If the recent presale numbers from Rainey Street condo-hotel Natiivo Austin are any indication, it seems that it’s hard to keep new residential property on the shelves these days. The latest Downtown development to sell out—in record time, according to a recent press release—is Cascade Condominiums. Located at 2500 Longview Street, near the corner of 25th Street and North Lamar Boulevard in Old West Austin, the coming complex has sold out of all 103 market-rate units.
Named in honor of Cascade Creek (now known as Shoal Creek, which it borders), the condo complex has a developer (Pearlstone Partners) and an exclusive broker (Prospect Real Estate) in common with the aforementioned Natiivo building. With construction barely started, Prospect sold the market-rate residences within a nine-month period, a year in advance of the project’s estimated completion date.
“We began Cascade Condominium pre-sales last November and immediately saw a high level of interest, particularly among young professionals,” said Prospect vice president Denise Bodman. “Our predominant buyer mix also includes professionals who want to live closer to downtown, parents of students attending the University of Texas, and investors.”
The market-rate units, which range from 572 to 1,461 square feet in size, sold for $280,000 to $635,000. Yet to hit the market are Cascade’s 12 affordable units. Prices for those residences, which the company plans to offer for sale in spring 2022, have yet to be released, but there is already a waiting list of prospective buyers. Ultimately, the $37 million project will include a total of 115 condos, a parking garage (naturally), and two office spaces—a 1,960-square-foot space that has already been sold and a second that will be purchased and held by the broker.
The Cascade development will also offer a fitness center, a courtyard pool and clubhouse, a community co-working space, and views of nearby Pease Park and downtown from its rooftop terrace.