RARE 3 BR/2 BA with incredible downtown & lake views! the Milago, #1002

Update: Check out this video that KEYE's "We are Austin" show did on The Milago, with our unit featured! (a new browser window will open)

There is so much to the Milago and this particular unit for sale, one of those small, sterile online listings wouldn’t do it justice. That’s why I have placed in this post larger photos (click on the thumbnail photos for beautiful images), and wanted to explain in a more personal tone why I like this condo so much, as opposed to bullet points and short choppy sentences you might read in an MLS listing.

First, unit 1002 of the Milago has 3 bedrooms and 2 baths, almost unheard of for a downtown condo. There are only 11 units with this kind of floorplan in the Milago, and they hardly ever go on the market. Especially those units above the 6th floor that have beautiful downtown views over trees (ours is on the 10th floor out of a total of 13, with the first two floors being common areas).

Here's a breakdown of the custom things that have been added to unit 1002 that most other Milago condos don't have:

• Custom closeting systems, including Calfornia Closet-like cabinetry in the master closet
• Custom tiled kitchen backsplash (enhanced since the time we took the photos above)
• Custom paint throughout, with colors selected by a professional colorist to suit the colors of the view (lake, trees and sky) outside
• Suntek window film on all windows, which increases energy efficiency and reduces glare
• Textured balcony ceiling, something hardly any other Milago unit has
• Luxury Stainmaster carpeting with Tactesse (just installed mid-June)

If you have children, or just want a home office (or two), there's plenty of room in this 1557 square foot condo that has a non-traditional, crescent floorplan with spectacular, 210+ degree views of downtown and Lady Bird Lake.

Many visitors to the unit say that it feels like a vacation resort condo because of its beautiful views and unique floorplan. Because of that, they also say the unit has a 'romantic' feel to it.

Another beauty of this condo is that it's tucked away in a short, semi-private hallway. So it’s very quiet, but yet only takes a few seconds to get to the elevator around the corner.

The Milago was completed near the end of 2006. Because of that, it's very modern with all the amenities discriminating buyers expect, but surprisingly at a good value. That's in part because it broke ground before the price of land started shooting up around downtown.

The builders also locked in their price for concrete before prices went up, made even worse after Hurricane Katrina created a large demand for concrete in the New Orleans area.

So if you compare the price per square foot for a unit in the Milago to other high-end condos around downtown, you’ll see a good value. Same goes for the HOA fees. If you want to confirm this through an independent source, click here and read the second post titled "How much do condo fees vary?" and you'll see that Milago is ranked second best for average HOA fees per square foot (this page is also a great resource for why living downtown makes good economic sense).

But low HOA fees doesn't mean the Milago is substandard. No way. All you have to do is visit and see.

What I like about the Milago being constructed before the big construction boom downtown is that it doesn't need to have hundreds of units or 40+ floors like many new condos going up in Austin need in order to be financially viable. The Milago only has 11 floors with residences, about 20 units on each floor. That means it's never going to be swarmed with tons of people. Very rarely do you have to wait more than a few seconds for an elevator. And I would say close to 100% of the time I ride it alone. This is completely different from what I hear what happens in taller condos like 360 where the waits for elevators can take up to 10 minutes during busy times, like in the morning as many people are going to work, or are going out at night on weekends.

Location, location, location

You can see from the photos below that the Milago is RIGHT ON the hike-and-bike trail and Lady Bird Lake where there is always something going on, like regattas and riverboats rides, just to name a few.

You are literally just steps away from the trail and lake, which makes it hard to slack off from doing that walk, run, bike or canoe ride to keep you healthy. If you're like me, you need all the motivation you can get! Looking down on the trail every day where you see people getting in their exercise is a a great motivator.

You're also a short walk to all that downtown offers. Check out the map below to see where the Milago is located (lower right-hand corner depicted by the ’sun’ icon) and all the restaurants nearby. Click on the fork & knife icons on the map to get restaurant details, and click and drag the map to see other restaurants off the edges.

Or if you want to see a full map with all the restaurants listed in a table, click here and look on the left side of the page for the restaurant names. If you click on one of these names, a balloon will pop-up on the map showing where that restaurant is located. Pretty cool.

View Larger Map

Although the Milago is close to everything downtown, it’s not smack dab in the middle of it surrounded by concrete and traffic like other condos. Instead, the Milago is nicely tucked away in an area with lots of trees, grass, and open space. So if you have a child or a dog, it's not a big deal to quickly get to an area to play. It's right out your back door. Click on the photos below to get a good idea of some of the open space around the Milago.

