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Downtown Austin Condo Prices On The Rise in December

Jude Galligan | January 7, 2011 |

downtown austin condo stats december 2010 — 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

Live, Work, Play Downtown Austin: A Sonnet

Jude Galligan | December 29, 2010 |

So, I asked a poet to write something to commemorate the launch of DAB Realty. I think she nailed it!

“Keep Austin weird!” Is what the locals say,
And it’s clear that there’s something special here:
From the hottest live music every day
To great cafes and restaurants e’er near.

In my historic Austin loft I’m close
To the capital’s vibrant urban core,
True, downtown Austin condos make the most
Of the city – you couldn’t ask for more.

From the Austonian, to Four Seasons,
W Hotel Residences too,
There are limitless places and reasons
To make downtown Austin the home for you.

Looking for Austin life and real estate?
Then to this Downtown Austin Blog relate!

HOLY COW: October Residential Transactions

Jude Galligan | November 4, 2010 |

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:

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. 🙂

-Jude

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Downtown Living Tour

Nicole Sanseverino | October 23, 2010 |

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).

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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