Mimosa Terrace: Condominiums At 2240 Mimosa Dr.

[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.

[astrohip]

19 hours ago, CREguy13 said:

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.

I absolutely agree.

[hindesky]

[Urbannizer]

Is that a construction trailer?

[hindesky]

1 hour ago, Urbannizer said:

Is that a construction trailer?

Yes.

[hindesky]

Construction trailer is gone but it was really old and in bad shape.

[hindesky]

They are moving dirt.

[hindesky]

[hindesky]

Excavator is gone.

[hindesky]

Looks like work has started.

[hindesky]

Two trucks waiting to be unloaded I thought, turns out they are staged here till the concrete truck left the London House project. One truck left as I drove up, it was carrying lumber and the other truck has concrete forms.

 

[hindesky]

[hindesky]

Looks like groundwork has started.

[hindesky]

[Urbannizer]

[hindesky]

[KirbyDriveKid]

Nothing may be happening at Mimosa Terrace, but in the meantime, I have spent a not insigificant amount of time thinking about this house and inventing an ever-more-elaborate backstory for it.

I just have so many questions.

[freundb]

18 hours ago, KirbyDriveKid said:

Nothing may be happening at Mimosa Terrace, but in the meantime, I have spent a not insigificant amount of time thinking about this house and inventing an ever-more-elaborate backstory for it.

I just have so many questions.

 

Well now I'll be doing the same. 

I really like this completely unnecessary bit of wall here

[freundb]

And to spoil the imagination, here's an old HAR listing. 

https://www.har.com/homedetail/2309-mimosa-dr-houston-tx-77019/15078936

[Ross]

2 hours ago, freundb said:

Well now I'll be doing the same. 

I really like this completely unnecessary bit of wall here

That's an inadvertently exposed entrance to the secret underground bunker that is part of the infrastructure the Illuminati use for mind control😂

[hindesky]

Much ado about nothing.