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Sabine Auction Results!

towers staff March 1, 2010 Comment

Today, more than 200 registered bidders showed up to compete for 31 units in the much anticipated Sabine auction. In the end, 29 of 31 units sold for an average 30.5% discount with a final price per square foot of $228. With strong demand, the developer added four units into the auction: three just days before the sale and the fourth unit during the auction.

Prices were about 19% lower on a price per square foot basis than the recent Brazos Place auction — the Sabine’s closest comparable. The additional discount is appropriate given the problems that have plagued the project. In a recent valuation analysis, Austin Towers estimated that a fair sales price would be a 30% discount and units traded hands for slightly less than that.

Here are the key metrics on the sale:

Sale Prices by Unit Type

Unit Type
Original Price
Sale Price*
$/SF
Discount
1/1

$252,631

$189,120
$264
25.1%

1/1 + Study

$289,900

$196,733
$210
32.1%

2/2

$464,083

$310,007
$214
33.2%

All Units

$341,697

$237,388
$228
30.5%

* Includes 4% Buyer Premium

Sale Prices by Unit

Unit #

SF
Bed/Bath
Original Price
Starting Bid
Sale Price*
$/SF

303

693

1/1

$234,900

$85,000
$172,640
$249
305
1462

2/2

$409,900

$145,000
$276,640
$189
308
925

1/1 + Study

$267,900

$95,000
$193,440
$209
401
1461

2/2

$485,900

$165,000
$319,280
$219
404
728

1/1

$249,900

n/a
$194,480
$267
409
918

1/1 + Study

$259,900

$95,000
$193,440
$211
501
1461

2/2

$485,900

$175,000
$327,600
$224
502
755

1/1

$239,900

$95,000
$193,440
$256
504
728

1/1

$249,900

$85,000
$192,400
$264
508
951

1/1 + Study

$279,900

$95,000
$188,240
$198
510
682

1/1

$204,900

$85,000
$166,400
$244
605
1467

2/2

$434,900

$155,000
$287,040
$196
610
682

1/1

$229,900

$85,000
$167,440
$246
701
1461

2/2

$469,900

n/a
$350,480
$240
703
695

1/1

$240,900

$95,000
$197,600
$284
704
728

1/1

$259,900

$85,000
$195,520
$269
705
1467

2/2

$449,900

n/a
$315,120
$215
707
1426

2/2

$409,900

$135,000
$279,760
$196
801
1461

2/2

$530,000

$185,000
$357,760
$245
802
755

1/1

$273,400

$105,000
$205,920
$273
804
728

1/1

$311,900

n/a
$196,560
$270
805
1460

2/2

$469,900

$165,000
$309,920
$212
808
951

1/1 + Study

$311,900

$95,000
$198,640
$209
904
728

1/1

$263,900

$85,000
$197,600
$271
907
1426

2/2

$434,900

$135,000
$263,120
$185
909
918

1/1 + Study

$294,900

$95,000
$195,520
$213
910
682

1/1

$244,900

$85,000
$180,960
$265
1001
1419

2/2

$550,000

$195,000
$365,040
$257
1004
728

1/1

$279,900

$95,000
$197,600
$271
1007
1426

2/2

$437,900

$145,000
$268,320
$188
1008
951

1/1 + Study

$324,900

$105,000
$211,120
$222

AVG

1,043


$341,697
$117,222
$237,388
$228

* Includes 4% Buyer Premium

Interestingly enough, the developers still own about a dozen units which they plan to sell directly to buyers and through MLS listings. In can be assumed that these units will sell for approximately the same price as the auctioned units which raises the obvious question: why didn’t they sell the remaining units in the auction? While it’s hard to know what they are waiting for, the developers likely wanted to avoid flooding the auction with too many units and driving prices even further down.

For the developers, the auction is likely a relief. It does go to show that these sorts of auctions do work and that there are many potential downtown Austin condo buyers on the side lines looking for a good deal. The prices of the remaining units — and the speed with which these units sell — wlll determine whether the auction prices were in fact a good deal.

Related

Filed Under: News

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