Volume No. 12
Residential Properties in Austin $1 Million and above
Number of Luxury homes closed between
October 18 to October 24, 2020
There were 34 contracts closed last week at $1 million and above. 31 were single-family homes not located on lakefront property, 3 were lakefront property homes, and there were 0 condos in this week’s total.
This week’s totals were not very different from the previous weeks. There was similar sales volume, a number of closed contracts, however, the 0 condos did spark some interest on my end. I dug around the MLS to look at the data on the condo closing. I noticed that there have only been 56 closings over $1 million for the year. Also, there are currently 107 condos over $1 million on the market. I have not looked close enough at the data surrounding condos as a whole, but it’s clear there is likely some downward pressure on the condo market. While everyone and their cat will have some opinion, I believe the downward pressure on the condo market is largely attributed to the COVID-19 crisis. Once we have a reliable vaccine, or there are better treatments readily available to the public, we will likely see more demand in the downtown market. I'm a firm believer that once things go back to "normal", we will see a surge in office space demand along with highrise condo demand. Also, comparatively speaking, condos in Austin are still affordable, especially when you look at other markets. There is a lot of opportunity in the condo market and I think we are only seeing the start of it.
1208 Hillside Ave, while not at the top of the list in regards to pricing it stood out to me. Located in the Travis Heights neighborhood, the home is walking distance to South Congress. The home is re-sale and was originally closed in 2015 when the home yielded a modest $1.1 million. It most recently closed at $1.425 million, a 23% increase in just five short years! While most in 2015 probably thought the closing price was unsustainable, I’m sure there are many today that are saying the same. I, however, feel the opposite. I’m incredibly bullish on Austin, and in particular Travis Heights, Bouldin Creek, and Zilker. I’m a firm believer that these areas have plenty of room for growth and will continue to appreciate.
6708 Bridge Hill Cove, was this week's top of the rankings for the closing price. Closing at $3,143,000, +8% above the asking price. The home was only on the market for a total of two days as well. Listed by Robin Agan of Keller Williams Realty the home is located in Westlake in a private gated estate with views of Lake Austin. The home is 5230 square feet 5 bedrooms and 4 bathrooms, featuring a pool, tennis court, and located on a 1.04 acre lot.