Project Updates: Spring, Four Seasons, 360
February 23, 2009 21:07 Filed in: Development Watch
In spite of the difficult economy, the major downtown Austin condo projects continue to move toward completion. Lots of news updates this week:
- Tomorrow, Spring will celebrate its topping off. The 42-story building on 3rd and Bowie just east of Lamar has reached the top and is on track for completion in July. The 246 unit tower will be the first project delivered in 2009. According to the developers, an impressive 55% of units have already been pre-sold. With units starting around $300k, Spring is the most affordable downtown skyscraper currently under construction.
- 360, which was completed last year, has now officially sold 99% of its 430 units, making the project effectively sold out.
- The Four Seasons released a very detailed update of current sales and downtown market conditions including the news that they have now pre-sold nearly 50% of units:
"As we enter 2009, Four Seasons Residences Austin is nearly 50% sold. Understandably, the last quarter of 2008 was slow, but sales activity in 2009 has picked up considerably. In the last week we signed a new contract for a 2,700 square foot residence and have a number of additional contracts in process. We continue to see an influx of interest from people who love Austin and are exploring the opportunity to live at Four Seasons. . .
Figures for the condominium market in downtown Austin are very encouraging. Of the 800 units delivered in 2008, over 90% have already closed. Furthermore, several planned projects have been put on indefinite hold due to a lack of financing which will reduce the amount of future supply for years to come.
The three luxury downtown projects currently under construction total only 500 units, which is a tiny fraction of new home construction in Austin. Combined sales statistics show that these projects are 35% sold while still early in construction. Four Seasons will deliver its first residences in early 2010. The other two projects are scheduled to deliver units in late 2010 and 2011. The staggered completion of these buildings combined with the cancellation of all planned projects, suggest the downtown luxury condominium market will remain healthy."
- Tomorrow, Spring will celebrate its topping off. The 42-story building on 3rd and Bowie just east of Lamar has reached the top and is on track for completion in July. The 246 unit tower will be the first project delivered in 2009. According to the developers, an impressive 55% of units have already been pre-sold. With units starting around $300k, Spring is the most affordable downtown skyscraper currently under construction.
- 360, which was completed last year, has now officially sold 99% of its 430 units, making the project effectively sold out.
- The Four Seasons released a very detailed update of current sales and downtown market conditions including the news that they have now pre-sold nearly 50% of units:
"As we enter 2009, Four Seasons Residences Austin is nearly 50% sold. Understandably, the last quarter of 2008 was slow, but sales activity in 2009 has picked up considerably. In the last week we signed a new contract for a 2,700 square foot residence and have a number of additional contracts in process. We continue to see an influx of interest from people who love Austin and are exploring the opportunity to live at Four Seasons. . .
Figures for the condominium market in downtown Austin are very encouraging. Of the 800 units delivered in 2008, over 90% have already closed. Furthermore, several planned projects have been put on indefinite hold due to a lack of financing which will reduce the amount of future supply for years to come.
The three luxury downtown projects currently under construction total only 500 units, which is a tiny fraction of new home construction in Austin. Combined sales statistics show that these projects are 35% sold while still early in construction. Four Seasons will deliver its first residences in early 2010. The other two projects are scheduled to deliver units in late 2010 and 2011. The staggered completion of these buildings combined with the cancellation of all planned projects, suggest the downtown luxury condominium market will remain healthy."