Condo and Condomimium descriptions and specials in Austin Texas

"Condo spec" apartments

Some condo specs include 3" of concrete between the floors and double wall construction. Both of these features help dramatically with soundproofing. Overall condos are considered a "step above" the average apartment.

There are very few true condo spec apartments in Austin.. We are familiar with most of them and can help advise you if you are interesting in condo spec apartments.

There is also a perception that condos are somehow like townhouses or include a yard or garage. That can certainly be the case in a very few circumstances, but the norm is that a condo is a "glorified aparftment".

Condo projects….

New Riverfront Condos

Wellesley Inn & Suites will be demolished in January 2007 to make way for Constellation Property Group’s Star Riverside development.

The $70 million, 254 unit luxury condominium project at East Riverside Drive. and Interstate -35 will include 4 buildings, the tallest of which will be 110 feet or 11 stories.

Construction on the first phase — two 60-foot, 68-unit buildings — will begin in mid '07. Most of those units will have 3 bedrooms and average 1,500 sq, ft with prices ranging between $700,000 and $1 million. Work on the 2nd phase, the 90-foot building, will begin in 2008, with the final phase starting in 2009.

Constellation, the development company, will grant an easement to the city to extend the hike-and-bike trail and donate $250,000 toward a boardwalk or pontoon bridge on the river beneath I-35. The boardwalk would connect the trail from the east with parkland west of the interstate.

$45M in projects on tap

A new crop of condos and mixed-use space is popping up in South Austin. Austin's Avera Development is planning to invest nearly $45 million in 3 new projects along South Lamar Boulevard and South Congress Avenue (SoCo). Together, the developments will contain more than 165 units and have a market value of more than $70 million.

Construction on The Ivey on Kinney, in South Austin. began in 2004 and should wrap up in the spring of 2006. So far, 41 of the 45 units have been sold. Many developers have decided to revive other older parts of town, primarily north of Town Lake. But this company has been attracted to 2 of South Austin's best-known streets, largely because it can deliver a product that's less costly than popular downtown condos. South Austin is the true value alternative -- residents can give up concrete and traffic and get hike-and-bike trails and trees

The 3 new projects are:

The Magnolia on South Lamar, a 101-unit project at 1201 South. Lamar, just across from the Alamo Drafthouse. Plans are to invest roughly $30 million to $35 million in this project, which will feature a parking garage and 21,500 square feet of retail, office and restaurant space. The site has frontage on Lamar Blvd and unobstructed views of downtown. The condo units will range in price from $200,000 to $600,000. The1stunits will be available in late 2006.

The SoCo Lofts, a 40- to 55-unit project at 304 West Alpine Rd, across from St. Edward's University. Avera plans to invest roughly $8 million in this project. Units will range from $200,000 to $250,000 each. The condo units will be available in the summer of 2006.

The Boulevard Lofts, a 26-unit project at 1702 South Lamar,. Plans are to invest $6 million in this project, with units ranging in price from $300,000 to nearly $500,000 to be available in the summer of 2006.

Condo fees, other costs go sky-high

Friday, December 7, 2007

Prospective buyers of downtown condos who think they may just be able to afford the mortgage on that loft high in the sky might need to think again.

HOA fees among completed and future projects vary widely, from 32 cents a square foot at Milago to 64 cents a square foot at The Austonian. The HOA fees cover everything from insurance on the overall building to the upkeep of the common areas. At higher-end properties, the fees also often include amenities such as round-the-clock concierge service. A survey of HOA fees across 11 downtown projects shows that the average is 42 cents a square foot. For a 1,000-square-foot condo, that translates to $420 a month. But the average unit at the Four Seasons Residences, for instance, would have HOA fees of $1,147, or 62 cents a square foot.

With most downtown Austin condo units priced at more than $300,000, it's no secret that owning a slice of the urban dream isn't cheap. But what some would-be buyers may not immediately realize is how high the ancillary costs can climb. Between insurance, property taxes and homeowners association fees, most owners will face monthly expenses well over $1,000 in addition to their mortgage.

Unit owners will pay property taxes just as they would for a home. At the current tax rate, the owner of a $300,000 condo would pay $6,459 a year, while the owner of a $500,000 unit would pay $10,750 a year. Broken down, that would mean monthly costs of $538 and $895, respectively.

Throw on top of that content insurance not covered by the HOA fees, and some future owners are facing sticker shock.

Harold Hunt, research economist at the Real Estate Center at Texas A&M University, says would-be buyers need to ask a lot of questions and understand their exact costs once they occupy their condo. The average price on condos locally has climbed 19 percent in the last year, according to a National Association of Realtors report, making Austin the second-fastest-growing market in the nation in terms of price. Admittedly, says Hunt, insurance and property taxes would also be factors in owning a regular house, but the HOA fees for downtown condos are substantial.

"[Buyers] should ask themselves, 'How much do I really want to live downtown?'" says Hunt.

But those in the business of selling downtown condos say that while the costs seem high at first, for many owners it's actually the same or less than what they spent to maintain their previous homes.

Laura Gottesman's Gottesman Residential Real Estate is the exclusive broker for The Austonian going up on Congress Avenue. Gottesman says the HOA fees can surprise people, but when she helps them analyze the costs associated with their current home, they're sometimes shocked to see that they're already paying more.

With more than 40,000 square feet of common space at The Austonian, from the lobby to the dog park, Gottesman says the value of the amenities is immense.

Austin Texas condos: Austin Tx condo condominium and townhouse descriptions and specials