Plenty of $1 million+ home sales under contract in Austin

January 19, 2015

Posted in: News

read more on Austin Business Journal

Santa, baby, how about a million dollar home in Austin for Christmas?

There’s no shortage of options — more than 500 homes priced at more than $1 million are for sale in the Austin market.

As of Nov. 15, 61 are under contract, according to multiple listing data provided by Brian Talley, owner and broker of Regent Property Group LLC in West Lake Hills.

Thus far, the most expensive house sold was a contemporary lakefront estate across the street from Laguna Gloria, the art school and museum off West 35th Street. The 7,800-square-foot house at 3709 Taylors Drive was listed for $7,250,000, or $929 per square foot, by Theran Greer of Wilson Goldrick Realtors.

The actual sales price was not disclosed, but records at the Travis Central Appraisal District show that the property, which features 330 feet of prime Lake Austin shoreline, was most recently valued at $4,769,000. The sale closed in June and Laura Gottesman of Gottesman Residential Real Estate represented the buyer.

As Talley pointed out, however, there likely were pricier sales.

Laura Gottesman, Eric Moreland and Cord Shiflet are often involved in the largest sales (and they) tend to often go as private listings,” Talley said.

Currently, the most expensive listing on MLS is 3148 Above Stratford Place, which Shiflet represents. He and Eric Moreland are brokers with Moreland Properties The 10,000-square-foot mansion perched on a cliff with expansive views of downtown is priced at $13.5 million. In August, ABJ took a close look at the luxury home market and the wealthiest ZIP codes.

Presently, single family detached $1 million-plus home sales are on pace to eclipse the 570 mark, which would top 2013 when 525 such homes sold.

The average price for $1 million-plus homes sold thus far in 2014 was $1,617,000, or $352 per square foot, an 8 percent increase compared with last year. The median price is $1,350,000, or $343 per square foot, a 14.7 percent increase compared with last year.

Even though luxury home sales have been fluid and steady all year, the sweet spot for Talley has been in the $400,000-$600,000 range.

His primary buyers this year, he said, “tend to buy in Lake Travis, west and southwest Austin with some in central Austin. My observation is that people either want to be in the Hill Country suburbs for privacy and family reasons or as close to downtown as possible for lifestyle reasons.”

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