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Downtown Austin Condo Prices Drop in November

Jude Galligan | December 6, 2010 |

downtown austin condo trends nov 2010

downtown austin condo trends nov 2010

Judging by the average numbers, November was a rough month for resales of downtown Austin condos.  Conversely, luxury condos continue to post strong numbers for the second month in a row.  Back in October, I was surprised by the large number of closings we observed in the downtown Austin’s top-tier condo buildings.  The ABJ followed up with a story saying “Verdict’s in: Austin condos did work.”

Top-tier (new buildings)
While the high-end market continues to show good numbers, it’s not clear to me how many of these closings are from original reservations, rather than new purchase contracts (within the past 120 days).

-Four Seasons shows 49 closed units, six closed in November.

–Austonian shows 32 closed units, two closed in November.

-Spring shows ~165-170 closed units closed, nine closed in November.  It should be noted that these were, in fact, all new contracts.

Resales
Using data available on Nov 30th, 11 downtown austin condos closed at an average $252 per square foot.  That’s the lowest average price since August of 2009, and is 19.5% lower than the average resale price compared to November of last year.  Compared to downtown condo sales in October, prices were down 14%.  Also interesting, average days-on-market (DOM) was 118 days – not surprising to see closing prices averaging 12% less than original asking prices.

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Filed Under: austin condos, austin lofts, austin towers and high rises, DAB Stats, data, statistics, downtown austin, Downtown Austin lofts, condos, apartments Tagged With: austonian, four seasons, w hotel

W Hotel: Looking Good

Jude Galligan | December 3, 2010 |

The pedestrian barricades along Lavaca & 2nd Street are gone, and the W Hotel is looking damn fine.  I love this pic from Photolitherland @ SkyscraperPage.

Above, you can barely make out the strip of LED lights running the span of the building.  When I took the photo they were changing color: green to blue to red, etc.

W Hotel Condos For Sale

Filed Under: austin condos, Austin photos, images, austin towers and high rises, Downtown Austin lofts, condos, apartments, picture of the day

DAB STATS: September Residential Transactions

Jude Galligan | October 6, 2010 |

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.

Highlights:

-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.

-Jude

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Filed Under: austin towers and high rises, DAB Stats, data, statistics, downtown austin, Downtown Austin lofts, condos, apartments

Downtown Austin Open Houses

Jude Galligan | August 14, 2010 |

downtown Austin open house listings for Sunday, August 15th
(Got the wrong week? Click here)

  1. 1705 Pearl St, 3bd/2ba, $550,000 2-4pm [Moreland Properties]
  2. 1800 Lavaca St, Greenwood Towers # 608, 2bd/1ba $146,000 2-4pm [Green Mango Real Estate]
  3. 904 West Ave, 904 West #211, 1bd/1ba $193,300 1-4pm [Urbanspace]
  4. 1212 Guadalupe, Penthouse Condos #401, 2bd/2ba $215,000 2-4pm [Green Mango Real Estate]
  5. 510 W 18th St, Chestnut Square #113, 1bd/2ba $259,000 1-5pm [Capital City Sotheby’s Realty]

Expand your home search using DAB’s map-based Austin Property Search


When you’re done with the open houses, you can enjoy an afternoon on Lady Bird Lake by renting a canoe or kayak from at the Texas Rowing Center. Or, dine al fresco at Annie’s Cafe on Congress Ave for breakfast, lunch, or dinner.  Make sure to checkout my transaction report from July and discuss with a Realtor who lives and works in downtown Austin.

-Jude

Filed Under: austin open houses, austin towers and high rises, Downtown Austin lofts, condos, apartments

Deconstruction @ 201 W. 5th Street

Jude Galligan | July 29, 2010 |

Clearing the way for a new, and much needed hotel in downtown Austin, 201 W. 5th has been demolished. The concept, “1 Hotel” was announced last September and is being designed by BOKA Powell.

What is not clear is when construction of the hotel will begin, leaving many people concerned about the blight of more surface level parking.

Below are photos taken over the past few days showing the incremental demolition of the old building.

Photo courtesy of Chris Bradford (click image for article)

Filed Under: Austin photos, images, austin towers and high rises, Austin Views, downtown austin, urban planning

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