A waterfront property at 1604 Bruton Springs Road in Austin was sold last week for $5 million after spending more than a year on the market. The listing, managed by Aimee Chilton of eXp Realty, featured an acre lot with a two-bedroom, three-bathroom home built in 1965. Notably, the listing did not include any photos of the home’s interior.
Chilton explained her marketing strategy: “The main draw for this property is obviously the land itself.” She anticipated that potential buyers would be interested in tearing down the existing structure to build anew. However, she noted that the buyer ultimately decided to keep the house.
Reflecting on current market conditions, Chilton stated, “Austin is ‘definitely in a buyer’s market.’” She added that while signs of this are now clear, Austin has yet to return to its pandemic-era growth levels. “This property would have easily sold for $7 million in 2022 or 2021,” Chilton said.
The home was initially listed for $6.5 million in August of last year. It saw price reductions to $6 million in December and then to $5 million in May before selling. The sale also included a 2021 Xcursion pontoon boat.
Chilton observed that some luxury buyers who moved to Austin during the pandemic from states like California are now leaving, which has affected demand at the high end of the market. “That’s affected the market in addition to our pendulum swing downward. The people who came here are now leaving,” she said.
Luxury homes and condos around Lake Travis and other areas have been staying on the market longer compared to previous years. For example, another recent top sale—a mansion at 4800 Mondonedo Cove—was reduced from its initial asking price of $6 million in April to $5.9 million before it sold.
There is also precedent for promoting redevelopment potential among Austin’s luxury properties; for instance, an agent marketed the lot value rather than just unique features when listing the “Bouldin Treehouse” at 801 Post Oak Street.
Austin’s real estate trends show a slowdown at higher price points as inventory grows and demand shifts away from pandemic-era highs.
