Ivy Lofts: Condominium High-Rise At 2604 Leeland St.

[astros148]

just dont get why they cant renovate the old days in into a project like this.

[Tumbleweed_Tx]

Chi Tpa Town stretches from Neils Bahr to the Cajun restaurant on Pease. It may or may not include Woodrows since Claire doesn't bartend there anymore

[Howard Huge]

English?

[curbur]

English?

 

https://www.youtube.com/watch?v=r7Dtn5_F3Us

[Urbannizer]

“SOME BUZZ” has made its way back to the Ivy Lofts developers since news of the plans for Houston’s tiniest condos began to spread — so much buzz, in fact, that Novel Creative Development is responding to the pushback with a change in sales tactics. The group announced in an email that Ivy Lofts buyers will have the option to lump 2 adjacent units together and customize the floorplan, giving residents more space if needed.

 

http://swamplot.com/those-not-sold-on-the-ivy-lofts-tiny-condo-concept-can-buy-2-tokyos-and-stick-them-together/2015-12-08/

[astros148]

looks like their reading this thread

[UtterlyUrban]

"a concept for the open minded and for those who can think outside the box of ‘price per square foot.’”

What exactly does a statement like that, if properly quoted (and it may not be), actually mean?

[cspwal]

I suspect that it means that it is for people who are willing to look past how little space they are getting to try a different kind of living in a apartment with super efficient use of space.

 

My big question is how much of the built in stuff is included in the quoted prices we've heard.  $150k for a fully furnished efficient home is a lot different than an empty box that has 300 square feet of space

[Montrose1100]

I suspect that it means that it is for people who are willing to look past how little space they are getting to try a different kind of living in a apartment with super efficient use of space.

My big question is how much of the built in stuff is included in the quoted prices we've heard. $150k for a fully furnished efficient home is a lot different than an empty box that has 300 square feet of space

That's a good question. I'm curious to go check out their sales pitch. Likely won't be able to until the holidays are over.

But let's pretend you combined the larger and smaller unit you're pushing 500K for 1,000 square feet. That's insane. The more I think about it the less appealing these units sound. You could get a freaking sweet town home for half a million in the west loop. You could buy two in some areas. Or a fabulous Condo with better views. Or a mansion in the burbs.

[UtterlyUrban]

Let's be careful with the pricing comparisons here. Highrises do cost more per sqft than many other residential structures. It is the nature of a highrise, I think.

At Marlow, I think that they are asking $600-ish psf.

At the four Seasons I seem to recall around $500 psf

At 2727 Kirby, I think that they are around $700 psf.

But......

Commerce towers, right in downtown is about $300 psf as I recall. But, At commerce towers, There is a two bed two bath, 1400 sq foot unit on the 9th floor on sale now for $202 psf.

A 300 sqft place for $120,000 is $400 psf ........ More expensive per sqft --- by double --- than the unit at commerce towers. Worse, if the larger units at Ivy are priced similarly on a psf basis, You will pay the same total amount for a 700 sqft unit than a 1,400 sqft unit at Commerce towers.

Ivy seems to be asking folks to pay more per square foot for less space than at least one of its competitors. Now, what is unclear to me is the amenity package at Ivy and how much those HOA fees actually are. To me, Buildings that offer terrific amenity packages charge a lot for HOA fees bit can also charge more psf as they begin to place the building in the "luxury" segment. Location also matters. Build quality of the interior also matters. Assigned parking matters. 24/7 Valet, concierge matter. Fitness centers matter. Pools decks and function space matter. Security matters. Views matter. Electric charging stations for cars probably don't matter but do help "wrap" the building. All of that "brands a building" .....

My personal opinion is that Ivy needs to stop suggesting that they need "open minded" people and rather start marketing the benefits of buying there -- both the tangible and intangible. Take a look at the marketing that Marlowe has done ---- "the end of rent". Mr. Davis is trying to attract a specific client by attempting to show them the math. Suggesting that people need to be "open minded" to pay more for fewer square feet is not a good approach in my opinion. Instead, one would think that Ivy would be explaining to people why paying more for less is still the right decision to make. Can that be done? YES, people pay more for less all the time for many items (especially "luxury" items).

[Montrose1100]

Let's be careful with the pricing comparisons here. Highrises do cost more per sqft than many other residential structures. It is the nature of a highrise, I think.

A 300 sqft place for $120,000 is $400 psf ........ More expensive per sqft --- by double --- than the unit at commerce towers. Worse, if the larger units at Ivy are priced similarly on a psf basis, You will pay the same total amount for a 700 sqft unit than a 1,400 sqft unit at Commerce towers.

