AUSTIN, Texas — A South Austin condo development sold all 132 units in just five hours at a sales launch event last week.
According to a report from the Austin Business Journal, The Station at St. Elmo is a new condominium development by Legacy Communities and will be located at 4510 Terry-O Lane. During its marketing phase, more than 600 people expressed interest in the property.
As the Downtown Austin region continues to see a declining housing inventory and price spikes, the demand for homes is already outpacing supply in some corners of the city. The St. Elmo neighborhood's old industrial structures are now attracting retailers and developers.
“We refer to it as the next Rainey Street,” said CEO of Legacy Performance Capital and Legacy International Philip Jalufka.
Local Realtor and developer Kevin Burns of UrbanSpace told the Austin Business Journal the market for condominiums in particular has been healthy over the past year.
Legacy Communities reportedly invested $40 million into The Station at St. Elmo, and the building will have condos ranging in price from $200,000 to more than $600,000.
The five-hour sellout was a landmark for the company and crews will begin construction this August with a target opening date of fall 2022.
To read the full report, click here.
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