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Austin Market Trending Up

Luxury Real Estate On The Rise

Luxury Real Estate On The Rise

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"Buyers are already circling around a $15M ranch property listing located in the Barton Creek area of Austin with over 1 mile of Barton Creek frontage. It's a very special property, especially considering you are 1 mile or less from 4 world-class Fazio and Crenshaw golf courses, Omni Resort and Spa and approximately 15 mins from downtown Austin and UT ", says the listing agents, Gary & Michelle Dolch owners of Austin Luxury Group and broker associates with Capital City Sotheby's International Realty. "With just a couple of phone calls we have been able to generate significant interest in this ranch property as well as another new listing we just listed in the MLS at 7900 Escala for $5,627,000."  The potential buyers are representative of the growing demand for – and dwindling supply of – luxury homes and properties in and around central Texas. Sales of homes in the upper echelon have grown 50 percent in 10 U.S. markets, including Austin's, according to a study by Redfin, which also reported a 21 percent spike in the upper 1 percent during the first few months of 2014. This, on the heels of a 35.7 percent gain in 2013.

San Francisco is another huge market reporting more closed sales of multi-million dollar homes than any other market, noted Sotheby's International bi-annual March analysis of activity in the country’s top 100 markets. New York topped the firm’s comparison of closed sales and active listings in the $5 million and $10 million and up categories. Miami Beach also ranked consistently in the top five luxury markets. Also making the lists were Beverly Hills, Los Angeles, San Francisco, Aspen, Greenwich, CT, and Palm Beach. All locations where Sotheby's Realty has office and significant market share.
 
Experts expect the uptick in sales to continue and push pricing past pre-recession highs. Sales of homes priced at $2 million and more jumped 33 percent this January and February compared to 2013, according to a DataQuick analysis of the country’s top 25 multimillion metro areas.
 
“Great locations and a great piece of land for a 10,000- to 15,000-square foot home are getting harder and harder to find,” said Gary Dolch who specializes in Austin's luxury market. “I recently had clients who wanted to spend $5 million, but we couldn't find them a house that fit their needs. My advice is not to wait. Buy now and also purchase a lot and build what they really want on it. Once the new home is complete in 15-18 months the current home can be sold for breakeven or better and you don't have to lease and lose the tax advantages that go along with ownership." 
 
Reports by top brokerages foreshadow a continuing trend of increased demand and less supply particularly in those desirable resort regions that attract winter and vacation homebuyers. Nearly 70 percent of the country’s top luxury markets are along the water – from Honolulu to Malibu, New York and Florida and certainly in Austin, Texas. Gary and Michelle Dolch, brokers with Capital City | Sotheby's International Realty are reporting nearly 68% growth in the Austin Luxury Market in the last 12 months. "We are seeing more Luxury properties come to the market quietly and selling before ever going to public market. It pays to hire a qualified and experienced broker if you are seeking to purchase a "special property" in this market." - Michelle Dolch.

 

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