Amid boom, Austin’s downtown condo market maturing
Austin American-Statesman | Aug. 29, 2015
Austin developer Perry Lorenz remembers a time when, at the dawn of the 21st century, there was not a single high-rise residential condominium in downtown Austin.
“In our early projects,we had to educate every single buyer about what to expect, how the entire process works, and why they could trust that we would deliver on the promise,” Lorenz recalls. “A typical buyer question might be ‘How do I know you won’t run off to Jamaica with my deposit?’ Today, a typical buyer question could be ‘Tell me about the waterproofing system and the building skin, the sound transmission coefficient between units, and prove to me that the HOA will have sufficient reserves for long-term repairs.’”