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DAB EXCLUSIVE: Sales Data From The Austonian, W Hotel Residences, Four Seasons, Spring Condos

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[Personal update why we’ve not published data for a while. A couple of months ago, I began work on obtaining sales data from the newly constructed buildings. Not a quick and easy task.  However, after several conversations and a leap of faith by everyone involved in assembling the data (thanks!), we’ve got some REALLY interesting data to share. –Jude]

Back in 2010, when downtown Austin’s luxury condos started closing, the actual sales prices were closely guarded (not entered into the MLS).  I’ve been publishing monthly sales of Downtown Austin condos for years, and began tracking sales of new construction condos by laboriously tracking new deed records. That data was [at least] an accurate count of how many new constructions units had closed, and what floor plans were selling best.  That was real data my clients could rely upon, but actual closing prices were simply not available.

As a result, I have only been able to consistently highlight resale pricing.  With all of my talk about the average sale price for downtown is solidly planted at $300 per foot, I would always qualify it as incomplete without closing price data for new condos.

My goal has always been to combine the resale numbers and the new construction numbers into a single statistic.  The closely guarded luxury condo sales data has kept me from doing that.

Until now…  [Read more…] about DAB EXCLUSIVE: Sales Data From The Austonian, W Hotel Residences, Four Seasons, Spring Condos

Four Seasons Residences

Four Seasons Austin Residences
Four Seasons Austin Residences

At the shores of Lady Bird Lake, the Four Seasons Residences delivers the natural splendors of lakefront living complete with panoramic views of the State Capitol and downtown Austin skyline. On any given day, there’s kayaking and boating along the lakeshore as well as hiking and biking on Austin’s scenic Hike and Bike Trail with its tree-lined pathways and memorable skyline views.At dusk, you can witness the nightly spectacle of Austin’s famous bats erupting from beneath the Congress Street Bridge, followed by a glorious Texas sunset. Later on in the evening, you’ll get to choose from the city’s dazzling array of eclectic nightlife and entertainment.

Project Name = Four Seasons Residences
 Type = Condominium, Residential
 Address = 98 San Jacinto St, Austin TX 78701
 Pricing = High $500s to $11,000,000
 Number of stories = 32
 Number of units = 148 (changes as units combine)
 Height = 350ft
 Architect = Michael Graves
 Developer = Ardent Residential and Post Properties
 Year complete = 2010

[idx-listings linkid=”350034″ count=”10″ showlargerphotos=”true”]

Sneak Peek: Austin's Four Seasons Residences

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On the trail: a beautiful spring day on the Four Seasons lawn

Over the weekend we were able to take a guided tour of downtown Austin’s Four Seasons Residences.  What we have are raw snap shots of views, as captured in the middle of a construction area.  Anytime a building provides access prior to completion I am especially grateful, and it speaks to their confidence in the project.  Like our tour of the Austonian last week, it was requested that we not photograph the interiors until construction is complete, which we respected.  You can get a sense for what the interiors of Austin’s Four Seasons Residences will look like here.

As we see it, the Four Seasons is betting that true luxury buyers are seeking something warmer, more rooted in tradition and familiar with the Four Seasons brand, as opposed to the sleek monolithic aesthetic of the W, or the high profile of the Austonian.  I’ve always been excited about this project, and the building did not disappoint.  Smart layouts, impressive views, and most evident was the level of amenities that would come with home ownership.  Being connected to the Four Seasons has its perks.

west facing terrace with views of the city and lake
west facing terrace with views of the city and lake

The terraces are incredible in every unit.  Unlike many buildings that provide terraces which do no more than defy you furnish one of them, these are large and airy spaces that could be used as outside rooms.  The west facing terraces (above) were my favorites and are available with the Austin and Upper Combo West floor plans.

Like Austin’s W Hotel Residences, the Four Seasons is oriented length wise along Lady Bird Lake.  This orientation maximizes the desirable southern sunlight.  Half way up the building, the views shift from living “in the city” to “above the city”.   In my experience, there are buyers that seek out the former and the latter.  In general, the lower floors will provide better value and a sense of living in the mix of city life.

We’ve confirmed that the 11,000 ft penthouse (31st floor) of the building has been purchased for an undisclosed amount.  We estimate ~$8-9MM [for the shell space] based on pricing released last year.  Interestingly, it is rumored that as part of the deal the Four Seasons agreed to increase the height of the top floor, and perhaps the building, by two feet.

Austin penthouse at the Four Seasons
Entire penthouse (31st floor) purchased. Estimated purchase price between $8-9MM for the shell space.

In our office we discuss how the personalities of the “luxury bunch” are different.  Using comical generalizations, W buyers might tell you that “Our family splits time between Austin and Zermatt”.  Austonian buyers might tell you that “Our company just raised $20MM in VC and is planning its IPO next year.”  The Four Seasons buyer might tell you “I’m a fifth generation Texan, fourth generation Longhorn, and my roots run deep.  Hook’em!”

Thanks to Ian Stonington for setting this up.  Ian is a consummate professional that knows everything about his building, including the answers to the most esoteric questions, like “who makes the light switch?”.

Full Slideshow @ Flickr

-Jude

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Four Seasons update from developer

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Just received this update from the Four Seasons Residences.  It pretty much confirms what I’ve been saying about the strength of the downtown Austin condo market – the sky is not falling.

“As we enter 2009, Four Seasons Residences Austin is nearly 50% sold. Understandably, the last quarter of 2008 was slow, but sales activity in 2009 has picked up considerably. In the last week we signed a new contract for a 2,700 square foot residence and have a number of additional contracts in process.”
…
“Figures for the condominium market in downtown Austin are very encouraging. Of the 800 units delivered in 2008, over 90% have already closed. Furthermore, several planned projects have been put on indefinite hold due to a lack of financing which will reduce the amount of future supply for years to come.”