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I guess but could be a sign also of plateauing demand. Or just a sign the prices are too high for most to consider.

 

I do not know the prices, but they may be high... they are removing tons of affordable apartments and replacing them with ultra luxury units. One Park Place took a very long time to fill up. and that was built years ago...

 

I think demand is high, but these companies are trying to squeeze out everything they can from residents, in order to take advantage of this boom. I think when more and more units open up, prices will settle into the right spot. I am not tying to be argumentative, but I am not concerned.

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Not sure that having 70/300 apartments leased before the building even opens is a bad thing (if it's even true).

I know apartment managers do not want all of their apartments (or even most) leased in one fell swoop.

Exactly. 23% of units leased out before opening is actually a good thing. It takes about a year to stabilize a building like this.

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I do not know the prices, but they may be high... they are removing tons of affordable apartments and replacing them with ultra luxury units. One Park Place took a very long time to fill up. and that was built years ago...

I think demand is high, but these companies are trying to squeeze out everything they can from residents, in order to take advantage of this boom. I think when more and more units open up, prices will settle into the right spot. I am not tying to be argumentative, but I am not concerned.

Rents are getting higher across the board because of the broad demand. One Park Place is a unique story since a good portion of the units are second homes for people. Honestly, 70-some units doesn't sound bad at all, IMO, if the total is 300-some units.

Edit: plus One Park Place was built much closer to the recession.

Edited by Triton
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I do not know the prices, but they may be high... they are removing tons of affordable apartments and replacing them with ultra luxury units. One Park Place took a very long time to fill up. and that was built years ago...

I think demand is high, but these companies are trying to squeeze out everything they can from residents, in order to take advantage of this boom. I think when more and more units open up, prices will settle into the right spot. I am not tying to be argumentative, but I am not concerned.

I agree with you. At some point supply will meet demand.

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Rents are getting higher across the board because of the broad demand. One Park Place is a unique story since a good portion of the units are second homes for people. Honestly, 70-some units doesn't sound bad at all, IMO, if the total is 300-some units.

Edit: plus One Park Place was built much closer to the recession.

 

Agreed.  I'm not in that business, but 20 - 25% pre leasing on a high end project doesn't sound too shabby.

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I do not know the prices, but they may be high... they are removing tons of affordable apartments and replacing them with ultra luxury units. One Park Place took a very long time to fill up. and that was built years ago...

I think demand is high, but these companies are trying to squeeze out everything they can from residents, in order to take advantage of this boom. I think when more and more units open up, prices will settle into the right spot. I am not tying to be argumentative, but I am not concerned.

That's the million dollar question. By the end of this year several thousand more apartments will be open, and I think by early next year supply may hit demand. But I may be wrong.

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That's the million dollar question. By the end of this year several thousand more apartments will be open, and I think by early next year supply may hit demand. But I may be wrong.

 

With absorption at 21,000 units a year and completions at 18,000 a year, we're going to need ten more Sovereigns just to meet this year's demand. After all 140,000 new residents have to live somewhere... :blink:

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I don't want to get the guy in trouble, but I found someone on linkedin that has been working with a company for the last five months and one of his responsibilities is leasing 400k of retail and restaurants for Regent Square.

 

 In addition, I am spearheading the leasing of 400,000 square feet of shops and restaurants in GID's Regent Square development; Houston’s premier mixed-use development and its first truly pedestrian-oriented city district.

 

 

Also, as of August, the city of Houston still seems to be anticipating it.

 

page 75 & 76

 

http://www.houstontx.gov/planning/mobility/MTFP_14/PC_Action/Presentation_Aug14.pdf

also

http://www.houstontx.gov/planning/mobility/MTFP_14/PC_Action/G.1-39_IWL_PCAction.pdf

 

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The map on page 75 in this PDF very curious. http://www.houstontx.gov/planning/mobility/MTFP_14/PC_Action/Presentation_Aug14.pdf

 

The recent plats map has three shapes with a circled "1", which indicates that these areas are Regent Square plats. One of the shapes is shaded in yellow, to indicate it has some kind of structure dating back to the 70's or 80's.

 

The primary structure on that plat is the last remaining "big" Allen House apartment building. Right now it's also one of the last three remaining big buildings that Swain & Houck built. When 2220 Westcreek comes down, there will be just two.

 

I have no particularly strong sentimentality to the S&H apartment buildings, but I do find it at least curious, that their buildings in particular have been such attractive acquisition targets for the bulldozer (in some cases, leaving behind vacant land (and steady rental payments) for up to 5 years before making use of it again).

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  • Highrise Tower changed the title to The Sovereign At Regent Square

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