AUSTIN | Modern Austin Residences | 658' | 56 FLOORS | U/C

[chinchaaa]

Originally Posted by agsatx88

https://www.kxan.com/news/local/aust...nned-to-go-up/

Trigger warning: Kathie Tovo is in the video

[427MM]

Originally Posted by chinchaaa

Trigger warning: Kathie Tovo is in the video

Ugh. She (and Kitchen) voted no on the Modern, and countless other homes. Thankfully both of them are termed out! Tovo will likely run for Mayor if for no other reason than to ensure a "Protect Exclusionary Zoning!" voice is heard. Would love someone that works as hard as her but for good things to win district 9.

[GoldenBoot]

Originally Posted by 427MM

...Tovo will likely run for Mayor...

I heard from some insiders that Kirk Watson may run. I, for one, hope he does!

[StoOgE]

Originally Posted by GoldenBoot

I heard from some insiders that Kirk Watson may run. I, for one, hope he does!

I have heard the same.

He and Wynn are the two best mayors we've had in recent memory so seems fine with me.

[Mopacs]

Originally Posted by StoOgE

I have heard the same.

He and Wynn are the two best mayors we've had in recent memory so seems fine with me.

Kirk had visions of a 'digital downtown' a quarter century ago. CSC locating downtown was significant to say the least.

https://www.austinchronicle.com/news/1999-10-22/74361/

A long, long time ago -- about 11 months -- as City Hall busied itself with getting Computer Sciences Corp. into downtown, Mayor Kirk Watson proclaimed that CSC was the anchor of an incipient "Digital Downtown District." Last week, the Downtown Austin Alliance heard from a pro about how it can entice high technology into the city center.

[427MM]

Kirk is running. He was a good mayor in the '90s. Can't help but to feel he's just running to push through I-35 which is a horrible expansion despite all we know about how futile and destructive it is to expand such messes. Current designs will not do Austin any favors and will work to transfer a ton of real estate value from central Austin to exurbs and hurt the city as a whole. Celia Israel is top of the list for me! She will be an amazing mayor!

[clubtokyo]

Originally Posted by 427MM

Kirk is running. He was a good mayor in the '90s. Can't help but to feel he's just running to push through I-35 which is a horrible expansion despite all we know about how futile and destructive it is to expand such messes. Current designs will not do Austin any favors and will work to transfer a ton of real estate value from central Austin to exurbs and hurt the city as a whole. Celia Israel is top of the list for me! She will be an amazing mayor!

Oh wow that’s a good point. I don’t know much about that dude but if he supports the i35 BS then not a fan.

[loonytoony]

Originally Posted by WestAustinite

is this 55 or 57 stories? The document posted says 57.

56 above grade. The penthouses are two stories.

[The ATX]

For the floor count discussion, here are the approved East & North elevations showing the top of the tower:

[Echostatic]

This is going to be Austin's #1 Rectangle.

[Peaky Blinder]

They released the Pricing one these and its $1000+ per Sqft..Thats Crazy in my opinion...what do you'll think?

[GoldenBoot]

Originally Posted by Peaky Blinder

They released the Pricing one these and its $1000+ per Sqft..Thats Crazy in my opinion...what do you'll think?

Not shocking at all. That's the going rate for downtown Austin. And, actually, the range for The Modern is about $670/SF (for a 1-1) to ~$1000/SF for penthouses.

There are SFRs going for ~$1000/SF in central Austin, Rollingwood and West Lake Hills. Homes are going for $250-$350/SF out in Steiner Ranch, Lakeway and Bee Cave areas. So, $1000/SF downtown makes since.

[StoOgE]

Yep. The reason we are getting this explosion of high-rises is because central Austin *can* support 1,000/SF. Expect more as that number creeps higher.

[urbancore]

Originally Posted by StoOgE

Yep. The reason we are getting this explosion of high-rises is because central Austin *can* support 1,000/SF. Expect more as that number creeps higher.

exactly. Boomers have most of the money. As they retire in record numbers each day, they will require more high rise (lock and leave) options. Many will move to the beach, many will move into the cities.

I believe the last time I looked into it, the average age of condo owners in downtown Austin was well over 50. Many were second homes. I think we can easily absorb 300-500 new doors per year at $1000/ft + for the next 10 years.

SF prices for similar downtown condos is still pushing $1.5-2k+/ft

[Peaky Blinder]

Originally Posted by urbancore

exactly. Boomers have most of the money. As they retire in record numbers each day, they will require more high rise (lock and leave) options. Many will move to the beach, many will move into the cities.

I believe the last time I looked into it, the average age of condo owners in downtown Austin was well over 50. Many were second homes. I think we can easily absorb 300-500 new doors per year at $1000/ft + for the next 10 years.

SF prices for similar downtown condos is still pushing $1.5-2k+/ft

SF , NY and Chicago justifies those prices due to Job market and businesses. Not sure how AUSTIN would justify those kind of prices?

[Maximusx1]

Originally Posted by Peaky Blinder

SF , NY and Chicago justifies those prices due to Job market and businesses. Not sure how AUSTIN would justify those kind of prices?

If someone pays it, it's justified. What are you missing?

[Austinite101]

Originally Posted by Peaky Blinder

SF , NY and Chicago justifies those prices due to Job market and businesses. Not sure how AUSTIN would justify those kind of prices?

Out of all the reasons for someone to argue Austin can’t support these prices downtown, im surprised you picked job market and businesses. The massive influx of high paying jobs and corporate investment/relocations, particularly in the tech sector (Tesla, Oracle, Facebook, Google etc.), are exactly the reason they can demand these prices.

It’d also doubt it’s even boomers driving the demand vs people in their 30s/40s in well paid jobs.

[Peaky Blinder]

Originally Posted by Maximusx1

If someone pays it, it's justified. What are you missing?

Coz of FOMO I believe...I may be wrong...

[myBrain]

Originally Posted by Peaky Blinder

SF , NY and Chicago justifies those prices due to Job market and businesses. Not sure how AUSTIN would justify those kind of prices?

I mean, obviously Austin is booming as well, with high-paying jobs in the tech sector just like SF.

But Austin also has a major advantage over those other cities, in that it's a warm-weather entertainment destination (excluding the winter storm tonight, of course). People move here because the weather is nice most of the year and there's excellent nightlife and things to do. When you think about it, what other sunbelt cities offer the kind of urban experience that Austin does? It's a short list. Combine that with tech salaries and it's no surprise we're becoming condo-town.

[mtb_jeremy]

I see another factor being the amount of wealth in the world today (versus even 10 years ago). There are many downtown condos being bought as second/third/fourth..... homes or simply as an investment. One of those units sold doesn't mean there is someone living full-time in Austin, as a lot of this money comes in from other markets since Austin appears to be a solid investment.

I did a search on Traviscad.org for 70 Rainey and there are a good number of units owned by trusts or LLCs. Many with mailing addresses out of state. This doesn't 100% mean the unit is a side investment, but does show a different pattern than in the past. A number of other units had the owners name listed, but show a mailing address different than the condo, being a more clear representation of a second+ home.

I see it more often these days even at lower price points, where people I work with talk about having moved and kept there previous home as a rental unit. This model alone (separate from the stock market) has created a lot of wealth for people.