AUSTIN | Waterline (98 Red River) | 1,022 FT / 312 M | 73 FLOORS

[GoldenBoot]

Originally Posted by Zapatan

Nice, according to this the completion date is 2025, much better.

https://www.tdlr.texas.gov/TABS/Sear...TABS2021021652

That document also claims that construction started on March 15, 2021. And, all of us, here, know that was not the case. Delivery is still expected in 2026 (barring any delays).

[pianowizard]

Originally Posted by Zapatan

https://www.tdlr.texas.gov/TABS/Sear...TABS2021021652

The document says "Estimated Cost: $520,000,000". I find that surprisingly cheap for a 1000+ footer, considering that Austin is the most expensive city in Texas.

[Zapatan]

That document also claims that construction started on March 15, 2021. And, all of us, here, know that was not the case. Delivery is still expected in 2026 (barring any delays).

Didn't realize, 2026 is still better than 2027 in any case

The document says "Estimated Cost: $520,000,000". I find that surprisingly cheap for a 1000+ footer, considering that Austin is the most expensive city in Texas.

Austin is expensive but only by Texas standards. It's NY where < 1bil won't build you much. But yea, maybe it's incorrect / missing something.

I do think 2027 seems a bit far fetched for a 1k footer though. That site looks like an official Texas government site so I assume it would be somewhat accurate (albeit maybe outdated).

[N90]

Austin is expensive by anyone’s standards. Price per square foot for office space in DT Austin is more expensive than DTLA and it’s been that way for 12 years btw.

Land prices, I’d imagine the West Coast cities, Denver, Boston, NYC, and DC are the only US cities more expensive than Austin. Miami would be pretty similar. Everywhere else is cheaper.

[Zapatan]

Originally Posted by N90

Austin is expensive by anyone’s standards. Price per square foot for office space in DT Austin is more expensive than DTLA and it’s been that way for 12 years btw.

Land prices, I’d imagine the West Coast cities, Denver, Boston, NYC, and DC are the only US cities more expensive than Austin. Miami would be pretty similar. Everywhere else is cheaper.

Maybe but looking at the housing prices compared to NYC or SF or even Boston or Seattle it seems pretty reasonable.

That surprises me about LA if true, but LA isn't quite as expensive as some of the other top caliber cities, only in the really nice areas.


Anyway, point is we probably won't have to wait 5 years for this to top off, maybe only 3 or 4 which is much better.


Here's another article citing the $520 million price tag, although maybe there have been upgrades since then?

https://austin.urbanize.city/post/he...maybe-probably

[N90]

Originally Posted by Zapatan

Maybe but looking at the housing prices compared to NYC or SF or even Boston or Seattle it seems pretty reasonable.

Single family home price by metro area via national association of realtors

Boston $722k
DC $626k
NYC $621k
Austin $613k

https://cdn.nar.realtor/sites/defaul...2022-08-11.pdf

And yes the PSF for downtown office space is true. DT Austin has been much more expensive than DTLA 13-14 years and the gap has only grown since then.

[MAC123]

Originally Posted by N90

Single family home price by metro area via national association of realtors

Boston $722k
DC $626k
NYC $621k
Austin $613k

https://cdn.nar.realtor/sites/defaul...2022-08-11.pdf

And yes the PSF for downtown office space is true. DT Austin has been much more expensive than DTLA 13-14 years and the gap has only grown since then.

Maybe that'll change soon. DTLA is getting a few very large developments.

[N90]

Originally Posted by MAC123

Maybe that'll change soon. DTLA is getting a few very large developments.

It won’t change, Austin’s tech industry is more in demand than any industry taking up office space in DTLA. DTLA doesn’t have the same demand fundamentals as DT Austin. Vacancy of office space in DT Austin is low, it’s sorta high in DTLA.

[bossabreezes]

Austin is extremely expensive for what it offers- which is why prices are starting to plummet for housing in the metro.

[wwmiv]

Originally Posted by bossabreezes

Austin is extremely expensive for what it offers- which is why prices are starting to plummet for housing in the metro.

Have they actually started to plummet? Where’s the data?

Housing prices here are, yes, seem relatively detached from the underlying structure if you are simply looking at PPSF and finish-outs. Housing prices, however, are not relatively detached from those other things that contribute to the economic fundamentals:

1. Low supply, high demand=high cost.
2. Underlying land cost.
3. High property taxes.
4. Zoning restrictions.
5. Extensive bureaucratic development lead time and upfront costs.
6. Municipal services development.
7. Limited infrastructure.

Housing prices might stall, but they aren’t going to plummet unless more than one of those things changes. And even then, they’ll only go down to, at minimum, what the internal finish outs and structures could demand alone on the market at that time.

[KevinFromTexas]

Prices will go down here when California stops bleeding us their companies.

[TonyL]

Austin has a crazy good restaurant. Cactus something?

[N90]

Originally Posted by bossabreezes

Austin is extremely expensive for what it offers- which is why prices are starting to plummet for housing in the metro.

If by plummet you mean how Austin metros median home price has increased by 19% since last year then sure.

[bossabreezes]

Ah, yes- the dishonest ''Austin is immune to downturn'' types that abound.

Anyway:
Austin ranks second in nation for home price slashing, according to Realtor.com
https://www.kvue.com/article/money/e...b-435ef20f34fc

[JoninATX]

Originally Posted by bossabreezes

Ah, yes- the dishonest ''Austin is immune to downturn'' types that abound.

Anyway:
Austin ranks second in nation for home price slashing, according to Realtor.com
https://www.kvue.com/article/money/e...b-435ef20f34fc

I see this a good thing. More people now have the option to buy a house in Austin.

[wwmiv]

Originally Posted by JoninATX

I see this a good thing. More people now have the option to buy a house in Austin.

It is entirely true that both of the following things are true:

1. Homeowners lower their ask from their initial offering due to market factors (what that link says);
2. The average house on the market still sells at a higher value than it would have at the same time last year (what everyone else here is saying).

No?

[N90]

Home price slashing isn’t the same thing as home prices in the metro falling. Learn the difference first and then try making a valid point.

[Hudson11]

BXMT Provides $675M Construction Loan for Downtown Austin Megaproject

[kingkirbythe....]

This one has a name now. Waterline!



Inside Waterline, Downtown Austin’s Record-Breaking ‘Supertall’ Tower Plan

https://austin.towers.net/inside-wat...ll-tower-plan/

After nearly two years of leaked renderings, city permit filings, and other eyebrow-raising scraps of intel, the news is finally here in official form: the tower planned in downtown Austin at 98 Red River Street by developers Lincoln Property Company and Kairoi Residential quietly broke ground on June 13 earlier this year — and when the 74-story building reaches its maximum height of 1,022 feet by its scheduled completion sometime in late 2026, the tower will become the tallest in Texas, exceeding the reach of the current record-holder in Houston by 20 feet.

[AviationGuy]

Originally Posted by bossabreezes

Ah, yes- the dishonest ''Austin is immune to downturn'' types that abound.

Anyway:
Austin ranks second in nation for home price slashing, according to Realtor.com
https://www.kvue.com/article/money/e...b-435ef20f34fc

Just wondering what you obsession with Austin is about.