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Urbannizer

The Sophie: 42-unit, 7-story Condo @6017 Memorial

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^^^ quiet.. elegant.. and beautiful.  props for sharing urbannizer....

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This is what was sent to my realtor:

 

A building inspired by timeless architecture, sophistication and contemporary elegance, The Sophie is designed to withstand the trends of time for many years to come. The Sophie embodies refined, modern elegance in a sleek Cosmopolitan atmosphere and a classic exterior design that compliments its refined and polished interior finishes, the essence of style in alive in the details at The Sophie, inside and out.  

 

Steps away from Memorial Park, The Sophie will capture the best of city living with outdoor terraces along with outdoor kitchens, Sub-Zero Wolf appliances, SieMatic cabinetry,  Quartz countertops, Double sided Gas Fireplaces and so much more!  The homes range from approximately 2,400 – 4,800 square feet and range in price from $1,255,000 - $3,235,000.

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Not to get off subject, but why do all of these have to be so expensive. How many people can afford this price range? I believe a huge market is undeserved because everything they build now is "Luxury" and costs over half a million at least. I really think if they could build 2-3 bedroom condos for $200-$350k, they would sell out quickly. Something like Ivy Lofts but bigger rooms and less amenities. Am I the only one who sees this large void in the market place?

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It probably is lower margins, harder to convince people of, and more risky mortgage wise

 

 that being said, I would buy one 

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3 hours ago, dml423 said:

Not to get off subject, but why do all of these have to be so expensive. How many people can afford this price range? I believe a huge market is undeserved because everything they build now is "Luxury" and costs over half a million at least. I really think if they could build 2-3 bedroom condos for $200-$350k, they would sell out quickly. Something like Ivy Lofts but bigger rooms and less amenities. Am I the only one who sees this large void in the market place?

There are likely 100+ condos inside the loop in that price range on the market today.  Right now, on HAR.  I don't think there is a shortage.  Here is one:

 

http://www.har.com/u/86C436473

 

if the contract falls through, will you be buying?

 

 

 

 

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This is right by Arnold & Itkin. I drove by on the way back to the office today. Beat to the punch by Urby once again. Though, I think that's like saying Usain Bolt beat me in a 100m dash at this point.

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13 hours ago, UtterlyUrban said:

There are likely 100+ condos inside the loop in that price range on the market today.  Right now, on HAR.  I don't think there is a shortage.  Here is one:

 

http://www.har.com/u/86C436473

 

if the contract falls through, will you be buying?

 

 

 

 

 

Just did a search on HAR  There are 250 2BR+ condos/townhouses for sale inside the Loop in the $200,000-350,000 price range.

Edited by Houston19514
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31 minutes ago, Houston19514 said:

 

Just did a search on HAR  There are 250 2BR+ condos/townhouses for sale inside the Loop in the $200,000-350,000 price range.

 

 

I stand corrected. To my defense, I was thinking new builds at that price range not existing.

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13 minutes ago, dml423 said:

 

 

I stand corrected. To my defense, I was thinking new builds at that price range not existing.

 

There are plenty of new builds (2015-2016) in that price range as well:  Midtown, EADO, near northside, Spring Branch etc etc.

Edited by Houston19514

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I love all these little projects like this one, Morningside Mansions, Village at River Oaks, etc.! They may be small but they are what's going to really densify the inner loop, filling in the space between the bigger skyscraper clusters.

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Achh, lose the handles on the cabinets & details on the island. Joking of course, as this is quite risqué in our market.

Edited by Montrose1100
Sass updates
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I am actually surprised to see gold-tone faucets in the bathroom.  Those have been "out" for a long time now, I think.  I wonder if the design trend is reversing?

 

 

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Those fixtures are likely brass and yes, it's coming back. The "new" brass is less polished and more understated than the 1980s version but I'm not a huge fan. 

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15 minutes ago, KinkaidAlum said:

Those fixtures are likely brass and yes, it's coming back. The "new" brass is less polished and more understated than the 1980s version but I'm not a huge fan. 

Thanks for the info.  I wasn't a fan the last time.  I guess I need to see these "new brass" fixtures in person to decide if I like them.

