STEAL: West Campus pre-lease 2/1, August '08

A few years ago, I predicted all the new build in the West Campus neighborhood would cause prices in the 1960/70s-built apartments to drop slightly or at least level off for a few years.

I couldn't have been more wrong. The new rentals instead built momentum for the campus area, giving extra incentive for students to bunk two to a room to remain in the heart of things. But in the midst of all that, I still have one an undervalued option near MLK and Guad that's giving 2/1's away for $1050.

Lease starts in August, I'll get the exact date for you if interested.

Just got the heads up on it today, so if you want it - - - let's roll!

Email me: BradleyPounds@aol.com

I never got around to opining on the 'progress' at East Riverside/Lakeshore . . .

"The complex cost of change . . . " is how the Statesman described the developer-driven revitalization effort on South Lakeshore Boulevard. Hundreds of apartment units have been mostly torn down to make way for condo projects, while the others have simply been gutted down to the studs to build more "affordable" condominiums.

The price of progress is high for the hundreds of low-income renters who were displaced, many of whom have been East Riverside residents for decades. With the newer E. Riverside product now priced more like S. MOPAC, many have since headed north for Cameron road or Rundberg/far North Lamar, where the availability of similarly priced housing is better.

Here are two news articles from 2007 that deal with the changes.

http://www.statesman.com/business/content/business/stories/realestate/11/25/1125amli.html
http://www.austinchronicle.com/gyrobase/Issue/story?oid=oid%3A538028

$1150: 78704 updated duplex unit, 2/1 with granite and stainless apps

Updated duplex near the fun part of South Lamar (Del Curto) for 1150. 2/1 with granite + stainless steel appliances, looks fresher than it's 1972 exterior suggests. 78704 is hard to get in at this price so email me if you want it.
BradleyPounds@aol.com

STEAL THIS: $895. Cute 2/1 condo on S. 1st, close to shops

It ain't giant but I've found a 2/1 condo on South 1st street between downtown and Ben White for $895. Deal with the small bedrooms and no washer/dryer connections. Location, location, location! Email me if you want it. Cheap for 78704. BradleyPounds@aol.com

Teaser: Timeline set for Mueller apartments

(Austin) - Simmons Vedder & Co. has been selected to build the second mixed-use multifamily component at the former Robert Mueller Municipal Airport. The new project, adjacent to the future town center, will have more than 275,000 square feet, with four stories and 300 one- to three-bedroom units. It will also have two-story live-work units with commercial space on the ground floor. Groundbreaking is scheduled for next summer, with completion in 2010. Ten percent of the apartments will be reserved for families that make 60 percent or less of Austin's median family income. The project will achieve at least a two-star rating under Austin Energy's Green Building Program. Simmons Vedder & Co.'s first apartment project, Mosaic, is under construction at Aldrich and Ragsdale streets.[Austin American-Statesman]

Rising rent figures are in . . .

Prices for apartment rentals in Austin are on the rise as occupancy rates increase, according to Capitol Market Research. One-bedroom apartments have increased to an average of $714 a month, about $100 more than they cost two years ago. Two-bedroom, two-bath units are up to $938, also about $100 more than two years ago. The market is seeing a mix of newcomers and renters who are shopping around after their rents were raised. Strong job growth in the past 12 to 18 months has also kept the apartment market healthy. Charles Heimsath, president of Capitol Market Research, predicted that occupancy rates will hold at 96 percent this year. Heimsath predicts Austin-area rents will rise 5 percent to 6 percent this year, with ample demand to fill the estimated 6,000 units that are expected to open. Last year, the market absorbed 5,600 units. [Austin American-Statesman]

I'm back!

After a long foray into the wild world of new home sales, I'm back to leasing and ready for you renters. I'll be updating much more frequently, starting with some market news right away.