A waterfront property at 1604 Bruton Springs Road in Austin was sold last week for $5 million, ranking among the city’s most expensive sales during that period. The home, which sat on the market for over 400 days and underwent a $1.5 million price reduction, was marketed with a focus on its land value rather than its interior features.
Aimee Chilton of eXp Realty, who managed the listing, said the property included a well-maintained two-bedroom, three-bathroom house built in 1965. Despite this, she chose not to highlight the home’s interior in marketing materials. “The main draw for this property is obviously the land itself,” Chilton said.
Chilton initially expected that any buyer would likely choose to demolish and rebuild on the site. However, she noted that the new owner has decided to keep the existing house.
Chilton described Austin as “definitely in a buyer’s market.” She stated that while market conditions are now clear, Austin has not returned to its growth levels seen during the pandemic. “This property would have easily sold for $7 million in 2022 or 2021,” Chilton said.
The home was first listed in August of last year at $6.5 million before dropping to $6 million in December and then to $5 million in May. The sale also included a 2021 Xcursion pontoon boat.
According to Chilton, some luxury buyers are leaving Austin after relocating from states like California during the pandemic. “That’s affected the market in addition to our pendulum swing downward. The people who came here are now leaving,” she said.
Luxury homes and condos across Austin have been spending more time on the market this year compared to previous years. For example, another high-profile sale last week involved a mansion at 4800 Mondonedo Cove that reduced its price from $6 million when listed in April to $5.9 million by closing.
Other notable properties marketed for their redevelopment potential include unique builds such as the “Bouldin Treehouse” at 801 Post Oak Street, which appeared on HGTV’s “Zillow Gone Wild.”
Recent trends show that home sales have increased but remain slower than during periods of strong seller demand. The shift reflects broader changes as Austin transitions away from a seller’s market toward conditions favoring buyers.
