AUSTIN | Projects & Construction II

[priller]

The Monarch sales center was open today when I was there taking photos. They even had a little sign on the corner.

[jgouger]

Where is the Monarch Sales Center?

[DTAustin]

Originally Posted by crewer

Last note I got was that they were offering $5,000 in upgrades, a 42" flat-screen TV and multiple gift certificates from businesses.

Lowering the price is usually the last resort, primarily because there is a backlash from the earlier investors. So they'll offer incentives until they can sell them. If that doesn't work, then they'll lower the prices.

I wonder how sales are going with the Monarch. I've not heard anything about it. I do like the floorplans and the large balconies.

I was in their sales office last week. At that time, there were 15 condos left at 360. Not bad considering there are 430 in the building. The remaining condos have the least desirable floor plan, which, in my opinion, is why they are still on the market. I think with Monarch opening, it will take longer for the last 15 to come under contract. However, once the building is completed and buyers can actually see the condos I think they will sell quickly.

I also asked if they were worried about the financing issues. If 360 is worried, they are putting on a good poker face. Most buyers put down a 5 - 10% non-refundable deposit upon signing of the contract and probably will not have a hard time qualifying, even in today's mortgage market. Most are not first time buyers, and many are selling or have sold existing property to pay for 360. Sure, a few probably won't close, but if history is any indicator, the desirable condos in that building will re-contract quickly. When a corner unit for over $550K came back on the market, it was under contract in less than 1 hour. Time will tell...

On a side note, does anyone know what the limit for a conforming condo loan is, or if condos even come under the conforming guidelines? For a house, the limit is $417K, but I can't find anything on condos.

[DTAustin]

Originally Posted by jgouger

Where is the Monarch Sales Center?

In the Urban Space Realtor's office on the bottom floor of the Austin City Lofts. This is directly across 5th street from the Monarch.

I was in there during the pre-sales event. The product looks like it will be very nice. From what I can tell, the finish is good, and the floor plans are decent. Pricing per square foot is in line with 360, but the condos are generally bigger so they cost more. The condos also start on the second floor, which, in my opinion, is a downfall. One two bedroom (I think 1100 sq ft) costs about $450K for a second floor location. I think that is too high for such a low floor. You can still buy a B8 at 360 for $420K somewhere around the 38th floor. The B8 isn't a great floor plan, but that would give you a little wiggle room to remodel or fix the issues. As far as I can remember, the 3 bedrooms start at around $800K.

[brianpm14]

After reading the forum for quite awhile, I have finally elected to join the fray. I work downtown in the Hobby State Office Building, my second floor office overlooks Block 21. Looking forward to construction really starting there. Downtown Austin is heaven for "sidewalk supervisors" like myself.

I noticed last week that with the sun moving to the south, there is a shadow on our building from AMLI Residential starting around 1PM, that is something new. Anyone know what they are doing with the apartments that face into the parking garage on AMLI? I am guessing they could be maintenance, administration, meeting, or exercise rooms.

[StoOgE]

The half point deduction from the fed should actually help more people qualify for housing since it could bring 300K dollar payment down substantially (a few hundred dollars) and help with people with DTI concerns. It may just be a bandaide, but I think it could significantly help for the next 18 months or so.

[WestAustinite]

Looks like Spring is getting ready to put up a crane. They are assembling the pieces of a massive truck based crane that is usually used to put up a tower crane. I do not see any poured cement base for the crane in the hole yet however...

[Kevinb]

Unfortunately long term rates inched UP a little on the Feds announcement.

They may be up OR down by next year...

[andrew.A..T..X]

so is the 360 now the second tallest in austin yet? Does anyone know how tall it is now?

[Strayone]

^ Yeah it must have edged by 600 Congress in height, 360 can be seen from along way off and even in some angles is rivaling Frost in height. I would think it is at least 425ft with 6 floors to go, and the roof being around 500 ft.

[KevinFromTexas]

Originally Posted by Strayone

^ Yeah it must have edged by 600 Congress in height, 360 can be seen from along way off and even in some angles is rivaling Frost in height. I would think it is at least 425ft with 6 floors to go, and the roof being around 500 ft.

360 Condominiums will be 462 feet to the mainroof. I'm not sure if that number includes the parapet or not. Then above that is a little podium which is where the spire stands on. The top of the podium is 472 feet. That's the official roof height. The spire sits above that and the top of the spire is 563 feet tall.

I'm not sure about how tall it is now. I'm thinking it may be right at 400 feet so far. If so, then yes, it probably is our 2nd tallest thus far. Taller than One American Center (600 Congress).

I've sent Greg an email about the height so far and the crane height.