Being so close to downtown, Milago residents hardly ever have to get in the car to go out. And if you work downtown, your commute time is virtually nothing, which means tremendous financial savings on gas. We've even cut down to one vehicle to save on automobile costs like insurance. There's no need for us to have two cars since everything we need is within walking distance!

And if you're in condos like this one on the 10th floor, instead of looking down on rooftops and air conditioning units like you from other downtown condos, you're looking down at treetops, the trail and the lake. It’s a no-brainer on which view is more desirable.

Easy access to freeway: no traffic lights!

The other thing I like about the Milago is that when I do have to use my car, it literally takes less than a minute to get to/from I-35 since it’s only a couple of blocks away. That may not seem like such a big deal. But I can tell you I appreciate the fact that I can save myself an extra 10 minutes when I have to go to the airport or get on the freeway because I don't have to worry about all those traffic lights or downtown congestion during rush hour.

And by being on the edge of downtown rather than right in the middle of it, you don't have to suffer almost every weekend when the city shuts down key streets that keep you from getting in and out of your place when you want. This happens with First Night (New Year's Eve), the Austin Marathon, South by Southwest, the Capital 10k, Art City Austin, the Austin Bun Run, the Republic of Texas Biker Rally, the July 4th parade, and many other parades and road races too numerous to mention. It seems to happen just about every weekend, and Milago is away from the fray so you don't go crazy getting stuck in traffic because of all the street closings and detours.

And although we're fairly close, you CANNOT HEAR TRAFFIC FROM I-35 from this condo, not even from the balcony! I had no idea it was going to be so quiet.

The views

Many of the units in the Milago, including this one, offer the most breathtaking views of downtown you can find in Austin (you can probably tell from all the photos below that we really like the view!) Not a day goes by where we take for granted the view from this condo. The sunsets are so spectacular, I always have my camera handy since I'm compelled to use it every night.

You’ve got to click on some of the thumbnails below to get a better understanding of the beautiful colors the Austin sky presents to you on a nightly basis from this condo.

Also, living above the trees gives you more daylight each day than if you lived in a home at ground level. That extra sunlight really makes a difference in keeping the mood upbeat as the day draws to an end.

And instead of having to listen to grackles like in other parts of downtown, you have a front row seat to the bats that fly out from underneath the Congress Street bridge…all from the comfort of your own home. It’s an awesome display. Check out the video below!

Oh yeah, on July 4th and New Year’s Eve, you don’t have to fight the crowds at Auditorium Shores or Zilker Park to see the fireworks. Just kick back and watch it from your own balcony, or go up to the roof where the pool and hot tub are located. Check out the amazing photos below that I took from our unit (1002) this past New Year's Eve, 12/31/10.

One more thing: the view is almost the same that the local TV news stations use for their backdrop behind the news desk. You know, the one where they have a shot of the lake with the Four Seasons and the downtown buildings all in the same shot.

Speaking of the Four Seasons, I have to admit it’s kind of cool when celebrities and big time politicians come into town. For example, the night that Barack Obama and Hillary Clinton were in Austin for their nationally televised debate, we had a great view of police helicopters flying over the hotel shining a spotlight down on the lakefront and hotel grounds for a couple of minutes, just to make sure everything was secure for the two VIPs during their stay. And you never know what luminaries you’ll see on the trail as these out-of-towners take in the lake and the trail as they walk from the hotel past the Milago. Later we found out that Obama said he really liked the walk he took along "a river" right by his hotel. Of course, that means he walked on the same path within a few hundred feet from Milago.

Quality construction

Although this unit faces west, the air conditioning bills are not that high. One of our building engineers said he doesn’t think there’s another condo downtown that has as much concrete as this one. And the details I’ve heard about how solid they built this building amaze me. All of the engineering advantages are really too much to list here. But if we ever meet, I can fill you in.

Weather at the Milago

Because the Milago is right on the lake and surrounded by trees and grass, I swear it feels a lot cooler during the summer compared to other parts of downtown or the city. I think that’s because the foliage and “lake effect” cools the air around the Milago compared to other buildings in the middle of the concrete jungle.

Another cool thing about this unit is that since it faces south and west, you can see alot of the storms roll in as well as lightning bolts all along the horizon. If you get into watching the power of Mother Nature, then you’ll really enjoy the views from this unit.

