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Condo and townhouse locating
Condo / Condominium
Condo - spec rental units
There is some confusion about what constitutes a condo or condominium. Technically a condominium is a form of ownership where the owner of each condo unit owns the part of their unit "from the paint in" and a percentage of all the common area. The common area of condos includes but is not limited to: ALL THE LAND, building exterior, roof, parking areas, and yards (even though some allow for "exclusive control" of certain areas like yards.)
However, the use of the term condo has come to be used in conjunction with condos and "condo - spec" apartment rentals. Apartment buildings have to meet city and lender requirements to be able to be condo- converted or sold individually as condos. Therefore, those requirements are know as condo-specifications or condo specs. (cont. below)
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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….
$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:
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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. Units range from $200,000 to $250,000 each.
- ·The Boulevard Lofts, a 26-unit project at 1702 South Lamar,with units ranging in price from $300,000 to nearly $500,000
. Construction on each is set to start by the end of the year. Danny Roth, a principal at Southwest Strategies Group in Austin, helped find the Alamo Drafthouse's new home on South Lamar says
"I think the market for 'close to downtown, slightly cheaper' should be huge,"
Austin Texas condos: Austin Tx condo condominium and townhouse descriptions and specials
Condos and Condomimiums in Austin Texas - Descriptions and specials
