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How much have prices increased in the past 5 years, on average, in luxury high rise condos sold in downtown Austin? Is this directly related to economic growth? Potential buildings for the study include, but not limited to: The Austonian, The Independent, Four Seasons, and The W Residences, Seventy Rainey, and Fifth and West . Looking for newer (built in or after 2010) buildings with an average price per square foot over US$700.
High Rise Condos in Austin current pricing ranges from $259,000 to $6,995,000, with an average price per square foot of $660. The prices of condominiums in Austin have seen an increase of 9% this year (2017) and 6% in the year 2015. A list of luxury high rise condos in Austin with their current pricing details has been documented in the attached spreadsheet. The spreadsheet includes units in The Austonian, San Jacinto Center, The Residences, Seaholm Residences, Seventy Rainey, Fifth and West, The Independent, and 360 Condominiums. Of the 51 active listings documented, 37 listings’ price per square foot is over $700, while the remaining 14 have an average price per square foot between $600 and $700.
FINDINGS
According to the Biz Journals, the highest price recorded in The Austonian was $3.25 million in 2015 and based on our findings, the current highest price condo in The Austonian is $6.99 million. Utilizing this information, the increase in price is calculated to be 115%.
Percentage increase in price from 2015 to 2017 = [(Price of Condo in 2017 — Price of Condo in 2015)/Price of Condo in 2015] x 100 = [(6.99-3.25)/3.25] x 100 = 115.07% increase.
Texas Real Estate Sales Report indicated the year-to-date median sales price as recorded in July 2017 to be $179,900 for high rise condos, and suggests that the rise in condo prices is due to growing demand for luxury houses. This figure was found to be an annual increase of 9% from the previous year. Furthermore, the year-to-date median price for the Austin-Round Rock MSA are condos was recorded to be $255,000, indicating a 5.5% increase in price from the first half of 2016.
In conclusion, research shows that there has been a 115% increase in the price of luxury high rise condos in The Austonian from 2015 to 2017. Details of the current pricing of high rise condos in Austin have been organized in the attached spreadsheet.