condo development

For the reasons I just gave, I don't believe that our past subsidies to suburban development justify maintaining those investments.

 End them and let the chips fall where they may.

But even if reasonable people can disagree about that, I see no argument for creating new subsidies.

 But that is exactly what our federal government is about to do.

For the reasons I just gave, I don't believe that our past subsidies to suburban development justify maintaining those investments.

 End them and let the chips fall where they may.

But even if reasonable people can disagree about that, I see no argument for creating new subsidies.

 But that is exactly what our federal government is about to do.

A new low-rise condo project is set to rise on 9th Street and West Avenue. The $8 million development is close to the Nokonah in a corner of downtown that has seen very little condo development.

Star Riverside has announced plans to proceed with construction of the first two planned buildings with completion expected in the first quarter of 2010.

The project may be the last major condo development to break ground during the current building boom. With tight credit markets and slack demand, most drawing board projects have been indefinitely delayed or cancelled.

Earlier this year, Fannie Mae stopped guaranteeing mortgages in new or newly converted condo developments in which fewer than 70 percent of units have been sold or are under contract.

Fannie's previous rules set the cutoff at 51 percent. Freddie Mac recently sent a bulletin to sellers and servicers announcing plans to adopt similar restrictions beginning July 1.

The restrictions essentially raise mortgage rates for otherwise conforming mortgages (i.e. under $417,000 in Texas) where the condo development is effected by any of the following issues:

Austin Towers focuses on downtown Austin condo development, tracking the top projects currently under construction in the downtown area.

As any observer can tell, there are many other downtown projects currently under construction downtown. Whether hotels, dorms, garages, or retail, all of these projects will change the face of downtown Austin

Here is a run-down of other important projects (information provided by City of Austin) which are currently under construction downtown:

Austin Market District, South Block Ph.

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