Austin CBD Condo Delivery Timeline
The Statesman ran an interesting article last week on the slowdown downtown. We expect both rental rates and property values to decline through 2009 and remain depressed through early 2011 as a large number of new units enters the Central Business District. Job growth will play a key role in determining how large or small that decline is. Personally, I foresee potential double digit percentage declines before the market rebounds in mid 2011. Regardless, thousands of units will be delivered to an already slow marketplace including:
For Sale:
- 360 Condominiums ~ 45 units left to sell – available now
- Shore ~ units left to sell if buyers do not close due to lack of financing – available now
- Bridges on the Park ~ 28 units remaining – available now
- Milago ~ 15 re-sales at any given time
- Nokonah ~ 10 re-sales on the market – perhaps the most at any time since it opened in 2002
- Spring ~ 220 units winter of 2009/2010. Half under contract but TBD how many close.
- Barton Place ~ 270 units – phase I delivering spring 2010
- Four Seasons – 167 units delivering late 2009/early 2010
- W Hotel ~ 166 units delivering mid 2010
For Lease:
- Monarch ~ 305 units, roughly 50% occupied
- AMLI Phase II – 10% remain to fill
- Legacy on Town Lake ~ 172 units delivering spring 2009
- Ashton ~ 200 units delivering summer 2009
- Gables Park Plaza ~ 314 units delivering 2010
- 300 S. Lamar ~ 165 units delivering spring 2009
Compare the above to the fact that in 2005 – 2006 there were never more than 50 units or so available at any given time for purchase and the rental market was at 97% occupancy. Now one can begin to understand why prices ran up over 17%+ annually for the last 4 years.
