Nokonah shows strong Price Appreciation, 360 Growth Flat

It’s well known that the value of a condo is mostly determined by the value of the building. No matter what improvements you make to your Railyard condo unit, it will sell for less on a $/SF basis than a unit in the Austonian. For this reason, we’ve crunched our full-year 2011 data to see how various buildings performed in terms of realized pricing and appreciation over the last year. If you live downtown, view this as a handy guide to the likely value of your unit.

Here is what we learned:
– The most expensive projects are all new: the W ($620/SF), the Austonian ($557/SF), and Spring ($436 / SF).
– Units in the W averaged an insanely high $1.24M each
– 360, the largest downtown project, had the most annual sales at 46: almost one per week
– Greenwood saw the highest rate of year-over-year price appreciation at 16.8%, followed by the Nokonah at 15.9%.
– Two condo conversion projects, the Brown Building and Brazos Place, saw the largest yea-over-year price declines (-11.0% and -10.5% respectively)
– Greenwood, Towers on Town Lake and Sabine were the most affordable downtown projects and also some of the fastest appreciating
– The two biggest selling projects, 360 and Shore, saw relatively flat price appreciation
– Milago stood out as a high performer with solid sales volumes, price appreciation, and very rapid sales

Here is the full analysis:

2011 MLS Sales Result by Building: Price & Sales Trends

2011 MLS Sales Results by Building: Least and Most Expensive Units