The downtown Austin loft & condo market hit many milestones this year: 1) Austonian opened 2) Four Seasons opened 3) W Hotel residences approached completion. Downtown hosted over $60MM in resale transactions during the year. Moreover, to the surprise or chagrin of some, buyers are flocking to the top-tier buildings. We close out 2010 with 38 closed transactions in the month of December – 18 resale, and 20 direct to developer.
The above chart shows downtown austin condo resale trends based on monthly data from 2010. Direct to developer transactions are not shown on the chart. The most salient trend we can glean from this data is the average sales price hovering steadily ~$300 per square foot.
Details after the jump…
2010 Downtown Austin Condo & Loft Resale Statistics
- # of resale transactions = 175 - avg price per foot = $295 - avg sales price to list price (SP/LP) = 95% - avg days on market (DOM) = 96 days - Total resales volume = $62,757,046
December Downtown Austin Condo & Loft Resale Statistics
- # of resale transactions = 18 - avg price per foot = $291 - avg sales price to list price (SP/LP) = 97% - avg days on market (DOM) = 95 days - Total resales volume = $7,378,565
Developer Summary
While the high-end market continues to show good numbers, it’s still not clear to me how many of these closings are from original reservations, rather than new purchase contracts (within the past 120 days). Anecdotally, most of the original purchase contracts have closed at Four Seasons and the Austonian, and those two buildings are entering a new phase of the sales cycle.
– Four Seasons Residences show 53 closed units total. Five closed in December. Two new contracts.
– Austonian shows 36 closed units total. Five Eight closed in December. Two new contracts.
– Spring Condos show ~175-180 closed units total. Ten closed in December. Eight new contracts.
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