Do you live in Austin? Are you buying for yourself as an owner-occupant or as an investor? If I was either, I would check out other properties first. Especially those that are closer in for East Austin. My opinion, this particular condo development is "not there" yet. Meaning, it's surroundings are not as desirable. And furthermore, I would check with the develper and directly ask them how many units they have actually sold. Word on the street is that they haven't sold many, which can hurt you when it comes to financing. But then again, this was a few months ago. FYI, this building has had many price reductions and has sat vacant for awhile.
You might want to visit East Village on E. 11th. http://www.EastVillageAustin.com
It's another new development closer to many restaurants like Blue Dahlia, Primitizie Italian and bars like Longbranch and Victory Grill. The smaller units start in the 150K range. Tell Brad, the devoloper, I sent you. It's a really cool condo development closer to I-35 and for rental purposes, the University of Texas.
I'm an East Austinite who lives in the TwentyOne24 condo lofts on E. 6th so I'm quite familiar with the area. Good luck! - Debbie