Look, for the price of the said Commerce Tower unit, you would be Downtown, On the Light Rail, furnish your entire pad in Roche Bobois, with some left over for a Mercedes or luxury car of your choice. Your pool has probably the best views in the entire city, 24hr Concierge, 24hr Valet, Bi-weekly dry cleaning services, car wash service, emergency generator, and an HPD officer on site 24/7 (Plus much much more). LOL sorry sounds like I'm really interested in the Commerce Towers and playing around with 500K I don't have.

 

I get it comes down to personal preference, it just seems like they are way over-pricing these units. 

 

Edit: I guess you could combine 3 of the smaller units to get a 900 square foot place for what, 357k?

Edited December 9, 2015 by Montrose1100

[cspwal]

Wired did a piece on an example of micro apartments in New York

 

http://www.wired.com/2015/12/nys-first-micro-apartments-actually-look-kinda-comfortable/

 

It does look like it should be a good amount of room for one person, but I just have to wonder - why isn't this in downtown?

[lockmat]

I'm sure the same type of people that will live here are the ones who first moved in and pioneered midtown. And although the immediate area isn't grown up yet I think these people see the potential and are probably satisfied with the proximity of midtown and downtown.

Edited December 9, 2015 by lockmat

[terra002]

Wow, $2500/month to sleep on a pullout bed in a closet. 

 

I have no idea why this isnt for downtown. For all the space you have in east downtown, midrise condos and townhomes just work better. 

 

 

Wired did a piece on an example of micro apartments in New York

 

http://www.wired.com/2015/12/nys-first-micro-apartments-actually-look-kinda-comfortable/

 

It does look like it should be a good amount of room for one person, but I just have to wonder - why isn't this in downtown?

 

[lockmat]

Wow, $2500/month to sleep on a pullout bed in a closet.

I have no idea why this isnt for downtown. For all the space you have in east downtown, midrise condos and townhomes just work better.

Not down with pragmatism?

If these were downtown I'm guessing they wouldn't be as affordable, pricing out their market.

[UtterlyUrban]

I will be curious to see how many of the 300-ish sq foot units are in the building. Perhaps one market would be parents buying a "dorm room" for their U of H student kid. Who knows.

But, as the nominal prices start to get into the high twos to low threes, commerce tower prices start to impact the comps on this building.

[brian0123]

This project would make financial sense 30 years from now... so putting a positive spin on it means these developers are "visionaries ahead of their time"

[Jason Franklin]

Hello Everyone- This is Jason Franklin with the Ivy Lofts- I have really enjoyed reading your thoughts on our upcoming project and would be happy to answer any questions you may have. I can do that here, or if you would like to contact me directly, you can reach me at jason@theivylofts.com.

 

I look forward to your questions.

[Nole23]

Welcome Jason!

[sevfiv]

Look, for the price of the said Commerce Tower unit, you would be Downtown, On the Light Rail, furnish your entire pad in Roche Bobois, with some left over for a Mercedes or luxury car of your choice. Your pool has probably the best views in the entire city, 24hr Concierge, 24hr Valet, Bi-weekly dry cleaning services, car wash service, emergency generator, and an HPD officer on site 24/7 (Plus much much more). LOL sorry sounds like I'm really interested in the Commerce Towers and playing around with 500K I don't have.

 

I get it comes down to personal preference, it just seems like they are way over-pricing these units. 

 

Edit: I guess you could combine 3 of the smaller units to get a 900 square foot place for what, 357k?

 

Feeeeees. What are they at Commerce? I think folks are hoping they'll be rock bottom at Ivy.

 

Nevermind - current Commerce listings on HAR list fees at $ .575 / sq ft. / month.

Edited December 15, 2015 by sevfiv

[cspwal]

Hello Everyone- This is Jason Franklin with the Ivy Lofts- I have really enjoyed reading your thoughts on our upcoming project and would be happy to answer any questions you may have. I can do that here, or if you would like to contact me directly, you can reach me at jason@theivylofts.com.

 

I look forward to your questions.

 

 

What sort of parking will units have?  A normal 9 x 18 parking spot is 162 square feet, more than half the size of your smallest units.  Is this building going to literally be half parking garage?

[Jason Franklin]

What sort of parking will units have?  A normal 9 x 18 parking spot is 162 square feet, more than half the size of your smallest units.  Is this building going to literally be half parking garage?

