberton. That’s another post.) So, if you are used to searching 1b only you may consider new areas such as areas 4, DT and UT. One other solution to finding homes is to use our map search tool which allows you to effectively create your own areas. For those people that use the Austin MLS areas for their searches, our search tool is still showing the old map, but we are working closely with our programmers to get the new area map up and running.

As always, if you can’t find exactly what you are searching for on www.austinhomelistings.com please contact the REALTORS at Great Austin Properties directly at 512.577.6441. We have access to the real MLS tools and can help you find exactly what you are searching for.

Getting a home at Mueller

Catellus Development Corp, the master developer behind the redevelopment of the old Robert Mueller Municipal Airport into a 711 acre “mixed-use urban village”, today announced the process for getting on the list to purchase a new home. (If you don’t yet know about the Mueller project, I recommend visiting the site, http://www.muelleraustin.com/about.html.) Because of the great demand for these homes, the developer has a instituted a registration program called the Mueller Pioneer program. An important note about this process is that it is not on a “first come, first serve” list. There is timeframe to register and after the deadline, a company will be hired to randomly create a priority list of buyers.

This is the process to registering as a Mueller Pioneer.

Starting March 5, 2007 until April 30, 2007, complete a registration form, which will be available online or at Mueller Central, 4550 Mueller Blvd. (703-9220). They want to know which home type from which builder you’re looking to buy. (The builders were announced today.) Registrants may only select one home type and one builder. Due to anticipated high demand, families that register for more than one builder will be disqualified from the Pioneer program. Next, obtain a pre-qualification letter from the builder’s preferred lender. Obtaining the pre-qualification letter requires a $50 nonrefundable payment to the builder’s preferred lender. For those people, interested in buying an affordable home, the registration form is the same, but the pre-qualification will also include income certification from the homebuilder’s preferred lender and, if you need it, consultation with credit counselors.

This is the process after the registrations are submitted:

Catellus will build the list of prospective Pioneers using a randomizing process, overseen by a third party, to assign priority numbers to each Pioneer registration. Each builder will then work directly, in order, with each prospective Pioneer to complete home sales. Catellus will not sell Mueller homes directly. Please note that some builders will not enter into a contract with you if the purchase of a home in Mueller will be contingent upon the selling of your current house.

For more information stay tuned to www.austinhomelistings.com for more exclusive Austin Real Estate News.