Category Archives: Downtown Condos

Livestrong Austin Marathon

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All eyes were on Austin this weekend as 20,000 runners from all over the world came to participate in the 20th anniversary of the Livestrong Austin Marathon. The event is one of the largest in the country and pacers were available to qualify for the Boston Marathon which is set at 3 hours and 30 minutes. It’s a wonderful event and reminder of the health conscious city we live in.
The 26.2 mile course included historic and scenic areas of Austin like Congress Avenue, Hyde Park and the UT Campus.

Let’s take a look at the housing market along the route:

Austin Real Estate Market Data

Downtown
There are currently 3 houses and 100 condos for sale in downtown Austin. The houses range in price from $585,000 to $2.8 million. The active condos available for purchase range from $105,000 to $5.3 million.

University of Texas
In the UT area, buyers will currently find 20 houses and 120 condos actively on the market for purchase. The houses range from $230,000 to $1.35 million. Condos in the University of Texas area are currently listed between $79,900 and $459,000.

Central Austin
Central Austin (north and south of Lady Bird Lake), encompasses a few different market areas and is the largest covered in this article. There are currently 162 condos for sale in central Austin ranging from $44,500 to $1.1 million. There are 374 houses for sale ranging from $119,000 to $8.9 million.

Downtown Condo Market

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Some are old, some are bold, others are modest and brand new – there is an Austin downtown condo available to suit everyone looking to live an urban greener lifestyle.  Let’s take a peak at the inventory and how well it’s doing…..

Downtown Condos by the Numbers

Based on current 90 day data, there have been 171 condominiums that are available for actively available for purchase, have an accepted offer and are pending, or have closed in downtown, Austin. 

Downtown Condominium Inventory breakdown:

  •          107 units are Active
  •            34 units are Pending
  •            30 units have Sold

    • The median time on the market for a downtown Austin condo is 94 days.

    Downtown Condos by Price and Size

    Active units currently range in price from $109,900 to just over $5 million.  The median list price is currently $325,000.  Downtown condominiums currently available for purchase range in size from 494 square feet (per tax record) to 7,113(per agent).  The median size of a unit available for purchase is currently 1,219 square feet with 2 bedrooms and 2 baths. 

    Just as there are many factors that make up the market price of a house, there are many things that factor into the price of a condo.  Building amenities, floor height, views, and interior finishes all factor into the price of a condo.  You have heard the saying in real estate “location, location, location”, and condominiums are no different.  The locations of the buildings within downtown, and the location of the unit within the building, are also factors that will ultimately affect the list price.

    Remember:  Buyers are not just purchasing a unit in a hi-rise, they are buying convenience.  Is Near Town Lake? the Warehouse District? the office?  Convenience is defined by the Buyer.

    Austin Market Spotlights

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    I have selected some random subdivisions, zip codes in Austin and cities surrounding it, to provide some current real estate market data.  If there is an area or neighborhood you would like spotlighted -please let me know.

    Overall, the Austin market is strong.  Areas averaging 3 months or less are considered to be seller’s markets.  Four to six months are considered neutral markets.  Six months or more time on the market is considered to be buyer’s markets.  The exceptions to this are:   luxury properties over $800,000, because there are less buyers and new construction where the projects are actively marketed before or during building.

    Austin Condominiums

    78704 Condos

    Number of Active Condos on the Market:  113

    Average Days on Market:  138

    (new construction projects make the average days high)

    Median Home Price:  $ 275,000

    Downtown Condos

    Number of Active Condos on the Market:  151

    Average Days on Market:  127

    Median Home Price:  $ 349,500

    Austin Single Family Homes

    Circle C Ranch

    Number of Active Homes on the Market:  33

    Average Days on Market:  67

    Median Home Price:  $ 314,900

    Travis Heights

    Number of Active Homes on the Market:  15

    Average Days on Market:  115

    Median Home Price:   $ 499,000

    City of West Lake Hills

    Number of Active Houses on the Market:  29

    Average Days on Market:  136

    Median Home Price:    $1,220,000

    Shady Hollow

    Number of Active Houses on the Market:  26

    Average Days on Market:  108

    Median Home Price:    $284,450

    Cat Mountain

    Number of Active Houses on the Market:  21

    Average Days on Market:  134

    Median Home Price:    $520,000

    Barton Creek West

    Number of Active Houses on the Market:  8

    Average Days on Market:  58

    Median Home Price:    $562,363

    From the Hill Country to Downtown 360 Condominiums

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    I went down to Dripping Springs to tour some homes in the $400’s and went further North to Westlake to see at newly built home for $1.3 million, which does come with boat dock rights. In between Dripping and Westlake, was a stop Downtown to the 360 Condominiums

    It’s always interesting for me to tour a development after I have seen models and artist renditions of what’s to come. I have to say 360 delivers and then some. From the pool, to the club room, to the theater room (just bring your DVD) – the building’s amenities and units are impressive.

    Prices vary with floor levels and finish outs. If you know anyone who is interested, please have them call me.

    About Condominium Regimes

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    Austin, TX…The MLS has changed the way it labels single detached homes that are in some sort of condominium regime. The new ownership type includes the word ‘common’ or ‘fee-simple’ after the word ‘house’. These ‘houses’ were once labeled ‘Condo Detached’.

    Common is defined as condos or houses where ownership of some or all of the land is shared between the owners.

    Fee Simple is defined as properties that the land is owned individually such as a single family house, or townhomes on separate lots, or 1/2 duplexes where the land has been sub-divided.

    Again, because these ‘condos’ are now labeled ‘houses’, you may see some come up in your house search, and will typically mean that they have some sort of common area.

    I support local Austin; after all I think it’s only neighborly.

    Property Tour and Downtown projects

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    There’s nothing like cramming into an elevator or taking flights of stairs or walking around on cement that has been baking for hours with 90 other agents.

    I went to get an update on the W, The Austonian and the Four Seasons, as well as taking a peak at some units that are somewhat cumbersome to see without a tour.  

    The Four Seasons Residences are 50% pre-sold, in fact buyers now have the opportunity to pick finishes, so if you know anyone who is interested, let me know.  The units are priced between $450k and $3.5 million.  The HOA is .62 cents a sq foot, which includes a staff dedicated to the residents. That means room service, or having Fluffy walked for you at 2am – is only a phone call away.

    I support local Austin; after all I think it’s only neighborly. Need a house?

    Spring Condominiums offer multiple views

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    What condo tower in Austin, gives you multiple views in every unit?  Its Spring Condominiums. 

    What do I like about Spring?  It is a 100% owner occupied building.  80% are primary residences, 20% are secondary.  The HOA is .38 cents a sq. ft, which is one of the lowest for Downtown living.  It has guest suites, so you don’t have to worry about where to keep your relatives.

    Want more fun facts?  Only the exterior walls of the units are load bearing.  So, if you want to move an interior wall, or take one out – you can.  It also has gas cooking.  The big thing for me was the view…the layout of the units offers multiple views from each unit.  Typically, you have to choose a Downtown, or UT tower or lake view.  Most of these units had 2 or 3 unique views in each unit, so you don’t have to choose.

    I support local Austin; after all I think it’s only neighborly.