An enormous condo in downtown Austin just hit the market at an enormous price — $25 million. And some local real estate experts say that if the condo sells at that price, it could set a record for the most expensive condo resale in Austin history.
The 30th-floor condo at the Four Seasons Residences overlooks Lady Bird Lake, and features four bedrooms and seven bathrooms spread across 13,000 square feet, dwarfing the size of many mansions. (For the sake of comparison, the average new CVS drugstore also measures roughly 13,000 square feet.)
The Escobedo Group, a luxury homebuilder in Buda, constructed the condo. The property offers 360-degree views of the city, as well as:
- Two formal dining rooms. Design elements of one the dining rooms include white-oak floors, eucalyptus walls with burnished brass, and a limestone fireplace. Highlights of the other dining room include a contemporary chandelier and a pair of 1940s Venetian mirrors.
- Entry foyer accented by custom artwork, LED lighting, and a Venetian plaster ceiling.
- Wine room that can accommodate about 500 bottles.
- Media room/family room that includes a vintage chandelier above the game table, a Wolf microwave, a Wolf oven, and a Sub-Zero refrigerator.
- Study featuring an office that has a craft room and a private bathroom.
- Charcoal-filtered turf on all of the balconies, enabling dogs to easily do their business outside.
- “Sophisticated” museum-quality art collection.
- Panic room.
- Camera-equipped security system.
- Noise-dampening “Quiet Rock” walls, making the condo “almost a building within a building,” says Juanita Thornton, who has the listing.
For now, Thornton, a Realtor with Realty Austin, is marketing the condo privately on behalf of the owners. The listing was first reported by the Austin Business Journal.
“My clients built this home not for show,” Thornton tells CultureMap, “but as a place that their design team could be proud of … and for a place where their family and friends could gather and be close to all the vibrant amenities that Austin has to offer, from the music festivals to Formula 1.”
Thornton realizes the $25 million price tag (about $1,900 per square foot) hovers at the high end of the Austin market, but she believes the value far outweighs the cost. By the way, the median price of a single-family home within the city of Austin was $353,250 in January, according to the Austin Board of Realtors.
“This price point is not so rare for downtown,” Thornton says. “There are other penthouses and quite a few premium floors in various downtown high-rises that have a similar price per square foot.”
Cord Shiflet, a Realtor at Austin-based Moreland Properties who specializes in luxury homes, says the Four Seasons condo is one of a kind.
“The Four Seasons in and of itself is special. It’s seen by most people as the most prestigious residential tower in Austin,” Shiflet says.
Add to that the fact that the condo occupies an entire floor of the Four Seasons Residences and that a prestigious builder like the Escobedo Group did the construction, and the property qualifies as “truly spectacular,” Shiflet says.
Shiflet believes the Four Seasons property could command the highest price ever for a resale condo in Austin, while Thornton counters that other privately marketed condos have fetched similar prices.
“Others have built units as expensive or more expensive,” Shiflet says, “but we’ve never had one resell at a number anything near this, as well as being the highest mark for price per square foot.”
“This listing shows how bullish people are on the Austin market,” he adds. “We’ve been on an uptick since 2013, and there are no signs of a slowdown in sight. We’ve seen … prices achieved over the last two years that Austin’s never seen before.”