Mimosa Terrace: 7-Story Condominiums At 2240 Mimosa Dr.

[db650]

The cost of concrete and steel construction  is also higher.

[Angostura]

On 1/19/2021 at 6:58 PM, Houston19514 said:

I also don't think Houston's prices of condos vs single-family are particularly unusual compared to other cities.  It is almost certainly hyperbole to say that an apartment being more expensive (per square foot) than a standalone house would be unthinkable in other (actually dense) cities. For example, apartments selling for higher prices per square foot than nearby single-family residences in Chicago is clearly not unthinkable.

 

Assuming steel-and-brick construction is $400/sf and stick-built SFH construction is $200/sf, you can calculate the breakeven floor-area-ratio for a given land value.  For condo FAR of 4.0 and SFH FAR of 1.0, land values above $270/sf would favor condo construction. There are very few places in Houston where dirt sells for that much.

Having lived in mid-rise condo buildings in a neighborhood in an (actually dense) city where that type of construction is typical, I can tell you I couldn't have afforded the same square footage in a standalone house.

FWIW, I love these kinds of buildings (4-6 story, <20 apartments), but staffing these kinds of buildings gets very expensive on a per-apartment basis. When I lived in 5-unit building w/ 24-hour doorman coverage the condo fees were brutal.

 

 

Edited January 28, 2021 by Angostura

[astrohip]

21 hours ago, Angostura said:

FWIW, I love these kinds of buildings (4-6 story, <20 apartments), but staffing these kinds of buildings gets very expensive on a per-apartment basis. When I lived in 5-unit building w/ 24-hour doorman coverage the condo fees were brutal.

 

 

Good point, and one condo buyers are becoming aware of. When we were condo shopping in 2018, our realtor (luckily, a close friend & condo expert himself) educated us on this. How a small building either lacks amenities, or they cost a fortune. How big buildings, maybe 100+ units, have issues of their own. We hit the sweet spot with 69 units. Large enough to have full amenities, not so big as to have traffic jams at the entrance.

[Urbannizer]

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

Summer start date

18-month construction timeline 

[toxtethogrady]

Residential of all kinds is going to sell, so I'm not surprised...

[db650]

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.

[Houston19514]

13 hours ago, db650 said:

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

Offers is not the same as "sold". 

[db650]

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.

[Houston19514]

Just now, db650 said:

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.

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.

[db650]

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.

[Houston19514]

1 minute ago, db650 said:

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.

Of course.  Developers tell the story they can tell. As you suggested, "sales" don't tell us much more because we don't know how real they are . . .  All promotional statements (which is the same as saying all statements) made by all real estate developers should be taken with a grain of salt.

[Highrise Tower]

Received an email this week.  Breaking Ground Soon!

[HoustonMidtown]

 

Starting/continuing demo

 

 

[Urbannizer]

I like this one-good to see it’s moving ahead!

[Highrise Tower]

Demolition permit issued.

[Highrise Tower]

Demolition Day 1.

[HoustonMidtown]

 

[HoustonMidtown]

 

[hindesky]

50% Sold.

[toxtethogrady]

So if it's half sold, when does the work begin?

[hindesky]

Sales person was on site.

[hindesky]

Plan review fee.

[hindesky]

Architect - https://citiscapeteam.com
 

[db650]

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

[004n063]

4 hours ago, db650 said:

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

What makes you say that? I would have assumed that "shell structure" indicates multiple interior structures will be built, no? And "Mimosa Terrace" is a weird "facility name" for a single-family home.

[Luminare]

9 hours ago, 004n063 said:

What makes you say that? I would have assumed that "shell structure" indicates multiple interior structures will be built, no? And "Mimosa Terrace" is a weird "facility name" for a single-family home.

You'd be surprised that even for single family homes you will see names with "LLC" or "Trust" in city documentation. Most of the time this is done for tax purposes. If you want to know how to develop properties and really use money wisely then learn from the wealthy or those with bank who have utilized these practices very effectively.

With that being said its my belief from what I'm seeing its what was shown in the renders and not a single family home. Hey, I could be wrong though. Its a small lot, 5 units at 1000 sqft each with 1 unit taking an entire floor (which is what you see with condo developments...at least I think these are condos). Thats about all I can gain from what has been posted here.

[db650]

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.

[hindesky]

Privately owned condos.

[Luminare]

44 minutes ago, db650 said:

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.

...it doesn't say single family residential anywhere. Anywhere. I was willing to entertain your idea, but if you are going to double down. Show the evidence. Let me ask you a question, what do you think "private residential" means?

Are you telling me that they lied on the plan review submission? Why does it say in the play review submission "new shell building, apartment" dated feb. 24th? Man "new shell building" and "apartment" definitions have really changed swiftly recently. Now I'm lost. I guess those three story apartment walk-ups I've been drafting were really single-family residential huh? Did they all the sudden within a span of two weeks decided to scrap their previous plans and build a single family home instead...which I have never seen done from my experience in architecture, and submitting projects to cities and looking over planning commission documents.

