Austin Texas Real Estate Blog

Year after year you sign a new lease and move into or extend your time in an apartment. In time this can become tiring, particularly if you don’t have to or want to move anywhere else. Finding a permanent home is often more appealing. For some living situations, a house is too big, while for others it fits perfectly. Assuming you fit into the first need, something small but permanent you have options, the two most popular are co-ops or condo’s.

A condominium you own the four walls around you, from front door to back bedroom. Often in a similar layout as would be an apartment complex. You hold tax and title responsibilities, and like a house, when you buy it you are responsible for everything inside. All repairs, appliances and possible concerns are your concern, an obscure corporate entity. The benefit is that you are building equity and own a solid location for you and your budget.

A Co-Op option is a multi-family dwelling. Instead of owning the living space, you would have a share in the entire community project. This makes your position a vested one in the corporation organizing the community. The monthly fee assessed to each member covers the utilities, grounds care, as well as a handy man who can tend to all of the items in your home and outside associated with the co-op. All taxes are also covered by the monthly fee, making it simple to plan for.

Either option comes with benefits and limitations. Take a moment to discuss your needs with your real estate expert and you will find direction toward the best fit for your needs.

Austin has been a city at the top of the list for cities that have embraced the green movement. Many local builders are using sustainable materials to build new homes. Energy efficient appliances are becoming the norm as opposed to upgrades options. Now the movement has moved outside. Many new commercial buildings are including landscape architecture with a green touch. The result is a beautiful place for employees to relax and, in some cases, to work.

The outside of commercial buildings has long been an ignored space. With the new focus on conservation, many businesses have begun to realize that utilizing this otherwise unused space can create a better working environment. Native plants and sustainable materials are being used to make these outdoor settings more eco-friendly. The most notable recent eco-friendly landscaping project in Austin is the Austonian building. When complete the building will include a 17,000 square foot rooftop garden that includes a 75 foot pool with fountains and an energy saving water irrigation system. That system will literally use rainwater to care for its plants. There will also be a dog park and herb garden. Landscape architecture firm, TBG Partners has been called upon to create similar outdoor havens for companies like the Ronald McDonald House and Dell’s Children’s Medical Center.

There is an increasing desire to conserve as much energy as possible and businesses in Austin have stepped up their efforts to lend a helping hand to the environment. As the trend continues to become the norm here, more companies are expected to follow.

Finished before it was even started, the Magnolia condo project was forced into foreclosure in July 2008.

The Magnolia was to have been a five-story condominium building close to the downtown area, consisting of 139 units priced at between $220,000 and $600,000. Amenities were to include private balconies or courtyards, an outdoor pool on the second floor, a fitness center, rooftop gardens, retail space, and granite counter tops among others. The project was estimated to cost $40 million and would have covered three acres on the corner of South Lamar and West Gibson Street.

A series of events, combine with bad luck and difficult topology, have scuppered plans for these luxury condos.

In February of 2007, the lender who was to finance the construction, Fremont Investment & Loan from Los Angeles, reneged on its loan promise. It seems the Federal Deposit Insurance Corporation (FDIC) refused to allow the lender to fund any new projects, as regulators tighten the purse strings on a nationwide scale.

Then, in October of 2007, the development company, Avena Development LLC, attempted to sell the project, and it was reported they had a buyer. The deal fell through in June of 2008 and foreclosure proceedings loomed. The undisclosed buyer backed out of the project purchase when they failed to find a partner to commit to the project.

The site is in a prime location, close to downtown and in a corner lot. There are projects with tree preservation and topography that were threatening to raise construction costs. Still, experts are cautioning against panic, saying this incident is isolated and “is related more to the specifics of the project and to the overall slowdown in residential sales and does not necessarily indicate the beginning of a trend in foreclosures.”

One of the primary reasons you want to purchase an office condo rather than rent is the flexibility you’ll have as an owner. You’ll be able to expand if need be, redesign when desired and make any other necessary changes under your own discretion. However, in order to properly do that you’ll have to start with a space conducive to a future of growth – one that has the potential to fit your business no matter what happens. That is where Shoal Creek Office Condos, located at 8500 Shoal Creek Boulevard, comes in handy.

The condos in this office building can be purchased separately or together. When you purchase single spaces, you have a size range that stretches from 792 square feet to more than 18,000 square feet. That means that regardless of what size your business is you can find the office for you. And if you need more than one – you want a suite, perhaps – you can buy more than one space. They are sold with you in mind, making the entire process infinitely more convenient than you had ever imagined.

Once you own them, well, you own them. You can do what you will to the interior of the condo (or condos). You can paint, rearrange, add and take away from the structures that have already been created. Of course, you may not want to do any of that. The sleek design of the Shoal Creek Office Condos could be exactly what you were looking for, as they combine reputability with a welcoming atmosphere, making any individual feel immediately confident and comfortable. They are offices built to appeal to the masses but ready to modify for you. They are a variety bag of potential. The only question is why haven’t you purchased one yet?

