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.
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