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Second Homes in Austin: Downtown, South Congress, and Lake Travis
Posted: Thu, 24 Jun 2010 07:01 AM - 10,330 Readers
By: Larry Olmsted
Austin isn't like the rest of the Texas, and residents are
proud of that. The city's official nickname, "The Live Music Capital of
the World," is accurate. Its unofficial one, "Keep Austin Weird," is,
too.
It's not weird for weirdness sake. Instead, the
Texas capital has bucked the trend toward mass-market commercialization
and intentionally fended off chain retailers. The city is a sea of
independently owned stores and restaurants, from bicycle, music and
cowboy-boot shops to secondhand boutiques and art galleries. The only
"big box" retailer downtown is Whole Foods Market,
which started here.
By Thomas McConnell
By Alan Gabriel, Shutterbug Studios
The music and arts scene fits with the hippie
vibe, organic yogurt shops and tattoo parlors. But Austin also is Texas'
fittest city. It's home to a cycling and triathlon community. The
University of Texas, with more than 50,000 students, gives the city a
college-town feel. Second-home owners love Austin for the good weather
(despite the hot summers) and because it is in the middle of Texas' Hill
Country, with its vineyards, charming small towns and major lakes.
Downtown, meanwhile, is booming. Former mayor
Will Wynn made its revitalization his mission from 2003 to 2009.
"The skyline has changed dramatically," Wynn
says. "Virtually every high-rise you can see, which is a lot, is
brand-new, and almost all are residential. Ten years ago, there was one
apartment building, and just 250 people lived in the downtown core. Now
it is 13,000, and my goal is 25,000 by 2015." The skyline changes more
this month when the 56-story Austonian, the tallest residential building
west of the Mississippi, opens.
Revitalization fits with the city's green ethos.
One goal is to reduce car use: Many downtown residents, including Wynn,
walk to work on widened sidewalks.
Suburban lake towns are popular with second-home
owners, too. "There is no shortage of lakes, and Austin is a 12-month
outdoor activity spot," says Alan Gabriel of Keller Williams
Realty. "You can be water skiing in a wetsuit on Christmas Day."
A look at three Austin neighborhoods
Downtown: The revitalized area has captivated
second-home buyers, thanks to new buildings with hotel-style amenities
in walking distance of the Sixth Street entertainment district. The 148
residences at the Four Seasons hotel open this month with prices from
$400,000 to $4 million. The new Austonian has 200 units from $559,000 to
$8 million.
SoCo: Bumper stickers proclaiming "78704 — It's
not a ZIP code, it's a way of life" refer to the hip parts of Austin's
South Congress as well as South Lamar and South First streets. They teem
with Tex-Mex and barbecue restaurants, vintage shops and music stores.
Artists, athletes and the young want to live here. Modest homes along
desirable stretches run $400,000 to $1 million.
Lake Travis: This large lake outside the city
has been Austin's second-home epicenter. "We have visitors year round
and that means strong rentals," says real estate broker Alan Gabriel.
"The south shore is closer. Generally homes near the lake start around
$300,000, but any true lakefront starts at a million. The north shore is
farther, 45 minutes out, but you get more bang for the buck. The same
3,500-square-foot, three- to four-bedroom home that would run $1.2
million on the south shore could be $750,000."
[edit]
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