db650

1 hour ago, Sylvie said:

any thoughts on the Lexington. I have more faith that will be built than the Mimosa 

This is the same building as the Revere, so depending on your timeframe, it could work. The River Oaks is a very nice building. It's got a lot more land than either the Revere or the Lexington (will have). The R.O. does have lower ceilings than the other two buildings, but has more amenities such as a pool and larger gym. But it's a lot bigger than either the Revere (30 units) or Lexington (40 units), so it depends on if you want more of a boutique feel or a larger building. I'd encourage you to look at both buildings. If you like the Revere, I think the Lexington will be similar but a little larger. 

Just now, Sylvie said:

I am looking for a condo to live in part of the year. I am intrigued by the pet facilities on the terraces. My RE agent went in and they said December 2023 completion. That could not be right. And given at least three of the most expensive units 2-over $5 mil and 1- over $4 mil (according to HAR) what kind of financing could they ever get and I am afraid it will never be built or built shabbily. Does anyone have any thoughts or suggestions for me. 2-3 bedrooms, pet space no more than 20 minutes from the daughter /grandchildren in Bellaire. My price range has a big bandwidth. up to $2.5 million. And thank you everyone who has contributed to this blog. 

The Revere is right around the corner and has a small dog run in the back and pet bathrooms on balconies. It is about two years old and I believe there are a fair number of pets in the building. It just might be a little expensive for your budget but worth seeing what is available as the building sold out.

39 minutes ago, hindesky said:

That is the footprint of the building.

So you think they're building seven stories with a 5,289 footprint on a 12,500 lot? This doesn't make a lot of sense to me. Given that 7PH-E is 3,919 square feet and 7PH-W is 4,346 square feet, I don't see how your math adds up. I also checked the floorpans on the Mimosa Terrace website and they are all single story. One option is that they are re-concepting the building and the floorpans are no longer accurate. But in any case, it doesn't make economic sense to only have a 5,289 footprint on this size lot.

5,289 square feet seems the size of a home, not a condo. Maybe townhomes? It’s got a six million total cost which is way too low for this condo project.

The most recent document posted by Hindesky appears to be for a 5,289 square foot single family residence. This used to be a condo but perhaps they are changing it to a SFH due to lack of demands. They have been trying to sell this condo for many years.

So this project is dead? This permit is for a single family home.

4 hours ago, editor said:

Looks boring.  Like a Big Tex self-storage joint for people.

Keep in mind he’s only showing off the front. One can only imagine the back of the building!

2 minutes ago, Fortune said:

Was there anything previously proposed for this location?

I believe they were originally part of the Pelican townhome project just to its east. Pelican ultimately decided not to build as many townhomes as originally planned.

4 minutes ago, astrohip said:

Is that address literally right next door to the Revere? Maybe my Map-Fu is screwed up.

No, it’s south-west of the Revere. About 2 blocks away. It’s where the sales center was and next to Huntingdon.

Confirmed at 2475 Mimosa

source: http://www.pelicanbuilders.com/project_Lexington.html

Some buildings did relatively well in Covid like the Revere, while others didn’t like the Giorgetti. The London House location, like the Paramount, is off a busy street. But in my option the LH has a better location than the Paramount. But they are both Randal Davis buildings, whatever that means to someone.

I just don’t know if demand will be there. Mimosa Terrace is a few blocks away and supposedly breaking ground soon even though it’s only 30 percent sold. I like these infill projects but it’s costly to run a building with 16 (MT) or 23 (LH) units.  And the Revere still has some units left despite being open for a year.

I also wonder if the neighbors will organize against LH like they did with Paramount. The 17 story San Felipe office tower sort of paved the path for fall buildings on this block but I’m sure the SFH in River Oaks across the street will not be happy.

14 minutes ago, Houston19514 said:

This got me curious, so I took a look at HAR listings recorded sales (the building, or at least started with, 109 units):

There are 18 currently listed for sale. They appear to all be resales.  Asking prices per square foot range from $438.53 to $880.81, with an average of $594.69, median price:  $546.52.

There have been 10 resales in the past two years.  Sale prices ranged from $366.23 (someone got a deal!) to $674.44.  Average resale price per square foot:  $502.07; median price:  $466.98

There were 9 sales in the past two years that appear to have been first sales (the last one being in May of this year). The sale prices ranged from $439.27 to $772.77, with an average sale price of $513.40 per square foot; median price $486.70.