[crewer]

Originally Posted by StoOgE

The half point deduction from the fed should actually help more people qualify for housing since it could bring 300K dollar payment down substantially (a few hundred dollars) and help with people with DTI concerns. It may just be a bandaide, but I think it could significantly help for the next 18 months or so.

The federal reserve rate cut doesn't have much affect on mortgage rates, particularly fixed mortgages. Those with ARMS might see a slight adjustment, but nothing substantial. In fact, it's not uncommon for mortgage rates to rise when the feds cut the rates, since mortgage industry is more closely related to the bond markets.

The feds cut rates when they feel inflation could get out of hand. The bond traders, in turn, will see that action as a precursor to long-term inflation, so they raise their interest rates, which consequently, can drive up mortgage rates.

I think you're right that it is just a band-aid if rates come down a bit, but should that happen, it'll be short term. What I'd rather see is a price reduction on the housing costs, thus giving more buying power to the masses.

[GoldenBoot]

Originally Posted by KevinFromTexas

360 Condominiums will be 462 feet to the mainroof. I'm not sure if that number includes the parapet or not. Then above that is a little podium which is where the spire stands on. The top of the podium is 472 feet. That's the official roof height. The spire sits above that and the top of the spire is 563 feet tall.

It's 461'-11" to the "low roof"...There is no "main roof" on this building. The "high roof" is at 472.5'. The 44th floor is situated between the 462' and 473' marks. Additionally, one set of plans call for a 108.5' spire (thus, a 581' tower) and another which has been rumored to indicate a spire of 90.5' (thus, a 563' tower). I have not seen the 90.5' spire blueprints; however, I have seen the plans for the 108.5' spire (581' tall tower).

[KevinFromTexas]

Yeah, I don't know what the deal is with that. I asked Greg about it, but never got an answer back.

[andrew.A..T..X]

Who's Greg?

[ATXboom]

http://www.news8austin.com/content/headlines/?ArID=192520&SecID=2

25-story condo tower planned for 8th and West Avenue
9/25/2007 11:58 AM
By: Tracey Panek

The latest proposed condominium development calls for a 200-unit, 25-story high rise near downtown Austin.


Architect's rendering of the tower
Developers and the building's architect presented their plans for 800 West to the city's Design Commission on Monday. Fortis Development wants a zoning change to build up in the Old West Austin neighborhood. Right now 60 feet is the limit.

Architect Jorge Munoz presented four options to the Design Commission. The tower would be set back from West Avenue with either a public park or houses in front of it. All four designs had public parks in the back – which faces Shoal Creek. In the front, two designs also had public parks. The other two had houses.

800 West will have a five-level parking garage and a bridge connecting it to a soon-to-be-built trail along Shoal Creek.



WATCH THE VIDEO



800 West

The 200-unit, 25-story tower would stretch from West Avenue to Shoal Creek and include a public park.







"I believe that because of the historic nature of the area that this particular project is in the wrong place," neighbor Ben Proctor said.

While not everyone likes the idea of a 25-story development coming to the historic neighborhood, it's not the first project outside of downtown in Austin's condo boom.

The nearby Nokonah Lofts on Eighth and Lamar were built in 2002 and has 11 stories. The 34-story 7 Rio – on Seventh and Rio Grande – is still in the design phase but developers plan to have the first units available in spring 2009.


Site plans for their neighborhood
Chris Riley, the former planning commissioner for the city of Austin, has lived west of Lamar Boulevard for 17 years. He thinks this is an opportunity not to be missed.

"A lot of us in the neighborhood would be glad to have more neighbors living around there. On the other hand, the neighborhood does have a distinct character and we would like to see any project respect that character," he said.

Austin-based Fortis Development hasn't bought the land yet. It will be up to the Austin City Council to approve the project.

[Complex01]

Another one, hmm. Wow that is very good news. The rendering does not look bad. Maybe see it a little bigger...

[M1EK]

Originally Posted by crewer

The feds cut rates when they feel inflation could get out of hand.

You either typo'ed or you don't understand inflation-targetting. When inflation is getting out of hand, the Fed will typically RAISE interest rates. They cut them this time, even though inflation is moderate, because of political pressure from the markets and from Congress, but it was a bad move from the inflation-fighting angle.

[MichaelB]

re: west ave progect. Walked by there again yesterday. There is an area where there are two parking lots and an 70's'ish low office building. Perfect location for the project. One great house on the north end on the block and one just to the south that I would be very vocal is seeing protected... but other that that.... what a great location on the park.

[KevinFromTexas]

I'm liking that location more and more for that project. It makes sense to put it there. I think that is the least obtrusive location they could have picked in that area. One thing is for sure, at just 2 blocks to the east it'll change the views from the former Whole Foods garage. Should be a great vantage point to take construction photos from.

Originally Posted by andrew.A..T..X

Who's Greg?

Greg is a forumer here and a friend of mine who is working with the developer.