Austin Luxury Home Sales Near $20 Million Last Week

Luxury homebuyers in Austin are making a year-end dash after a Thanksgiving slump, driving $19.8 million in deals last week.

Deals in the Austin luxury home market rose $11 million last week from the week before, according to the latest Eklund Gomes luxury report, which counted seven deals in escrow last listed over $2 million.

“Buyers are back at it in full force as we wrap up the year,” Michael Reisor of Douglas Elliman’s Eklund Gomes team wrote. An increase of 33 to 78 days on market showed buyers are “finally willing to put pen to paper and secure a great deal before year end.”

Still, sales volume paled in comparison to two weeks before the Thanksgiving holiday, after the election, when buyers signed 12 contracts for a total of $40 million.

A Tuscan-style gated estate at 700 Brandon Way capped off last week’s deals, last listed at $5.25 million between Bee Cave and West Lake Hills in the Seven Oaks subdivision. The six-bedroom home features a butler kitchen, a wine cellar, a bar and a two-story library. The home listed for $5.5 million — $533 per square foot — in June before it was taken off the market and relisted with a 4.5 percent price cut in August. The co-owner of AustinRealEstate.com, Crystal Olenbush, had the listing.

Four of last week’s seven deals were located in or around West Lake Hills, where land comes at a premium. All of them were on lots spanning an acre or less, with the exception of 17137 Majestic Ridge Road in Lakeway, built on 3 acres and listed for $2.4 million. Taylor Real Estate owner Blake Taylor had the listing, which comes out to about $400 per square foot.

A contract for 314 Reveille Road took second place, last asking $2.8 million in West Lake Hills. The three-bedroom home sports a hybrid living, kitchen and dining room setup, with a hot tub and pool under 40-foot trees in the backyard. It asked about $1,060 per square foot, and Redfin’s Abby Alwan had the listing.

The third and fourth priciest contracts were made for two modern homes around the Bouldin Creek area.

At about $2.5 million each, 1414 Eva Street asked $900 per square foot on 0.18 acre, listed by Compass agent Michael Frost, while 1003 Kinney Avenue’s asking price totaled nearly $1,190 per square foot on 0.13 acres, listed by Compass agent Vince Heinz.