The 360 has some advantages and disadvantages compared to these other buildings. One big advantage is a waitlist to buy a unit of over 200 potential buyers. It is also considered by most to be the best location in downtown Austin and of course it is new. The most significant disadvantage is the quantity of units. If you list your place for sale there will most likely always be other similar units for sale at the same time.
Given the current demand for the 360 I would be valuing it in the high 300's per square foot if you were going to try to sell it now. However, you cannot sell your unit until after Thanksgiving anyway due to their resale policy.
I am a fellow buyer at the 360 and I represented quite a few other buyers as well. If I can help you with any further information about the 360 or other downtown properties please let me know.
I'm a Realtor my name is Jorge Bavarese ,I'm have been work of the building since day 1 call me or E-mail me @ firstname.lastname@example.org to send you a list of comparables sold in the building with developer or by owner or with realtor
Condos are not like homes. They dont not allow an appraiser to take a unit in 360 and comp it out at Austin City loft pricing. The other issue that you will face is seasoning. Seeing how you just closed on the loan and many others are as well, a real appraiser is going to say that the property is obviously worth what you paid. If you wait for 12 months, you will have a better chance of getting an appraisal for "market value".
I hope this helps!
You've bought into a condo project that has no equal, no history and no reasonable chance of establishing a realistic comparable value. It is something that has never existed in Austin before.
It is high risk, with potentially high or low rewards (low could equal negative rewards).
You had choices other than 360 development, and while I'm very technical, and a "data type" personality, this purchase has to go into the book of emotions. Certainly agents and appraisers will "try" to determine the value, but frankly in this case, the development is simply too large, too new, and again, never before done. Your best bet is to look at what your available similar options are (similar will be hard to quantify depending on which floor, what view, etc.). Then determine any price difference. Likely, the price difference is going to be difficult to mechanically justify, and you'll be left with an emotional financial difference.
Personally, I think the 360 building could be a huge success, but it could also be a dismall failure. Only time will tell. In the next 4 years, somewhere over 5,000 condo units will come online in the Austin central area, the question is whether or not the market can handle that many dwellings coming on line in such a short period of time.
Remember, "there are no facts about the future". I'd say if in your heart in feels very good, proceed, if it doesn't, don't try to continue to justify it, move on to something else.
Hope some of this helps.