Real Estate

Legendary Austin Restaurateur Lists Renovated Clarksville Bungalow for $1.65M

Lou Lambert lists renovated 1,320 sq ft Clarksville bungalow for $1.65M amid Austin's luxury market price cuts.

By Doug Elli

7/10, 14:34 EDT
article-main-img

Key Takeaway

  • Lou Lambert, renowned Austin restaurateur, lists a renovated historic bungalow in Clarksville for $1.65 million ($1,250/sq ft).
  • The 1,320 sq ft home features a building-length screened porch and skyline views after a complete renovation.
  • Lambert's sister's firm, MML Hospitality, is developing Sixth&Blanco nearby with 10 condos and extensive retail space.

Lou Lambert Ventures into Real Estate

Lou Lambert, a renowned Austin restaurateur known for his contributions to the city's culinary scene, is making a notable shift into the residential real estate market. Lambert, who has been instrumental in establishing popular Austin eateries like Jo’s, Lou’s, and Lamberts Downtown Barbecue, is now looking to sell a historic bungalow located at 1002 Baylor Street in the rapidly appreciating Clarksville neighborhood. This property, originally built in 1947 as a guest house, has undergone a significant renovation under Lambert's direction, transforming it into a modern residence with a reconfigured floor plan and roofline to maximize views of the city skyline.

The Details of the Historic Bungalow

The bungalow Lambert is selling is relatively small, spanning 1,320 square feet on less than a quarter of an acre, yet it commands a hefty asking price of $1.65 million, equating to $1,250 per square foot. This price point reflects the high demand and limited supply in the Clarksville and Tarrytown areas, where homes often sit on small lots. The property, listed by Michael Reisor of Douglas Elliman, initially hit the market in May for $1.8 million but has since seen a price reduction. A standout feature of the home is its building-length screened porch, which offers direct access from one of the bedrooms, providing a unique blend of indoor and outdoor living.

Austin's Luxury Real Estate Market Trends

The price reduction of Lambert's bungalow is not an isolated incident but part of a broader trend in Austin's luxury real estate market. According to the latest Eklund Gomes Austin Luxury Report, several high-end properties have experienced significant price cuts recently. For instance, a modern mansion at 403 Graciosa Cove in Westlake saw its price drop from $4.99 million to $4.2 million within three months. This trend indicates a challenging period for high-end home sales in Austin, with only three contracts signed for homes priced above $2 million in a recent week, down from 14 the previous week. The average price per square foot for these deals was $779, with homes spending an average of 75 days on the market.

Broader Implications for the Real Estate Market

Lambert's foray into real estate and the price adjustments in Austin's luxury market highlight the dynamic nature of the city's property landscape. While some high-end properties are seeing price reductions, other segments, such as upscale condominiums, are performing well. For example, Austin-based Endeavor Real Estate Group has reported strong pre-sales for its Pullman at Gulch Union tower in Nashville, with 100 units generating $70 million in revenue. This success contrasts with the slower pace of high-end home sales in Austin, suggesting that market performance can vary significantly based on property type and location.