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I like the new brass features. They are at the Lancaster and look good. Don't ever stay there though because that hotel is vile

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Does anyone know if this is just a different development by the same group or if the original developers sold the lot after they clear cut it? This was going to be some Italian inspired joint filled with patio homes and they clear cut so many beautiful trees that could have been saved with the new footprint. 

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5 hours ago, KinkaidAlum said:

Does anyone know if this is just a different development by the same group or if the original developers sold the lot after they clear cut it? This was going to be some Italian inspired joint filled with patio homes and they clear cut so many beautiful trees that could have been saved with the new footprint. 

 

The BizJournal link in the first post says it's a different group - now Stolz Partners, originally was Butler Brothers

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On 6/11/2016 at 6:00 AM, UtterlyUrban said:

I am actually surprised to see gold-tone faucets in the bathroom.  Those have been "out" for a long time now, I think.  I wonder if the design trend is reversing?

 

 

The trend was said to be reversed a couple of years ago in the upper end of the market, but there are still a ton of polished stainless and stainless fixtures and silver tones must still be the most popular. 

 

All good fixtures are brass on the inside.  It is highly unlikely that these are not coated in something... raw and polished brass is still not on trend although they are still produced.  

 

 

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those little overhang things at the top of the building almost remind me of the buildings in new york

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I often wonder the same thing.  There always seems to be demand for million dollar plus housing.  I suppose the really wealthy are clustered in large cities. 

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On 11/16/2016 at 11:55 AM, jmitch94 said:

God how are there this many wealthy people in Houston? I'm glad they are here though. 

 

I'm sure some of these are owned by wealthy people from South and Central America.  My gf managed an apartment complex for a wealthy family from Mexico and they would stay at their condo when doing business and shopping in Houston.

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Construction financing secured, received this via email.

 

 Our success continues and it is with great excitement that we announcce the construction financing for The Sophie at Bayou Bend, has been secured with IBC Bank, headquartered in Laredo, Texas!

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http://www.bizjournals.com/houston/news/2017/02/10/after-brisk-presales-luxury-condo-poised-to-break.html

 

A luxury condominium project is poised to break ground near Memorial Park this spring after preselling half of its units in less than six months.



 

Stolz Partners LLC plans to break ground on The Sophie at Bayou Bend by early May. The seven-story, 42-unit condo is set to rise on a nearly two-acre site at 6017 Memorial Drive, just west of Westcott Street and the Bayou Bend Collections and Gardens.

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On 2/10/2017 at 0:55 PM, Timoric said:

These type of developments look great. pretty striking though from an article I read today that something like 70 percent of Houston area rents are below $1K and a higher percentage have mortgages less than $1200, and about 3 percent can spend more than $2,000 per month. It seems like a tiny number of buyers can buy anything listed on HAIF these days.

While I have no doubt that you read this, I am struggling with the math.  Here is why.....

 

a $2,500 mortgage payment is about a $400,000 loan (rough math).  What income is needed for a $2500 loan payment?  Approximately $105k per year ( again, very rough math).  Google says that the "top 25% of income earners in Houston make at least $97k and the top 10% make at least $150k.

 

would it not follow then that least 20% or so of all income earners in Houston be able to afford a $2000 mortgage?    The only way the math you quote could be correct ("only 3% can afford a $2000 mortgage") is if folks in this income category have a LOT of consumer debt.  Or am I missing something?

 

also, while I don't have the stats, if only 3% of people in this town can afford a $2000 mortgage, it would also follow that only 3% of the homes would sell above a certain price point.  My gut tells me a lot more than 3% of the homes sold in this city sell for more than $400k. But, again, I could be wildly wrong as I have no stats (couldn't find any online)

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On 8/31/2017 at 9:21 PM, hindesky said:

They better build this on about 20' of stilts but apparently construction has started.

 

ofTd8pz.jpg

59cvIbQ.jpg

 

 

Did it flood here?

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Drove by this site over the weekend.  Didn’t get a picture, but construction is under way.  They’re moving a lot of dirt!

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10 hours ago, MarathonMan said:

Drove by this site over the weekend.  Didn’t get a picture, but construction is under way.  They’re moving a lot of dirt!

 

Taken from the webcam above just now:

Untitled.png

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