Ryan Rodenbeck

On my most recent visit to the Five Fifty Five building in downtown Austin we get to look at this fantastic condo development that shares space with the Hilton resort hotel on 5^th and Red River that once sold at a minimum price of $350 per square foot. Now there are deals going under $290 per square foot for and these are the same great units. The reason these are going so low is there is a lawsuit pending between previous owners and the HOA that is managing it. Due to the pending litigation, normal financing is not possible. The inventory is high and prices have dropped. Once the litigation is settled it opens up the door for lenders to start giving out loans, and that would lead you to believe is that inventory will go down; demand will go up and with it, the prices.

The owners have their own entrance to the building, which is on 5^th Street. They never have to deal with the sometimes chaotic entrance of the Hilton side of the building that is located on Neches. Their entrance is very low key and in the afternoon the concierge bakes cookies for them. The lounge, located right behind the concierge desk, is decor rated in a modern, urban fashion.

My first stop in this building is the 8^th floor, where I have a fellow realtor who lives in the building. She was kind enough to show me her place which is not currently on MLS but listed $330,000 and it has 1059 square feet. It is a one bedroom, one bath with several upgrades that she has added in. It comes with the regular luxury amenities such as the bamboo floors, black granite countertops, high end gourmet appliances, but she has added her own comfort luxuries such as dimmer lights on every light in the unit, a modern propeller style fan in the bedroom and a custom Sogi Japanese style screen door. Her unit faces east and across and below is a city of Austin parking garage that we are told will never be built on. This provides a totally unobstructed view. The balcony has a view to the east and southeast. As my friend who showed me The Legacy on the Lake building told me when I was doing the tour for my Downtown Austin Condos for Lease series, the cars going up and down the I35 at night provide for a illuminating view at night with the headlights traveling up and down the interstate.

Our next stop is the 9^th floor where we tour the two foreclosure units that are currently on the market. Very similar to the previous unit we toured this unit has 1001 square feet and doesn’t include the upgrades that the previous owner put in, such as the dimmer lights and Sogi door. This one came standard with a regular door. One thing I prefer on this unit is that the bathroom has two separate entrances. One is on the bedroom side and the other is in the hallway. This means that guests can use the rest room without having to go through the owner’s bedroom.

My next stop is the larger, 2000 plus square foot foreclosure unit, also on the 9^th floor. Priced at $599,000, the price point is now at a square of price point of $286.90 per square foot. The gourmet kitchen is more spacious than the smaller units. On this unit, the countertop is extending out, giving a more clear separation from the kitchen to the living areas. The wall on the west side is equipped with in-wall speakers where the plasma TV is supposed to go. Throughout the unit you can find ceiling speaker units. On the balcony facing South you get a fantastic view of South Austin and to the west, a downtown skyline of Austin that includes the 360 building, the Frost Bank building and The Austonian.

Walking past the living room, the first door to the right is a full bathroom that can easily be accessed by the living room and the extra bedroom. Next is the spare bedroom that includes the same views as the living room and has its own balcony. Lastly, on the west side of the unit, is the master bedroom, that has ceiling to wall windows facing both South and West. These windows can be blacked out with motorized black out shades. Through the master bedroom is the walk in custom closets and the master bedroom, which includes double vanities. This is truly an amazing unit.

The last things we see on our tour are the amenities that the residents share with the hotel. This includes all the standard amenities you would find in a luxury Hilton hotel, including a full service spa, an edgeless pool, hot tub and lounge chairs. The pool his huge and is salt water.

Downstairs in the hotel part is a fabulous restaurant that specializes in seafood, steak and sushi. The residents can order room service just as if they were in the hotel.

So now with these foreclosure units and the litigation that is pending on the HOA, cash buyers have the unique opportunity to buy into this great complex for UNDER $300 per square foot. Check out my video review of this building by clicking here.

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The Milago Condos – Downtown Austin Condos

The Milago Condos are located just 150 feet from Lady Bird Lake at it's nearest apex. This building was finished in 2005 and is one of the first of the "new: condos in downtown Austin. It is perfect for those who like to the outdoors. Currently it's the ONLY one directly next to the lake. I'ts also one of the only downtown condos with a dog park that is part of the property. It's located about five blocks of South First street, so it's not as centrally located as the rest of the downtown condos. Though it's a good 10 to 15 minute walk from the current "action' of downtown austin, that is likely to change. Some 250 feet away is the location for the upcoming Four Seasons Residences, which is well under way and should be wrapping up towards the end of next year.

