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London House River Oaks: Condominium High-Rise At 2323 San Felipe St.


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I don't understand the top. I don't mind the materials change but it feels like it requires setbacks or a pitched roof or something. Overall, it's the best Davis building I've seen rendered. I'd actually really like it if it was all painted brick and simpler. 

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On 10/17/2021 at 9:18 PM, Highrise Tower said:

Now Selling.

HICrgXz.jpg

First listing hit the market. 
 

https://www.har.com/homedetail/2323-san-felipe-st-503-houston-tx-77019/15551253

 

665 per square foot for first floor with homes (floor 5) (bottom 4 floors look like parking). HOA is about .69 per square foot. 
 

I wonder who buys into his buildings at first. They all seem to follow a pattern of dropping 20-35 percent from the initial price for first few years when people resell their units. For example, the Arabella has about 20 percent of units for sale with prices to be had in the 400-500 per square foot range. 

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14 hours ago, db650 said:

First listing hit the market. 
 

https://www.har.com/homedetail/2323-san-felipe-st-503-houston-tx-77019/15551253

 

665 per square foot for first floor with homes (floor 5) (bottom 4 floors look like parking). HOA is about .69 per square foot. 
 

I wonder who buys into his buildings at first. They all seem to follow a pattern of dropping 20-35 percent from the initial price for first few years when people resell their units. For example, the Arabella has about 20 percent of units for sale with prices to be had in the 400-500 per square foot range. 

This got me curious, so I took a look at HAR listings recorded sales (the building, or at least started with, 109 units):

There are 18 currently listed for sale. They appear to all be resales.  Asking prices per square foot range from $438.53 to $880.81, with an average of $594.69, median price:  $546.52.

There have been 10 resales in the past two years.  Sale prices ranged from $366.23 (someone got a deal!) to $674.44.  Average resale price per square foot:  $502.07; median price:  $466.98

There were 9 sales in the past two years that appear to have been first sales (the last one being in May of this year). The sale prices ranged from $439.27 to $772.77, with an average sale price of $513.40 per square foot; median price $486.70.

Resales:                                                     First Sales:

Average:  $502.07                                    Average:  $513.40

Median:   $466.98                                    Median:  $486.70

 

Edited by Houston19514
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14 minutes ago, Houston19514 said:

This got me curious, so I took a look at HAR listings recorded sales (the building, or at least started with, 109 units):

There are 18 currently listed for sale. They appear to all be resales.  Asking prices per square foot range from $438.53 to $880.81, with an average of $594.69, median price:  $546.52.

There have been 10 resales in the past two years.  Sale prices ranged from $366.23 (someone got a deal!) to $674.44.  Average resale price per square foot:  $502.07; median price:  $466.98

There were 9 sales in the past two years that appear to have been first sales (the last one being in May of this year). The sale prices ranged from $439.27 to $772.77, with an average sale price of $513.40 per square foot; median price $486.70.

Resales:                                                     First Sales:

Average:  $502.07                                    Average:  $513.40

Median:   $466.98                                    Median:  $486.70

 

The original asking pricing for units at the Arabella was in the mid 500 to upper 600 per square foot for all but the lowest floors/least desirable units. The median numbers you report for resales are much lower. You can’t compare asking prices to actual sales prices now as who knows what people will actually pay. Of course, only the developer knows the true selling price of most of the initial inventory as only the very high per square foot prices get reported to HAR. So this building either has a lot of undisclosed discounts or has depreciated…or possibly both.

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23 hours ago, db650 said:

The original asking pricing for units at the Arabella was in the mid 500 to upper 600 per square foot for all but the lowest floors/least desirable units. The median numbers you report for resales are much lower. You can’t compare asking prices to actual sales prices now as who knows what people will actually pay. Of course, only the developer knows the true selling price of most of the initial inventory as only the very high per square foot prices get reported to HAR. So this building either has a lot of undisclosed discounts or has depreciated…or possibly both.

For the record, the numbers highlighted at the bottom of my post "Resales" and "First Sales"  are comparing sale prices (not asking prices) of units that have been resold in the past two years with sales prices (again, not asking prices) of units that were first sales (initial sales by the developer).

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  • 2 months later...

Good grief, that roofline is hideous. It needs some sort of visual massing at the top. As is, it looks like someone got halfway through their Sketchup render and figured "eh, good enough" and just quit before finishing. It looks like it got decapitated.
 

Edited by aachor
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  • 2 weeks later...
  • 1 month later...
  • 1 month later...

This building is the visual equivalent of a skin tag.

I never really liked his developments - I find them garish, but he was at least quirky with his earlier developments.  His latest developments (am I correct in that he was a part of Marlowe?) are just bland.

Oh well, to each their own.  I do like the added density.

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On 5/16/2022 at 6:45 PM, editor said:

Looks boring.  Like a Big Tex self-storage joint for people.

You may have just hit on the next big urban concept.  Who needs ground floor retail when you can have ground floor storage?

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1 hour ago, DotCom said:

The Chron says 20% of the units have been sold and they plan to start construction in the fall.

https://www.houstonchronicle.com/business/real-estate/article/Swanky-12-story-condo-project-near-River-Oaks-17178435.php

This is accurate. I checked the email I received this morning from the sales center and at the bottom it’s dated 03/2022

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  • The title was changed to London House River Oaks: Condominium High-Rise At 2323 San Felipe St.
  • 4 months later...

Looks like this is about to start. Wasn't able to get a picture here, but there was a sign up (that I had not seen before) stating they were 35% presold and breaking ground in January 2023.

 

Checked their website after posting and it reflects both the 35% pre-sales figure and the January groundbreaking.

Edited by CREguy13
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