Prospect Real Estate Closes Out HŌM Condominiums and Axiom East

Austin-based Prospect Real Estate—a full-service, family-owned and operated boutique residential real estate firm focusing on Austin’s evolving urban core—today announced its exclusive listings HŌM Neighborhood Condominiums and Axiom East Condominiums have sold out. “There are two main driving forces behind the increasing demand for urban condominiums in Austin– the low inventory of single-family homes and buyers’ desire for attainable city living,” said Prospect Real Estate CEO Emily Lee. “Last October, when HŌM was 40% sold and only six weeks away from move-in, we said we expected the remaining residences to sell quickly, and we were right. We saw the same thing happen with Axiom East, which is located near HŌM and appeals to the same demographic—largely local millennials and young professionals, first-time homebuyers, buyers looking to downsize, and a sprinkling of out-of-staters.” Prospect Real Estate is the exclusive listing firm for Austin-based Pearlstone Partners, a leading developer in Austin’s urban core. Rather than focusing on ultra-luxury projects, Pearlstone concentrates on making its residential projects attainable for mid-tier buyers, enabling them to enjoy the many unique restaurants, bars, retail shops, and other amenities available in the flourishing downtown, Central, and East Austin districts. Locating projects in denser neighborhoods, where land is less readily available but the need for housing is strong, requires project designs that yield more housing units on smaller parcels of land compared to single-family housing. Between December 22 and February 24, Prospect Real Estate closed on 36 HŌM Neighborhood Condominium residences, totaling 61% of HŌM’s sales. Similarly, Axiom East closed on 30 residences between February 1 and March 22, totaling 50% of their sales in the first quarter of 2021. Lee credited the pace of HŌM and Axiom sales to overall market conditions, proximity to downtown, attainability, neighborhood appeal, building aesthetics, and move-in-ready options. Lee stated Axiom East, located just five minutes from downtown at 2220 Webberville Road, off East 7th Street, has also closed out. The property is comprised of 60 condominium homes that will be ready for move-in in second quarter 2021. Additionally, Axiom East features six affordable housing units, which the city is accepting applications. “The rate at which HŌM and Axiom East sold is becoming the new norm,” said Lee. “The increasing market demand and overall lack of inventory have paved the way for record sales that were once unheard of in the Austin real estate market.” Prospect Real Estate Closes Out HŌM Condominiums and Axiom East Page 2 of 2 Cascade Condominiums is another attainable Austin residential development by Pearlstone. The Cascade community is located at 25th and Lamar Boulevard, nestled in a vibrant, yet tranquil Old Austin neighborhood with a rich, historic past. Set on a rolling hill overlooking Pease Park, just off the banks of Shoal Creek, Cascade is expected to be move-in ready in ,third quarter 2022 and is currently 50% presold. “Looking ahead, we see another strong year in 2021, with the Austin market getting hotter with the continued influx of company relocations and the growth of companies such as Tesla, Oracle, Apple, and Samsung,” said Lee. “A balanced housing market is a 6% inventory level, and we currently sit at about 0.4%. Supply is dropping as demand is rising. Pearlstone develops and Prospect Real Estate represents exactly the product a large segment of Austin buyers is looking for—a luxe live-work-play environment with the amenities they prefer, close-in to downtown and all its entertainment options, and free from the responsibilities of single-family homeownership.”