Austin American-Statesman: Downtown Condo Market Defies the Downturn
This weekend, the Austin American-Statesman ran a story discussing downtown Austin’s condo market. Included in the piece was a mention of The Austonian, “the tallest and most expensive of the latest wave of high-rise condominium towers that have reshaped downtown Austin’s skyline.”
The article noted that with an absence of new condo projects coming on line and with affluent buyers investing their cash in real estate rather than the stock market, Austin condo projects are managing to hold their own in a challenging economy, with prices holding as well.
“The market in the past 12 months is far stronger than what we experienced in the previous year,” David Ward, executive vice president for Atlanta-based Post Properties Inc, told the Statesman. “The fear that was prevalent during the depth of the downturn has been replaced by confidence.”
Terry Mitchell, the strategic marketing director for The Austonian told the newspaper that downtown is one of Austin’s “bright spots” for real estate. In February, “we saw a distinct increase in traffic and demand for downtown homes,” Mitchell said. “We attribute this change to recognition of the finite inventory in the market and the strength of the Austin economy.”
Austin’s relatively strong economy is no secret. Austin has been grabbing headlines in recognition for being one of the best cities for business, rapid growth, and quality of life.
Read the full article here.
(Photo credit: Thomas McConnell)