Rendering of Marlowe condominium project under construction in downtown Houston by Randall Davis.
HOUSTON – (By Michelle Leigh Smith, Realty News Report) – Low maintenance. Excellent views. No flood worries. More homebuyers are asking: What’s not to like about condominiums?
“Condo sales began to pick up notably in 2017,” says Amy Bernstein of Bernstein Realty of Houston. “Hurricane Harvey played a significant role. Many people who experienced flooding were already considering a lifestyle change to a maintenance-free home but had not made the move. Harvey gave them the push they needed.”
New towers are especially attractive to buyers.
“Brand-new condominium projects appeal because they feature contemporary design and modern amenities that buyers want,” Bernstein adds. “They’re exciting because most are built around open-concept living.”
This condominium interest is visible across the state.
“The Texas condominium market has been one of the fastest-growing segments of the housing market this year,” says Vicki Fullerton, 2017 chair of the Texas Association of Realtors. “These properties increasingly appeal to Texas buyers because they are often less expensive to purchase, require less upkeep, and provide closer access to jobs, schools and essential services.”
Large balcony promotes outdoor living at The Revere condominium building in Houston.
“A key driver of condo demand is customization,” says architect Todd Blitzer of the Mirador Group in Houston. “Unlike apartments, these are true homes in the sky. Some units at The Sophie even include private elevators. They all offer substantial outdoor living spaces, not just token balconies. Buildings are planned with pet owners in mind. Many older inner-loop condos have small, cramped elevators, so these new projects are designed for greater comfort and convenience.”
Condo units are also drawing investor interest. “We’re seeing growing demand from both first-time buyers and investors,” says Roger Martin, president of Roger Martin Properties. “Investors like them because they’re straightforward rental properties.”
One notable new development is The Wilshire, inside the Loop at 2047 Westcreek Lane between Westheimer and San Felipe. Two years after breaking ground in summer 2015, Pelican Builders welcomed residents into this next-generation 17-story tower. As the adjacent River Oaks District fills with new luxury retail and restaurants, The Wilshire has proceeded toward completion with brisk sales despite the recent oil market downturn. “With only 14 of the 96 residences remaining, the building is expected to be fully sold by year’s end,” says Robert Bland, principal at Pelican Builders.
The Wilshire offers 14 floor plans, from two-bedroom, two-bath units averaging 1,300 square feet to three-bedroom, three-and-a-half-bath penthouses averaging 3,500 square feet. All 96 residences include balconies with primary views facing west or downtown views to the east. Most remaining Wilshire residences are priced around $800,000.
Another Pelican Builders project with quick sales is The Revere, a nine-story boutique condominium designed by Kirksey featuring 33 residences. The Revere’s sales center opened just before Hurricane Harvey struck Houston.
“Response to The Revere has been so positive that we’re committed to breaking ground in spring 2018,” Bland says. “This is a milestone for Pelican Builders and confirms demand for a hassle-free luxury lifestyle in a River Oaks location—now more than ever.” The Revere, planned near River Oaks, will offer residences from 2,677 to 3,867 square feet priced between $1.6 million and $2.9 million; 30 percent of the units are already sold.
The building, designed with River Oaks empty nesters in mind, sits just east of Kirby Drive and south of San Felipe at the southeast corner of Revere and Welch Streets, Bland added.
In the Museum District, Museum Boulevard Condominiums recently secured construction financing through Transwestern’s Structured Finance Group. Developer Surge Homes plans a 49-unit project at 4819 Caroline Street, just north of Hermann Park and the Texas Medical Center. Prices range from the $140,000s to the $340,000s. The project will offer lofts, one- and two-bedroom homes, and penthouses from 420 to 1,099 square feet. Surge Homes is led by Louis Conrad and Ben Lemieux.
The Sophie at Bayou Bend is under development by Stolz Partners of Atlanta.
Stolz Partners of Atlanta is developing The Sophie at Bayou Bend, a seven-story, 42-unit condominium on Memorial Drive near Memorial Park.
Designed by the Mirador Group and marketed by Sudhoff Cos., The Sophie has recorded strong pre-sales with an average price of about $1.8 million. IBC Bank is providing construction financing.
“The Sophie at Bayou Bend’s early success shows Houston’s real estate market continues to perform well,” says Jay Rogers, CEO of IBC Bank-Houston.