With a workout room, 24 hour concierge, clubhouse and rooftop pool, this building has all the standard amenities that you would expect out a luxury downtown Ausitn condo.

There is also a rooftop terrace on the third floor of the building.

You take the north side elevator to gain access to the rooftop pool, which is nice feature on downtown condos. One thing I am not crazy about is that the clubhouse is not connected, like you see on the 360 building. Also, the clubhouse is on the smaller side compared to other buildings.

Compared to other units, I see the units as a bit more spacious. Though it has the standard finishes of granite counter tops and custom cabinets, they are not as "luxurious" as you would See at The Austonian or The W. But then that is a whole other level of expense as well.

The Milago is priced well and has held its value well. For what you get here, its hard to beat the price. It's location being further out (and let me stress just BARELY further out) may be preferable to some people.

For showing more information or to schedule a showing click here.

Legacy on the Lake

This 31 story lucury high rise is located right across from The Milago Condos and sits next to Lady Bird Lake. This makes it very appealing to outdoor lovers.

It has everything you would want from a downtown Austin Condo for sale, but for lease.

Gourmet kitchens, washer and dryers in each unit and granite countertops with custom cabinets are found in each unit. This is something you don’t get with most of the other downtown Austin condos for lease.

All of the resident common areas are located on the bottom floor. The clubhouse is equipped with flat screen plasma television with an entertainment center that has a Wii, Playstation 3 and Xbox 360 for the residences use. They have a couple of other nice touches such as a variety of movies that residents can loan out, a couple of bicycle cruiser and two, two man kayaks for use on the lake.

They have a state of the art gym with as good a weight room as you would see in almost any other downtown Austin condo for sale.

Units range from a one bath that is 653 square feet to three bedroom, two baths up to 2869 square feet.

This property takes the number one spot on my list of downtown Austin condos for lease.

Legacy on the Lake

This 31 story lucury high rise is located right across from The Milago Condos and sits next to Lady Bird Lake. This makes it very appealing to outdoor lovers.

It has everything you would want from a downtown Austin Condo for sale, but for lease.

Gourmet kitchens, washer and dryers in each unit and granite countertops with custom cabinets are found in each unit. This is something you don’t get with most of the other downtown Austin condos for lease.

All of the resident common areas are located on the bottom floor. The clubhouse is equipped with flat screen plasma television with an entertainment center that has a Wii, Playstation 3 and Xbox 360 for the residences use. They have a couple of other nice touches such as a variety of movies that residents can loan out, a couple of bicycle cruiser and two, two man kayaks for use on the lake.

They have a state of the art gym with as good a weight room as you would see in almost any other downtown Austin condo for sale.

Units range from a one bath that is 653 square feet to three bedroom, two baths up to 2869 square feet.

This property takes the number one spot on my list of downtown Austin condos for lease.

The AMLI Downtown

The AMLI downtown definitely takes the cake for location in the pool of downtown Austin condos for lease. Taking up an entire city block between the streets of 2nd and 3rd from South to North, and Lavaca and Colorado from east to west, this entire city block pretty much defines the new 2nd Street District. The retail shopping and restaurants that occupy the 1st floor of the building are a great reason to choose the AMLI downtown. On one corner it has Travina Italian restaurant, which is a great restaurant and has a very nice Sunday brunch. Next to that is Joe’s Café and Sandwiches, which is a great place to pick up a burger or sandwich. They also sell beer and wine. In the center of the building (between Guadalupe and San Antonio on the south side of the building) is Cru Wine bar.

The units themselves are spacious and every unit has a balcony, either facing the inside courtyard, or the outside street. Formica countertops are the norm here so if you are looking for big ticket luxury items, this is not the place. The units are nice, though. As far as amenities go, this property has the standard ones. It has a business center, conference room gym, and pool area with hot tub and BarBQ pit.

As far as downtown Austin condos for lease, this one gets a B plus. The location is hard to beat, but the lack of luxury upgrades in the units themselves are slightly disappointing. That’s just me. It would be a great place to park for incoming Austin residents while they look for that perfect downtown Austin condo for sale.