Condo sales catch fire in Austin luxury market

Austin is not known as a condo city, but this week was an exception. 

While the priciest signed contract was for a single-family home, two of the top deals saw millions of dollars trade for condos in the capital city, according to the Eklund Gomes Austin luxury report. 

Buyers signed eight contracts for homes last asking $2 million or more, down one from the week before. Those listings last asked $31.5 million. Six of the homes were single-family houses, while two were condos. 

The single-family homes last asked an average of $3.9 million, up 25 percent from the prior week. That said, sellers had to wait longer for the deals, as homes averaged 122 days on the market, compared to 109 the week before. The condos asked an average of $1,314 per square foot. 

The priciest deal came at 2605 Pearce Road, which last asked $5.9 million or $1,082 per square foot. The house is classic Austin luxury, sitting on one acre of land along Lake Austin with about 250 feet of waterfront. 

The four-bedroom, four-and-a-half bathroom home spans 5,500 square feet near the famous Ski Shores Cafe. Eric Moreland of Moreland Properties had the listing. The sellers listed the home in January for $7.75 million. Since then, in a series of monthly price cuts, they have reduced the price by 27 percent. 

Taking silver was 116 Birnam Wood Court, last asking $4.99 million. This Westlake mansion spans 6,000 square feet with four bedrooms, four bathrooms and two half-bathrooms. It also includes a one-bedroom, one-bathroom guest house. The property covers just over an acre. 

Since hitting the market in June, the property’s asking price held steady. Kathleen Shapiro of Compass had the listing.

Read more

Commercial

San Antonio

Syndicator faces two apartment complex foreclosures as dominos fall

Development

Austin

Austin developers will pay higher fees starting in September

Development

Austin

SomeraRoad brings rooftops to playful St. Elmo Public Market

And finally, the condos. A three-floor unit at Peninsula on Lake Austin, at 2329 Westlake Drive, offers plenty of space for an apartment. The 3,776-square-foot condo includes four bedrooms, four and a half bathrooms and a private boat slip. Last asking $4.95 million, or $1,311 per square foot, it registers as one of the year’s priciest condo sales, if the final price came close to the last ask. Diane and Lindsay Dillard of Douglas Elliman had the listing.

Also ranking on the list was a unit at the W Residences, at 210 Lavaca Street. The 2,160-square-foot apartment last asked $2.85 million, or $1,318 per square foot, and offers three bedrooms and three bathrooms.