A waterfront estate in Austin has been listed for $11 million, reflecting a trend of luxury properties turning to public listing services as the pool of buyers narrows.
Located at 11941 Overlook Pass, the eight-acre property features a 4,000-square-foot main house, a guest house, and a saloon-style party hall. The estate is one of the few homes with direct access to Barton Creek, a well-known recreational area in Austin.
“It’s difficult to build on Barton Creek,” said Douglas Elliman agent Jeanne Parker, who is marketing the property with Julie Mack.
The agents expect the buyer will prioritize privacy and family needs. “Three of the best private schools in Austin are within a 10- to 15-minute drive of this property,” Parker said.
“A lot of celebrities live there, a lot of professional athletes, because of the privacy. They don’t like drones following them around, and you can’t do that here,” Mack said.
Mack noted that while high-end homes are often marketed privately, the shrinking buyer pool has led more luxury sellers to use the Multiple Listing Service (MLS). Data from Redfin shows Austin has one of the highest median days on market for luxury properties nationwide. By late summer, there were more than two sellers for every buyer in Austin’s housing market.
This oversupply has led to more frequent price reductions among luxury listings. The two priciest homes sold on the MLS last week both lowered their asking prices before selling, with one remaining on the market for over 190 days.
Parker and Mack have observed that most interest in the property comes from retired grandparents rather than families with school-aged children. They suggest that single-family homes are attracting more buyers than condos in the area. Parker speculated this may be due to fewer tech workers relocating to Austin, as demand from this group has decreased.
“During the pandemic, we had a lot of people coming in from California, which raised the prices, and that has slowed down,” Parker said.
“Most of our people are coming in from New York, New Jersey, Chicago, probably for tax reasons,” Mack said.
Recent trends indicate that Austin’s luxury housing market has shifted toward favoring buyers. The number of sellers now exceeds buyers in many segments of the market. This has contributed to increased time on market and price adjustments for high-end properties. More information on these trends can be found at https://therealdeal.com/texas/austin/2024/09/19/spec-mansion-sells-after-price-cut-in-austins-wobbly-luxury-market/, https://therealdeal.com/texas/2024/08/29/texas-most-expensive-homes-are-struggling-to-sell/, and https://therealdeal.com/texas/austin/2024/08/27/austins-luxury-condo-boom-hits-pause-as-market-digests-glut/.
The agents believe these conditions will continue to influence how luxury properties are marketed and sold in Austin.
