Downtown Austin, circa 2004.

I found this photograph of downtown Austin the way it looked when I moved here in 2004. As I look at what Austin is turning into today I am in constant awe. Over the past decade, downtown Austin has grown into one of the most sought after residential markets in the region. There are a wide range of residential choices in and around the downtown area, from single-family homes to more than a thousand unique residential units you can buy or rent. The downtown community is made up of a diverse population — from students to empty nesters and more. Take a look, and if you like what you see, join the fun, move downtown, and become part of an exciting, exhilarating community.

Downtown Austin residents are passionate about living downtown. Our community is filled with restaurants, theaters, museums, Town Lake, the hike and bike trails, one-of-a-kind retailers, and an eclectic entertainment scene — all of which create a vibrant neighborhood that is uniquely Austin. The ability to walk to work, to dinner, to a play, or out to a nightclub makes Downtown the most convenient, exciting, and fun place to live in Austin.

Rendering of where Austin is headed.

As I watched the towers rise I kept wondering who was going to flock to downtown to fill all these new towers? I was afraid that Austin had made a horrible decision and was overbuilding. In fact, quite the opposite has happened. Austin is in danger of running out of downtown condos! I was disbelief when I read this and decided to look a little deeper into what was going on with the downtown condo market.

In the April 2010 edition of Tierra Grande and article titled Up In The Air, Brett Denton weighs in. Denton, co-owner of Ardent Residential and developer of Austin’s Four Seasons Residences, believes a great deal of misinformation exists regarding the downtown condo market. “There has been a lot of speculation that the downtown Austin condo market is being overbuilt,” he says. “Many people are convinced that 2,000 to 5,000 condo units are coming online. The facts don’t support this.”

Most of the buildings the public sees are rental or condo projects that have already been completed, according to Denton.

“About 1,500 condominiums have been delivered to the downtown market since 2001,” he says. “To date, nearly 98 percent of those units are sold and closed.”

One mid-tier development, Spring Condominiums, completed 248 units in April 2009. In the luxury category, Four Seasons Residences will offer 148 total units. The Austonian is developing another 178 while the W Hotel and Residences will complete a total of 159.

“Completion of the three luxury condo towers under construction in downtown Austin is staggered over a number of months,” says Denton. “And each project has underwritten a two-to three-year sellout period after construction is finished.”

“With less than 300 luxury units left to sell during the next three to four years,” Denton maintains, “it is reasonable to conclude we are not overbuilding luxury condos in Austin.”

Another aspect worthy of consideration is the variety of lifestyle choices that will be available. The three luxury properties each offer buyers a distinctly different “vibe.”

Four Seasons Residences should appeal to buyers looking for a property projecting an environment of understated elegance with a well-established brand affiliation. Located in the busy 2nd Street Retail District, the W is geared toward the buyer looking for a more style-driven experience. Both intend to offer residents the same high level of amenities and services for which their hotels are famous.

The Austonian will be located on Congress Avenue closer to the center of downtown. One difference with the Austonian is that it was intentionally designed as a private community. One without common amenities shared with a hotel, thus providing 40,000 square feet of luxury amenities solely for the residents and their friends. The Austonian is offering buyers four things — convenience, privacy, luxury and exclusivity.

With the new inventory coming online and many units still in the pipeline I agree that Austin is not overbuilding. The last six years have definitely been an exciting period of growth for Austin. From the Domain to downtown our city has managed to expand and grow all while maintaining that certain small town feeling that keeps Austin, well Austin!