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  #201  
Old Posted Oct 15, 2019, 5:20 AM
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The official groundbreaking is 10/29:

https://austin.towers.net/with-groun...-percent-sold/
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  #202  
Old Posted Oct 15, 2019, 8:23 PM
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Originally Posted by The ATX View Post
The official groundbreaking is 10/29:

https://austin.towers.net/with-groun...-percent-sold/
Wow! This tower was one year ago; hasn't broken ground; sales are in their infancy; and 25% of the units are already spoken for!?!

Pretty darn good.
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AUSTIN (City): 964,254 +22.00% - '10-'18 | AUSTIN MSA (5 counties): 2,168,316 +26.34% - '10-'18
SAN ANTONIO (City): 1,532,233 +15.43% - '10-'18 | SAN ANTONIO MSA (8 counties): 2,518,036 +17.53% - '10-'18
AUS-SAT "CSA" (13 counties): 4,686,352 +21.45% - '10-'18 | *SRC: US Census*
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  #203  
Old Posted Oct 15, 2019, 9:11 PM
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Market is hot. I was reading a financial article about Millennials are finally ready to buy there first home, how do you think that will impact already intense housing market in Austin?
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  #204  
Old Posted Oct 16, 2019, 2:05 PM
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Market is hot. I was reading a financial article about Millennials are finally ready to buy there first home, how do you think that will impact already intense housing market in Austin?
Well the upper age of what you could call a millennial is around 35-36, so that sounds about right.

Either way, I doubt it's many people under 35 that are buying into this. Judging by the average age of condo owners in my Rainey St. building, and the ones surrounding me, most of the people buying are coming from westlake (or similar neighborhoods), have kids that went off to college, and are looking for a smaller place in the city.
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  #205  
Old Posted Oct 16, 2019, 2:41 PM
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Originally Posted by clubtokyo View Post
Market is hot. I was reading a financial article about Millennials are finally ready to buy there first home, how do you think that will impact already intense housing market in Austin?
It's going to push up prices in the suburbs, because that's where most true millennials can somewhat afford things, especially single millennials.

600-800k+ for a shoebox is a tough sell to someone buying their first property.
Empty nesters and other affluent couples with no children would probably be the most likely target group for 44 East condos.

But you could also make a case for the outliers; the high-salary Google (and others) employees downtown who just want to scooter to the office every day and wouldn't bat an eye at the sky high prices.
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  #206  
Old Posted Oct 16, 2019, 8:07 PM
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Originally Posted by zrx299 View Post
It's going to push up prices in the suburbs, because that's where most true millennials can somewhat afford things, especially single millennials.

600-800k+ for a shoebox is a tough sell to someone buying their first property.
Empty nesters and other affluent couples with no children would probably be the most likely target group for 44 East condos.

But you could also make a case for the outliers; the high-salary Google (and others) employees downtown who just want to scooter to the office every day and wouldn't bat an eye at the sky high prices.
Still plenty of small-medium sized condo developments / townhomes from lot-splitting coming up in central Austin in the 200-400s that I'm sure will cater to this demographic. Maybe you consider neighborhoods like Brentwood or Rosedale "suburbs" but I also think they're qualitatively different from an urbanist perspective from Round Rock and Cedar Park, which is generally what the term "suburb" conjures in my mind.

My neighborhood (north-central) is going crazy with the stuff right now. Two of the homes on my street were bulldozed this summer and are being split into townhomes, and there are plenty of others in the surrounding blocks. All seem to be young buyers (I myself am a millennial homeowner). There are also two medium (~15 unit) condo developments elsewhere in the neighborhood. All replacing former single-family lots.

Depending on zoning changes these kinds of conversions could really accelerate.

(Sorry to further derail conversation from discussion of 44E)
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  #207  
Old Posted Oct 16, 2019, 9:51 PM
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Getting back to 44E - it's expensive. If you want anything decently bigger than a 1-bed, it's 800K+. I have no idea what percentage of under-35s make 1/4-million+ a year that's needed to support these kinds of prices. Can't be too high though.
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  #208  
Old Posted Oct 16, 2019, 10:24 PM
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Originally Posted by 78701 View Post
Getting back to 44E - it's expensive. If you want anything decently bigger than a 1-bed, it's 800K+. I have no idea what percentage of under-35s make 1/4-million+ a year that's needed to support these kinds of prices. Can't be too high though.
Yikes that is expensive!
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  #209  
Old Posted Oct 17, 2019, 1:29 AM
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Originally Posted by 78701 View Post
Getting back to 44E - it's expensive. If you want anything decently bigger than a 1-bed, it's 800K+. I have no idea what percentage of under-35s make 1/4-million+ a year that's needed to support these kinds of prices. Can't be too high though.
Second homes and Chinese investors.
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  #210  
Old Posted Oct 17, 2019, 2:55 PM
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in my experience, the 2 bedrooms sell to empty nester types, and older dinks, and the one bedrooms go to empty nesters, second home types, and single younger folks who make bank.