 

The Ivy Lofts is anticipating a monthly HOA/Maint. Fee of $.28 per foot. The first floor of the building will offer 15500 SF of retail with 7 floors of parking. Each unit will be offered with one parking space. Additional parking will be available for purchase if desired.

[UtterlyUrban]

The Ivy Lofts is anticipating a monthly HOA/Maint. Fee of $.28 per foot. The first floor of the building will offer 15500 SF of retail with 7 floors of parking. Each unit will be offered with one parking space. Additional parking will be available for purchase if desired.

$0.28 psf is a very inexpensive rate. That will be very important to many of the buyers here. Ivy is smart to try to keep rates low.

My gut tells me that many other buildings around town are in the $0.50 to $1.00 psf.

For the $0.28 psf, what amenities are offered? Valet parking? 24/7 Concierge? I understand, perhaps incorrectly, that it is the "people/staff" that drives much of the HOA fee.

Edited December 15, 2015 by UtterlyUrban

[jketch]

Wow, if they actually hit this price point the micro-units will be quite affordable. At 300 sqft the HOA would be about $100, and a $120K 30 year mortgage will be about $600. $700/month seems like it's quite a bit cheaper than any rental option this close to downtown.

[Jason Franklin]

$0.28 psf is a very inexpensive rate. That will be very important to many of the buyers here. Ivy is smart to try to keep rates low.

My gut tells me that many other buildings around town are in the $0.50 to $1.00 psf.

For the $0.28 psf, what amenities are offered? Valet parking? 24/7 Concierge? I understand, perhaps incorrectly, that it is the "people/staff" that drives much of the HOA fee.

The Ivy Lofts will provide 24/7 Concierge, Secure parking for Residents from the 3rd to 8th floors,  Glass Enclosed Gym overlooking the Pool and Downtown, Yoga/Pilates Area, Pool, Outdoor Cooking / Lounge Areas and 3 Outdoor Terrace Areas in addition to the Pool. The current HOA/Maint Fees in Houston Condos are a financial barrier for many Buyers. The Ivy understands this and has directly addressed this issue.

[Jason Franklin]

Wow, if they actually hit this price point the micro-units will be quite affordable. At 300 sqft the HOA would be about $100, and a $120K 30 year mortgage will be about $600. $700/month seems like it's quite a bit cheaper than any rental option this close to downtown.

Thanks JKETCH! You are exactly right! From the beginning of this project, our primary goal has been to offer an avenue for Renters to move into Ownership. 65% of the units at The Ivy will be will have starting prices under 200K. I remember someone asking previously how many of the Tokyo(300SF) will be available. The current Building Layout offers 103 units at this size.

[BigFootsSocks]

Thanks JKETCH! You are exactly right! From the beginning of this project, our primary goal has been to offer an avenue for Renters to move into Ownership. 65% of the units at The Ivy will be will have starting prices under 200K. I remember someone asking previously how many of the Tokyo(300SF) will be available. The current Building Layout offers 103 units at this size.

I would hope this is a successful project, but if it fails, does this affect your plans for future, bugger projects? I would hope that this garners enough attention for you guys to develop a similar project closer to a rail line, although I admire the optimism for leading a high rise birth out of the East End.

[Jason Franklin]

I would hope this is a successful project, but if it fails, does this affect your plans for future, bugger projects? I would hope that this garners enough attention for you guys to develop a similar project closer to a rail line, although I admire the optimism for leading a high rise birth out of the East End.

 Great to hear from you! We appreciate your kind words. Being closer to the Rail would have been fantastic. That being said, the Developer is currently in discussions to have a Metro Stop for The Ivy. As we obtain more information on this, we will be sure to let you know.

[brian0123]

1. Will the HOA be professionally managed or will it become a popularity contest for college students trying to build their résumé?

2. How soundproof will the units be? The target demographic scares me away since I'm imagining a college dorm like I lived in, only with much more units and more parties. Will there be clauses around behavior, noise, nuisance, etc?

3. Comment: If this does go well and you're looking for other projects in Houston... I suggest south of the Texas Medical Center along South Main or south of NRG stadium. There is a strong need for housing like Ivy, but geared toward nurses, young doctors saddled with loans, and med students... all who want to bike/ take rail to the TMC.

[BigFootsSocks]

Great to hear from you! We appreciate your kind words. Being closer to the Rail would have been fantastic. That being said, the Developer is currently in discussions to have a Metro Stop for The Ivy. As we obtain more information on this, we will be sure to let you know.

Thanks for the response! I assume that it'll be a bus stop initially before rail? Still, very good to hear.