Dwell Downtown Austin Blog

The Results are in! Sabine on Fifth Auction Results in Downtown Austin

Posted in Uncategorized by Bryan Cady on March 1, 2010
Sabine on Fifth Downtown Austin Condos Results are in!

Downtown Austin Condos - Sabine on Fifth Auction Results are in!

There were no surprises at today’s auction. 31 units were auctioned at an average of 30% off the original list price. This is no surprise since there have been other developments that have offered similar discounts without having to compete in an auction environment. In other words, the downtown Austin condos that were bid upon today represent today’s market value of The Sabine on Fifth at an average $234/SF.

See attached Sabine on Fifth Auction Results matrix for detailed chart

The two-bedroom units turned out to be the best deals. The final bid price for Unit 605 represented the best deal in the entire auction in my opinion. The final bid price was $276,000*; however, once you account for the mandatory 4% buyer premium, the actual final bid price was $287,040* (or $196/SF)! That was approximately 34% off the previous list price for a large 2-bedroom with downtown Austin views. Pound-for-pound Unit 907 was the best price per SF at approximately $185 per SF (or a final bid price including the 4% premium of $263,120*)…39% off previous list price!

What can be concluded from this auction? Here are some initial thoughts: 1) The units were sold at fair prices; in other words, no steals or bad deals. 2) The downtown inventory is shrinking; in other words, similar deals are becoming more rare to find. 3) There is strong demand for living downtown in a building with limited amenities; in short, buyers want to be in downtown Austin whether it’s a block from Whole Foods, in the Entertainment District or on the lake.

*Please note: All bids were subject to final seller approval, so the final bid price does not necessarily reflect the final contract price agreed upon both parties.

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