Just received this update from the Four Seasons Residences. It pretty much confirms what I’ve been saying about the strength of the downtown Austin condo market – the sky is not falling.
“As we enter 2009, Four Seasons Residences Austin is nearly 50% sold. Understandably, the last quarter of 2008 was slow, but sales activity in 2009 has picked up considerably. In the last week we signed a new contract for a 2,700 square foot residence and have a number of additional contracts in process.”
“Figures for the condominium market in downtown Austin are very encouraging. Of the 800 units delivered in 2008, over 90% have already closed. Furthermore, several planned projects have been put on indefinite hold due to a lack of financing which will reduce the amount of future supply for years to come.”