For the 11th week in a row, we still see an increase in the number of new listings coming on the Austin market. The number of pendings and sold units actually decreased a little recently. Pendings decreased by 10% while the number of sold units decreased slightly by 2.70%.
The average sales price for this past week increased by more than 15% over last year, giving us an average sales price of $277,164 over last years average sales price of 239,887.
What this shows is the market is going up still. May, June and July are typically when the most buyers are in the marketplace. So if homes are priced right they will move quickly. As always staging and pricing are important factors in getting a home sold for the most money and quickly. I am still suprised when I go out and preview homes how many aren’t staged or in good condition. Buyers are saavy enough to notice this and will bypass these homes unless they are really below the market.
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A $190 million planned community on the north side of Lake Travis in Travis County to take advantage of the lakeside housing boom and a new toll road that promises to improve access to the area.
WY Atlantis, from Dallas, recently closed on the purchase of a 315-acre tract at the intersection of Sylvester Ford and Lohman Ford roads within the extraterritorial jurisdiction of the city of Lago Vista. The company has plans for 510 single-family homes, including about 50 townhomes, to be built in clusters. That will leave room for 120 acres of open space and more than three miles of trails.
As it’s planned, the Falls at Lake Travis will be a resort-style community with shared access of about 3,000 feet along the lakeshore, a clubhouse and pool, a marina and a boat launch.
The developers will make improvements to the development and sell individual home sites to builders. No homebuilders have been selected yet, but the developers expect homes will be in the $300,000 to $1 million-plus range.
The biggest factor driving the group’s interest is the arrival of State Highway 183A in spring 2007. Once complete, that road will significantly cut the time it takes to get from downtown Austin to Lago Vista and other nearby communities such as Leander and Jonestown.
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Another luxury hi-rise condo project mixed in with a hotel that will have Art Gallery and fine restaurant. It’s a $200 million project at Third and Brazos streets that is to include a 21c Museum Hotel, the second such project following the successful opening of one last year in Louisville, Ky. The project could break ground in early 2008 and open in 2010. It will be a 44-story tower that would combine luxury condos with a hotel that also doubles as a modern art museum. There will be 209 guest rooms and 200 condos as well as a world-class contemporary art museum to attract the creative class of Austin. The prices are to start from the $300,000 range and go over $2 million, and there will be huge underground garage that will hold over 300 vehicles.
The question is downtown Austin headed towards a glut of high-end condos, that has happened in some other major cities. The developers don’t think so as pre-sales have been strong for all these luxury projects like the Austonian and Four Seasons.
Here’s the full article in the Statesman.
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