TOWERS Austin writes, "Here’s a completely true thing you can say that will greatly irritate many people: Condos are pretty rare in Austin. Although they’re the boogeyman of choice for locals lamenting the relentless march of time, the fact is that the vast majority of new multifamily residential construction in Austin delivers apartments for rent, rather than condos for sale. Of the thousands upon thousands of new housing units constructed in the region since the start of the pandemic, condos make up about five percent or less of that total, and this isn’t great news for first-time homebuyers, since condos are often significantly less expensive than detached single-family homes.
The reason developers tend to prefer apartments over condos is all about financing risk and liability — apartment buildings can be sold to investors upon completion, whereas the shared nature of a condo ownership regime requires developers to presell a percentage of units before construction can even be financed. Condos are also riskier investments due to the probability of construction defect lawsuits from owners against the developer, which are increasingly common in new buildings.
That’s a very long-winded way of explaining that we’re always happy to see a new project in Austin choosing condos rather than apartments, despite all these obstacles — case in point, last week local real estate firm Ledgestone Development Group announced The Ander, a 198-unit condo community planned at a 2.4-acre assembly of properties at 2001-2013 West Anderson Lane on the far north edge of the Crestview neighborhood, a region the developer’s press release amusingly calls “Uptown” despite the rest of us not being able to agree whether that term should refer to the north half of Lavaca Street or some far-flung spot out by the Domain:
Comprising 198 one- and two-bedroom residences ranging in size from 679 square feet to 1,457 square feet, The Ander blends eastern and western modern design elements into harmoniously organic living spaces. Located at 2001 West Anderson Lane in Uptown’s Crestview neighborhood, the five-story boutique building offers residents enviable proximity to eateries, live music, curated shops and small businesses.
— The Ander, Ledgestone Development Group
The Ander — ah, that’s a riff on “Anderson,” isn’t it — comes to us in an attractive masonry-veneered package from local architecture firm STG Design, and the project is one of the first large developments of its kind in this area of West Anderson Lane, which hasn’t seen nearly the same level of multifamily construction as nearby corridors like North Lamar Boulevard and Burnet Road.
The only objectionable possibility of this project is its anticipated displacement of longtime neighborhood coffeehouse Genuine Joe, which is currently still operating at the site but has thankfully already secured new digs a mile down the road in an outbuilding at the Episcopal Church of the Resurrection on Justin Lane. We like new condos, sure, but we also like coffee shops, and we see no reason the two shouldn’t be able to coexist in harmony. According to the developer, the Ander has started accepting reservations, with unit prices in the building ranging from $400,000 to more than $1 million. The project is expecting occupancy in 2027."
Source: TOWERS Austin
Written by: James Rambin
Published: June 28, 2024
Posted by Grossman & Jones Group on
Leave A Comment