[db650]

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.

[hindesky]

8 minutes ago, db650 said:

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.

That is the footprint of the building.

[db650]

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.

[toxtethogrady]

On 3/9/2023 at 3:42 PM, db650 said:

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.

$6 million's a lot to spend on a single-family residential construction. There's more to the story...

[hindesky]

Construction fence and netting.

[hindesky]

The sales center has moved to the Welch St. directly behind the project.

[hindesky]

GT Leach is the construction company building it.

[Sylvie]

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. 

[db650]

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.

[Sylvie]

1 minute ago, db650 said:

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.

thanks so much 

[Sylvie]

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

[astrohip]

9 hours ago, 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. 

I'm in The River Oaks, it's about 5 minutes from there (Westheimer & Buffalo Spdwy). We have a dog park on the 2nd floor, pretty nice size. Not a run, a real dog park. We also have balconies, I know people with smaller dogs that set up a doggie station on their balconies.

There are a handful of units for sale, but not many. Fits your price range--most units, depending on the floor, go for $700-$900/sqft.

I'm happy to answer any questions you might have.

[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. 

[hindesky]

The Lexington, the Mimosa and the London House all have sales offices near the buildings being built. 

10 hours ago, 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. 

 

[hindesky]

"A midrise condominium building in a small pocket of residential properties in River Oaks is preparing to break ground.

The eight-story Mimosa Terrace when complete will have 16 residences at 2240 Mimosa, according to Houston-based Citiscape. The developer has moved its sales center for Mimosa Terrace to a nearby remodeled house at 2237 Welch in anticipation of construction starting in late May."

https://www.houstonchronicle.com/business/real-estate/article/river-oaks-area-condo-building-moves-closer-17925021.php#photo-23731613

[hindesky]

[CREguy13]

$4.85m-5m+?  Really interested to see how quickly these units sell here, London House, The Lexington and others.  Could be an exciting time watching the high-end condo market take off, would love 20 more of these mid-rises scattered around the Inner Loop.

[astrohip]

20 hours ago, CREguy13 said:

$4.85m-5m+?  Really interested to see how quickly these units sell here, London House, The Lexington and others.  Could be an exciting time watching the high-end condo market take off, would love 20 more of these mid-rises scattered around the Inner Loop.

There's a very limited market for high-end condos. The number of potential buyers for multi-million dollar units is very finite. The River Oaks Condos took about four years to sell all 70 units. And we've already seen several "announced" that never came to fruition. It's tough to presale enough to get financing commitment.

Having said that, the resale market is still firm, especially for the smaller, less-expensive high-end units. One & two bedroom units in TRO, going for $2 million and less, get snapped up immediately. The larger and more expensive units take a few months.

Also note that $5 million tag is for the penthouses. The other units are less.

[Luminare]

12 hours ago, astrohip said:

There's a very limited market for high-end condos. The number of potential buyers for multi-million dollar units is very finite. The River Oaks Condos took about four years to sell all 70 units. And we've already seen several "announced" that never came to fruition. It's tough to presale enough to get financing commitment.

Having said that, the resale market is still firm, especially for the smaller, less-expensive high-end units. One & two bedroom units in TRO, going for $2 million and less, get snapped up immediately. The larger and more expensive units take a few months.

Also note that $5 million tag is for the penthouses. The other units are less.

its also a very specialized architecture market. The primary reason for this is that its really difficult to secure the insurance you need as an architect to design/build one. Apparently at one point a bunch of condo projects went south. I still haven't really looked into this. My guess would be in the 1970's or 1980's. This is why I don't scoff at Randall Davis like many here. While I don't particularly like his sense of aesthetics, he's got to be doing something right if he has been able to lock up insurance to even be in the condo market, and to secure clients who are willing to build them. That's incredible consistency to have as an architect. So along with you mentioning what you did in this post, what I've added is a big reason why.

[Urbannizer]

I’ve always liked this one. Surprised it’s moving forward given how long it’s been proposed- can’t think of any other condo project that has been in the works for this long. 

[CREguy13]

15 hours ago, astrohip said:

There's a very limited market for high-end condos. The number of potential buyers for multi-million dollar units is very finite. The River Oaks Condos took about four years to sell all 70 units. And we've already seen several "announced" that never came to fruition. It's tough to presale enough to get financing commitment.

Having said that, the resale market is still firm, especially for the smaller, less-expensive high-end units. One & two bedroom units in TRO, going for $2 million and less, get snapped up immediately. The larger and more expensive units take a few months.

Also note that $5 million tag is for the penthouses. The other units are less.

Totally get that, and understand that high dollar range was specifically for the penthouses (probably should have been more clear).  I'm more broadly stating I love that the condo market is picking up and a growing demand of buyers are interested in more expensive, lock-and-leave homes as opposed to wanting a yard.  In simple terms, a more urban Inner Loop lifestyle is continuing to take shape.