A downtown Austin condominium has become one of the city’s top residential sales for the week, breaking a recent trend where single-family homes have dominated high-end transactions.
Unit 48Y in the Austonian, a well-known condo tower built in 2010 by Benchmark Development and Grupo Villar Mir, was the second most expensive publicly reported residential sale in Austin last week, according to the Eklund Gomes Team. While the final sale price remains undisclosed, sellers E. Dale and Nancy Lowe had listed the property at $3.75 million, or $1,442 per square foot.
The 2,600-square-foot unit features three bedrooms and four bathrooms. Listing agent Trey Phillips of Eric Moreland Group described it as having “the signature view” of both the Texas Capitol and the University of Texas campus. He noted that its layout is unique within the building and credited local architect Ryan Street with its design.
For several weeks prior, homes in Barton Creek and other western neighborhoods had led luxury sales in Austin. Last week marked a shift as both top transactions were centrally located; a single-family home near the Austonian claimed the highest spot.
Phillips explained that agents often list downtown properties publicly because there is less variation between property tax appraisals and actual market values compared to West Austin homes. Downtown condos like those at the Austonian have seen declining prices since 2022 but are attracting interest from downsizing seniors, executives seeking secondary residences, and young professionals.
“The buyer that is buying it is local. He splits time between here and the East Coast, but his primary residence is Austin. And, life phase-wise, he’s an empty nester, so he doesn’t need a big house any longer,” Phillips said. “That’s our number-one buyer profile, folks coming from big, beautiful homes in West Austin.”
It has been several weeks since a condo ranked among Austin’s top two residential sales. Previous notable transactions include a W Residences condo listed at $4.75 million sold at September’s end; a $5 million unit at Independent sold in February; two condos over $2 million each sold during one week in March; and a Four Seasons Residences home closed for $6.75 million in April.
Recent reports indicate that Austin has experienced some of the largest home value losses among major Texas cities. Despite this trend and an overall sluggish luxury market—such as a Barton Creek home selling quickly despite slow conditions—central condos continue to attract buyers looking for urban living options or downsized residences.
