resale market

With strong inbound migration and a vibrant local economy, the Austin rental market continues to strengthen.

With no new projects likely for the next year, downtown rents will continue to rapidly increase. ...The 10.1% annual effective rent growth in July was the best we've ever reported for Austin in our 15+ years in business.

... Austin's rent growth over the past two years has made it the highest rent per unit market in Texas. ...

Austin's occupancy rate of 95.4% is its best in more than 10 years.

With the help of urbanspace Realtors, we have put together a comprehensive analysis of recorded downtown Austin condo transactions in 2009.

The analysis looks at MLS data capturing 2009 condo sales in area DT during the year 2009. Like all listing data, it excludes private transactions that were not listed on the MLS.

This is a big exception considering that hundreds of units have been sold through non-mls sales.

Over the last 22 months, AustinTowers has been working closely with urbanspace to track the downtown Austin condo market.

During this period, Milago has sold more units on the resale market than any other project .

The 46 Milago transactions over the last 21 months provide an interesting microcosm of the downtown Austin market.

We've updated the AustinTowers | urbanspace Downtown Austin Condo Market Index for October, 2009.

For the fourth month in a row, MLS sales were higher than the previous year's numbers. The most recent numbers suggest that the bottom of the downtown Austin condo market was likely hit this spring.

Over the last few months, sales, prices, and price-per-square-foot have all been on the rise.

We've received the latest monthly downtown Austin condo sales report from our friends at urbanspace realtors.

Here are the results from January, 2009 :

With the help of urbanspace Realtors, we have put together a comprehensive analysis of recorded downtown Austin condo transactions in 2008.

The analysis looks at MLS data capturing 2008 condo sales in area DT during the year 2008. Like all listing data, it excludes private transactions that were not listed on the MLS.

The Statesman ran a comprehensive analysis of the current condo building boom -- it was the lead story in today's paper.

As part of the article, they interviewed many experts on the downtown condo market.

With the ongoing mortgage crisis, the billion dollar question is how the Austin condo market will fare.

The answer: while the Austin market is one of the strongest in the country and condo demand remains strong, nobody really knows.

The issue is that this is a new market: there is really no good parallel in the history of the city. According to the Statesman:

The Statesman ran a comprehensive analysis of the current condo building boom -- it was the lead story in today's paper.

As part of the article, they interviewed many experts on the downtown condo market.

With the ongoing mortgage crisis, the billion dollar question is how the Austin condo market will fare.

The answer: while the Austin market is one of the strongest in the country and condo demand remains strong, nobody really knows.

The issue is that this is a new market: there is really no good parallel in the history of the city. According to the Statesman:

The market for downtown condos is very active but quite different from the single family home market in two key facets.

First, downtown condo owners who want to sell are currently competing with new units entering the market.

If too many units come on at once, downward pricing pressure may ensue. That said, developers are very good at controlling prices and surprisingly patient.

However, it's important to note that condo projects are more commodity-like than single family houses in established downtown neighborhoods.

If you buy a house in central Austin, the odds are that it is different -- in one way or another -- from every other house in central Austin.

When it comes time to sell your unique house, you may get lucky and sell for more than it's worth, or you may be unlucky and have it sit on the market for a long time.

Setting a price is a key variable, but pricing a unique house is as much art as science.