360 Condos: 2013 Transaction Report

360condos-2013sales

Jude Galligan, owner of REATX Realty

Call Jude Galligan, REALTOR at 512-236-8898 for a current estimate of your condo’s value.

2013 was a banner year for downtown condos in general, and specifically 360 condos.  With 52 transactions recorded, averaging $480.93 per foot, more than 10% of the building’s units changed hands.

One bedrooms in 2013
Average = $478/ft ($372,703)
Max = $614/ft ($499,900)
Median = $471/ft ($360,000)
Minimum = $387/ft ($308,000)

Two bedrooms in 2013
Average = $488/ft ($551,556)
Max = $690/ft ($715,000)
Median = $484/ft ($532,500)
Minimum = $417/ft ($416,000)

Outlook for 2014:

Prices for 360’s resales should continue to increase, so long as inventory of new construction remains low in the downtown condo market.  With Seaholm fully reserved, currently, the only building with new product is the Austonian.  We’ll hear an announcement for one or two new condo high-rises this year, but anything announced would not deliver for another 18-24 months from a new project breaking ground.

Investors and landlords across downtown could observe rents remaining flat, or even decrease, as the number of apartment dwellings coming to market in 2014 will absorb much of the rental demand.  This could cause MLS lease listings to see an increase in days on market.

It remains to be seen just how much Seaholm will impact sales of the west facing units.  In the short run, we expect to continue to answer questions about how views will be affected.  Once completed the additional ground floor shopping that comes along with Seaholm will reflect positively on values at 360.

-Jude

For a current estimate of your condo’s value, call Jude Galligan, REALTOR at 512-236-8898