Austin Luxury High Rise Sales Activity Update

The W Hotel Residences (www.block21residences.com) is the last of the luxury downtown high rises to open here in Austin and represents a significant milestone in the downtown building boom. Currently occupancy is permitted up to the 24th floor with private ownership beginning from the ground floor up. Prices start at $510 per square foot; and, on the upper floors, units are selling in excess of $1,000 per square foot. Sales of these downtown condos reflect strong fundamentals as the February resale data shows (see below), with increases both year-to-year and month-to-month. (If you're looking at buying a condo downtown, remember that values generally reflect the age of the building. Older buildings tend to be less expensive than newer ones.)

Here’s how MLS Area DT (“Downtown”) fared sales-wise when comparing February of this year (2011) versus February of 2010:

- The “sold” price per square foot increased from $297 to $304.

- Total sales volume increased from $2,600,500 to $2,888,596.

- The number of sales increased from 9 to 11.

For February, 2011 alone downtown Austin condo and loft resale statistics showed:

- 11 total resale transactions.

- A total of 9,517 square feet of residential real estate sold.

- The average sold price per square foot was $304.

- The total number of bedrooms sold was 15.

- Giving an average price per bedroom of $192,573.

- The average Sold Price was 97% of List Price.

- The average days on market prior to sale was 114 days.

- The total resale volume in dollars was $2,888,596.

Other “New Development” transactions include 55 total closed units at The Four Seasons Residences (www.residences.fourseasons.com) (One closed in February with two new contracts written during the month and two pending.)

There were 44 total closed units at The Austonian (www.theaustonian.com)  ; 50 if combination units are included. Four of these closed in February with five new contracts pending.

Spring Condos www.springaustin.com  had a total of 196 units closed; seven of those in February with six new contracts written and five pending.

W Hotel Residences had 17 sales close; 11 of those in February.

If you'd like more specific sales information for downtown Austin or anywhere in the Austin metro area, feel free to call or email. I'd love to talk to you.


© 2011 REoutsourceSolutions