February delivered strong numbers for sales of downtown Austin condos. I count nine new construction sales and 14 resales (compared to six and 10 in January respectively).
The 14 resales averaged $397 per square foot – the highest monthly average for resales that I can remember. Don’t mistake this for accelerating appreciation, though. Included in February’s numbers is a resale at the Austonian. And, while there’s clearly a gradual upward trend in the resale market, February’s price-per-foot surge is attributable to this burgeoning market for resales in the top-tier buildings.
You can anticipate that by the end of March all of the top-tier buildings will [factually] be over 50% closed. Each has already crossed the chasm.
Notably, Spring condos has only a couple of new units left, the [seriously amazing] penthouse(s) being one of them. For most buyers, Spring condos can be considered sold out and opportunities to buy are in the resale market. The Four Seasons Residences leads the pack in terms of percentage of units sold, though the W Hotel Residences is showing the greatest velocity. See below.
Downtown New Construction Closings
|# of |
# of Days
|Trending Completion Date (estimated)|
|Four Seasons Residences||May 7, 2010||93||148||63%||55||6||March 2013|
|Spring Condos||August 17, 2009||247||248||99%||1||4||March 2012|
|W Hotel Residences||January 10, 2011||83||159||52%||76||4||February 2013|
|The Austonian||June 10, 2010||80||163||49%||83||7||November 2013|