Last year, 824 Austin apartments were converted to condos. This year, that number is expected to grow to 1,167. As downtown condo prices have skyrocketed to $400 / SF or more (sometimes much more), a wave of Central Austin rental properties are being converted into more-affordable central condo buildings.
Many of these new projects offer upscale central living for much less than the price of the major high-rise projects. As downtown condo prices have rapidly increased while rents have grown at a slower pace, downtown condo conversion provide a quick return for developers. While the price is lower . . .
