Great Article on the Rise of Condo Sales in Austin

Taken from the Austin Business Journal:

Downtown condo sales rose 50% in ’10, report says.
Austin Business Journal
Date: Monday, January 24, 2011, 8:36am CST – Last Modified: Thursday, January 27, 2011, 9:55am CST .

Austin condo sales through listing services doubled last year, while prices were stable, according to recent Multiple Listing Service data released Monday.

A report from AustinTowers.net, a downtown Austin real estate blog, compiled MLS data from 25 downtown residential towers. The group tracked 168 sales last year, or about 50 percent more than in 2009. The average selling price last year was $294 per square foot, down from $296 per square foot in 2009. Units sold for an average $308 per square foot in 2008.

“With more than 2,000 new downtown condo units built downtown in the last decade, overcapacity and the real estate downturn threatened to depress condo prices” AustinTowers Editor Paul J. D’Arcy said.

“The 2010 sales results show that the market remains quite strong given the difficulties facing the broader real estate and mortgage markets.”

The report said the average price per unit sold downtown was $343,983 up from about $330,344 last year, but down from $345,856 in 2008. The average time to sell a condo was 100 days, a 12-day increase from 2009.

The latter half of the year was particularly active, the Austin Business Journal reported in November. In October, there were 30 closings for downtown condos, according to Travis County data confirmed by developers. Twenty-one of those were at the three latest high-profile condo buildings downtown: the Four Seasons Residences, Spring Condominium and The Austonian.

The 360 condos in Austin at the corner of Nueces and West Fourth streets was the highest selling property last year of those listed, closing about 38 deals, according to AustinTowers.net. The data does not included properties that are direct sellers, including Montevista Condominiums in Austin. That property sold 44 units last year, according to officials.

Of all units tracked by AustinTowers.net, eight buyers paid more than $1 million, up from two in 2009 and one in 2008.

A significant number of condos also sold for close out prices, with about 38 going for less than $200,000. One buyer paid $86,000 — the lowest price paid for a downtown condo last year.

Developers are still planning new projects downtown, as well. A 12-story, 72-unit condominium complex is being planned at 805 Nueces St., at the corner of Nueces and 9th streets downtown

Read more: Downtown condo sales rose 50% in ’10, report says | Austin Business Journal

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