A downtown Austin condominium has become one of the city’s top residential sales last week, breaking a recent trend where single-family homes have dominated high-end transactions.
The property, Unit 48Y in the Austonian tower, was the second most expensive publicly reported residential sale in Austin, according to the Eklund Gomes Team. The exact sale price was not disclosed. However, sellers E. Dale and Nancy Lowe had listed the condo for $3.75 million, or $1,442 per square foot.
The 2,600-square-foot unit features three bedrooms and four bathrooms. Listing agent Trey Phillips of Eric Moreland Group described it as having “the signature view” of both the Texas Capitol and the University of Texas campus. He added that its layout is unique within the building and was designed by local architect Ryan Street.
Phillips noted that agents often list downtown properties publicly because there is less difference between property tax appraisals and actual market values than in West Austin neighborhoods. The Austonian, built in 2010 by Benchmark Development and Grupo Villar Mir, is recognized as one of Austin’s first major condo towers.
After a decline in prices following 2022, demand for downtown condos has increased among downsizing seniors, executives seeking second homes, and young professionals. Phillips said about the buyer: “The buyer that is buying it is local. He splits time between here and the East Coast, but his primary residence is Austin. And, life phase-wise, he’s an empty nester, so he doesn’t need a big house any longer. That’s our number-one buyer profile, folks coming from big, beautiful homes in West Austin.”
In recent weeks, most top home sales were in Barton Creek and other western neighborhoods; however, last week both leading sales occurred closer to downtown—one being this condo at the Austonian and another single-family home located about a mile away.
It has been several weeks since a condo appeared among Austin’s top two sales. Previous notable transactions include a W Residences condo asking $4.75 million sold at the end of September; a $5 million unit at Independent sold in February; two condos over $2 million each sold during one week in March; and a $6.75 million home at Four Seasons Residences sold in April.
Recent data show that Austin has experienced greater declines in home values compared to other cities within Texas’ major metropolitan triangle. Despite these conditions, some luxury properties continue to attract buyers who are adjusting their housing needs or relocating within the city.
A separate report highlights how Barton Creek homes have continued to sell quickly despite broader slowdowns in Austin’s luxury market.
Other agents like Eric Moreland have also found success marketing high-end properties on Lake Austin amid changing market dynamics.
