Today was a big day for Brazos Place as all 19 remaining units were sold in less than 90 minutes to a packed room of bidders.

On average, the units sold at a 29% discount to the original listing price. This is, however, a useless barometer as the units were not selling well at the original prices. More useful is the average price / square foot which at $281/SF is a 9% discount to the 2008 downtown condo average of $308. Unfortunately for current Brazos Place residents, the units sold for 24% less on a $/SF basis than the $370/SF average of the 12 Brazos Place units sold via MLS in 2008.

Here is the complete auction data:

Unit	Plan	SF	Listing	Opening Bid	Sold (incl. 4% Fee)	$/SF	Discount
709	1 Bedroom / 1 Bath	1272	$414,900	$170,000	$288,080	$226	31%
1007	2 Bedrooms / 2 Baths	1399	$479,900	$190,000	$339,040	$242	29%
708	2 Bedrooms / 2 Baths	1358	$519,900	$210,000	$329,680	$243	37%
1008	2 Bedrooms / 2 Baths	1324	$494,900	$190,000	$326,560	$247	34%
1108	2 Bedrooms / 2 Baths	1324	$504,900	$200,000	$329,680	$249	35%
705	1 Bedroom / 1 Bath	891	$304,900	$120,000	$229,840	$258	25%
1208	2 Bedrooms / 2 Baths	1324	$514,900	$210,000	$346,320	$262	33%
710	1 Bedroom / 1 Bath	623	$199,900	$80,000	$168,480	$270	16%
1103	1 Bedroom / 1 Bath	832	$324,900	$130,000	$229,840	$276	29%
808	2 Bedrooms / 2 Baths	1324	$519,900	$210,000	$374,400	$283	28%
1107	2 Bedrooms / 2 Baths	1399	$489,900	$200,000	$399,360	$285	18%
1109	1 Bedroom / 1 Bath	884	$359,900	$140,000	$255,840	$289	29%
908	2 Bedrooms / 2 Baths	1324	$484,900	$190,000	$385,840	$291	20%
1203	1 Bedroom / 1 Bath	832	$332,400	$130,000	$244,400	$294	26%
1207	2 Bedrooms / 2 Baths	1399	$499,900	$200,000	$418,080	$299	16%
707	2 Bedrooms / 2 Baths	1399	$519,900	$210,000	$422,240	$302	19%
706	1 Bedroom / 1 Bath	812	$339,900	$140,000	$250,640	$309	26%
1210	1 Bedroom / 1 Bath	623	$259,900	$100,000	$200,720	$322	23%
PH	Custom Plan	2745	$1,575,000	$600,000	$967,200	$352	39%

According to the auctioneers, more than 1,000 people pre-viewed units in advance of the auction. A large number bid in person. This is testament to the string demand for downtown housing at the right price. In this light, the auction was a major success. For existing residents of Brazos Place, however, the news is much less positive. Every existing owner most certainly paid substantially more money for their unit than today's auction prices. For them, the real test will be when units sell again on the resale market: prices will likely be somewhere between the original price and the auction discounts.

The live auction video below was taken by Jude Galligan from the Downtown Austin Blog:

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