69 Percent Pre-Sold Ritz-Carlton Breaks Ground, Market briefs

THE WOODLANDS, – – Howard Hughes Holdings celebrated work start ceremony for its The Ritz-Carlton Residences, The Woodlands, where the project has already pre-sold over $300 million worth of condominiums in upscale planned residential tower.

The residential tower, which will have 111 homes, has been closing sales at record-high prices for the Houston market, said David O’Reilly, Chief Executive Officer of Howard Hughes.

“The Ritz-Carlton Residences, The Woodlands is a first-of-its-kind, ultra-luxury condo development on the shores of Lake Woodlands, and the demand we have seen has been nothing short of incredible as it continues to surpass expectations,” said O’Reilly. “The project commenced its long-awaited pre-sales in late March and closed that first quarter with more than half of its residences pre-sold at prices per sq ft never seen in the Houston market. Since that time, sales have continued at a solid pace and set all-time highs for the region.”

In At the end of July, Howard Hughes reported 72 units had been pre, sold for $313 million. At that time, O’Reilly told stock market analysts that the condo prices were being raised. The sales pace was so brisk that the company decided to take condos off the market until construction was near completion. “We’ve increased prices pretty dramatically in an effort to, honestly, slow sales until we finish the building and can show off the quality of what we’ve built. We think that the pricing will go higher at that point in time,” O’Reilly told the analysts.

The Ritz-Carlton Residences in The Woodlands, which will not have a hotel, was designed by Robert A.M. Stern Architects. The New York-based RAMSA firm was founded by Mr. Robert A.M. Stern, the former dean of the Yale School of Architecture.

Rendering of The Ritz-Carlton Residences, The Woodlands. Architecture: RAMSA

An extraordinarily wide variety of units are available The Ritz-Carlton Residences in The Woodlands, said architect Johnny Cruz of RAMSA.