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.”
This town needs a big rail system like Portland. How do we call ourselves green and then drive everywhere? Projects like this will help rail succeed when we finally get around to doing it, that is why I like it.
Very interesting. The Four Seasons has been going a little under the radar. Austonian and W seem to get all the press. I’m glad to hear it’s sales are doing well. Hopefully the influx of several hundred high-rollers to the east end of downtown will spur some much-needed “every day” kind of development, like a grocery store.