db650

Any sales update on this one? My instinct is that sales for these types of luxury new construction condos has slowed substantially. I do worry that demand is simply not here right now. There are plenty of nearby resales (including at the very nice 2727 Kirby) at this price point or less. Bosch appliances at this price point is also very surprising. I do like the design of the building but given the (relative) low cost of land even in the inner loop (compared to denser cities like San Francisco or NY), condos are going to remain a niche market.

35 minutes ago, Avossos said:

If that garage is stone, this will be his best one yet. If the garage is stucco, it could be the worst.

 

He has an affinity for classic Americana - 1920's drama. Hopefully he will realize that the cost associated with a building that will truly be romanticized cannot be cheap.

What is the ballpark cost difference for doing something in stone like limestone versus stucco? Is the difference that significant given the cost of these units to the buyer?

I like it. I just wonder what the finished product will look like.

This one really slowed down. I speculated earlier in year it was due to poor sales but people pushed back. What’s going on here?

For the bottom picture, is this the same side you took before?

Any updates on this one. From afar, it doesn't look like they made much progress. 

The stone is beautiful. So glad there’s no stucco (at least so far).

Let’s be honest here. No matter what he builds or how tall it is, it will disappoint most people here. No matter how appealing the rendering is, the final project will fall far short of most people’s expectations. 

I'd love to know more about the financial incentives here? How much did he pay the HOA and what will they use the money for? 

I think that’s an old rendering from the last version of this building. Any update on if they sold a single unit? I am worried about the viability of this building given that it failed to get much interest the last time around. I did hear that the builder wants to occupy an entire floor of this building but it won’t count for presales to get loan.

2 hours ago, astrohip said:

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If it was me, I'd go The River Oaks, where $700/sqft gets you much more building--pool, concierge, valet parking, etc. Plus better high-rise views. The offset is the monthly nut is probably twice as much, if not more. OTOH, there are no smaller units left at TRO, only the larger ones.

 

It is a good looking building. I like it much more than say, The Revere. 

 

my .02

The River Oaks is a beautiful building but there is little overlap in market appeal. It’s full service with HOAs probably around double the Westmore. It’s also a much bigger building in terms of number of units,  so it has a different feel. Finally, the units are much larger in The River Oaks so they are much more expensive, even assuming you can still get in for 700 a square foot.

Other comparison buildings are the Revere and Giorgetti which are around 30 units. The Revere is more full service than the Giorgetti but both have much higher end finishes than the Westmore. But both the Revere and Girogetti also have much larger units than Westmore. So the Westmore does fit a niche of relatively modestly priced units because of smaller unit sizes and lower quality finishes.

I was not not a big fan of the exterior design of the Revere, but it’s grown on me. A glass wall building wouldn’t be a good fit for the neighborhood, despite the San Felipe tower around the corner.

 The pricing starting at $960,000 is what I expected. What is surprising, however, is what you appear to get for this.  It comes with mid range Bosch appliances. The cabinet maker is not specified, which likely means builder grade cabinets. The same goes for the tile work. I was, however impressed, with four layers of drywall at “party”walls.  Is that an official term? There is also a limited customization, which seems like a mistake at this price point. On the plus side, I like how they have storage units on the actual residence floor. I also know the builder is top notch.

 Only the market will tell if there is demand for very expensive, on a per square-foot basis, smallish condos in a terrific location with mid range build outs and limited building services. 

 The pricing starting at $960,000 is what I expected. What is surprising, however, is what you appear to get for this.  It comes with mid range Bosch appliances. The cabinet maker is not specified, which likely means builder grade cabinets. The same goes for the tile work. I was, however impressed, with four layers of drywall at “party”walls.  Is that an official term? There is also a limited customization, which seems like a mistake at this price point. On the plus side, I like how they have storage units on the actual residence floor. I also know the builder is top notch.

 Only the market will tell if there is demand for very expensive, on a per square-foot basis, smallish condos in a terrific location with mid range build outs and limited building services. 

5 hours ago, astrohip said:

 

I dl'ed all the floor plans, didn't see anything bigger than 2/2.5. No three bedrooms at all. Plus, with the less expensive build-out,  clearly going after a different demo than The River Oaks or Giorgetti. 

 

I didn't see prices. What are the sqft prices for this project? How does that compare to TRO or Revere?

 

I would guess the market for a less expensive but nice condo is bigger than the market for the ultra-lux condos. But that's a WAG, not backed by specific knowledge.

They start at 960,000 which would put entry units around 580 per square foot. Other buildings nearby start at between 630 and 650 per square foot. The Westmore looks like it has few amenities and limited staffing which will mean lower HOA fees but also less of a reason to be in a building. You’re paying a lot more for a potential view, single floor living, and construction quality. We’ll have to see if there is a market for this when a bigger and nice townhome nearby is comparable in absolute price.

These are still expensive (and more expensive than comparable townhomes in the neighborhood) but less expensive that recent projects in the area. The units are also smaller (most if not all appear to be 2 bedrooms) and have lower-end buildouts (e.g., Bosch versus the more typical Wolf or Gaggenau appliances). So this is a plus as it's a different demographic than buildings such as the Giorgetti and Revere which are very nearby.  Even if land is very expensive, why are less expensive units with lower-end finishes not viable in the neighborhood or is the condo buyer in this part of town only in the luxury market?

The stone work has begun and it looks really nice.

Crane came down today. 80 percent sold per sign at sales office.

In Houston, a condo seems like a luxury purchase whereas in most other cities it’s a budget purchase. In Houston, condos cost more, in part because construction quality is much higher than wood framed homes and land is still relatively inexpensive. Condo fees support the non-profit HOA which is t like rent but paying for maintenance and services and some insurance. The fees are high because most people don’t budget properly for home repairs, maintain their homes like they probably should and/or do things themselves. There is also staff like security and doorman to pay for. If you don’t value the staff, you are throwing away money.

Houston will never get large scale, dense residential development high rises like most cities as long as condo prices are greater than single family homes. Most people prefer a house, even with its hassles. And the fact that they’re usually cheaper makes the house for most a no brainer. In fact, it’s mostly empty nesters or two career couples without kids who can afford and live in these.

Many of these condos are more expensive than homes in the neighborhood, so I’m not sure it’s simply cheaper dwellings. Condos in the U.K./River Oaks are are well over 600 per square foot and the newer ones are usually greater than 3,000 square feet in size. That’s way more expensive than townhomes and many single family homes in the neighborhood.

From today's Houston Chronicle:

Building to be completed in Spring, 2020

Over 75% sold out

Officially topped out

https://www.chron.com/business/real-estate/article/River-Oaks-condo-tower-tops-out-14047001.php

11 hours ago, Avossos said:

 

I doubt any developers would extend the construction time on purpose, especially when they can’t realize the revenue from the ones they did sell... 

 

im glad we are getting this building. I think it’s one of the more interesting projects we have going.

If the construction loan is due when the building is finished and they haven't sold enough to pay off the loan, they could slow down the construction.

Brooklyn athletic club, a restaurant in Montrose which recently closed, had bocce courts.

My point was simply the building is not selling--the market has been the naysayer; I was just the messenger. I think they've sold about 3-4 units in the past 14 months. It was supposed to open winter 2019 -- sign still says that. My guess is they are slowing construction down because of lack of sales.