• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TOWERS

Austin city life since 2007.

  • News
    • Condo Projects
    • Neighborhoods
  • Listings
    • Austin Condo Guide
  • Newsletter
Search
You are here: Home / Market Analysis / 2008 Downtown Condo Property Assessments: Shockingly Modest Growth
Search suggestions: condos for sale • rainey street

2008 Downtown Condo Property Assessments: Shockingly Modest Growth

towers staff April 28, 2008 Comment

This week, Travis County posted 2008 property tax assessments. Across the City of Austin, the assessed value of the average single-family house increased by a significant 12.82%. This is a big jump during a period during where actual property values seem to have increased only modestly.

With the new assessment data available online, AustinTowers analyzed Hundreds of downtown condo units in projects such as the Nokonah, Plaza Lofts, and Milago to better understand the current downtown valuation trend. Because units are easy to compare and some sell each year, city assessments for condo units in large projects tend to be relatively accurate.

With the new assessments, we found that values increased by an average of 3% for most of the established projects lie the Nokonah and Plaza Lofts. For newer projects such as the Milago, values increased by a higher rate — closer to the City average of 13%. In the newer projects, it was the least expensive units — those that were valued under $300,000 last year – that showed the greatest increase this year with some units increasing in value by as much as 40%. Conversely, some of the most expensive units in the Milago — which is not a high luxury property — saw values remain flat or even dip slightly.

None of these trends are unexpected, here is the summary analysis of this year’s downtown Austin condo assessments:

– Demand remains strong for affordable units. As construction costs rise, very few affordable condo units are coming on the market. As a result, the value of the least expensive units is rising quickly. Condo units priced under $250K should continue to see appreciation.

– As new high-end projects such as the Austonian, the Four Seasons, the W, and 21c capture the imagination of buyers, prices for the old generation of luxury units have remained relatively flat. Prices for high-end units in non-luxury buildings have declined.

– The broad downtown Austin condo market lagged the City as a whole with small increases of around 3% as supply and demand became more balanced during the year.

– This is the second consecutive year of modest increases in downtown Austin condo values after a sharp rise between 2003 and 2006. During this peak period, for example, values in the Nokanah increased by an average of nearly 70%. Last year, Nokonah values increased by a much smaller 5%.

Related

Filed Under: Market Analysis

About towers staff

Real estate, architecture, and city planning. Email: austin@towers.net

603 Davis Street #604
Austin, TX
Photo of 603  Davis Street #604, Austin, TX 78701 (MLS # 2434110)
$649,900
10
  • Lot Size
    214 sqft

  • Home Size
    1,136 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

Previous Post: « Surprise Compromise Saves Riverside Condo Project
Next Post: With Strong Sales, BartonPlace Construction Begins »

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  •  Schedule a showing

FEATURED Listings

603 Davis Street #604
Austin, TX
Photo of 603  Davis Street #604, Austin, TX 78701 (MLS # 2434110)
$649,900
10
  • Lot Size
    214 sqft

  • Home Size
    1,136 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

44 EAST Avenue #2310
Austin, TX
Photo of 44  EAST Avenue #2310, Austin, TX 78701 (MLS # 9418770)
$1,425,000
40
  • Lot Size

  • Home Size
    1,260 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

View Virtual Tour
44 East Avenue #1607
Austin, TX
Photo of 44  East Avenue #1607, Austin, TX 78701 (MLS # 3439383)
$1,250,000
36
  • Lot Size

  • Home Size
    1,221 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

View Virtual Tour
608 Brentwood Street #A
Austin, TX
Photo of 608  Brentwood Street #A, Austin, TX 78752 (MLS # 3202099)
$989,608
33
  • Lot Size
    4,356 sqft

  • Home Size
    1,959 sqft

  • Beds
    3 Beds

  • Baths
    3 Baths

501 West Avenue #2103
Austin, TX
Photo of 501  West Avenue #2103, Austin, TX 78701 (MLS # 4503529)
$2,895,000
40
  • Lot Size

  • Home Size
    2,822 sqft

  • Beds
    3 Beds

  • Baths
    4 Baths

austin condo report

Featured Buildings

  • 360 Condos
  • Austin City Lofts
  • The Independent
  • The Shore Condos
  • 70 Rainey

Footer

LEGAL NOTICE

TREC Information About Brokerage Services (pdf)

Texas Real Estate Commission Consumer Protection Notice


TOWERS realty

Austin Condos For Sale

Agents

Downtown Buildings

Luxury Towers

  • Four Seasons Residences
  • W Hotel & Residences
  • The Austonian
  • 5 Fifty Five at Hilton

Most Popular

  • The Shore
  • 360 Condos
  • Seaholm Condos
  • Spring Condos
  • Milago Condos

New Construction

  • The Independent
  • 70 Rainey
  • Austin Proper
  • Fifth & West

Loft Style

  • Austin City Lofts
  • Brazos Place
  • The Sabine
  • Plaza Lofts
  • Avenue Lofts
  • Brazos Lofts
  • Brown Building

Resources

  • Austin Condo Guide
  • Condos For Sale
  • Condo Buyer FAQ
  • Property Search

Featured

Archives

Newsletter · About · Contact Us · DMCA · Privacy Policy · SLAPP · Copyright © 2007-2022 TOWERS.net · All Rights Reserved