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!