One of the last single family homes in the Rainey Street Historic District has hit the market for $10 million.
That’s about $10,638 per square foot for the one-bedroom, one-bath house at 701 River Street which comprises just 940 square feet, according to the Zillow listing. The lot spans 3,375 square feet, which brings the asking price for the inevitable teardown to just under $2,963 a foot.
The offering signals the end of an era for the rapidly gentrifying neighborhood, the Austin Business Journal wrote.
Built in 1945, the house is one of the final holdouts in Rainey Street, where height now reigns. Luxury residential highrises overshadow the home in what was once a mostly working-class Latino neighborhood. Now the nearest neighbor slings Wagyu-beef prix fixes at $120 a pop.
The home’s owner, Jesse S. Alba, has called the district home for 50 years.
“If he has to move and uproot himself from the home that he’s lived his entire life — the home that he raised his children in — he wants a fair price,” real estate agent Julie Lugo told the ABJ.
The reported $9.3 million sale price for a nearby bar, Bungalow, helped convince Alba to sell, Lugo said.
“We’re just going to see how this goes and see what developers want to do,” Lugo said, noting that she’s received three serious inquiries about the property in the first full day after listing it.
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