The Austonian is freaking huge
So there is a another new Austin condo development called the Austonian. All I have been hearing is how there is going to be an indoor dog park on the 10th floor with an scented self-cleaning dog toilet. Apparently the toilet has an aroma that attracts dogs to it. There has been so much talk about the dog park that it has been lost that the Austonian is, well, freaking huge. Here is a picture of what the Austonian will look like and how it will alter the Austin skyline. That little thing in the background is Austin's current tallest structure, the Frost Tower at a mere 33 stories. It almost looks quaint.
The 195 units in the Austonian are not going to be cheap coming in at 550k to 3.8 million. One thing that is interesting is the Austonian has decided to have rather large units. Most of the condos in downtown Austin tend to average around 1000 square feet. Most of the condos in the Austonian are around 1500 to 4500 square feet. The top few floors are comprised of one unit each and come in at 8784 square feet. The Austonian is betting that there are a decent number of people that want larger condos and are willing to pay quite a bit for them.
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Comments
Great - and it looks like its in the Capitol View Corridor - like that seems to matter.
I'm sure it will also have its own special light that causes the rest of us in Austin to throw up when we show off our current city.
Posted by: AFD guy | June 26, 2007 11:27 PM
Since I posted this I have shown alot of people the picture. So far the feedback has been pretty negative. I would be interested to hear what other people reading this blog think.
Posted by: admin | June 26, 2007 11:54 PM
I predict that in 5-10 years, Austin will have a butt-load of cheap condos!
Woot!
It'll be the 1980s all over again!
Posted by: Ruralist | June 27, 2007 06:44 AM
Looks GREAT. And helps save barton springs.
Posted by: hlowe | June 27, 2007 10:51 AM
Progress is good. This is progress. This is good.
I'd live there in a heartbeat.
Posted by: Robbie | June 27, 2007 11:39 AM
I am with admin on this one. I think there will be a glut and a serious devaluation within the five to ten year horizon. That having been said, I agree with Ruralist. This looks great, represents progress, and I would live there in a heartbeat too!
Posted by: steveo | June 27, 2007 02:26 PM
I think Ruralist said their will be a glut not me. The posted by things are a little confusing because they are at the bottom and not the top.
On the one hand their are alot of condos being built and if someone is looking purely at appreciation I would recommend a centrally located house over a condo.
But at the same time I have recently been talking to people that think these 800k condos are going to be selling for 250k. I think that is pretty much a fantasy. I mean unless we go into a state of anarchy or 80% of the population dies in a plague.
If you look at California which had every type of looming real estate problem imaginable and now is basically experiencing some type of wierd real estate Hell, but still its not really that cheap in the downtown of any of the major cities.
I think alot of people were waiting for that, wishfully thinking they were going to buy places cheap in central San Fran. The people that overextended are in a bad spot when prices drop 5% or 7% percent but its not like central went down 50%.
And from what I have heard the suburbs faired alot worse than central.
Ok all that said I think a massive devaluation could happen in the Austin suburbs. Why? Lets look at the doomday scenerio.
You have 20 percent of the population leave Austin for who knows where. So what happens. Downtown condos units which represent a fraction of the population slip in price but for every percentage point slip more people are interested.
On the other hand out in Round rock you have a huge amount of inventory sitting on the market right now. If you take out a large chunk of the population who is going to buy those homes basically in the middle of nowhere. You could end up with alot more homes than people out their which could lead to serious devaluation.
Posted by: admin | June 27, 2007 03:27 PM
i've heard that each condo owner gets a parking spot in the bottom of the building. that's going to make driving in downtown austin that much easier!
Posted by: chump | June 27, 2007 06:31 PM
I bristle a little every time I see that name.
Posted by: Ryan | June 27, 2007 09:45 PM
I heard that the City of Austin will buy the penthouse for Lance Armstrong so that he can exercise by running up and down the stairs there if it's raining outside and he can't get over to his gym at Hancock Shopping Center.
Posted by: Djuna | July 23, 2007 12:12 AM
Can't wait till the city builds a monorail or some type of elevated train downtown to get all these new residents around...Hopefully if enough of these high rise condos go up, we'll see it soon!
Posted by: Tye | September 1, 2007 03:35 PM
Who is going to buy all these downtown condos? More importantly, who is financing these things in a "liquidity challenged" credit market environment? From an infrastructure perspective, and assuming they will get sold, how many more cars can Austin's aleady clogged streets support? I'm sorry, I don't get it. Since these developers clearly missed the investor-driven condo buying boom, I think we could have some tall "see-thru" buildings around for awhile.
Posted by: rainman | December 28, 2007 03:05 PM
Quote:"i've heard that each condo owner gets a parking spot in the bottom of the building. that's going to make driving in downtown austin that much easier!":
If You live anywhere in central ATX you should NOT be driving unless you are a FOOL.
This new structure is not only an UGLY eye sore but a saboteur, ruining the very essence of Austin.
Progress is a four letter word.
MAKE LOVE NOT BABIES!
One day the American dream will murder you and you will die still grasping to the foolish notion you did nothing to contribute to it's razor sharp teeth.
Posted by: Courtney | July 10, 2008 02:45 PM
---- this ----. I hope whoever is responsible for butchering Austin with this ----- dies. ----- everyone who supports this too.
(I hate censoring but I think some younger humans might read this blog)
Posted by: Scott | August 3, 2008 12:50 PM