a one bedroom for under $400k (crazy i know) is not too bad for someone making $100k/yr. They typically put down at least $100k.
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  #211  
Old Posted Oct 17, 2019, 8:39 PM
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Second homes and Chinese investors.
This is starting to get off-topic, but it's crazy to me that people would buy in here purely as an investment. For the most part, a $500,000 house will rent out for the same price as a $500,000 condo. And for the most part, the property taxes are the exact same. But, the condo will have exponentially higher HOA fees (if the house has them at all), leaving less cash flow for the owner....
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  #212  
Old Posted Oct 17, 2019, 11:51 PM
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Originally Posted by Geckos_Rule View Post
This is starting to get off-topic, but it's crazy to me that people would buy in here purely as an investment. For the most part, a $500,000 house will rent out for the same price as a $500,000 condo. And for the most part, the property taxes are the exact same. But, the condo will have exponentially higher HOA fees (if the house has them at all), leaving less cash flow for the owner....
But...renting out a condo is much less hassle than a stand alone home. Walls out are taken care of by the HOA which is a huge plus--no roof, yard and the like issues. And, HOA fees are tax deductible for the rental.
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  #213  
Old Posted Oct 18, 2019, 5:58 PM
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You can't make money renting out a condo. After depreciation/mortgage interest, property taxes, and HOA dues, the return is negative. The only play here is the price appreciation.
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  #214  
Old Posted Oct 18, 2019, 6:42 PM
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I hate HOAs. They were a good idea for a few reasons, initially, but they've turned into something negative that only invades people's privacy and dictates how they can maintain their homes. I really think they should be illegal.
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  #215  
Old Posted Oct 18, 2019, 7:37 PM
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Originally Posted by 78701 View Post
You can't make money renting out a condo. After depreciation/mortgage interest, property taxes, and HOA dues, the return is negative. The only play here is the price appreciation.
In all my years in real estate in Austin, if you want to make cash flow renting...you have to one of the things below.

1. put at least 50% down
2. add value to the property by adding an extra bedroom (convert part of a garage, dining room into a bedroom) or complete a cheap cosmetic renovation
3. location (this is not what you think) to make cash flow, you buy in an up and coming area (tough thing to call- East Austin was "up and coming" since '87..and it didn't skyrocket till '09)....fix it up and rent it.

I've rarely seen a condo cash flow positive for less than 50% down. But I've had clients who love to pay cash for new condos and rent them...it's just the way they like to be landlords.

If you want a property cheap that rents well with 10% dn, you need to look in cities like San Antonio and College Station. Even then, I would not expect to cash flow much.

Condos downtown are a vanity or necessity play. You want to say you own an Austonian, or you need to put your 1031 exchange money someplace. Unless you bought at or near the bottom of the market (2008-2013), condos downtown do not appreciate that much, if at all in the short term. It is typically much cheaper to rent a 2 bedroom condo than to purchase it even with 20% dn. So why do it? Vanity (they just want to own, not rent) or 1031 exchange (a place to park some money)

All that said, I plan to move into one the day my daughter ships off to college, it will be a vanity play on my part.
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  #216  
Old Posted Oct 22, 2019, 11:22 PM
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  #217  
Old Posted Oct 23, 2019, 12:29 AM
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Best views by a long shot.....
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  #218  
Old Posted Oct 23, 2019, 6:23 AM
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The demo groundbreaking sounds fun.

Quote:
...attendees can purchase spray paint, hammers, or full-on sledgehammers for the purpose of defacing and/or smashing things at the old building before it’s demolished.
https://www.44eastaveaustin.com/with...-percent-sold/
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  #219  
Old Posted Oct 23, 2019, 11:27 PM
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That’s fun! I like that
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  #220  
Old Posted Nov 8, 2019, 6:36 PM
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Can anyone confirm whether or not demo has begun?
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