Chill out. Cool off. It’s not just the weather, but the market chilled in September yielding a stellar month for downtown Austin buyers. In September, the average sale price of a downtown Austin condo was $282 per square foot. This is based on 12 recorded transactions in the Austin MLS. Year-to-year comparison shows last month was down from $338 per square foot across 20 transactions in September of 2009. Month-to-month, September was down from $298 per square foot across 16 transactions recorded in August.
-Speaking of cooling off: hell froze over in September as the Statesman, frequently antagonistic to high rises, published an upbeat review of the downtown luxury market.
-A cartoon reminded us of an all too familiar exchange.
-We saw a glimpse of 2006 with a genuine bidding war on a bank owned unit at Brazos Place.
Top Tier Summary:
Not reflected in the MLS data are developers’ direct transactions at the top-tier buildings. According to TCAD, the Austonian shows eight closings, which is one more than last month. At the W Hotel Residences, with 159 total units, we’re told that 60% of the units are under contract, and the ability to now get into the building has been increasing contract velocity to 3-4 per month. We’ve been informed that at the Four Seasons Residences ~40 units have closed, with another 40 under contract.
You can search for Austin condos and lofts using our map-based viewer. Registered members of DAB can download a complete statistical and transaction report here.
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Teresa Miller says
I don’t care either! Ha, too funny. I’m glad the market is picking up though for those that do want to be downtown. I’m always passing by that failed project on Enfield, maybe with more buyers around that project will become profitable to complete.
It seems that from that data, in the top tier market the W has become the preferred building, since they have the highest percentage under contract and they have yet to open. If those stats you gave continue they should be close to 70% at opening which is very good even pre-2006. I’m sure they will lose a few buyers from an inability to close, but no more than the other buildings did.