Zilker Residences (Austin, Spring, Riverside: sales, apartment complexes, condos)

[lbny34]

Does anyone know if this project has broken ground yet? It has been advertised forever with build dates constantly pushed back and revised. Their website is lifeonthepark.

[atxcio]

Hasn't broken ground last time I passed by there. I'll bet they are on hold with the condos, although they may still build the hotel. Just down the street, though, the new Barton Place condos are almost complete: Photos of Barton Place - Austin Texas Condo - Urban Beauty unsurpassed! | Barton Place | Austin, Texas

To me, it makes little sense to buy in either of those projects. Downtown is just across the river, and is supposed to be the place where the city wants to create density and a walkable, livable urban experience. That stretch of Barton Springs Rd is best kept as an Austin amenity... basically an extension of Zilker park with funky restaurants and trees. Zilker Residences and Barton Place, no matter how nice they make the interiors, are basically glorified apartment complexes when compared to the new downtown towers.

[austin-steve]

Originally Posted by atxcio

To me, it makes little sense to buy in either of those projects. Downtown is just across the river, and is supposed to be the place where the city wants to create density and a walkable, livable urban experience. That stretch of Barton Springs Rd is best kept as an Austin amenity... basically an extension of Zilker park with funky restaurants and trees. Zilker Residences and Barton Place, no matter how nice they make the interiors, are basically glorified apartment complexes when compared to the new downtown towers.

Hmm, I've actually thought the opposite. I think it might depend on one's age and what they like to do. But to me, living in the Barton Springs area affords easy access to Barton Springs pool/park, the hike/bike trail, many diverse restaurants, and it's an easy walk to downtown should one want or need to venture in that direction. I think there is a lot of overlap in each location though.

I think if I was younger and single, downtown might be more appealing. For baby boomers or empty nesters, I think many would find the Barton Springs area (which is essential a submarket of downtown) more fitting.

Steve

Steve

[TexasHorseLady]

Originally Posted by atxcio

Hasn't broken ground last time I passed by there. I'll bet they are on hold with the condos, although they may still build the hotel. Just down the street, though, the new Barton Place condos are almost complete: Photos of Barton Place - Austin Texas Condo - Urban Beauty unsurpassed! | Barton Place | Austin, Texas

To me, it makes little sense to buy in either of those projects. Downtown is just across the river, and is supposed to be the place where the city wants to create density and a walkable, livable urban experience. That stretch of Barton Springs Rd is best kept as an Austin amenity... basically an extension of Zilker park with funky restaurants and trees. Zilker Residences and Barton Place, no matter how nice they make the interiors, are basically glorified apartment complexes when compared to the new downtown towers.

I agree with you, even though I might be able to sell a lot of condos down there, that leaving Barton Springs Road the way it is is the way to go if we don't want to kill the goose that lays the golden egg (though it certainly seems like we want to do that sometimes these days).

Sort of like buying a beautiful piece of property and then plopping an ugly house right down on the prettiest part of it, thus destroying the amenity that gave the land its value.

[atxcio]

Originally Posted by austin-steve

Hmm, I've actually thought the opposite. I think it might depend on one's age and what they like to do. But to me, living in the Barton Springs area affords easy access to Barton Springs pool/park, the hike/bike trail, many diverse restaurants, and it's an easy walk to downtown should one want or need to venture in that direction. I think there is a lot of overlap in each location though.

I agree it's an excellent location, but I kind of feel like the precedent has been set with Bridges on the Park. That's a similar location, with slightly less expensive condos -- maybe not as quiet -- but I'm pretty sure they had some trouble selling those, even near the height of the boom.

My thinking is that if people are looking for what you describe -- quieter, proximity to the parks, etc -- they could easily buy a house in Barton Hills for $600K (what they are asking for the condos) and basically have the same location. And the house would hold it's value much better. So that leaves only purchasers who are so interested in a maintenance-free lifestyle that they'll pay a premium for it, even though better values can be found in the neighborhood. That market definitely exists, but it's tiny.

Downtown, on the other hand, doesn't have a competing SF neighborhood. You can't really compare anything single-family to a condo in a 40 story high rise smack dab in the middle of downtown. That's what I'm thinking will be the unique factor that makes the DT condo a better investment long term.

But it's pure speculation on my part.

[austin-steve]

My thinking is that if people are looking for what you describe -- quieter, proximity to the parks, etc -- they could easily buy a house in Barton Hills for $600K (what they are asking for the condos) and basically have the same location. And the house would hold it's value much better. So that leaves only purchasers who are so interested in a maintenance-free lifestyle that they'll pay a premium for it, even though better values can be found in the neighborhood. That market definitely exists, but it's tiny.

It's a valid point. Last time I was in the sales office at Barton Place (was eating at Chuey's and just wandered over) they told me the buyers included a lot of mostly older people, empty nesters, cash buyers, people downsizing to a hassle-free lifestyle. Some are second home buyers. It didn't sound like the young hip crowd was the market.

Downtown, on the other hand, doesn't have a competing SF neighborhood. You can't really compare anything single-family to a condo in a 40 story high rise smack dab in the middle of downtown. That's what I'm thinking will be the unique factor that makes the DT condo a better investment long term.

But it's pure speculation on my part.

Can't argue with that. But I still personally like the BArton Springs area better. A house would be great, but very few are actually a close walk.

The Bridges are located in a weird middle area, somewhat of a grey area. Not Barton Springs, not downtown, and hemmed in by two busy streets (Lamar and Riverside). They did have trouble and rented out a lot of their units.

Steve