Volume No. 8
Residential Properties in Austin $1 Million and above
Number of Luxury homes closed between
September 21 to September 28, 2020
There were 36 contracts closed last week at $1 million and above. 25 were single-family homes not located on lakefront property, 9 were single-family located on lakefront, and there were 2 condos in the mix.
Nerd Alert: While the overall discount from the asking price was -4%, 25% of all homes closed over $1 million sold at over above their original listing price at an average of +2%. This indicates (to me at least) that luxury homes are very much a strong segment of the market and looking closely at the data I was able to see most of the discounted properties were very ambitious in their initial pricing. There were also no homes over $3 million in this weeks closing.
508 Leland Street is hardly considered to be at the top of the list when it comes to pricing (closed price of $1,435,000) but the home is an a architectural masterpiece that speaks to the direction in which the Austin market is currently moving towards. The 3-story modern farmhouse designed by the acclaimed Davey McEathron Architecture, and developed by Urban ATX. The home is located in the highly sought after Travis Heights neighbor and all the ‘bells and whistles’ one would expect for a luxury home in Austin.
The #1 single-family home was 8705 Capehart Cv, closing at $2,600,000 -2% less than the original listing price of $2,650,000. The home was originally built in 2016 and designed by award-winning architect, Kai Geschke. It is located in the Seven Oaks subdivision and features 5 bedrooms, 5.1 bathrooms, 6188 square feet of living space, pool, and hot tub. The home was listed by Sam Lee of Total Realty Texas and was on the market for 82 days.
The #1 Condo was 501 West Ave #3504, closing at $1,610,000 -11% less than the original listing price of $1,775,000. The condo is located in the Fifth&West building, and features 3 bedrooms, 3 bathrooms, 2009 square feet of living space, a savant home automation system, motorized window shades, and keyless entry. The condo was listed by Jessica Yates of Compass Real Estate and was on the market for 63 days.