DAB Stats: Downtown Austin Sales

DAB Stats: Downtown Austin Sales

downtown austin condo sales - february 2012

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.

trailing 12 months of downtown condo sales

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

ProjectDate of
1st Closing
# of
Closed Units
(Clerk)
# of
Original Units
(TCAD)
% Units
Closed
# of
Remaining Units
Average
# of Days
Per Sale
Trending Completion Date (estimated)
TOTALS50371870%215
Four Seasons ResidencesMay 7, 20109314863%556March 2013
Spring CondosAugust 17, 200924724899%14March 2012
W Hotel ResidencesJanuary 10, 20118315952%764February 2013
The AustonianJune 10, 2010
80163
49%837November 2013
The data was assembled on March 4th, 2012. Data does not reflect units currently under contract. Combined units were split into their respective original units.




2011 Recap of Downtown Austin Condo Sales

2011 Recap of Downtown Austin Condo Sales

downtown austin condo sales - 2011 prices trailing 12 months

Challenged to articulate a narrative around 2011 downtown Austin real estate data, I’ve been keeping this post under wraps for a couple of weeks.  Data is useful to me and my clients, but these numbers have little meaning without context and history.

How do I convey that the best news is no news at all?

Stability in the downtown condo market continues to be the story. Stability attracts the timid buyers from the sidelines. Those additional buyers embolden timid sellers to enter the market.

What forces are creating stability downtown? Low interest rates, shrinking inventory, and multi-generational demand for urban lifestyle. We can see the outcome of stability in the chart below: the gradually upward sloping trend line.

downtown austin condos - 10 years of resale data

downtown austin condos - 10 years of resale data

In 2011, if you were a seller in downtown Austin, then you did slightly better than sellers in 2010.  If you were a buyer in downtown Austin in 2011, then you were more focused on lifestyle and proximity, rather than the post-bust discount pricing found in 2008-2009.

Highlights

Looking back on the downtown Austin condo market in 2011, we see $77,688,824 in total resales over 200 resale transactions.  Combined with an estimated $120,000,000 in downtown new construction sales from another 200 transactions, 2011 reflects a healthy real estate market, gradually trending up. [Read more…]





Crossing The Chasm: A Perspective On New Construction

Crossing The Chasm: A Perspective On New Construction

Crossing-The-Chasm-Adoption-Lifecycle

Because I’m a real estate geek, I’m continuously looking at sales metrics, updating my databases, and endeavoring to uncover useful information.  In this post, I’m attempting two things: 1) offer some perspective on sales in downtown Austin’s high profile buildings, and 2) predict when those buildings will approach being completely sold.  If you just want the data then skip to the end.

One of my mentors shared with me an insight: the first buyers are innovators – early adopters that fill up the bandwagon and help throttle the acceptance of something new.  It applies to new real estate development, as much as it does to new technologies.

Now that the cranes are long gone, where are the new construction projects in their sales cycles? [Read more…]





Downtown Austin Condo Sales Remain Strong In May

Downtown Austin Condo Sales Remain Strong In May

downtown austin condo closings may

For the first time since the bubble burst, the average price per square foot of a downtown Austin condo has increased four months in a row. Last month, downtown Austin closed 62 condos* with 29 more pending!

Highlights

In May, we counted 41 closings of new-construction condos from the Four Seasons Residences, W Hotel, Austonian, Spring Condos, and Barton Place.  The W takes the cake with 15 closings in May.

On the other hand, the number of resales comes in at 21 units closed – a strong showing – averaging a price of $334 per square foot. We also count 29 resales pending as of May 31st!  So, we can expect next month’s closing count to be similarly strong.

[Read more…]





Is Austin Bicycle Theft On The Rise?

Is Austin Bicycle Theft On The Rise?

austin-stolen-bike

There were more bike thefts reported in the heart of downtown Austin during the first five months of 2011, compared to 2010, according to city police records I compiled. However, reports are down in the South Congress area.

I know this because I decided to do my best Council Member Chris Riley impression — sans silver hair — and work on reducing my car usage in favor of pedal power to commute to the Capitol area. I bought a bike over the weekend, did some research and promptly shelled out another $200 for accessories, aimed mostly at anti-theft.

[Read more…]