Four Seasons Private Residences Lake Austin is tucked into 145 acres along Lake Austin.

Austin Business Journal writes, "the Four Seasons Private Residences Lake Austin is still a few years away from completion on Bridge Point Parkway near the Pennybacker Bridge.

In the meantime, prospective buyers can experience the luxury residential development's homes and amenities through virtual reality, an example of how new technology is changing the marketing of real estate.

Site work began Feb. 8 on the project but, by donning a pair of VR goggles, one can already walk around the 145-acre Lake Austin property's sprawling homes and more than 100,000 square feet of amenities.

Jonathan Coon — partner at Austin Capital Partners, which is co-developing the project with Four Seasons Hotel and Resorts and Hines — believes the use of VR to market luxury residential developments will gain popularity in the coming years.

"Give it five years and this will become common," Coon said. "It’s like your friend that had an iPhone in 2007, right? Five years later, everyone had it. You’re seeing something that’s inevitable, just early."

Coon hosted Austin Business Journal on a tour of the project site, where there isn’t much constructed aside from some viewing towers to take in the scenery and a welcome building at the site entrance. Drive a bit down a dirt road winding through the hills, though, and you find a building housing a VR system that allows prospective owners to experience the site as it will exist upon completion in 2026.

The building is wide open — about 5,000 square feet, or the size of a junior Olympic swimming pool. That’s spacious enough to comfortably explore the future homes, which start at 2,000 square feet, as well as the amenities such as multiple clubhouses, a spa and a private marina.

The virtual tour began in a space reminiscent of Star Trek’s holodeck, a large room with grid lines on the floor, walls and ceiling. That space was quickly replaced by one of the development’s luxury residences, with prices expected to start at $4.1 million, complete with impressive views of the Hill Country and Austin skyline.

The development is located in the 78730 ZIP code, one of the wealthiest in Austin, according to the latest Austin Business Journal research. The median household income of the ZIP is $113,614 and the median value of owner-occupied homes is $761,700, higher than all but two ZIPs in the Austin metro.

The VR experience offered scenes of the luxury homes as they might be lived in — filled with furniture, but also the typical clutter of an inhabited home, such as books and magazines and decorations. Surfaces that should reflect images do. Walk by a mirror at the back of a room and you can watch the reflection of a television that’s playing at the front.

"The goal is for you to have a memory of being here," said Coon, who co-founded 1-800-Contacts before getting involved in real estate.

From there, the tour moved to the lake clubhouse. It’s a trip that would require a two-minute ride down the Lake Austin cliffside in a funicular elevator in real life, but in VR took about three seconds.

The tour also had a stop at an indoor sport club, with golf simulators, basketball courts, a 32-foot-tall climbing wall, an indoor clay tennis court, a 140-inch micro-LED Samsung television and more.

The tour concluded after showing off the bar and lounge areas, along with the development’s 96-seat theater, which played a short clip from "X-Men: Days of Future Past." The theater, with a 60-foot micro-LED screen, can be used for live sporting events, private concerts, TED Talks and more.

Once complete, the 145-acre development will be home to 179 residences. Of those, 170 homes will be in connected buildings atop a 380-foot hill, and there will be nine standalone villas tucked into the hillside. Homes will range from 2,000 to 12,000 square feet.

The development’s amenities are expansive. They include a 3,500-square-foot lake clubhouse and 576-foot private marina with more than three dozen boat slips along a 3,070-foot waterfront; an upper clubhouse with a private restaurant, casual cafe and theater; a spa and wellness club with hot and cold plunge pools, private treatment rooms, sauna and steam facilities and a beauty salon; 76,000-square-foot indoor sports club; a boating club with a fleet of electric watercraft; 12,000-square-foot citrus and herb garden with an 82-foot pool and nature trails with a private park.

Pre-sales for homes began in fall 2021. Austin Capital Partners declined to comment on how many homes have been sold thus far. Back in February 2022, half of the homes had been reserved."

 

Source: Austin Business Journal

Written by: Cody Baird

Published: April 14, 2023

Posted by Grossman & Jones Group on

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