Excerpted from the Austin American-Statesman article entitled “Buyers scoop up units in 28-story Austin condo tower as demand for downtown living surges“:
Demand for downtown living remains strong in Austin, experts say, and one of the newest towers taking shape on the skyline is more evidence.
As the Statesman recently reported, the office market downtown has a glut of space. But the downtown residential market — apartments and condos — is flourishing. People want to live downtown, with all it has to offer, housing market experts and real estate agents say.
In a recent interview, Kevin Burns, an Austin real estate broker whose company specializes in downtown condo sales and development, echoed that view. Burns said the downtown condo market “hasn’t been materially affected by the downturn in the office market.”
With its dining, shopping, arts and entertainment draws, along with access to the hike-and-bike trail, “downtown Austin provides such a high quality of life,” Burns said. “People just want to live downtown.”
On average, the price for a condo unit in a downtown high-rise built since 2010 is just over $1.5 million, Burns said.
“The overall story is that prices have appreciated year over year,” Burns told the Statesman last month. However, he said there was “a bit of a correction this year from the run-up in prices (from the COVID-19 pandemic) and the tremendous increase in interest rates.”