Austin Modern Living.com

Hello all,

I have been working with some buyers in the Downtown Austin condo market and would like to share a bit of information!  Right now there are 92 active condo listings in the downtown area and the disparity in price is immense, $97,000 on the low end and $3,567,000 on the high!  Now, if we take out the older buildings that have not been significantly renovated, and the big three luxury communities, you get an average price per square foot of $429.  The big three luxury communities, in my opinion, are the Town Lake Residences (The Four Seasons), The Residences at The W, and The Austonian.  The average price per square foot of the units listed in these buildings is at $766!  These three are still being sold by their respective developers, the Austonian is 50% sold, The W is around 70%, and the Town Lake Residences are around 80%.  We have the least amount of MLS data on the Town Lake Residences but prices and amenities are very much in line with the other two.  Over the last year downtown, buyers have only negotiated an average of 5% off the original list price of any condo, and the developers, while they are willing to negotiate, are probably not going to give that much.  With that said, if you are in the market for downtown living, there are plenty of options in newer or renovated buildings in the $425 average price per square foot range, that offer great units, with spectacular views, and a high level of service and amenities for residents.  However, if you are looking for a true luxury lifestyle, that extra attention to detail in your unit, and resident services and amenities taken to that next level, the price will take a significant jump, but the properties are here for you.

I am going to make this a series of posts on the downtown condo market, as I feel there is just to much to go on and on about in one blog post.  In future posts, I will break down the microcosms within the downtown market and hopefully, pass along some valuable information to help you in your search for a downtown condo home.  Please feel free to contact me anytime if I can be of assistance to you with your real estate needs here in Austin!

Hello All,

Just a quick update on the Agave Neighborhood in East Austin.  I recently spoke with the agent, who will be working with Wells Fargo, to list all of the foreclosed lots in Agave.  They are working closely with the Agave HOA, the City of Austin, and a legal team to ensure the necessary building restrictions are in place to maintain the modern look and feel of the community.  I will be staying in close contact with this team, in order to have the most up to date information, so we can best help you with your Agave Austin project.  Weather you are a buyer looking to build your dream modern home, or a builder/developer looking for a place to construct custom modern homes for your buyers, we can help!  Please feel free to contact me if you have any questions, I am happy to be of service!

Hello All,

I am posting about the Agave Neighborhood in East Austin as we are learning new information about the future of the niche modern community.  Vicinia Development had a vision that fell short of completion by nearly two thirds with 100 plus of the 300 plus lots actually built.  The developer was foreclosed on by their lender earlier this year and those 200+ unimproved lots will be available for sale soon, individually or in bulk packages. We have access to the architects originally involved with Agave and would be happy to contact them with your ideas for a new  project, weather it is for one or multiple homes!  In addition to the these, we have many other great architects, builders, and design/builders to call upon for your new custom modern home in Agave!  There are currently 6 homes for sale in Agave ranging from $199,990 to $299,900, contact me for more detailed information or to schedule a tour of the community, in the mean time, check the Agave Austin website for more neighborhood information and I will be sure to keep you all posted on any further development in Agave!

Thank you and stay tuned!

Was working on some research this morning and thought I’d share this:  The average sales price for downtown Austin condos for the trailing 12 months 7/20/12 was $451,435 which is a 28% increase.  Part of that increase is from some high dollar closings at The Austonian and The W Austin…there were 5 closings between $2.3M – $2.75M.  Highest price paid for a downtown Austin condo was a whopping $756.53/sf.  Average prices have increased 53% since same period 2005.  Austin condo realtors

Here are some market stats pulled from Austin Title (thanks Leslie):
Units for Sale: (compared to the same week in 2011)

For July 1, 2012 – July 7, 2012
New Austin listings are up this week 15.74%.
Pending Austin listings are up this week 17.03%
Sold Austin listings are up 37.66%

As for Average Austin Prices: (compared to the same week in 2011)
For July 1, 2012 – July 7, 2012
Sold average sales prices increased 32.49% from $253,367 in 2011 to $335,682 today!

Current Austin pendings are up 23.19% compared to 2011. As of today, we have 4,186 pendings with an average list price of $267,725. Last year we had 3,398 pendings with and average list price of $257,855.

If you have a lot or a tear down anywhere in the Austin area, please call me. We have multiple builders, developers and buyers looking for Austin area lots to build custom homes and commercial projects on. I also have an apartment developer looking for locations to build several apartment complexes from Austin to Bastrop. Let me know if you have something that’s worth looking at. Tom Bates 512-413-0870

Check out this one of kind hill country modern home offered by Amy Lewis

2012 Austin Tour of Homes

More than 60 Austin homes in 10 featured Austin neighborhoods, coordinated by the Home Builders Association of Greater Austin. When: 10 a.m. to 6 p.m. Friday and Saturday, noon to 6 p.m. Sunday. (May 11 – 13th). Tickets: $5

Neighborhoods include: West Cypress Hills, Teravista, Belterra, Falcon Pointe, The Reserve at Lake Travis, Crystal Falls, RimRock, Caballo Ranch, Rough Hollow Lakeway, Highpointe

Information and tickets: www.tourofhomes
atx.com.  Here is the Austin Statesman article on the 2012 Austin Tour of Homes

The last year has not been a good year for east Austin’s modern home community Agave 969.  Everyone I talk to about Agave is scratching their heads about what’s going on at Agave.  The rumor I heard is that the bank is taking back ALL the remaining Agave lots…the auction could be in May but of course no way to know for certain.  Hopefully a design-minded builder will pick up the lots and continue the modern home theme.  My guess is that the Agave re-sales will remain strong over the coming few years, just because it’s so unique and there is a strong appetite for modern design in Austin under $400k.

We are so excited to be a sponsor of the first ever Austin Smarter Spaces Tour, happening this Saturday, April 14!  And apparently we aren’t the only ones – lots of folks talking about this cool tour, which features central-Austin homes under 2500 square feet.

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