5/17 Austin Site Visits

The Austonian

Our property tours began with one of the premier residential condo projects in Austin, Texas, The Austonian. The tallest building in Austin standing at nearly 700’, the Austonian is perhaps the most high end condominium building construction that the city has ever seen. According to its proprietors’, it is the first “true luxury” product in the Austin area. It is situated in the downtown Austin area and provides easy access to everything downtown has to offer. This condominium recently received its certificate of occupancy and will be occupied starting at the beginning of June. The building itself is fifty plus stories and provides views that all of the surrounding structures can only dream of. The fitness center on the top floor and the entertainment area on the floor below it offer a incredible atmosphere and view. The tenth floor has endless amenities that range from a pool to a dog park and a bar to a theater. Excavation of aggregate for this massive structures foundation and parking took an entire year. Parking is provided above and below ground to the delight of many buyers. Prices range from $500 to $1000 per square foot in the 170 residences. We really appreciate the opportunity to view its magnificence. The builders had deep pockets and focused on unique drivers of their luxury clientele: convenience, luxury, exclusivity, and privacy.

Chestnut Commons

We concluded the day with a final property tour of Chestnut Commons, a 64 unit development in east Austin with an affordable housing component. The vast amounts of structures on this site are strategically painted a variety of bright colors. Livable spaces from 1000 to 2000 square foot of various floor plans. According to the developer, all units sold off quickly with a nearly fifty percent capture rate! Affordable multi-family financing for 80% of MSA provided for a low cost of financing. Although the original target market was people 25 to 30, these homes sold to a vast variety of unique buyers from the area. Most of these buyers saw the $100k to $200k prices coupled with the new quality building as a steal for residences in the area, which commonly capture these prices for existing structure.