conversion project

With one week until the Sabine auction, it is clear that many potential buyers are considering participating in the sale.

With starting bids as low as $85,000, bargain hunters will inevitably emerge looking for a great deal. The big question, however, is what is the right price for a Sabine unit.

As we reported last month, 27 of the 44 long-vacant units remaining in the Sabine are finally headed to auction on February 28th.

The auction is a last hope for the project which is currently facing foreclosure.

Two troubled downtown condo projects -- Sabine & Star Riverside -- have run into financial problems and been posted for foreclosure.

Some condo projects are better than others. After reading a story in the New York Times, I can safely say that the worst condo project in the country is not in Austin.

In an unfortunate turn for the downtown Austin condo market, the Detroit-based developers of Brazos Place -- a 72 unit condo conversion project on 8th and Brazos -- have posted the remaining 20 units for sale in a surprise auction on May 17.

This week, 35 residents of The Sabine filed suit against the developers for list of problems that the condo owners say have been ongoing for month.

The Sabine is an 80-unit condo conversion project of a mostly-empty office building on Waller Creek into a new condo project adjoining the Hilton Garden Inn on 5th Street near I-35.

The project was completed last year although many units still remain on the market.

According to the residents: