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

[urbancore]

My source told me this building is sold out with all buyers making their second deposit. Good news.

[Tyrone Shoes]

[randalls]

Originally Posted by urbancore

My source told me this building is sold out with all buyers making their second deposit. Good news.

Wow. Would love to know what percentage will be local residents as their primary home, vs investment properties. Doubt that information is ever made public, but just curious.

[eskimo33]

Originally Posted by randalls

Wow. Would love to know what percentage will be local residents as their primary home, vs investment properties. Doubt that information is ever made public, but just curious.

If we are serious about increasing housing stock and marginally (in the terms of downtown, understandably expensive, hi-rise housing) addressing affordable housing, implementing policies to discourage investment properties that remain vacant should be part of the conversation.

If less housing supply remains vacant, that affords those who are year-round residents to, well, occupy it.

I am unsure of what State and local regulations would prevent such measures.

[paul78701]

Originally Posted by eskimo33

If we are serious about increasing housing stock and marginally (in the terms of downtown, understandably expensive, hi-rise housing) addressing affordable housing, implementing policies to discourage investment properties that remain vacant should be part of the conversation.

If less housing supply remains vacant, that affords those who are year-round residents to, well, occupy it.

I am unsure of what State and local regulations would prevent such measures.

Most of these downtown condo buildings only allow a small percentage of units to be rented. That won't discourage those with the means to buy units as secondary residences, but it will discourage those who only intend to buy units for rental properties.

[H2O]

Canada just passed a nationwide moratorium for two years on foreign home buyers. The theory is that foreign buyers are responsible for the housing shortage. I'm not sure there is all that much evidence though. Banning second home buyers from within the country would probably not be legally or practically possible.

[randalls]

Originally Posted by H2O

Canada just passed a nationwide moratorium for two years on foreign home buyers. The theory is that foreign buyers are responsible for the housing shortage. I'm not sure there is all that much evidence though. Banning second home buyers from within the country would probably not be legally or practically possible.

Will be interesting to see if that makes a difference. Years ago when I was living in Los Angeles, my realtor and I ran into a problem with constantly being outbid by Chinese investment companies when I was looking for a small single-family home. The investment firms would purchase were buying 40,50,60 single family homes at a time to purchase and rent out. Just one more of the many obstacles that made it very difficult for locals with families to get into a single family home out there.

LA County never enacted any kind of restrictions though. I imagine they enjoyed the rise in values and property tax revenue that came with it - didn't matter who owned the property as the long as the taxes were being paid. I would be shocked if any American state/county/city were to ever impose something like what Canada just did given our status as a free-market, but still will be interesting to see how it plays out in Canada.

[StoOgE]

STR is also going to be a big issue in alot of these buildings. The HOAs will likely fight them, but its often harder to prove that its a permanent STR business vs. an owner-occupied unit that occasionally is rented. I often wonder what % of housing stock in central Austin is permanent air bnbs and what that does to rent/housing costs. It has to have a very measurable effect.

I rented an Air BNB in the Hague one time and these two angry dudes who lived in the building kept trying to follow me up to the unit I was renting to find out who in the building was renting Air BNBs out. It hit a point of me feeling unsafe and leaving the building so like those guys went way too far but I also get it. We had a house behind us that was a STR property for about 6 months and it was constant extremely loud very large gatherings going till 2 AM almost every night of the week.

[randalls]

Originally Posted by StoOgE

STR is also going to be a big issue in alot of these buildings. The HOAs will likely fight them, but its often harder to prove that its a permanent STR business vs. an owner-occupied unit that occasionally is rented. I often wonder what % of housing stock in central Austin is permanent air bnbs and what that does to rent/housing costs. It has to have a very measurable effect.

I rented an Air BNB in the Hague one time and these two angry dudes who lived in the building kept trying to follow me up to the unit I was renting to find out who in the building was renting Air BNBs out. It hit a point of me feeling unsafe and leaving the building so like those guys went way too far but I also get it. We had a house behind us that was a STR property for about 6 months and it was constant extremely loud very large gatherings going till 2 AM almost every night of the week.

Your second story about the STR's behind your house with noise going to 2 AM every night is high up there with my worst nightmares haha.

[drummer]

I technically live in the county in Georgetown and we have a few neighbors that have pretty intense parties...but since it's county there isn't a ton we can do about it. Fortunately, they're really nice in general and don't do it too often, so I don't raise too much of a stink.

[gillynova]

[Urbannizer]

UrbanSpace Realtors via LinkedIn

[IluvATX]

Does this one have underground parking? Seems like such a small site. Is it 1/4 block?

[Echostatic]

Rainey blocks are different shapes and size than most blocks downtown. But this site is roughly 20% of a normal city block.

[Urbannizer]

[jake.robs]

Lookin good bobby

[bobbywest87]

Originally Posted by jake.robs

Lookin good bobby

Thanks Jake! I hadn’t posted yet because I’m waiting for my revision to be approved by Dylan’s team (I wasn’t pleased with how the current version turned out). I’m sure those guys are tired of me spamming 20 different revisions of the same building by now.

[bobbywest87]

For whatever it's worth, the final version is updated now.

[Urbannizer]

[AusTex]

Any recent photos? It must be a bit above grade now.