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Real estate's new craze: Million dollar townhomes in Houston are being bought up before they're even built

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Bancroft Place Houston inner loop development in the River Oaks area June 2013 living room dining room
Photo courtesy of Pelican Builders
Bancroft Place Houston inner loop development in the River Oaks area June 2013 lawns
Photo courtesy of Pelican Builders
Bancroft Place Houston inner loop development in the River Oaks area June 2013 kitchen
Photo courtesy of Pelican Builders
Bancroft Place Houston inner loop development in the River Oaks area June 2013 bathroom
Photo courtesy of Pelican Builders
Bancroft Place Houston inner loop development in the River Oaks area June 2013 rendering 1 exterior
Rendering courtesy of Pelican Builders
Bancroft Place Houston inner loop development in the River Oaks area June 2013 master layout
Rendering courtesy of Pelican Builders
Bancroft Place Houston inner loop development in the River Oaks area June 2013 living room dining room
Bancroft Place Houston inner loop development in the River Oaks area June 2013 lawns
Bancroft Place Houston inner loop development in the River Oaks area June 2013 kitchen
Bancroft Place Houston inner loop development in the River Oaks area June 2013 bathroom
Bancroft Place Houston inner loop development in the River Oaks area June 2013 rendering 1 exterior
Bancroft Place Houston inner loop development in the River Oaks area June 2013 master layout

The steady boom in real estate happenings in Houston just keeps going, particularly within the Loop where pre-sales are becoming the norm. Case in point is Bancroft Place, a prime residential development by Pelican Builders, which has brought in Martha Turner Properties to oversee marketing.

The posh Bancroft Place, designed by New Orleans architect George Hopkins, is comprised of 18 free-standing townhomes with three different floor plans. The central location on Bancroft Lane just south of San Felipe and near Highland Village could be a draw for urban nesters.

 "As little as six months ago, pre-selling in Houston was rare." 

When completed in December, the upscale abodes will surround a park-like setting and include three bedrooms, three-and-a-half baths, a guest suite, elevator and a two car garage, with some residences accommodating three cars. All that and a place to call home — or for some, paradise — with a pre-sale price tag of $1.3 million. 

"As little as six months ago, pre-selling in Houston was rare," Martha Turner said in a prepared statement. "But Pelican Builder's reputation for high quality projects and fear of rising prices have contributed to pre-sales."  

In addition to Bancroft Place, Pelican Builders recently broke ground on neighboring Briarglen Commons, a gated townhome community that has pre-sold 18 of the total 24 residences. Sudhoff Properties is marketing that project.

Bancroft Place comes on the market soon after the recently finished Chateau Tena Randall Davis development, marketed by Martha Turner Properties, that sold all 10 luxury units in 90 days. Giorgio Borlenghi's Belfiore high-rise sold both $8 million townhouses and 12 additional residences even before Sudhoff Properties formally started marketing the Galleria area luxury property last week.

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