This is my most recent review of the Five Fifty Five building in downtown Austin.  For those who don’t know, this is Hilton on 5^th and Red River in downtown Austin.  Once selling at a minimum square footage rate of $350 per square foot, there are now deals going for under $290 per square foot for premium units as far as downtown Austin condos for sale. Why, you may ask?  Where there seems to be some litigation pending between former owners in this complex and the HOA that is managing it.  Because of this, conventional financing is not available and as such, this property, for the time being anyway, is cash only.  Because of this, inventory is high and prices have plummeted.  My understanding is that the litigation is well under way and will be wrapped up in the near future.  When this happens, it opens up the door for lenders to start underwriting loans, and the theory is that inventory will go down; demand will go up and with it, the prices. 

OK, so the resident’s entrance to this building is on 5^th street, away from the hustle and bustle of the hotel entrance, which is on Neches.  The resident’s entrance is quiet and inviting and the first thing you see is the front desk and the concierge desk.  The first thing you SMELL is the batch of cookies that the 24 hour concierge cooks up for the residents every afternoon.  The lounge, which is just beyond the concierge desk is designed with a modern contemporary manner and consists of several couches that look like they came straight out of Bo Concept. 

The first property I toured there is one on the 8^th floor.  I have licensed real estate agent friend of mine who is allowing me to advertise her unit.  It’s for sale, but not currently on the market.  The list price is $330,000 and it has 1059 square feet.  This one bed, one bath has been taken care of by this resident and added on with several upgrades that she has provided.  There are of course the standard luxury items, such as the bamboo wood floors, the black granite countertops, premium stainless steel appliances and walk in closets.  She has added dimmer light to every light in the unit, a modern propeller style fan in the bedroom and a custom  Sogi Japanese style screen door.  Her particular unit came without a door, so she had the Sogi door custom made to provide privacy.  This unit faces east towards I35 and has a large balcony that stretches the entire length of the unit.  Across and below the unit is a city of Austin parking garage and we are told this will never be built up.  A totally unobstructed view that New Yorkers can surely appreciate.  If and when Austin gets build up it is likely that this view will remain the same.  The balcony has a view to the east and southeast.  I recently viewed the Legacy on the Lake as part of our downtown Austin condos for lease segment and the salesman there pointed out that at night, the view is illuminated by the headlights of the cars traveling up and down Interstate 35. 

Next we tour a similar unit on the 9^th floor that is the first of two foreclosure downtown Austin condo units in the building.  It is a lot like the previous unit we toured but a tad bit smaller, at 1001 square feet and doesn’t include the upgrades that the previous owner put in, such as the dimmer lights and Sogi door.  This unit, however has a regular door.  Also, the bathroom is situated where it has access from the hallway entrance as well as the master bedroom so that guests can enter the bathroom without having to go through the owner’s bedroom.

Next stop, the big daddy foreclosure unit.  This two bed, two bath condo unit is also located on the 9^th floor and is just over 2000 square feet.  VERY spacious.  And at a $599,000 price tag, this brings the unit to an unheard of price point of $286.90 per square foot.  Talk about living large.  The kitchen is very spacious with the same gourmet kitchen appliances that the smaller units have but a much larger space.  The counter is extended to a bar to separate the kitchen from the dinning area and living are.  On the wall is where the entertainment center was and speakers are built into the walls next to where the plasma rests.  There are also ceiling speaker in the living room and throughout the unit.  There is a balcony facing South and from there you get a fantastic view of South Austin and to the west, a downtown skyline of Austin that includes the Frost Bank building, The Austonian and, in the distance, the 360 building.

In the hallway going east is a full bathroom.  Across from that is the spare bedroom and the  with another balcony with the same views as the living room.  The last room towards the West side of the building is the master bedroom.  It, too, has the West and South view and motorized black out shades that can be lifted and lowered at the touch of the button.  There is a huge walk in closet with California Closets customization.  The master bathroom has a double vanity and a shower and tub area.

The last part of our tour brings us to the common areas on the 8^th floor.  There are double door that you have to use a fob to access.  Once inside you walk a short walk through the hotel part of the Hilton to spa, gym and pool area.  This is shared by the hotel and offers all the amenities you would expect in the finest Hilton hotels.  There is full time staff working the entrance, oversized workout rooms that have elliptical and weight machines, and then the pool area.  The pool area has a salt water pool that is filled to the top, so as to allow no drop from the pool edge to the water’s height.

Also part of the amenities are the full service bar at the Hilton, seafood, steak and sushi restaurant that owners can order room service from and 24 hour concierge service.

All in all, this is luxury living at it’s finest.  You would expect nothing more than if you were to pay $300 a night staying at a downtown Houston hotel.  And now you have the unique opportunity to buy in at a great price if you are a cash buyer.

For more information on this unique residence or to schedule a showing, click here.