db650

Wondering if this is dead. HAR listings are gone. I also heard last month that sales were very slow and they were thinking of shrinking some of the floor plans on lower levels to reduce entry price point.

So they plan on selling one per week -- after selling 4 in the past year? Skeptical that the onsite sales center will boost sales to that extent, especially with all of the competing options nearby.

It looks like Pelican Builders moved the sales center trailer that was at Mimosa Place to the Revere. Sales at the Revere are about 10 percent after one year of marketing, but I guess they are still trying to push this forward with the clearing of the land and movement of the sales center.

And what will happen to Mimosa Place -- the 18 story Pelican town home community down the road? Will this be a joint sales center now for the Revere and Mimosa Place? I believe that Mimosa Place is also not selling very well. They fenced in the (I believe 6) completed town homes away from the remaining vacant land, so I'm not sure if they are still planning to finish that development. 

Looks nicer than the previous design. How much smaller is it given it's shorter with different setbacks? And what market will it target? There's already two very high-end buildings not selling very well around the corner from here (Revere by Pelican and Mimosa Place). Will this actually happen?

I was by this area over the weekend. It looks like the residents are all gone. They had some very light equipment on site. Is demolition imminent? How are pre-sales?

Surprised they didn't announce pre-sales. It's sort of implied but not stated. Anyone know how building is doing?

Are you referring to the Wilshire? I don't see any glass on Arabella.

Starting at 2 million. Looks very nice with great floor plans (and on a per square foot basis cheaper than the inferior Revere building across the street; in fairness, Revere has more common amenities and is 3 times the size).

But a bit skeptical this (or Revere) gets built given glut of seven figure townhouses/patio homes already built or in the middle of construction in the neighborhood that are cheaper than these buildings, with comparable finishes (but still struggling to sell).

http://www.har.com/mimosa-terrace/highrise_190

Not bad. It will be interesting to see how pricing stacks up against the Revere around the corner, which I think is a pretty boring building with a high price tag (and that I hear is not selling well). With all of the 7 figure town homes not selling in this area, I wonder if this will find buyers. I also wonder if neighborhood  opposition, which seemed to kill Revere Place nearby, will also come.

I guess it's now official. Website now has new rendering with less glass as suggested in this thread months before.  Took them long enough.

My numbers are price per square foot. This one just went under option: 

 I think it is devloper inventory.  Non-developer inventory likely can't be priced the same as developer inventory until the developer sells out. I also received some information from the sales office about even less expensive per square foot units in the upper 300s. 

In fairness to developer, a lot of these appear to be resales -- people flipping units. But how does all of this inventory not impact new buildings going up? 

By my account, over 35% of the building is still for sale or lease. Some of the listings are as low as the 400s per/square foot and I believe there were some off market sales in the upper 300s. Can someone explain to me if this is typical for new construction? Before the building finished, listings were in the 600s. Was this considered a big financial flop (we can debate over the appearance of the building, but that's another story)? This same developer has a new project (Arabella) very close by selling in 600ish range too. With so much old inventory in Astoria, why move forward? 

Wow. So only two sold? There is such a glut of new town homes for sale over 1.5 million in this area.

HAR listings with floor plans. Note the crazy expensive price, and that many of the "cheaper" units under 2 million have only a handful of windows (at least from my read of the floor plans). Given the unusual shape and small size of the lot, the units are also very narrow. It's hard to imagine these will sell, especially given the glut of super expensive townhouse around the corner that aren't selling either and are actually cheaper. 

http://www.har.com/search/dosearch?region_id=1&for_sale=1&property_class_id=6&buildingname=The Revere At River Oaks

I got the same update. You left out the photo of the exterior rendering that looks just like the original. So is the building proceeding as originally envisioned, despite rumors on this board? Or is RD really going to do a last minute swap and eliminate tons of windows?

any update on sales? And is it confirmed the building design is different? The website still appears to be pitching the old design, as do the MLS listings.

I believe you can only go up to six stories with wood. And given the prices, I'd be really surprised if this weren't concrete.

This is far more expensive than Randal Davis's Chateau Ten just around the corner and the Huntingdon is going for about $400 a square foot. I"d like to see them pull this off at these prices. I wonder if they don't want to undercut on price their Mimosa Place development around the corner. Even with the finest finishes, this building is crazy expensive for a  a mid-rise building with modest views at best and modest amenities (even without the oil crash). 

http://thereverehouston.com/

At almost $600 a square foot, this has got to be a record for a mid rise building in Houston. It will be interesting to watch if they can sell these when you can live in a River Oaks highrise with more amenities for less money.

Prices starting at $1.6 million to 2.7 million+, 2,720 to 3,900 square feet. 

Another story in today's HBJ: http://www.bizjournals.com/houston/print-edition/2016/06/17/pelican-builders-plans-new-luxury-condo-in-river.html

Can anyone get behind the paywall of these stories and share more details about the project, including amenities, pricing, construction financing, and timing?

Architect is Kirksey

Pretty boring looking. Expected more from Pelican.

So this is a new project? Is the original one dead then? Do we need a new thread?

Can't get behind the paywall -- but is this the same site? How many stories and units?

On June 2, 2016 at 5:19 PM, dml423 said:

 

Thanks for the link. I understand it costs money to build the sidewalk, but wouldn't the continuous upkeep of mowing the grass eventually erode the savings?

Developers build, HOAs (i.e., the residents) pay to maintain.