Buying a condo in atx

Hey all. I've been looking for a condo in atx. I've got around 160k in saving/stocks/retirement and I'm about to hit another 50k in stocks vesting in 2 months, so for what it's worth I'll have over 200k investments if I didn't do anything.

Now, the hard part. I want to buy a condo but obviously the market is insane. Unlike many I don't really have a delusion about finding a house. Any that I would actually like to live in (not a fixer upper, and not 20+ mins away from the city) I probably couldn't afford (1m+).

The catch here is that even condos that I'd want are pretty pricey. The ones that really catch my eye are in the 600-700k range. Why? Because I want an office, decent finishes, a balcony, and within 10 mins of downtown.

So my question here is, if I stretch my budget a bit and spend 650k on a nice condo that I'll actually enjoy living in (currently the one I'm looking at is 2br/2ba+a study, balcony, very nice finishes and bathroom etc., in a nice up and coming part of town ~10 mins from downtown). I'm looking also at a smaller one about 5 mins outside of downtown but the price is pretty high too, $600/sq ft but with a giant balcony and amazing location.

Anyways, the point of all this is: how bad of a decision is it to pull the trigger on one of these condos? Interest rates are good and I really want to build equity in something. I also think that even if more condo stock comes online we're still gonna be under a lot of demand pressure for the foreseeable future. To me being cautious about buying in Austin seems like being cautious about buying in SF 10+ years ago (a bad decision). What's wrong with my model?

Tc: 215k