CONDO LIFE
The Hawthorne readies to rise in Tanglewood.
It’s unlikely that vertical living in Houston will ever match the density of such major metros as New York City, Chicago, and Miami, but the Bayou City does boast an extensive number of mid- and high-rise residential properties across its sprawling geography that come with luxury amenities, services, and design.
However, the number of newly constructed residential condominiums currently available in the marketplace is much lower than meets the eye. A majority of new residential towers falls into the multifamily category. According to Douglas Elliman Texas, as of June 2021, 32 proposed multifamily projects totaling 9,062 rental units are slated for central Houston/ Galleria area.
Further, 17 multifamily developments are currently under construction, which account for an additional 5,426 rental units. Compare those nearly 15,000 rental units across 49 buildings to only four proposed condominium projects and an additional four under construction — which collectively amount to only 413 units — and you see the disparity between the two classifications. The research notes that “the bulk of proposed and under construction midand high-rise projects in central Houston and Galleria area is multifamily product, which makes up 94% of the total inventory. Condominiums account for less than 5% of midand high-rise under construction inventory.”
According to HAR’s Houston real estate market May report, condominium and townhome rentals in Houston are cooling off as rents rise. The HAR report states that “consumer demand for lease properties waned in May while rent figures rose. Single-family lease homes fell 26.8 percent year-over-year and leases of townhomes and condominiums declined 3.5 percent. The average rent for single-family homes jumped 10.6 percent to a record $2,025, while the average rent for townhomes and condominiums increased 8.5 percent to $1,716.”
With the new construction inventory ratio already leaning in favor of multifamily as rents rise at a considerable ratio, vertical living enthusiasts may want to consider buying as an option.
The Hawthorne is the only new residential highrise condominium project beginning construction in the Houston area in 2021. Developed by Pelican Builders and designed by Kirksey Architecture, The Hawthorne is at the northeast corner of San Felipe and Chimney Rock in Houston’s Tanglewood neighborhood in west Houston.
All 67 residences in the 17-story high-rise include spacious outdoor terraces, expansive interiors and public indoor/outdoor areas designed by internationally acclaimed Lauren Rottet of Rottet Studio.
With The Hawthorne breaking ground in August, the chance to get in on the ground floor with the best pricing is waning.
The Hawthorne represents a chance to make a permanent home and embrace the comforts of vertical living with the peace of mind that comes with ownership. The Hawthorne’s sales and marketing are exclusively handled by Douglas Elliman Development Marketing.