Sunday, February 24, 2008

Austin condos -- good investment (so far...)

From an article about the national condo market, Austin gets a very special shout out as a market where prices are actually appreciating:

"Austin, Texas, is an area that saw steady growth from year to year. The NAR reported the median condo price in the fourth quarter of 2007 was $173,200, up 7.6 percent from $160,900 at the end of 2006. That’s no surprise to Paul Perez, operations manager for the Live Well Team, part of Prudential Texas Realty in Austin. Perez said Austin benefits from being the state capital of Texas, and the location of the University of Texas' Austin campus. “We’re not as affected as other markets (by the economy),” Perez said today, noting that prices for condos in Austin rose steadily rather than skyrocketing as they did in some metro markets across the United States in recent years. “Texans aren’t’ going to pay an exorbitant amount and density isn’t a problem here as it in New York or California.” Perez said there are condos for every price point in Austin, noting his firm just sold a one-bedroom condo in Downtown Austin last week for $145,000 but also has listings for luxury developments. One property his firm is marketing is Star Riverside, a lakefront development where prices start in the $600,000 range.?

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