Quote:
Originally Posted by Dcbrickley
I've sold quite a few condos downtown and owned one myself for a few years. I've noticed that the quality of construction and design for most of downtown properties lacks, and I believe that is due to the following
1. The demand to live downtown is such that buyers will purchase anything regardless of style/design.
2. Being a younger (new money) type of market, the buyers are not often educated to high design and don't demand it.....and probably could not afford it. Cities like Dallas-Houston (not to mention NYC & LA, etc), have a TON more money than Austin, have more museums, better fine arts, etc. Which, I believe, leads to buyers who demand more style.
3. I believe once the prices of newer units exceed $1000/ft, buyers will expect higher interior designs and "starchitects", who have a reputation to uphold with regard to design.
I believe we will reach those levels, but it will take time. As the boomers continue to retire and want a condo life downtown, they have the money and "style", and will demand a better building and appreciate a "starchitect".
I've never had a downtown condo buyer that even mentioned style/design. What matter most were;
1. price
2. view
3. size-value
4. location
But all of those buyers/sellers were below the $600/ft range. A buyer can only expect so much at that price point. We've had quite a few units sell in the $1000+/- sqft downtown, but I've never worked with those buyers/sellers.
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I live in a condo downtown and I'm fairly young, but maybe part of it is, that I'd want to live in the ugliest building I can find! That way, I don't have to look at it when I look out my windows. It's like in NYC... No one wants to have an office *in* the empire state building, since all their neighbors have this great view of the empire state building and they don't.
Joking aside, I agree with you. By far those 4 issues are what matters most to people. I just wish it were different and we got something unique and original. Shoot, that Dallas building is just a big glass rectangle at it's core, but at least it's green. That alone (instead of the dozen blue buildings we have) would make it stand out in Austin...