The Candidates
The buildings I have chosen to review are Bridges on the Park, The Brown Building and 360. For each building I will discuss location, convenience (accessing your unit, parking etc.), amenities, cost and of course my personal opinion. This is not intended as a ranking of the three downtown Austin condos, just a description of some of the criteria I used when looking for a place.Data
The data is obtained from various sources; a few notable mentions are:- Walk Score from walkscore.com
- Map from Google Maps
- Tax Data from Travis CAD
- Rental and Buy prices were taken from various realtor web sites as of 12/5/2015
Orientation
The map below shows the location of all three buildings with markers for trail access and Whole Foods. Whole Foods and the Trail make up what I call the 'Whole Foods / Trail proximity index'. This is my patented multi-dimensional, recognized across the galaxy index which I use to determine the ultimate down town location:Bridges on the Park
 |
| Bridges on the Park |
# Stories : 6
# Units : 105
Walk Score: 75
Where North and South Austin meet. Bridges on the Park is a luxury six-story mid-rise condominium building situated steps to the south shore of Lady Bird Lake at the southeast corner of South Lamar Boulevard and Riverside Drive.
Location (Address: 210 Lee Barton Dr)
The building is located close to the intersection of South Lamar and Barton Springs. It is located 564ft from the trail (per Google maps), it really does not get much closer than that. Walking distance to Whole Foods is .7 mile and you can easily get there on a bike without having to go on the road. Being South of the river you are a little further from downtown attractions on 6th street, Congress and 5th Street. For theatre and arts lovers you are located directly across the street from the Zach theater and half a mile from the Long Center. South Lamar offers a wealth of dining and entertaining options to try out with Uchi, Shake Shack and Alamo Draft House within half a mile.Convenience
Being only six stories high, getting in and out of the building is a breeze. There are three elevators which more than accommodate the residents even during morning rush hour. The two level garage is well organized with large storage units located close to your parking spot. It takes less than a minute to get to the road from your parking spot even from the lower level. You get one parking spot per bedroom which is great as some buildings only provide one parking spot total.Amenities
- 24-hour front desk concierge
- Backyard with pool, hot tub, outdoor fireplace and bbq
- Well equipped fitness center
- Business center with Wi-Fi and projection screen
- Private on-site storage area
- Controlled-access entry to building and garage
Cost
- Rent:
- 1,002 sqft 1 Bed 1 Bath $2,400
- 1,369 sqft 2 Bed 2 Bath $2,850
- Buy (Price Per sqft):
- $404 (based on and average of four, 2 bed 2 bath condos)
- HOA Fees (per sqft):
- $0.45
- Tax Rate (2015):
- 2.38
My Opinion
In my opinion, mid-rise is the way to go and being only six stories, Bridges on the Park is ideal. No thirty minute wait to get out of the parking lot or standing or waiting for five minutes for an elevator. Worst case, you can always walk down six flights of stairs. In addition, it has the amenities you need and thus provides comfort without racking up the HOA fee. Being South of the river it is a little more affordable than the luxury units the other side of the river. The biggest plus in my book is the short walk to the trail.The Brown Building
 |
| The Brown Building |
Condos Built : 2004
# Stories : 10
# Units : 90
Walk Score : 97
The historic Brown Building brings authentic loft living to the heart of downtown Austin. Large, open lofts feature high ceilings with exposed ductwork, terrazzo floors and concrete pillars.
