ultra luxury home sales Austin residential real estate Compass

Good afternoon, and thank you for subscribing to Building Austin, our weekly newsletter focused on real estate, growth and development in the Austin region. I’m Shonda Novak, the American-Statesman’s real estate reporter.

Despite fluctuating mortgage interest rates and economic uncertainty, the uber wealthy are still buying high-dollar homes in the Austin market, according to real estate agents and a new report from Compass, a leading luxury brokerage.

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In a recent email, Austin luxury real estate broker Eric Moreland told me that demand remains strong in the local market for homes priced at $8 million and up, most notably in the upscale areas of West Lake Hills and Lake Austin.

Jenny Walker with Compass had the highest "ultra-luxury" sale last year among Compass agents who represented a seller in the Austin area.  The home in the West Lake Hills area of ​​West Austin sold for $10.05 million.

Beth Drewett, a luxury agent with Compass, said the Austin area has “some pent-up demand” and that many luxury buyers will step off the sidelines this year.

“In 2024, Austin will remain a magnet for diverse ultra-luxury buyers—tech entrepreneurs, entertainment elites and investors in pursuit of exclusivity,” Drewett said. “Their attraction stems from the city’s vibrant culture, strong economy and a lifestyle blending urban sophistication with nature. Demand for luxury homes reflects this varied taste, from the limited number of Lake Austin waterfront properties within close proximity to downtown as well as estates showcasing breath-taking Hill Country views.”

Jenny Walker with Compass had the highest "ultra-luxury" sale last year among Compass agents who represented a seller in the Austin area.  The home in the West Lake Hills area of ​​West Austin sold for $10.05 million.

Last year, three “ultra-luxury” homes — those priced at $10 million or more — changed hands in the Austin area, in sales where a Compass agent represented a buyer or seller. That’s according to Compass’ latest annual luxury home sales report. The three sales totaled $34.4 million, Compass said.