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Old 05-06-2012, 10:56 AM
 
3 posts, read 3,311 times
Reputation: 10

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I was hoping to get some advice regarding Plaza Lofts units. I was looking at this one:
http://www.zillow.com/homedetails/31...60136975_zpid/

There haven't been any recent comparable sales in the building for me to come up with a good appraisal. This is all I have:
http://actris.mlxchange.com/DotNet/P...41&s=AUS&t=AUS

My main concern with this unit is that the building amenities are lacking... I am also concerned about resale -- it seems like units do not sell very quickly in this building and these kind of loft units don't appeal to as wide of a population as a unit in Spring or 360...

How much do you think #901 is worth? Notice the short sale for $289k and other units going for $327/sqft instead of $400/sqft.
Do you think a 700sqft unit on a high floor in Spring has much more potential for appreciation than this Plaza lofts unit?

I'd really appreciate any feedback! Thanks so much!
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Old 05-06-2012, 02:14 PM
 
979 posts, read 2,957,657 times
Reputation: 621
Have you checked into the status of the project they want to build in the empty lot next to Plaza? When that was initially announced, it was supposed to be a very tall building and would've blocked all the views on the South facing side at least. I noticed a lot of units went up for sale at that point.

That project was since put on hold, but I think something was recently announced again for that lot. Even if you aren't in a unit facing that way, you'll have to endure a couple of years of construction noise.
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Old 05-06-2012, 06:28 PM
 
3 posts, read 3,311 times
Reputation: 10
Hey AustinGuy,

Thanks so much for your reply! After you mentioned that, I googled the latest austin developments and found this (#19):
http://www.downtownaustin.com/downlo...march_2012.pdf

Wow it would really suck to buy that unit and have the view blocked by a new Gables tower...

Thanks again!
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Old 05-07-2012, 09:03 AM
 
979 posts, read 2,957,657 times
Reputation: 621
If you aren't in a rush to buy a condo, you might want to wait until some of these other new projects get launched into the sales phase since they'll be bringing a lot more inventory to the market.
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Old 05-07-2012, 10:58 AM
 
3 posts, read 3,311 times
Reputation: 10
Good point, although it seems like a losing proposition for me to try to time the market with today's low interest rates. It's also hard for me to find any concrete details on those downtown development plans. Who knows when they'll open up sales on those. I'm getting a bit anxious to move as well.
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Old 05-07-2012, 11:05 AM
 
Location: central Austin
7,228 posts, read 16,122,240 times
Reputation: 3915
There are houses in Zilker, Barton Hills, Bouldin, and Travis Heights that sell for less per sq foot not to mention the close in east side.
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