Location (Address: 710 Colorado Street)
The building is located on the corner of 8th and Colorado Street. Walking distance to the trail is half a mile. This can be enough to put you off going for a walk but does mean that when you do go, you walk an extra mile. As with Bridges on the Park, walking distance to Whole Foods is .7 mile although you will have to take to the roads if you want to bike there. It is more centrally located than Bridges on the Park and is much closer to the 6th street and Congress nightlife (for good or for bad). For theatre lovers you are located two blocks from the Paramount and State theaters which are great. Most of the things you are likely to do are South of the building although the Capitol Building and it's lovely grounds are just three blocks North.Convenience
The building used to be an office building and was not purpose built for condos. This adds to the charm but as often happens with charm convenience suffers. The parking is off to the side of the building and not directly underneath it which means a longer walk with your groceries. The windows are original, which makes them look nice but they are not Low-E and also not noise reducing. Privacy can also be an issue as central units face each other at a distance of less than fifty feet. Being ten floors it can take a little longer to get to your car or the street but it's certainly not a big problem.Amenities
- Fitness Center. Yes, technically there is one but it is a little sad
- Cool rooftop deck
- Secure parking
- and that is about it. This is not a problem for me as amenities cost extra money on your HOA. A HOA is basically a monthly subscription to a fancy club you may rarely use. I have enough subscriptions with Netflix and HBO Now so I do not need to be paying for someone else to store their wine in the building wine cellar (sorry Austonian)
Cost
- Rent:
- 637 sqft 1 Bed 1 Bath $1,550
- 1,235 sqft 2 Bed 2 Bath $2,500
- Buy (Price Per sqft):
- $325 (based on and average of two, 2 bed 2 bath condos)
- HOA Fees (per sqft):
- $0.47
- Tax Rate (2015):
- 1.48 (Historic exemption applies)
My Opinion
The Brown Building is a is a registered historic building. It may be because I am from Europe (where the history comes from) but this makes it special to me. It oozes character and you get a feeling that the building was built to last (which it has). The ceilings and floors are completely in character with the building and there is no forced modernity as there is with some other buildings. The floor plans are unique with short stairs to bed rooms, L shaped units and quirky nooks and crannies. If you are in the mood for an authentic downtown feel in a fantastic location, then this is the place for you.360 (https://360condominiums.com)
 |
| 360 Condos |
# Stories : 44
# Units : 430
Walk Score: 96
The forty four floor skyscraper is conveniently situated along Shoal Creek, on the western end of downtown Austin. Easy walking distance to restaurants, clubs, the hike and bike trail, Lady Bird Lake, Republic Square Park etc.
Location (Address: 360 Nueces Street)
The building is located near Nueces and 3rd. Walking distance to the trail is just over a quarter of a mile which is nice. Walking distance to Whole Foods is half a mile which is the closest in the three buildings discussed in this post. Based on my Whole Foods / Trail proximity index this is the most conveniently located building. It really is in a great spot. If you were to slide Trader Joes into the index, this would be another hit as it is less than one quarter of a mile from the popular San Francisco grocery store.Convenience
360 was purpose build to pack as many people as possible into a small parcel of land while still maintaining a high price per square foot. This comes with some breathtaking views but also more than a little inconvenience in getting in and out of the building. Residents have reported via Yelp that it can take 5-10 minutes at peak times to get an elevator and that it is a mile to get from the 8th floor of the parking lot to the street. I am not sure about you but this would make me feel like I was trapped and unable to get outside.Amenities
- Pool on the 9th Floor
- Clubroom. Sorry, it may be that I am a grumpy Welshman but I have no inclination to gather with me fellow residents (plasma TV screen or not)
- Theater room (refer to previous comment)
- Conference Room
- Fitness Center (very nice gym)
- Dog Park
- 24/7 Concierge
Cost
- Rent:
- 770 sqft 1 Bed 1 Bath $2,400
- 1,225 sqft 2 Bed 2 Bath $3,850
- Buy (Price Per sqft):
- $520 (based on and average of three, 2 bed 2 bath condos)
- HOA Fees (per sqft):
- $0.45
- Tax Rate (2015):
- 2.38
My Opinion
I cannot for the life of me understand why the HOA at a 45 story building with 430 units can be the same as a 6 story building with 105 units. I would have though economies of scale and the fact that there is still just one roof should make it cheaper. When I visited, the area around the elevator on the ground floor felt like that of a large hotel and did not feel at all homey to me. It is also just so darn tall. I went to an open house on the 36th floor. The balcony appeared to be a six inch thick piece of concrete jutting out from the building and I freely admit I was too scared to go out on it. My wife (and the Realtor) actually laughed out loud. That being said the views were incredible.Conclusion
I think choice is great and there is a British saying that applies here 'Horses for Courses'. This basically means that no matter your preference there is something that will suit you. Some people will love the pomp and pageantry of the Austonian or 360 and some people just want to live anonymously in a comfortable no nonsense condo in the heart of it all like the Brown Building. The great thing is there is a condo for you in downtown Austin.I am not oblivious, however, to the 8,000 lb gorilla in the room which is affordability. Downtown Austin has an affordability problem which needs to be addressed if the finely balanced ecosystem of this thriving city is going to be maintained.
No comments:
Post a Comment