Quote:
Originally Posted by WAustinResident
But I had the same issue with the Austonian, sagging sales. I think of these 3 blindings it could be the most likely to have problems, maybe turn into rentals. It is also the only one without a hotel attached.
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The Austonian become rentals? I'd say that's about the least likely thing to happen. First, it's built with European money... they aren't looking for the quick turnaround like some US lenders were. They are OK with being in it for the long hall... like they are with the toll roads. Second, the units are huge. They'd have to really fiddle with the floorplans to make units people would rent. There isn't a big rental market for the really huge expensive apartments. The people who could afford those types of rents typically buy instead.
Finally, the Austonian offers something that no other building can -- it's the tallest and most prominent building in Austin. And nothing is in the works that will rival it anytime soon. That particular prestige cannot be duplicated by any current building, at any price.
And if you think having the a hotel component guarantees a successful condo building... just read up on the 555.