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You are here: Home / Market Analysis / Condo Values by Building: Austintowers Exclusive
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Condo Values by Building: Austintowers Exclusive

towers staff March 30, 2009 Comment

When you buy a downtown Austin condo, you are really buying part of a building. The services, staff, amenities, maintenance, location, style, community and construction quality are more important than the particulars of any individual unit. That’s why our listings are organized by building — research shows that buyers first choose a building and then pick a unit. When it comes to urban Austin condos, the building is the product.

Not surprisingly, price per square foot varies widely for downtown Austin condo buildings. With values ranging from $197/SF at Greenwood Towers to $472/SF at the 5 Fifty Five Condos atop the Hilton, the data clearly shows that the building is the most important determinant of condo values. So, when you buy a condo unit, remember that the building will be the most important determinant of investment return.

Here are the details on actual building-by-building MLS sales over the last 14 months:

Downtown Condo Transactions: 1/1/2008 to 2/28/2009

Building

Year

# Sales
$/SF
Avg SF

Five Fifty 05

2004

6
$473
1430

Nokonah

2001

7
$442
1414

Brazos Place

2008

12
$370
927

360

2008

4
$368
775

Austin City Lofts

2003

11
$353
1718

Milago

2006

26
$344
1047

Westgate

1965

4
$325
699

Sabine

2007

5
$312
1287

Railyard

1983

8
$296
892

Plaza Lofts

2002

3
$291
1190

Posada Del Rey

1964

5
$282
1015

Avenue Lofts

1999

2
$279
1095

Penthouse

1973

5
$254
728

Cambridge Condos

1964

11
$254
1456

Brown Building

2000

6
$250
848

Villas on Town Lake

1982

5
$241
1080

Towers Town Lake

1983

8
$228
1467

Greenwood Towers

1966

5
$197
667

As usual, these values exclude private transactions for units not listed on MLS. For example, hundreds of original transactions in 360 conducted by first time buyers purchasing from the sales center are not included. All resale and new transactions listed on MLS should be included.

Related

Filed Under: Market Analysis

About towers staff

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

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