Vidorra Update (website)

[max777]

I wanted the buildings or original rendering with the FINS on the top of them. Those WERE the most unique condos I'd ever seen. Well, I'm not going to be a party pooper. So I'm just going to say, I DO like them. Looking on the bright side, they WILL have great views of the city.

[miaht82]

From NestFest on MySA.com

By Creighton Welch on Mar 18, 2009

What once was nothing more than an artist's rendering is now complete (except some cleaning and landscaping).


The Vidorra condos near Sunset Station are ready for residents. In fact, four owners have closed and two already are living in the 20-story tower. Check back later today for photos of the finished product.


The developers say they'll be able to close about seven condos per week for the next few months. About 60 percent of the 146 condos and six townhomes are sold at this point.

The units range from about 1,000 square feet up to a 3,866-square-foot penthouse. The two penthouses are still available, and pricing is available upon request. The condos start at $255,900.

In addition to being near the activity of Sunset Station, the condos offer the amenities such as a concierge, pool, fitness and business centers, guest suites and catering arrangements with Sunset Station.

From another story in the business section of MySA.com , not NestFest.

"Once 80 percent of the condos are sold, developers will begin the process of building a second 20-story tower next to the condo, Rochelle said."

[KevinFromTexas]

Thanks for posting that. You need to include the source though.

[Dom"n"Converse]

You didn't write that part that said when tower one is 80% sold, tower 2 will start construction.

[miaht82]

Added it;

So if I do math correctly, 152 (146+6 townhomes) x .80 = 121.6 = magic number
So far, we are at ABOUT 60% which is around 91 or so that have been sold.

We, or I, can assume that 30 more need to sell before Tower 2 will break ground.

[kornbread]

Originally Posted by miaht82

Added it;
So if I do math correctly, 152 (146+6 townhomes) x .80 = 121.6 = magic number
So far, we are at ABOUT 60% which is around 91 or so that have been sold.

We, or I, can assume that 30 more need to sell before Tower 2 will break ground.

Originally, construction wasn't supposed to start until 60% of the units had been sold. So now that units are available for residents to start moving in, they still have only sold 60% of the units?

At that rate, you will never reach 30 more, and even if they do wouldn't they just start to sell units in the second building (as opposed to actually breaking ground)?

[miaht82]

Unless growth comes to a complete standstill, I can't see it being at that frozen rate for longer than a couple of years.
Logistically speaking though, it would make sense to break ground at todays prices than risk rising cost of labor and materials down the road. Also, the hard part is done. The interest in the location is there, so they don't run so much of a risk in building a second tower as they did in the first. The land is already theirs and they might even include more of the smaller plans in the second tower if they really are that much more popular.
The last 12 months might have been rough and maybe I'm just optimistic (and maybe too optimistic) but I talked to a few out of towners recently at a conference that spent a few extra days here that planned on purchasing homes; 2 at Vidorra, 1 at Judson Lofts and 1 put a deposit down at Lone Star. Their reason; BRAC.
They weren't the only 4 that were looking at homes.

[sirkingwilliam]

Originally Posted by kornbread

Originally, construction wasn't supposed to start until 60% of the units had been sold. So now that units are available for residents to start moving in, they still have only sold 60% of the units?

At that rate, you will never reach 30 more, and even if they do wouldn't they just start to sell units in the second building (as opposed to actually breaking ground)?

There's a difference between buying an imaginary (yet to be built) unit in a high rise and buying a tangible thing like a unit in a high rise that is built. Look for sells to increase once the place is finally build and open.

[kornbread]

Originally Posted by sirkingwilliam

There's a difference between buying an imaginary (yet to be built) unit in a high rise and buying a tangible thing like a unit in a high rise that is built. Look for sells to increase once the place is finally build and open.

Sure there is, but is the message SA is sending to developers: "I might be interested, but I have to see the finished product first"?

Obviously the developer believes in their project, but it's the lenders they have to convince, and these days...
So if people aren't willing to back up their interest with $$, can we really expect more projects like this to happen?

Maybe this is an acceptable rate of sales; maybe even good. I don't really know.

It sounds like there is interest from new residents, so the beefing up of Ft. Sam might well help with Vidorra sales.

[sirkingwilliam]

Originally Posted by kornbread

Sure there is, but is the message SA is sending to developers: "I might be interested, but I have to see the finished product first"?

I'm not a developer nor do I pretend to be one but unless the market is super hot (like Florida and Vegas a few years ago) that's the norm for most places.

[sakyle04]

Originally Posted by miaht82

Unless growth comes to a complete standstill, I can't see it being at that frozen rate for longer than a couple of years.
Logistically speaking though, it would make sense to break ground at todays prices than risk rising cost of labor and materials down the road. Also, the hard part is done. The interest in the location is there, so they don't run so much of a risk in building a second tower as they did in the first. The land is already theirs and they might even include more of the smaller plans in the second tower if they really are that much more popular.
The last 12 months might have been rough and maybe I'm just optimistic (and maybe too optimistic) but I talked to a few out of towners recently at a conference that spent a few extra days here that planned on purchasing homes; 2 at Vidorra, 1 at Judson Lofts and 1 put a deposit down at Lone Star. Their reason; BRAC.
They weren't the only 4 that were looking at homes.

I think your logic is good (especially with regard to locking in contracts at lower labor/materials costs), but you might be a bit too optimistic.

The global credit markets are crap, meaning that finding funding for a speculative tower 2 would be near impossible. Even if San Antonio is in some way recession-proof (and it isn't), no one is lending the kind of cash needed to build that second tower - at least not now.

Interesting side note about loft/condo deposits. I have an uncle who has put down deposits on 3 units at Lone Star. Already, he is having 2nd thoughts...I wonder what the rate of closure is on those reserved units...?

[Schertz1]

Actually, construction financing, even for large projects, is still readily available. Only, the terms have changed; twenty-five percent is the usual pay to play. However, there are other considerations: developer net worth, loan to value, loan to cost, and debt service. I am not too familiar with the developer, but he seems well connected and respected. IMO, he shouldn't have a problem.

[miaht82]

Originally Posted by Schertz1

Actually, construction financing, even for large projects, is still readily available. Only, the terms have changed; twenty-five percent is the usual pay to play. However, there are other considerations: developer net worth, loan to value, loan to cost, and debt service. I am not too familiar with the developer, but he seems well connected and respected. IMO, he shouldn't have a problem.

25%? wow, they used to be 10 to 16%, or at least double the conventional bank rate for hard or bridge loans.

[The Model]

Today was the official grand opening of Vidorra.
At least 100 turned out, KSAT 12 was there.
Some City Officials were there as well, it was a nice event.
They also got approval for a quiet zone from Union Pacific.
This will go into action on Friday.

[The Model]

[The Model]

Sorry, I tried to post an image, didn't work.

[Schertz1]

Downtown/Vidorra from St. Paul Square

[miaht82]

nice shot. I really do like how those townhomes come out to the street. makes it seem a little more connected to the neighborhood. It would look kinda nice if it continued for a couple of blocks or if we just had more of that in the neighborhood.

[adtobias]

That would fit nicely in the river north area

[jaga185]

Heck yeah, I love the way those town homes look. I totally agree miaht, right up to the highway would be friggin sweet.

^^^ I hope townhomes like those are built in river north, totally.