Austin’s top two luxury deals last week were struck after matching price cuts and seven months on the market.
Two Bouldin Creek home sales topped the list of luxury public contracts signed in Austin, according to the Eklund Gomes Team. Both are five-bedroom, five-bathroom homes asking about $1,000 per square foot; 1704 Newton Street, the top deal, was asking $4 million when it went under contract, and 701 West Elizabeth Street was asking $3.9 million.
Both homes listed at higher prices in March, with the former asking $4.1 million and the latter $5 million.
The sellers of both homes also bought them relatively recently. Alexander Lo bought 1704 Newton in 2024, and entrepreneurs Elizabeth and Greg Mercer bought 701 West Elizabeth in 2022.
Sellers who bought their homes during the post-pandemic boom contribute significantly to the trend of price cuts among Austin’s top deals, according to Redfin agent Abby Alwan, who represented 701 West Elizabeth. Quick flips could yield profits in 2021 and 2022, but that’s not the case this year.
“This is a situation of buying in the height of the market and then having to sell during a rough time,” Alwan said.
“We had pretty good feedback on pricing in the private network. And then, you know, buyers took their time. There’s a lot of inventory in 78704 right now, and all over, buyers are a little more picky about all the little things and exactly where they want to be because they have homes to choose from.”
The final sale price isn’t disclosed, and the deed hasn’t been recorded yet, but the buyer is local, Alwan said.
The Mercers are both entrepreneurs. They co-founded JungleScout, a tech company that makes search tools for Amazon sellers, and Elizabeth is the founder of Sleekform, an ergonomic office furniture seller.
Kuper Sotheby’s International Real Estate Agent Kumara Wilcoxon represented the seller of 1704 Newton.
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