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Downtown Austin Condo Sales Show Growth

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Downtown Austin condo sales continue to reflect strong fundamentals as resale data from February shows increases year-to-year, and from month-to-month.

I’m continuing to tinker with some new statistics, including the effect of the average age of square footage sold. Values of downtown Austin condos tend to be highly correlated with age. This “age/area” metric is useful when comparing monthly data, and I can quickly tell if the data set is skewed towards older or new buildings.  In February, the [Read more…] about Downtown Austin Condo Sales Show Growth

W Hotel Residences Begins Closings In January As Downtown Austin Condo Sales Rise Higher

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The most significant downtown Austin condo news from January must be the first closings at the W Hotel Residences (aka Block 21 Residences).  The W is the last of the luxury high rises to open, and these closings represent a significant milestone for the downtown Austin building boom.  Naturally, the proud new owners are taking possession from the lower floors going up.  Occupancy is permitted up to the 24th floor, currently.  Prices at the W Hotel Residences are firmly placed into our “top-tier” category with starting prices at [Read more…] about W Hotel Residences Begins Closings In January As Downtown Austin Condo Sales Rise Higher

Downtown Austin Condo Prices On The Rise in December

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1) Price Per Foot, and 2) Number of Transactions (monthly, Jan-Dec 2010)

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… [Read more…] about Downtown Austin Condo Prices On The Rise in December

HOLY COW: October Residential Transactions

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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.

October Highlights:

  1. two $1MM+ resale transactions (not including developer sales at top-tier buildings)
  2. The Austonian shows 30 closed units, nine in October.
  3. The Four Seasons Residences shows 43 closed units, six in October.
  4. Spring Condos closed six seven in October.
  5. DANA’s Downtown Living Tour was the biggest ever with over 1000 attendees.
  6. 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”.

MLS resale statistics

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. 🙂

-Jude

MLS resale trends

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Downtown Living Tour

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Tour downtown Austin’s condo and apartment buildings this Sunday with the Downtown Austin Neighborhood Association, as part of their annual Downtown Living Tour (aka “DLT).

Jamie Lagarde, President of DANA, shares with us, “the purpose of the event is for people to get an overview of what it means to live, work and play in  downtown Austin.”  He continues, “People drive by downtown, and see a lot of things have changed, or they come down for dinner but they don’t really get a feel for what it means to live, and experience downtown on a daily basis.”

Buildings on the tour include: W Hotel Residences, 5 Fifty Five, 904 West, Austin City Lofts, Brazos Lofts, Gables Park Plaza, Brown Building, Brazos Place, 360 Condos, Red River Flats, Gables West Avenue, Spring Condos.

Click here to reserve your ticket.  Tickets are $15 ($25 day of).