Whether you are looking for a classic estate in the heart of the city, or a Texas-sized ranch, Austin has it all! The central Texas area has much to offer if you are looking for a luxury property.
Granted, if you are looking for a beachfront bungalow or a mountain cabin, we don’t have those here. However, we do have some prime waterfront homes and some pretty big hills to the west of town! This article really just skims the surface. For more information, feel free to call me anytime.
So, what are the most popular homes selling in the $1 million and up range in Austin these days?
LAKEFRONT HOMES IN AUSTIN
There are two primary lakes where the real estate prices have skyrocketed over the past decade or so in this area – Lake Austin and Lake Travis. Lake Austin is located closer to town, and many of our buyers looking there have remarked that it reminds them more of a river than a lake. This is true, since it is essentially a reservoir on the Colorado River. One huge benefit for Lake Austin waterfront homes is the fact that the lake is strictly controlled by dams on either end to avoid flooding. Lake Austin starts at Mansfield Dam and ends at the Tom Miller Dam, where it becomes Lady Bird Lake (formerly “Town Lake”).
Lake Travis is a huge manmade lake about 30 minutes west of downtown Austin, with plenty of space for sailing, speedboating, waterskiing, and more. There are bluffs overlooking the lake, and many of the waterfront homes sit up pretty high to avoid problems when the rains come.
You can expect to pay well over $1.5 million to start for a home on either of these two terrific lakes. There are also a number of waterfront estates (10+ acres) available ranging from about $5 million to over $16 million currently. My business partner and I have handled a good number of sales on the water over the years, including two of the top ten sales in 2006 through the Austin MLS.
LUXURY HOMES NEAR DOWNTOWN
I always enjoy showing the luxury homes in the heart of town, mere minutes from downtown Austin. Many of them remind me of Highland Park in Dallas, which is where some of my friends lived when I was growing up.
Old Enfield, Tarrytown, Pemberton Heights, and Clarksville are among the most convenient neighborhoods in Austin. Homes here start around $1 million (possibly a bit less) and go up to just over $3 million.
Tree-lined streets, strong schools, convenience, and an established “feel” all contribute to keeping the values up in these areas of town.
Want some space? Do you want room for horses, or privacy, or just because you’ve always dreamed of having your own big piece of land? Well, we have those places, too!
I helped one client find a terrific ranch with 650 acres and a luxury home for just over $7 million back in 2001. There are ample opportunities to find great, sprawling homes on large acreage tracts in central Texas.
A quick look through the current listings shows that there are some great options available with 100+ acres and a nice-sized home (3000+s.f.) right now. Expect to pay at least $1 million for something like this, with plenty of multi-million dollar listings out there as well. One current listing is priced at $24.5 million in Spicewood (45 minutes west of town near Lake Travis). I would certainly have no problem selling you that one if you are interested (and qualified)!
This is one of the most popular requests that we get when we are working with buyers in the luxury range. Austin has a variety of views to choose from – hill country views, lake views, skyline views, and sometimes you can get a couple of these at the same place. View properties are actually not as expensive as you might think. In fact, you could probably find a nice property in west Austin, Dripping Springs, or Cedar Park with a greenbelt/hill country view for around $400,000 or thereabouts.
Of course, for the commanding views with more privacy and enough surrounding land to ensure that the view stays somewhat intact, prices are substantially higher.
Basically, if you want a view, Austin is a terrific place to consider, since builders and developers have carved out so many areas which capitalize on Austin’s natural beauty.
The view to the right is a photo that I took a few months ago at the River Place golf course.
LUXURY HOMES IN GOOD SCHOOL DISTRICTS
Along with the views, many of our Austin Texas luxury homes are located in the most prestigious and scholastically strong school districts, such as Eanes ISD and Lake Travis ISD. For a large newer home in the Eanes school district, you can expect to pay at least $700,000 these days, with plenty of properties priced in the $1.5 – 4 million range. The pricing is similar in the Lake Travis area.
When I first started in real estate in early 1997, this would have seemed inconceivable, but prices have jumped as Austin’s steady growth has continued. Clearly, great schools translate into terrific appreciation. There are other areas that are less expensive with good schools, such as parts of southwest Austin and Round Rock, as well as part of Leander ISD.
DOWNTOWN AUSTIN LUXURY CONDOS
The newest type of property to join the stable of luxury residences in and around Austin is the luxury condo, pretty much all of which are located in downtown Austin. There are tons of new developments in every stage of construction, yet they seem to continue to sell at a rather brisk pace. Included among the more notable luxury buildings are:
Five Fifty 5
Austin City Lofts
Four Seasons Residences
Prices for decent-sized condos in the downtown area start at $500-600K, and there are a few multimillion dollar penthouse luxury places on the market as well.
If you are considering moving up to a luxury home, condo, or ranch in the general Austin, Texas area, there has rarely been a better time to do so. At present, there are over 400 homes and over 200 ranches priced at or above the $1 million mark.
If you have any questions, or if you would like to set up a time to begin your home search, let me know. I look forward to hearing from you soon!
Jason Crouch, Broker/Owner – Austin Texas Homes, LLC
512-796-7653 (cell) Jason@austintexashomes.com