Natiivo Austin’s “home sharing” concept is 99% sold in the Rainey district – TOWERS
An unorthodox model of ownership and the economic strains of a pandemic could not hold back Natiivo Austin, although its unique concept of “house sharing” remains the only fundamental development of its kind in the region. As of today, the developers of the 33-story tower at Pearlstone Partners and Newgard Development Group with the sales team of Real estate prospect confirm his 249 units are finished “99% sold”, which means that this community now stands at 48 East Avenue bordering the Rainey Street District has, according to its promoters, a unit left for sale.
The tower, which peaked at the end of last year and is now in the final stages of construction, will soon launch a business model that looks a bit like a hotel disguised as a condo for Halloween. As the owner, you can stay in your unit whenever you want, although you cannot occupy that unit as your primary residence or apply the homestead exemption to your taxes, as the project is technically built as hotel. When you’re not there, you can rent your unit on any online booking platform like Airbnb or Expedia, and in exchange for reduced profits from those rentals, the building offers hotel-like amenities, including laundry service, valet parking and housekeeping staff.
Even in Austin’s endless market, we have to admit that we didn’t know how quickly Natiivo units would sell, as there is nothing else exactly like it in the city. While the location of the building in the very popular downtown Rainey Street area is an obvious draw, we were intrigued by some aspects of the project, including the fact that all of its units are only available pre-furnished. , the occupancy limits of a hotel compared to residential use, and the question of the profitability of these units as investments. With initial prices ranging from $ 400 to $ 1.2 million, it will be fascinating to see how Natiivo appreciates over time.
Aside from our questions about the business model, the 99% ownership before the building even opened speaks for itself, and the attractiveness of the project might not be just a local thing – Natiivo Miami also appears to be doing. pretty good. In addition to its developers, the Natiivo Austin team includes a local architecture studio STG design, landscape architecture firm dwg., general contractors AECOM hunting, and the New York-based interior studio INC Architecture and Design, the building is expected to open to owners and guests by the end of the year.