Downtown Austin Condo For Sale Resource

Condo prices are up in downtown Austin. What I am seeing are the incentives going up. One devleoper is offering 10% down and 0% interest for 1 year… ZERO interest. That’s a new one.

When you buy a home that’s not built yet, there can be setbacks before you move in. Here are steps to buying a pre-construction condo

Pre-construction condos are units that have been proposed by a developer, but have not yet been built. When you purchase a pre-construction unit, you are putting money down before construction begins. Buying a pre-construction condominium can be a great opportunity, but you should proceed with caution. Because you are buying into something that does not yet exist, there is greater potential for unforeseen problems and setbacks before you move into your home. By understanding the risks and planning carefully, you can avoid complications and come out a winner.

Advantages
The main advantage to buying into a condominium development before construction starts is that you often get a lower price than if you buy when construction is complete. The reason for this is that developers typically need pre-construction sales of 50 percent to 90 percent of the units in a development before they can borrow funds to begin construction. Pre-construction condos can also get you in on the ground floor of an investment that will appreciate. The market value of pre-construction units generally increases during the one to three years it takes to build a development, so your unit may be worth more than you’ve paid for it before you set foot in the place. In addition, you can often choose from a variety of finishes and flooring options, allowing you to customize your home.

How the process works
There are several steps to buying a pre-construction condo. They can vary from developer to developer, but the basic components are:

1. Reservation agreement You give a deposit (usually between $5,000 and $10,000) to reserve the unit and set the price (although the builder can reserve the right to change the price in the contract). The deposit is held in escrow and you can cancel the agreement at any time with a full refund.

2. Condominium documents When a development is approved for construction, the developer submits condominium documents (including budgets, association rules, unit descriptions, materials and other important information) for approval by the state. Once the documents are approved, they are sent to you for review. Read them carefully to make sure that you will be comfortable living by the association rules.

3. Right of rescission Once you receive the condominium documents, you have a 15-day period to decide whether you would like to proceed into a binding contract. If you don’t, you can exercise your right of rescission and withdraw with a full refund.

4. Hard contract If you don’t withdraw, you’ll provide the balance of the required down payment, usually 15 to 20 percent of the purchase price, and sign a binding contract agreeing to purchase the condominium. You generally have seven days after that to cancel. This is your last chance to walk away with no penalty.

5. Closing When construction is nearly finished, the developer will issue you a Certificate of Occupancy. A closing date is set when you will hand over the balance of the purchase price and sign the final documents. If all goes according to plan, your closing will coincide with your move-in date, and you will be ready to enjoy your new home.

The 240 units of Milago Condominiums offer wonderfully comfortable living within walking distance of all the music, art, culture, dining, and nightlife that Austin’s downtown has to offer. Surrounded by natural beauty, Milago Condominiums are designed to offer urban stylishness with a cosmopolitan flair. Located at the foot of Rainey Street on Town Lake Trail, this condominium community offers easy access to both outdoor activities and urban amenities.

Built in 2006, Milago Condominiums offer the latest in modern designs and amenities. Right on the edge of Town Lake, with stunning lake views, this building offers a natural environment as well as 1, 2, and 3-bedroom residences that must be seen to be believed. This high-rise in Austin has 13 stories containing 240 units. The architecture of the building itself is very attractive, with soft curves that mimic towers. The Milago Condominiums hearken back to a time when beauty of architecture was important.

Many eyes are focused on the homes under construction in Mueller’s first neighborhood along Airport Boulevard but, as you may have seen, construction has picked up again at several points throughout Mueller. We thought we’d share a quick update:

• The second phase of the regional retail center is underway at I-35 and 51st Street. In fact, the first wall went up today for the new Home Depot, which is scheduled to open this fall. The concrete walls you can see being erected this week will soon be covered in stone, stucco and glass to meet Mueller’s extensive design standards. The store is designed to achieve a 3-star rating in Austin Energy’s Green Building Program by using water-efficient plumbing fixtures to achieve at least 15 percent water savings, installing energy-efficient lighting, recycling more than 50 percent of the waste generated during construction, utilizing low-emitting materials that improve air quality and much more. Check out the artist renderings in the “Photos” section in the “Construction Update March 4, 2008” folder.

• Further along Lancaster Drive, construction is progressing on the new Seton Family of Hospitals Headquarters building at Philomena Street. Approximately 650 Seton associates will office in the four-story, 156,000-square- foot brick, stone and glass building, which is set for completion by the end of 2008. See the artist rendering in the “Photos” section in the “Construction Update March 4, 2008” folder.

• At Mueller and Airport boulevards, the parking garage for Mueller’s first multi-family community, Mosaic at Mueller, is nearing completion. Next, developer Simmons Vedder will begin work on the apartment buildings that will surround the garage, hiding it from public view. The project will begin pre-leasing this summer with move-ins anticipated by late fall 2008. Mosaic at Mueller will offer 1, 2 and 3-bedroom units ranging from 580 to 1,750 square feet each. As part of Mueller’s affordable homes program, several of the 441 units will be reserved for families who qualify with a household income at or below 60 percent Austin’s median family income. The artist rendering is available in the “Photos” section in the “Construction Update March 4, 2008” folder.

• In other construction news, the Dell Pediatric Research Institute at The University of Texas at Austin continues to make progress at Mueller and Barbara Jordan boulevards for a second quarter 2009 opening, while Lake Park, the Southwest Greenway and the first neighborhood amenity center are still on target for summer completion.

The 04 flats are the residential component of 1400 South Congress, a mixed-use development of local retailers, restaurant with outdoor dining, offices and creative spaces. All nestled within open areas to walk, shop, converse, or just relax.

• Tall wood ceilings
• Interior masonry terra cotta walls
• Polished concrete floors
• Custom cabinetry
• Coordinated interior
• design packages Glass and ceramic tile
• Large windows provide generous natural lighting
• Natural ventilation
• Appliance package included
• High efficiency heating and cooling system
• Engineered for acoustical privacy
• Designed lighting package