Category Archives: Downtown Condos

Moving to Austin

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Moving to Austin? I have selected randam subdivisions in the greater Austin area and listed some current real estate market data. Average Days on Market below 3 months are considered Seller’s markets, because homes are moving quickly. Neighborhoods with homes on the market between 3 and 6 months are considered neutral. As you can see, the Austin Real Estate market is very strong. Buyers are moving to Austin and with interest rates still low…buyers are moving within Austin.

Moving to Austin?
The data below is specific to single family homes. If there is an area you want me to spotlight -please let me know.

Tarry Town (Central Austin)
Number of Active Houses on the Market: 16
Average Days on Market: 80
Median List Price: $ 797,000

Legend Oaks (Southwest Austin)
Number of Active Houses on the Market: 8
Average Days on Market: 52
Median List Price: $ 291,725

Plum Creek (Kyle)
Number of Active Houses on the Market: 37
Average Days on Market: 41
Median List Price: $ 171,827

Great Hills (Northwest Austin)
Number of Active Houses on the Market: 25
Average Days on Market: 51
Median List Price: $ 495,126

Pemberton Heights (Central Austin)
Number of Active Houses on the Market: 6
Average Days on Market: 120
Median List Price: $ 1,687,500

Circle C Ranch (Southwest Austin)
Number of Active Houses on the Market: 22
Average Days on Market: 43
Median List Price: $ 352,400

Downtown Condos (Central Austin)
Number of Active Houses on the Market: 102
Average Days on Market: 82
Median List Price: $ 455,500

Travis Heights (Central Austin)
Number of Active Houses on the Market: 12
Average Days on Market: 64
Median List Price: $ 694,700

Austin Real Estate Market Trends Jan 2012

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Austin is hot and I’m not just talking about the weather, though we did have the nation’s high temperature last week with 92 degrees!   Residential houses in the greater Austin area saw an increased volume of sales, with an increase of 10 percent in January compared to 2011.  According to the Austin Board of REALTORS®, the average time a home remained on the market was 85 days in January, which is eight days less than the same month in 2011.  As I have mentioned inventory is low.  How low? There were 6 percent less new listings added in January 2012, than in January of 2011.   January of 2012 also saw 19 percent fewer active homes for sale and 16 percent more home listings pending.

Austin Real Estate Market Data

The Austin Real Estate Market had 4.1 months of homes for sale in inventory in January 2012, which is 1.4 months less than the same month one year ago.  According to the Austin Board of Realtors, this is the lowest inventory the Austin real estate market has seen since they began tracking months of inventory in 2009.

Austin Real Estate Condo Market Data

Austin area estate sale of condominiums and townhomes are up as well, by 27 percent.  According to the Austin Board of Realtors, the median price for a condo in January 2012 was $159,500, which is 4 percent higher than the same month last year.  Active days on the market were 7 percent longer this year, but 121 condos were sold in January 2012, which is 27% more than January of last year.

Condo Home Styles

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Happy 2012!  I have been showing condos, single family homes and duplexes from Buda to Round Rock. Think you can tell a fee simple house from a condo? Think again. The perception is that you can tell a single-family house or duplex from a condo just by looking at it. Truth be told, there is nothing about the style of a house that dictates its classification.

How a house is classified is determined by whether the land the residence sits on is fee-simple or undivided. If the parcel is undivided, then the structure is in a condominium regime which gives owners partial interest in the land. When a residence is fee-simple the owner has owns absolute title to the land and structure. In a condominium regime, you own the space the unit occupies and only own a partial interest in the common land surrounding the property.

Austin Condominium regimes can come in garden home, townhouses, single family, duplexes and apartment designs. Many have backyards, which can make it impossible to tell by looking, how the property is classified. Fee simple properties are available in the same styles, with the exception of towers. Some people don’t want to live in a condominium regime because they feel too restricted in how they can utilize their backyards. Understand fee-simple home owners still need to abide by city, deed and zoning restrictions. Fee-simple home owners can also be restricted through their home owners associations. Condominium regimes will often let homeowners improve property with patios and other outdoor improvements as long as they get permission first and comply with certain aesthetic guidelines. People are not always as limited as they think they will be.

I searched Austin MLS listings and selected some active properties so show examples of home styles that are classified as condominiums. Click the link here to see the condos

 

Downtown Austin Condo Data

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Austin Downtown Districts

What’s moving Downtown and how are other hot condo areas doing?  I have selected specific condominiums and popular areas in Central Austin to offer some data points. Downtown Austin and the surrounding areas offer great varieties in unit sizes, amentities and styles. There are low rises and hi-rise living options in a variety of price points. The large variety of  locations, styles and price points offer truely something for everyone.

The data below is specific to condominium homes.  

If there is an area you want me to spotlight -please let me know.

Central Austin Condo Market Data

All Downtown Condos
Number of Active Houses on the Market:         81
Average Days on Market:                              109
Median List Price:                                 $ 399,900

Spring Condominiums (Downtown)
Number of Active Houses on the Market:         10
Average Days on Market:                                 85
Median List Price:                                 $ 408,500

360 Condominiums (Downtown)
Number of Active Houses on the Market:            6
Average Days on Market:                                  51
Median List Price:                                 $ 387,000

W Residences (Downtown)
Number of Active Houses on the Market:             9
Average Days on Market:                                138
Median List Price:                              $ 1,149,000

Milago Condomniums (Downtown)
Number of Active Houses on the Market:             5
Average Days on Market:                                   85
Median List Price:                                  $ 339,000

All Condos in zip code 78704
(South of Downtown: SoCo / Zilker area)
Number of Active Houses on the Market:            65
Average Days on Market:                                    96
Median List Price:                                   $ 250,000

All University of Texas Condos
Number of Active Houses on the Market:            44
Average Days on Market:                                  143
Median List Price:                                    $ 208,750

All condos in zip code 78703
(West of Downtown: Tarrytown area)
Number of Active Houses on the Market:             45
Average Days on Market:                                   102
Median List Price:                                     $ 370,000

Zilker Kite Festival

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The Zilker Park Kite Festival celebrated its 83rd year Sunday with little wind, but plenty of fun.  The South Austin event has the honor of being the longest continuous kite festival in the United States.  Thousands turned out for a beautiful day at the park, which proves to be yet another reminder of the wonderful city we live in.

Let’s take a look at the Zilker Park area real estate market, for those who live close enough to walk or bike to the park.

Local Austin Market Data

There are 82 houses actively for sale within a 1.5 mile radius of Zilker Park, which includes part of 4 different market areas.  All of the homes are in the City of Austin, with the exception of one which is in the City of Westlake Hills.  List prices range from $225,000 to $8.9 million.  The median time these homes have been on the market is 52 days and the median price is $537,400.

The same 1.5 mile radius has 114 condominiums actively available for purchase.  That number includes everything designated as a condo, whether it a duplex style, or tower like Spring Condominiums.  Active list prices here range anywhere from $124,900 to $4.9 million.  The median time on the market for a condo in the 1.5 mile radius surrounding Zilker Park is currently 59 days.

Zilker Park is located at 2100 Barton Springs Road and encompasses 351 acres.

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.