Purchasing an office condo is a logical investment, giving you the opportunity to profit from your business in more ways than one. As the property grows in market value, so do the funds you use to obtain the space. You gain from the buy, making more money and continually accruing equity. But that’s only true if the property you have is able to grow in value. If it’s an old outdated structure in a dwindling community, that won’t happen. On the other, if it’s a modern, up-to-date building with all the latest conveniences, it will. And that is part of what makes Shoal Creek Office Condos such a sound investment. They, after all, were just recently remodeled.

The offices now offer beautifully renovated interiors, with sparkling common areas as well as state-of-the-art private areas awaiting your stamp of personality. The security system allows you and only you to enter the building whenever you please, using a fob after six to get in. This means you can work according to your own schedule not the building manager’s and not fear that a stranger will get near your work or assets. The newly furbished building assures you that nothing disastrous will happen to the structure and the developer’s obvious concern for quality guarantees that in the years to come, Shoal Creek will only improve with the times.

The offices at Shoal Creek are the perfect place for you to start or revitalize your business. They are an investment you can make knowing that it is an investment that will benefit you for years to come – growing as your business does, in leaps and bounds.

When selecting your office condo, you’ll want something in the city – something with a steady traffic flow that will enable you to maintain a constant stream of business. But you won’t want something overly urban. Too much of a metropolitan environment could crowd you and keep away some of your best potential clients. Therefore, you need an in between, an area with a slightly subdued but still healthily active urban atmosphere. Fortunately, the Shoal Creek Office Condos, at 8500 Shoal Creek Avenue, offer you just that.

The property itself combines a modern, city design with artful landscaping. The building has sleek, straight edges as well as classy curves. Giant windows open up the interior and up-to-date indoor amenities affirm the fact that you are in a state-of-the-art metropolitan structure. But so as not to overwhelm the visitor with city, the lawn and lot around the building are bursting with trees and well-groomed shrubs. The manicured landscaping tones down the urban feel, making it more comfortable and welcoming.

The surrounding area does the same. Shoal Creek and nearby Allandale are a part of Central Northwest Austin. As such, the areas are bustling with business. More and more companies are finding their way into the previously quiet neighborhoods, adding new life and vigor. But even as they grow, they retain their original attraction, with beautiful homes, peaceful streets, private schools and large parks, such as the Beverly Sheffield Park, which has an Olympic-size swimming pool, a children’s wading pool, playgrounds, picnic areas, tennis courts and a pond. It is, as the property is, the perfect combination, making Shoal Creek Office Condos, the perfect location.

Another one bites the dust!

November 13th, 2007 9:05 AM

Condos, Condos, Everywhere. The snippet below from the Austin Business Journal is another sign of the over development of downtown Austin. With thousands of condo units already developed or in progress, this won’t be the last development to abort or change use.

Several developments that we have worked with personally are seeing extremely slow going right now. As a buyer, now might be the time to get out there and see what kind of deal can be struck. The sellers are waiting and willing. If you’d like excellent representation give us a call. We’ll negotiate a great deal for you.

October 31st, 2007 7:31 PM

Here’s some interesting data that I put together from the ACTRIS MLS system and thought that I’d share.

The areas correlate to the MLS areas for Austin. I’ve selected only the areas that I work in so my apologies in advance if you are interested in another area.

Then you’ll see the # of newly listed properties in that area. The properties include single family homes, condominiums, townhomes, lofts, and garden homes.

The average list price(LP) is pretty self explanatory, but for the sake of completeness it’s the average prices that sellers want to get for their homes.

The #Pending column shows the number of homes that have received and accepted an offer. These homes are not guaranteed to close and usually about 7% will fall out and start the sale process over. Note that under certain circumstances, such as the recent sub-prime correction in lending standards, as many as 40% of the contracts may fall off.

The second average list price (LP) column shows the average list price of homes that were put under contract.

# Sold represents the number of homes that have closed escrow and are now owned by a new person or entity.

The Average sale price (SP) column shows the average price of homes that were closed and transferred to a new owner.

The %SP/LP column depicts the ratio of sale price to list price. This column shows on average how close to list price sellers and buyers are able to agree on a purchase price. You should NOT use this to determine how much or little you should offer! Your real estate agent can help you with determining the market value of a subject property and help you factor in any other considerations, such as non-realty items, seller paid closing costs, duress on the part of either party, etc. Look for another blog post to go over all the ways that you should not attempt to value property and the ONLY ways that really matter for most residential purchases.

Average days on market (often referred to DOM by real estate agents) are how long the properties were on the market before they sold. It does not include the days that the property is in escrow, but instead is from the first date the property was listed until an offer was accepted and the property was listed as sale pending status.

Market Activity Report – Totals by Area (Residential)