The balconies

The other thing I like are the recessed balconies on almost all the units, including this one, which provides more shade and protection from the elements. I've got to think a lot of the patio furniture that's placed on some of the other condo balconies downtown jutting outward are at a high risk of getting blown off during strong winds and storms, or at least getting sun-damaged or wet and mildewy.

I also like how items placed on Milago’s recessed balconies don’t clutter the look of the building if you're looking at the building from ground level. High curb appeal is always nice to have for maintaining the value of your home.

The neighborhood

Right across the street a luxury high-rise apartment building has been constructed (The Legacy on the Lake), and it will have street-level retail to bring in even more excitement to the neighborhood. I like the fact they are high-priced rental units. The Legacy will continue to bring in plenty of high-income renters who will eventually want to buy something, and because the neighborhood is so nice, I think they will want to stay and will look to the Milago as their obvious housing alternative. That should drive demand up, as well as home values at the Milago for years to come.

Also, here’s a link to some of the plans that are in store for what they are calling the Austin Waterfront District that surrounds the Milago. There’s too much detail to describe here, but in a few years the street the Milago is located – Rainey Street – will be one of the premiere gathering places downtown, further driving up the value of Milago homes. Over the past year, fun places have already popped up on Rainey, like Lustre Pearl, Clive Bar, and G'raj Majal (Indian food). The April 2010 issue of Austin Monthly did a big feature article about Rainey Street, calling it "downtown's hottest new 'hood." And here's an article about how Rainey Street is changing thanks to entrepreneurs like Bridget Dunlap, who opened up Lustre Pearl and Clive. Below is a video about the history of Rainey Street and how it will continue to evolve, and property values will continue to rise.

What about a pool and other amenities?

The Milago has a nice pool, hot tub and observation deck on its roof. It also has a very nice lounge where residents can gather, read, or even hold meetings with business associates. The Milago lounge is just steps from the trail offering beautiful ground-level views of the lake. There’s also a recreation room where residents can hold private parties at no cost, as well as a decked-out workout room with LifeFitness machines with LCD TVs, free weights, Nautilus machines, a plasma TV, and a stretching area.

Check all of this out in the photos below.

What else is special about unit 1002?

Beyond our unique floorplan that offers 5 large windows across 4 rooms that allow you to soak in the amazing views, and the semi-private hallway I mentioned above, I should also mention that two of the bedrooms are situated so that you can lie in bed with a view of the downtown skyline. Incredible.

We also had high-end sun shades installed on every window, had every wall custom-painted with top-quality paint, and installed a California Closet system in the master bedroom, as well as Elfa closeting systems in two of the major hallway closets.

We also had our balcony ceiling nicely textured to cover up the exposed concrete that came standard with every Milago unit's balcony. And speaking of balcony, if you prefer DirecTV over cable TV, our balcony has a perfect view to the DirecTV satellites.

Last but not least, we have 2 very large parking spaces that have enough room to fit a third car if you'd like. These spots are also extremely close to the elevator doors and very well lit.

What about the market?

Despite all the news about problems in the housing market, studies show that is not the case for Austin, which remains strong compared to the national market. Checkout these articles.

11/30/10 - Austin highest-rated recovery in U.S., Brookings says

9/18/10 - Statesman.com: Downtown condo market defies the downturn

On September 10th, 2010, Forbes Magazine ranked Austin #3 for Best Housing Market for Investors.

Check out the entire article here.

August 2010 article: Could Austin Be Headed Toward a Housing Shortage?

By: David Tandy, CEO
Gracy Title, a Stewart company
As published on Realty Line Magazine 8/2010

While the Austin MSA continues its rapid population growth rate, single family and multi-family construction has gone through a dramatic slow-down. Will this slow-down in new construction cause a housing shortage?

In June, Austin was the fastest growing market (year-over-year) in the U.S with a 1.3% annual growth rate. Although our population growth has slowed from its hyper-growth rate in 2006 and 2007, we are still projected to grow between 40,000 to 50,000 in 2010. We have averaged over 55,000 per year for the last 5 years. According to the City of Austin Household and Population analysis, one household is created for every two and 1/2 new Austin residents; therefore, we will be adding about 20,000 new households per year to the Austin area based on our population growth. Looking forward over the next decade, those projections show we will add between 500,000 and 600,000 new residents: the equivalent of the entire population of Austin in 1980.

So the question is: Will Austin have sufficient housing options for these new residents?