Stolz is also planning the Giorgetti mid-rise at 2710 Steel near Kirby Drive and Westheimer. Each of the 32 units can be delivered fully furnished by the Giogetti Atelier of Milan, with prices starting around $1.4 million, according to local agent Kristina Houston.
Developer Randall Davis is building two new condo towers: The Arabella, with units priced from $1 million to $8 million at 4521 San Felipe near Loop 610, and The Marlowe downtown.
“Arabella, a condo high-rise, is approaching 75 percent sold, with possession slated next fall,” says Gloria Tanksley, broker for Randall Davis. “He also has The Marlowe, a 20-story, 95-unit project downtown. Our buyer mix ranges from empty nesters to international buyers. The average buyer age skews to the high 40s because prices start at $1 million and go up to $8 million.”
The Mondrian at the Museum, developed by Oxberry Group and designed by Perkins + Will with interiors by MaRS/Mayfield and Ragni Studios, includes 20 units across eight floors at 5104 Caroline. Units start at $1.3 million for about 2,800 square feet and reach $1.7 million for a three-bedroom, 3,200-square-foot unit. Two penthouses begin at $2.9 million. Sales director Nicole Calderon reports they are 55 percent sold.
The River Oaks at 3433 Westheimer is a 17-story tower originally built in the 1960s and recently gutted to its structural frame for redevelopment into 80 upscale units by Arel Capital of New York, with interiors by Lauren Rottet. Units range from $1.6 million to $6.9 million, with only nine remaining for sale.
While newly built condos show strong performance, when resale condominiums and townhomes are included, Houston Association of Realtors (HAR) data showed sales were generally flat for much of 2017—until Hurricane Harvey.
“Townhome and condo sales are at about the same level as 2016,” says David Mendel, public relations manager for HAR. “Year-to-date through November 30, 6,120 units have sold, equal to last year. The year-to-date average sales price is $203,624 (up 2 percent) and the median sales price is $160,000 (up 2 percent).”
HAR notes the townhome and condominium market began a post-Harvey rebound in October, with 543 units sold that month, a 5.8 percent year-over-year increase. Inventory stands at about a 3.9-month supply, down from a pre-Harvey peak of 4.5 months.
Looking ahead, trends point to growth both in central cities and surrounding suburbs.
“Rapid population growth across Texas has turned cities around major metros into job and development hubs, creating demand for condominium and townhome development outside of urban centers,” says Jim Gaines, chief economist at the Real Estate Center at Texas A&M University. “As this growth continues, higher-density options like condominiums and townhomes will be essential to maintaining housing affordability in our cities.”
Design Sidebar: The Interior Surprises at The Wilshire Models
The Wilshire, Pelican Builders’ new 17-story condominium in Houston, was designed by Kirksey.
For interiors, Pelican presented a triple showcase: three distinct designer models created by BeDesign, Mark Williams Design Associates (MWDA), and Tipler Design Group.
BeDesign created this model home in The Wilshire.
BeDesign collaborated with Italian brand Zanotta to create a model inspired by views of trees and nature, which informed a green color palette that warms a modern, clean interior. The residence is furnished primarily with European brands. A standout feature is a custom Molten&C closet made in Italy, offering exceptional organization and style. The unit includes furnishings and finishes from Zanotta, Kartell lighting, Demo and Vibia fixtures, Nanimarquina rugs, and Glas Italy, plus a curated art collection valued at more than $500,000 from Houston’s Art of the World gallery.
MWDA designed a living room with a view.
Mark Williams Design Associates describes its Wilshire model as Tailored Sophistication. The team aimed for an inviting, timeless interior that complements the building’s elegance. Avoiding fleeting trends, they selected a neutral palette balancing warm and cool tones so the space appeals broadly and accommodates many furniture arrangements. MWDA sourced pieces from major retailers and local favorites to demonstrate flexible interior setups for potential buyers.
The Tipler Design Group focused on light, designing interiors that emphasize natural illumination in bedrooms and living areas while delivering a modern, comfortable environment accented by original artwork. Main furnishings were chosen in neutral tones—white, black and gray—while a showpiece rug by Suzanne Sharp for The Rug Company, using a contemporary take on the classical Greek Key in black, beige and emerald green, served as the starting point for color accents throughout the model.
