I’m blown away by the number of closings that occurred in October for new luxury condos in downtown Austin. Total number of downtown Austin condo transactions in October is confirmed at 29 30 closings! Resale data shows eight resale transactions, two of which were over $1MM. Here’s the kicker: there were a combined 21 closings at the Four Seasons Residences, Spring, and The Austonian!
I spent extra time this month confirming transaction reports at the top-tier buildings. “Spin” was minimal and there is genuine transaction velocity.
- two $1MM+ resale transactions (not including developer sales at top-tier buildings)
- The Austonian shows 30 closed units, nine in October.
- The Four Seasons Residences shows 43 closed units, six in October.
- Spring Condos closed six seven in October.
- DANA’s Downtown Living Tour was the biggest ever with over 1000 attendees.
- W Hotel is hiring its staff, and buyers with contracts are anxiously awaiting their Q1 2011 move in date
One not so bright spot in the data: the number of resale transactions is down year-to-year, from 18 in October of 2009 to just eight this past month. The data below highlights last month’s aggregate sales statistics for MLS Area “DT”.
Investors and economic contrarians, like me, who demand value should continue to be on the prowl for deals on downtown Austin condos by focusing on the resale market. Especially during the winter months, increased seasonal buying power is evident. I’m working one short sale deal right now, and I’ve targeted others for my clients. For example, I’m tracking a 2bd/2ba at Milago that can be purchased for
under $299,900 SOLD (inquire with me).
The average resale price remains steady at $294.55 per square foot, compared to $293.65 psf in October 2009. The chart below shows downtown resale transactions. Notice the spike in buying activity during the springtime. Now, notice the subsequent fall off… that’s a buying opportunity. 🙂
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