Real Estate

Top Luxury Contracts in Austin: $35.8M Follows Waterfront Properties

Austin's luxury market sees 12 contracts worth $35.8M, with single-family homes dominating and waterfront properties in high demand.

By Doug Elli

6/11, 14:43 EDT
article-main-img

Key Takeaway

  • Austin's luxury market saw 12 signed contracts totaling $35.8 million, with a notable focus on waterfront properties.
  • The top contract was for 204 Bella Vista Cove at $3.99 million, featuring Lake Travis access and an infinity pool.
  • Waterfront condos also performed well, with 1500 Scenic Drive Unit 304 selling for $2.5 million at $2,187 per square foot.

Waterfront Properties Dominate Austin's Luxury Market

In Austin, the allure of waterfront living continues to drive the luxury real estate market, as evidenced by the latest Eklund Gomes Austin Luxury Report. The report, which tracks new signed contracts for properties listed above $2 million, revealed that 12 contracts were signed last week, up from 10 the previous week. These contracts collectively amounted to $35.8 million, a significant increase from the prior week's total of $28.6 million. Notably, single-family homes dominated the market, with 10 out of the 12 contracts falling into this category. The average asking price per square foot was $649, a slight decrease from the previous week, while the average days on market surged to 124 days.

High-Profile Listings and Their Unique Features

The top contract of the week was for 204 Bella Vista Cove, a six-bedroom, six-bathroom mansion in the Costa Bella neighborhood, which last asked $3.99 million. This property, priced at $512 per square foot, boasts Lake Travis access, an infinity pool, and a boat slip, making it a prime example of the premium placed on waterfront amenities. Another notable listing was 1304 Bouldin Avenue, a Mediterranean-style compound with 15 bedrooms and 10 bathrooms, listed at $3.95 million. This property, located in the Bouldin Creek neighborhood, offers flexibility as either a private residence or a rental investment. The third-highest contract was for 9604 Veletta Place, a 5,660-square-foot home in Barton Creek, listed at $3.7 million.

Broader Market Trends and Comparisons

The trend of high-value waterfront properties is not unique to Austin. In Miami, a waterfront estate in Coconut Grove topped the Eklund-Gomes luxe signed contracts report, asking $38.5 million. This trend is mirrored in other luxury markets, such as New York and Brooklyn, where high-end properties with unique features and prime locations continue to attract buyers. For instance, a Park Slope townhouse in Brooklyn, listed at $15 million, led the borough's luxury market last week. These markets show a consistent demand for properties that offer both luxury and unique amenities, such as waterfront access or historical significance.

Market Dynamics and Implications

The increasing number of signed contracts and the rising total dollar volume in Austin's luxury market indicate a robust demand for high-end properties, particularly those with waterfront access. This trend is reflective of broader market dynamics where unique features and prime locations significantly enhance property value. The slight decrease in the average price per square foot and the increase in days on market suggest a competitive market where buyers are willing to wait for the right property. This is consistent with trends observed in other luxury markets, where properties often spend a considerable amount of time on the market before finding the right buyer.