I was recently asked whether I thought now was a good time to buy UT campus condos. Here is the MLS data on recently sold UT condos and homes:
In 2008, the Average Sales Price for UT Campus condos and homes was $254,634. In 2009, Average Sales Prices declined by 12.76% to $222,155.
In 2008, the number of units sold in the UT campus area was 238 units. In 2009, 183 units sold for a decline in volume of 23.11%.
Without a doubt, these numbers are tough to digest if you owned a UT campus condo and have recently tried to sell. For some people who bought at the height of the market (depending on their down payment & other factors) a 12.76% in one year would erase almost all of their equity.
But for a buyer looking for an investment going forward from today, this might be the correction that LONG TERM investors have been waiting for. University of Texas enrollment is still strong, and those undergraduates need a place to live. West Campus condos are always in high demand, and we’ve had plenty of calls and inquiries from students looking to pre-lease condos for next semester.
Continued demand for rents in the area, and a 12.76% decline in prices, and near all-time low interest rates? You be the judge of whether you think it’s a good time to buy!
And if you’re a seller, not all is doom & gloom. There are some condo buildings in the UT area that have outperformed the averages quite well. It all depends on location, condition, price and marketing.
Let us know if you would like any additional information on West Campus Condos or North Campus Condos, including market trend reports or historical rent data.
Here is a list of some of the UT campus condos for sale on the Austin MLS as of today:
UT Campus Condos For Sale
2409 Leon St #107, Austin, TX 78705 : $184,000 | Austin Real Estate MLS # 2834369
2409 Leon St #304, Austin, TX 78705 : $134,900 | Austin Real Estate MLS # 7363395
2505 San Gabriel St #602, Austin, TX 78705 : $248,900 | Austin Real Estate MLS # 4855800
2832 San Gabriel St, Austin, TX 78705 : $375,000 | Austin Real Estate MLS # 7841126
2216 San Gabriel St #102, Austin, TX 78705 : $205,000 | Austin Real Estate MLS # 2975414
3015 West Ave, Austin, TX 78705 : $459,500 | Austin Real Estate MLS # 7639195
2101 Lamar N Blvd #7, Austin, TX 78705 : $599,000 | Austin Real Estate MLS # 4635098
711 26th St #502, Austin, TX 78705 : $282,130 | Austin Real Estate MLS # 2604920
1109 22nd 1/2 St, Austin, TX 78705 : $420,000 | Austin Real Estate MLS # 5390569
