AUSTIN | Projects & Construction II

[Strayone]

Good to hear Altavida is nearing street level. I wasn't aware block 21 would be that deep and large, this one will take some time, probably until next summer to pop out of the ground.

[mars-man]

Originally Posted by StoOgE

Pricing on W Residences:

Low 400K's for the smaller 1 BR's with .63 PSF for HOA fees. This is absolutely an upscale residence, which is to be expected given their track record. 10K downpayment (fully refundable) with 10% due at groundbreaking (October 12th).

So, not alot of firefighters and teachers in this one :lol

It had better be upscale indeed with a .63 HOA! That's about twice the going rate of the upcoming DT condos. 360's is .33. But then, it won't have the option of room service or housekeeping, like W's residents...

[StoOgE]

they also have dog walking services.

[jgouger]

Lol well that IS cheaper than the Austonian! The Austonian is asking $0.67 per sq ft for HOA fees! But at least with the Austonian your dog can poop in luxury!

[StoOgE]

Originally Posted by jgouger

Lol well that IS cheaper than the Austonian! The Austonian is asking $0.67 per sq ft for HOA fees! But at least with the Austonian your dog can poop in luxury!

For 63 cents a sq foot a month, Willie Nelson had better be walking my dog.

My interest in this place went from extremely high to absolutely nothing in about 5 seconds on the phone with the sales desk. I knew the price would be high for the unit.. but the HOA fees are the real killer. 400+ a month in HOA fees at the least? Get outta here.

[M1EK]

My condo in Clarksville has a per square foot figure of about 13 cents. But this includes only garbage and water. I've never had a good metric to compare whether these new HOA fees are excessive - what are they covering? Obviously a pool's going to be a big cost, plus a workout room (both for the direct costs and for higher insurance premiums), but what else? Shared A/C?

[MichaelB]

Crane base is being delivered to "La Vista on Lavaca" today.

[KevinFromTexas]

^ Um, yay!?

It should have been built in Round Rock instead.

[mars-man]

Originally Posted by M1EK

My condo in Clarksville has a per square foot figure of about 13 cents. But this includes only garbage and water. I've never had a good metric to compare whether these new HOA fees are excessive - what are they covering? Obviously a pool's going to be a big cost, plus a workout room (both for the direct costs and for higher insurance premiums), but what else? Shared A/C?

Aside from general upkeep and maintenance, inside and out, about the only things specifically covered by the HOA at 360 are the 24-hour concierge and the "ultra high-speed" Internet service. Utilities are not covered, though the building will be connected to the giant garage-top chiller across the street, which presumably make for some nice efficiency...?

Not sure how much value I'll get from the concierge, other than perhaps the occasional hooker. Kidding!

As for the Internet, seems like it'll need to be lightning fast with lots of bandwidth to be worthwhile, since residents should be in easy reach of the city's free Wi-Fi signal.

[AustinGuy]

Originally Posted by M1EK

Obviously a pool's going to be a big cost, plus a workout room (both for the direct costs and for higher insurance premiums), but what else? Shared A/C?

Well, the condo fee also covers insurance for the building (and maintenance of common areas like elevators/pools/lights/etc), so insuring a skyscraper probably isn't cheap. Most of these new projects downtown also have 24 hour doormen which are paid from the condo fee. The 360 comes with built in internet access via ethernet which is paid for out of the fee as well.

The projects like the W include "extras" like poolside beverage and food service, optional maid service, optional laundry service, etc. I'm assuming that they'll take money out of the higher fees to make these services available although making use of the services will cost you money.

[Strayone]

That does get scary when you think a 1000s qft space will have HOA fees of $670.00 better make the best of it and take full advantage of the amenities offered and make sure the rest of the household does as well. Don't forget these fees also include property tax for the building itself.

[M1EK]

Originally Posted by Strayone

That does get scary when you think a 1000s qft space will have HOA fees of $670.00 better make the best of it and take full advantage of the amenities offered and make sure the rest of the household does as well. Don't forget these fees also include property tax for the building itself.

I don't think so - condos typically divide the land portion of the property tax among the residents proportionately (i.e. there are 14 units in my building; land cost divided by 14 and assessed to each of us).

Oddly, even though the upper-floor units have 1.5 floors (an interior loft and attic adding up to about 1080 sqft versus 800ish on the bottom), we're all assessed equally on land value - I would have expected it to be proportional based on square feet of improvements.

[StoOgE]

Strayone, are you sure about that property tax?

I own two condos and pay property tax on both. The state takes the full appraised value of the complex and land, and divides ownership based on total square footage of the complex. So, a 10000 square foot building, and I own a 1000 square foot condo, my taxes would be 10% of the total appraised value.

My dues are bouth about 17 cents a sq foot and cover water, wastewater, trash, insurance, basic cable (which we arent even really getting a group rate for, very mad about it) and upkeep.

The second unit I dont live in covers all of that + a pool - cable. (the one I live in doesnt have a pool)

[StoOgE]

Originally Posted by M1EK

Oddly, even though the upper-floor units have 1.5 floors (an interior loft and attic adding up to about 1080 sqft versus 800ish on the bottom), we're all assessed equally on land value - I would have expected it to be proportional based on square feet of improvements.

I think mine are done as sq footage. I'll need to check in on it some more, but I have two of the smaller units. I'll be pretty ticked if the people living in the 2500 sq foot townhomes pay the same property tax as me.

Edit: I just checked travis cads website, and my percentage interest in "common property" is smaller than people with bigger units.

[pato79]

Wait so the property tax on condos like the 360 will be paid in whole or (in part) by the HOA fee? I thought the property tax was based on the price paid for the unit, just like a regular house.

[StoOgE]

Originally Posted by pato79

Wait so the property tax on condos like the 360 will be paid in whole or (in part) by the HOA fee? I thought the property tax was based on the price paid for the unit, just like a regular house.

It is with every condo I've ever come across. Bear in mind, Ive never owned a high rise condo though. Just low rise/townhome type setups.

[mars-man]

Property tax and HOA are separate. Tax on a condo is similar to a house, except that you pay on the appraised value of your unit PLUS a fraction of the appraised value of the commonly held area. In 360's case that will be 1/430rd or thereabouts.

[pato79]

Originally Posted by mars-man

Property tax and HOA are separate. Tax on a condo is similar to a house, except that you pay on the appraised value of your unit PLUS a fraction of the appraised value of the commonly held area. In 360's case that will be 1/430rd or thereabouts.

Thanks Mars-man that clears things up.

[crewer]

Originally Posted by StoOgE

For 63 cents a sq foot a month, Willie Nelson had better be walking my dog.

My interest in this place went from extremely high to absolutely nothing in about 5 seconds on the phone with the sales desk. I knew the price would be high for the unit.. but the HOA fees are the real killer. 400+ a month in HOA fees at the least? Get outta here.

My interest in a 1 bedroom condo here in DC went from high to zero when my realtor told me the condo fees were $1,300 a month. That was high because of all of the special assessments, but honestly, $400 a month on one bedroom units is not unusual here in DC, particularly in highrises close to downtown. It's the reality of "convenient downtown living". Guess Austin is falling in line.

[Strayone]

It goes without saying 360 is a business, which will also house a street level commercial element, as well for the lower level commercial in the Austonian. This would have an affect on the overall value of the building, ie it makes each unit more valuable, and I suspect that is in the details of the fees. Really just speculation, hope I'm not too far off base with my view.