It's doubtful multi-family options will meet Austin's housing needs. For the Second Quarter of 2010 the Austin Planning Commission showed only 975 multi-family units in projects with site plans under review and 8,885 units in projects with site plans approved. Since it takes at least a year to obtain planning commission approval and a year to build and there are only 975 units currently under review, it seems likely that a shortage of apartment units over the next several years will begin to develop. Real Estate developers would already be building more projects but for the challenges of securing commercial financing.

The Texas A&M Real Estate Center projects there will only be about 2,500 units completed this year and we could have as few as 1,000 building permits issued for multi-family units. This would compare to about 8,000 multi-family building permits in 2006 and 2007. Add the additional single family new construction and it's still hard to imagine how Austin's housing needs will be addressed. There were 6,678 Residential (single family) building permits issued in 2009 and we are on track to issue about 7,000 for 2010. By comparison, there were 17,600 permits issued in 2006.

To summarize, if Austin's population continues to grow at its historical rate, in 2010 we will create about 20,000 new households but will create fewer than 10,000 new single and multi-family units combined. These were about the same number of units created for 2009. Due to the difficulty in financing new subdivisions and new apartment projects, we should see a similar deficit in new housing units in 2011 and 2012. At some point, Austin will have a noticeable shortage of new housing units which will impact resale inventories and home prices. Austin has not seen this small number of new housing units since around 1994 when the Austin MSA population was just under 1,000,000.

Other news stories about Austin

January, 2011 - CBS News profiles Austin's economic strength and quality of life

January, 2011 - Forbes.com - Austin has the third best employment prospects in the country.

December, 2010 - Austin is the #1 best place to buy a home

November, 2010 - Austin is the second-strongest job market in the country according to the Milken Institute.

October, 2010 - Austin residents were ranked the 7th brainiest in the U.S. by The Daily Beast.

July, 2010 - Austin among the top job-generating cities.

July, 2010 - Austin was picked the nation’s most progressive and proactive entrepreneurial center (Entrepreneur.com).

July, 2010 - Austin is the third-best city for young entrepreneurs, says Under 30 CEO.

July, 2010 - Entrepreneur magazine ranked Austin a top creative center.

July, 2010 - Austin ranks as the nation’s fifth-best city for new college graduates in the latest annual listing by Bloomberg Businessweek.

June, 2010 - CNN/Money study labeled Austin as recession-proof.

June, 2010 - Austin did well on a Forbes list in June highlighting the best cities for young professionals.

May, 2010 - Austinites have the ninth-best quality of life, according to Portfolio.com study.

May, 2010 - No. 1 best city to live in for the next 10 years in a Kiplinger’s Personal Finance

May, 2010 - Austin ranks as one of the country’s healthiest cities on two other lists.

May, 2010 - Forbes.com ranks Austin as #2 in "most innovative" cities.

April, 2010 - Austin was ranked the third-best city to move to in the United States, according to a RelocateAmerica.com report.

April, 2010 - March 2010 home sales surge; prices remain stable

March, 2010 - Austin tied for first on a Forbes list of large metros where the recession is easing.

March, 2010 - Austin ranks 8th on Forbes list of best places for businesses and careers where the recession is easing.

Austin was deemed by Men’s Health to be America’s most sex-happy city.

Austin was Yahoo Travel’s third-best city for singles earlier in 2010.

Austin has some of the cleanest air in the country, according to another list.

MSNBC.com - Austin is No. 3 in the U.S. for live music.

June, 2009 - Austin leads nation in job growth again

March, 2009 - Forbes.com - Austin No. 8 on best places for biz list

On October 10th, 2008 in the midst of the housing market slowdown, Forbes ranked Austin as "America's Best Bang for the Buck City," beating out other towns like Portland, Denver, Minneapolis/St. Paul, Dallas, Columbus, Charlotte, Houston, Indianapolis, and San Antonio.

Check out the entire article here.

Also, take a look below at the prospects of the Austin housing market compared to other areas of the country, and you'll see why now is a good time to buy in Austin before prices start going up (source: Forbes magazine, June 2008). Buying in the heart of downtown for a rare property and unit like Milago #1002 makes it even more exclusive.

AustinHomeSearch.com - Top 5 Reasons to live in Austin

Contact information

If you are interested in finding out more about unit 1002 at the Milago, look to the top left of this page for pricing, open house information, and our email address, which is unit1002@themilago.com.

Thanks for taking the time to read all that I’ve written here. Hopefully you have a better understanding what makes the Milago and unit 1002 so appealing.