Price cuts galore in slow Austin luxury sales week

Just three contracts crossed the finish line to start July

Austin Luxe Resi Stumbles, Price Cuts Galore
Compass' Joe and Cara Keenan and Moreland Properties' Eric Moreland with 403 Graciosa Cove and 613 Rocky River Road (Compass, Moreland Properties, Google Maps)

A $795,000 price cut did the trick. 

Austin’s most expensive home sale of the week came at 403 Graciosa Cove in Westlake. The modern-style mansion last asked $4.2 million, down from $4.99 million when it was listed in April

That the home price needed to fall 15 percent in three months reflects the difficult week for high-end Austin home sales, according to the latest Eklund Gomes Austin Luxury Report, which tracks signed contracts that last asked above $2 million. 

In all, just three contracts met the bar — that’s 11 fewer than than the previous week. Total deal volume hit $11.4 million, at an average of $779 per square foot. The homes spent an average of 75 days on the market.

The Graciosa Cove home has four bedrooms and four full bathrooms across 4,600 square feet. It sits on just over an acre and includes a long, narrow pool overlooking Barton Creek. Cara and Joe Keenan of Compass had the listing. 

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Next on the list came 613 Rocky River Road, a five-bedroom home also in Westlake. It is slightly bigger at 5,120 square feet, though it sits on less land, at 0.8 acre. Eric Moreland of Moreland Properties had the listing. 

That home has also been consistently cutting its asking price since April. It first listed for $4.5 million, but the price fell three times until landing at $3.8 million.

Rounding out the three is 5842 Westslope Drive. The home, which last asked $3.4 million, lies near Pennybacker Bridge at a bend in the Colorado River northwest of downtown. It features five bedrooms and five full bathrooms across 4,800 square feet. The highlight is the backyard, where the pool looks out over the bridge and the Hill Country. 

Sara Warner of Compass had the listing. The home hit the market in May and did not budge on price, according to Zillow records. 

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