Resales:                                                     First Sales:

Average:  $502.07                                    Average:  $513.40

Median:   $466.98                                    Median:  $486.70

 

The original asking pricing for units at the Arabella was in the mid 500 to upper 600 per square foot for all but the lowest floors/least desirable units. The median numbers you report for resales are much lower. You can’t compare asking prices to actual sales prices now as who knows what people will actually pay. Of course, only the developer knows the true selling price of most of the initial inventory as only the very high per square foot prices get reported to HAR. So this building either has a lot of undisclosed discounts or has depreciated…or possibly both.

On 10/17/2021 at 9:18 PM, Highrise Tower said:

Now Selling.

First listing hit the market. 
 

https://www.har.com/homedetail/2323-san-felipe-st-503-houston-tx-77019/15551253

665 per square foot for first floor with homes (floor 5) (bottom 4 floors look like parking). HOA is about .69 per square foot. 
 

I wonder who buys into his buildings at first. They all seem to follow a pattern of dropping 20-35 percent from the initial price for first few years when people resell their units. For example, the Arabella has about 20 percent of units for sale with prices to be had in the 400-500 per square foot range. 

1 hour ago, J Money said:

It looks like he already has much of the value engineering built into the initial render. If he can actually pull off the painted brick, it would be miles better than the stucco he's had on his recent builds. The white stucco just always looks incomplete to me, like it's waiting for another coat of paint or a metal panel to be installed over it...

I'm not sure we have a picture of the back of the building yet -- so I'm sure there's more to come!

12 stories? Taller than I thought. I guess we need the podium parking finished in the Randall Davis signature way on top of the residences. 

1 minute ago, Houston19514 said:

I don't see it as misleading at all. And while not as meaningful as "sales", I don't think it's fair to say it's meaningless.  It's an indication of traffic and interest.

At one point, the builder bought an entire floor in this building. I wonder what percentage of the 30% is bought by the builder. Developers play all kind of games to show perceived interested in their properties, and "offers" is one of them. Offers don't indicate any interest because we don't know how serious they are. Why would you report an offer that ultimately gets rejected or doesn't go to contract? It's because you don't have actual sales under contract.

3 minutes ago, Houston19514 said:

Offers is not the same as "sold". 

Offers mean nothing. You can offer $5.00 for a unit. Reporting this metric is misleading and meaningless…that was my point. They’ve been trying to sell this building for about 5 years now. It’s not going well.

On 4/6/2021 at 1:47 PM, Urbannizer said:

8 offers (not sure on the # of under contract vs. sold)

Summer start date

18-month construction timeline 

30 percent sold now. 8 offers implied 50 percent sold. Either they’re going backwards or use some creative language in their marketing before.

New Randall Davis condo with 23 units

https://londonhousehouston.com

i couldn't grab a picture but he’s go a banner on the property too.

Only 23 residences are planned for this boutique midrise condo in the heart of River Oaks. The timeless design is inspired by the neighboring townhomes and the elegant houses of London. This soon to be treasured development will have expansive views of The Galleria, Downtown, and overlooks the finest neighborhood in Houston.

25 minutes ago, Paco Jones said:

The owner is RD.

Maybe a new building. The English townhome Winfield Gate community is on the next block. This application says London House. The lot is 15,000 square feet. I’m guessing a midrise.

20 hours ago, Highrise Tower said:

Sales center moving to 2323 San Felipe?

I wonder if he might be moving the building. That piece of land on San Felipe, I believe, just hit the market for sale. This might bring another neighborhood battle that maybe he thinks he could win because it's next to the San Felipe tower Hines built.

29 minutes ago, toxtethogrady said:

Yet I cannot argue with the fact that what he offers gets bidders. He knows how to sell crap....

His buildings appear to depreciate very fast. He does offer a lot of amenities and a bold taste, if that’s your thing. But if you look at recent sales data at Arabella and Astoria, pricing is way down from original.

25 percent sold, per sales office email.

Interesting that they are using GT Leach, the GC for many of Randall Davis’s buildings. Hopefully this one will turn out differently.