Last week, KXAN News reported on the state of the downtown Austin condo market. Over the past ten years, the number of people living in the downtown area has doubled. Approximately 2,000 apartments and 2,000 condominiums were built in that time.
However, construction on new condo projects is slowing down as financing tightens. No new developments are likely to break ground for at least another four to five years. With only 408 condos remaining for sale in Downtown Austin, the buyers market remains competitive. As the supply begins to decrease, owners can expect to see the values of their condos appreciate. The Austonian, once completed, will add 178 new luxury residences to the Austin downtown area.
Read the full KXAN story here.