Over the last 30 months, 344 downtown Austin condos sales have been recorded on the MLS. Of these sales, an amazing 52 have been in the Milago -- more sales than any other downtown Austin condo project (360 is #2). Of course, MLS statistics exclude sales that aren't listed on MLS -- including almost all sales by the developer. As a result, the MLS statistics provide a clear picture of resale units but not initial sales.

When looking at resale volumes and quantities, the 52 Milago sales provide an interesting picture of the downtown Austin condo market over the 30 months. During this period, Milago sales volumes have decelerated from 2.1 sales per month to 1.9 sales per month and prices have dropped from $322 / SF to $266 / SF. The price drop occurred almost entirely in 2009. Fortunately for owners, prices have been relatively stable going into 2010.

Milago Sales Analysis: Sales Velocity

Year	# Sold	Units / Month	Avg SF
2008	25	2.1	1041

Read the full analysis here: Read More...

Tags: market analysis, milago, mls statistics, news

Over the last 22 months, AustinTowers has been working closely with urbanspace to track the downtown Austin condo market.

During this period, Milago has sold more units on the resale market than any other project . The 46 Milago transactions over the last 21 months provide an interesting microcosm of the downtown Austin market.

The numbers clearly show the challenges that the market has faced over the last year. Over the last six months there have been 16 Milago transactions averaging $268/SF. Over the previous 15 months, there were 29 transactions averaging $320/SF. This decrease represents a 16% market decline. During this period, average days on market increased 50% from 75 to 113 and the average discount from listing price increased by one point from 4.5% to 5.5%.

The 15 units sold over the last 6 months ranged in price from $175,000 for a 756 foot one bedroom unit on the 11th floor ($231/SF) to $372,500 for an 1,189 square foot 2 bedroom unit on the 9th floor ($313/SF).

Interestingly enough, the 2 bedroom units have commanded a per-square-foot premium over the one bedroom units over the last 21 months. During this period, 20 two bedroom units have sold for an average price of $368,923 ($309/SF) and 24 one bedroom units have sold for an average of $227,256 ($288/SF) representing a 7.5% per-square-foot premium for two bedroom units. In addition, one three bedroom unit sold in early 2008 for $368 / SF.

Finally, over the last year, 22 of the project's 240 units have sold representing 9% of the building's units. An additional 20 units are currently on the market which is equivalent to 10.9 months of inventory.

The good news for Milago owners is that the units continue to sell at a reasonably brisk pace and are relatively liquid. The large number of transactions means that comparable values have been firmly set making pricing key for sellers looking to move their units . For buyers, it means that comparative analysis from a realtor is key to ensure that you are not overpaying.

Tags: market analysis, mls statistics, milago

While this site focuses on condo development, today's announcement of a new rental project demonstrates the breadth of downtown development. The project -- Legacy@Town Lake -- is a 31-story, 187 unit rental project in the Rainey Street district near the Milago off Town Lake.

According to the developer, rents are expected to range from $1,330 to $6,930 (average rent will be $2,298) for units that range in size from 659 square feet to 2,876 square feet. I'm not sure how many people are looking for a $7K / month for a 2,900SF rental unit, but I am very curious to find out.

Here is the summary from the Statesman:

Construction has started on Legacy@Town Lake, a 31-story luxury apartment tower that is the latest high-rise to break ground amid downtown Austin's residential building boom. . . Legacy Partners Residential Development Inc., based in Foster City, Calif., is building the 187-unit project at Rainey and Cummings streets. . . Construction has started on Legacy@Town Lake, a 31-story luxury apartment tower that is the latest high-rise to break ground amid downtown Austin's residential building boom. Legacy Partners Residential Development Inc., based in Foster City, Calif., is building the 187-unit project at Rainey and Cummings streets. . . Legacy@Town Lake is due to open in September 2008, said Spencer Stuart Jr., a senior vice president and partner. . . The project will include a 265-car garage. . . Other apartment projects under construction downtown include AMLI Residential Properties Trust's 18-story, 232-unit complex on Second Street between Guadalupe and San Antonio streets, and Phoenix Property Co.'s complex at the former Goodwill site near West Fifth Street and North Lamar Boulevard. In addition, several condominium towers are under way, with scores more planned in and around downtown.

How does it look? Needless to say, the rental projects in Austin are rarely as architecturally interesting as the major condo projects. This project is no exception. In fact, it almost looks as if the garage is falling over.

Tags: rental, news, rainey street, milago, new projects

One of the most common questions asked by first time condo buyers -- especially in Austin where the popularity of condos is rapidly on the rise -- is how much individual buildings charge in monthly condo fees.

Condo fees fund the daily operations and maintenance of most condo buildings. They cover security, landscaping, cleaning of common area, common area energy use, maintenance, and other key building functions. On average, our research shows, condo unit owners can expect to pay $0.34 / SF / per month or $340 in monthly condo fees for a 1,000 SF unit. For more information on total condo costs, check out our detailed posting on condo cost of ownership.

Looking at detailed MLS records on more than 30 units on the market today, we've calculated the rough fees for the major downtown condo buildings that currently have units on the market. Almost universally, the fees seem to be calculated on a dollar-per-square foot basis that seems to remain relatively constant on all units throughout each building. So, condo fees are not higher for more expensive units, or units with more bedrooms, or units on higher floors compared to less desirable units of the same size in the same building.

In addition, the prices in the six new buildings that we have looked at our surprisingly constant -- they vary from $0.28 / SF / Month to $0.40 / month -- an amazingly tight range. If anyone has numbers for other buildings, send them to us and we will add them to the list.

Here are the building-by-building statistics:

Fee by Building	$ / SF / Month
Avenue Lofts	$0.28
Milago	$0.31
The Sabine	$0.33
Plaza Lofts	$0.33
The Shore	$0.36
Five Fifty Five Condos	$0.40
All	$0.34

Tags: condo fees, costs, market analysis, milago, 5 fifty five

The purpose of Austin Towers has always been to help downtown austin condo buyers to find the right project and unit. Today, Austin Towers launches a new listing section which will help make this a reality!

The way most people choose a condo is by figuring out which building or buildings they want to live in and then looking to see which units are available. Unfortunately, there has been no great way to do this. With Austin Towers listings, buyers can now view both MLS and developer listings on a building-by-building basis.

With this update, Austin Towers has also added 8 completed projects and a completed project navigator to the site. This will help buyers evaluate and search for units in existing buildings in addition to te many new developments that we have always covered.

Here are the links to the new capabilities:

- Condo Unit Listings
- Completed Project Navigator

And the following new profiles:

- 5 Fifty Five
- Austin City Lofts
- Avenue Lofts
- Brazos Lofts
- Brown Building
- Milago
- Nokonah
- Plaza Lofts

Tags: listings, about austintowers, 5 fifty five, milago, nokonah