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    Building Value

    Green real estate: Follow T-Bone and forget cost per square foot

    Joey Romano
    Apr 28, 2010 | 9:38 am
    Mirabeau B at Hyde Park is a ground-breaking sustainable condo project.

    As April rolls to an end, I find myself in awe, wonder, and confusion over the growing debates, product expos, and presentations that seek to define green living in the 21st century. While PowerPoints and “isms” flood our collective consciousness, there is a need for a simpler, practical exploration of the big picture.

    By coincidence, April has brought about the groundbreaking of the Mirabeau B at Hyde Park, a sustainable condominium project that I have been developing over the past two years at the corner of Waugh Drive and Hyde Park Blvd. in Montrose. While the initial goals for the project remain, the process and time have helped me to synthesize a perspective of what sustainability is really about: Building value — value as it relates to community, design, beauty, materials, methods, and quality of life.

    Unfortunately, we live in an age that measures in units of cost rather than value — a place where the low-cost provider is usually king. From the kinds of food we eat to the way we power our homes, we are faced with cost-to-value decisions every day, each one of us with our own distinct process and set of questions.

    In real estate, the question has always been, “What’s the cost per square foot?”

    The bigger a project’s scale and the cheaper the materials, the better the cost per square foot looks to developers, builders, and buyers alike. But there are other considerations.The resulting project might interfere with a community, be in need of constant repair, and ultimately have a short lifespan. Until we are ready to make a philosophical shift in how we evaluate our choices, we will continue to see short-sided development.

    Considering the upfront and lifecycle costs, the question should become, “What’s the value per square foot?”

    At the Mirabeau B, our team has tried to make decisions based on long-term value. While the project will carry a LEED certification and incorporate solar-powered common areas, a planted green roof, and a rainwater retention system, the emphasis on sustainability has always had more to do with community, design, and quality. These are factors that have a positive effect on the project’s value but often carry an increased per unit cost due to the building’s intimate scale, choice of materials, and high quality of work.

    It is our mission to create a project that adds value to the neighborhood and is worth maintaining and preserving — something the community embraces rather than fights.

    The rebels will lead us

    Up until the second half of the 20th century, this sense of sustainability had a lot to do with practicality and necessity. People produced and used goods within their own community and tended to operate within a small geographic radius. As the country shifted towards greater centralization, decisions became less personal and more cost driven. As a result, our society by and large chooses to outsource rather than locally produce.

    While we may see short-term savings in buying cheap imported goods, we do so at the risk of harming our long-term sustainability. To reverse this thinking, we must take pride in what we do and invest in our quality of life.

    Although I approach this from the realm of sustainable real estate development, the dilemma is universal. Some time ago, I watched music producer T-Bone Burnett talk on the Charlie Rose Show about his motivation to make music that is as good as it can be — music with longevity. In another industry that tends to reward short-term financial successes, it’s refreshing to see someone make a meaningful career out of fostering artful albums that stand the test of time.

    In my mind, this is an attitude that demonstrates a commitment to sustainability on a very micro level. For T-Bone, it’s building value in the music he produces, which in turn provides value for the musicians on hand and later the audience that follows. The same can be said for cooking a meal, teaching a class, or developing a building.

    While the green debates and discussions will undoubtedly continue over Aprils to come, my advice is to focus on the big picture. We all share the desire to improve our standard of living. It is the way in which we choose to do so and the value we build into the process that defines our sense of sustainability.

    Joey Romano is director of development at Harvest Moon Development Company.

    Value in real estate is like value in food. Sure, you could go for the super low-cost choice, but will you feel good in the morning?

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    luxury real estate

    Houston had 2nd-highest share of luxury home sales in Texas in 2025

    Amber Heckler
    Jan 9, 2026 | 9:15 am
    10106 Meadow Lake Lane, Houston luxury home for sale
    Estately.com/
    This home at 10106 Meadow Lake Ln. in Houston's Briargrove Park neighborhood is on the market for $1.95 million.

    A new luxury real estate report reveals Texas broke a record for the highest number of million-dollar homes sold from November 2024 to October 2025, and the Houston-Pasadena-The Woodlands metro boasted the second-largest share of million-dollar home sales statewide.

    A total of 14,418 Texas homes were sold for at least $1 million last year, generating a record-breaking $24.5 billion, according to Texas Realtors' 2025 Texas Sales of Million-Dollar Homes Report. The number of luxury home sales in the state soared 12 percent compared to the previous year.

    Million-dollar home sales in the Houston metro made up 27 percent of all luxury home sale transactions in Texas during the 12-month period, the report found. The total sales dollar volume of Houston-area homes that sold for $1 million or more added up to about $6.8 billion last year, or about $1.1 billion more than it did during the previous period from November 2023 to October 2024.

    Nearly 3,950 million-dollar homes were sold in the Houston region at an average price of $379 per square foot. For comparison, the average price per square foot for all residential homes in the metro was $176.

    Both figures are lower than the statewide average, according to Texas Realtors.

    "The average price per square foot of $1 million+ homes increased to $423 from $418 last year and was more than double the $188 average price per square foot of all Texas homes," the report said.

    Houston also had the second-highest median closing price for its million-dollar homes statewide, at about $1.39 million.

    Furthermore, Houston's luxury homes are significantly larger the typical residential home in the metro. A million-dollar home in the metro spanned 4,397 square feet, compared to 2,115 median square feet for all residential homes.

    "High-end homes continue to be a small but mighty segment of the market," said Texas Realtors chairman Jennifer Wauhob in a press release. "Texans remain confident in the value of these properties, whether they are drawn to outstanding amenities, prime locations, or both."

    Elsewhere in Texas, Dallas-Fort Worth Arlington saw the No. 1 highest share of million-dollar home sales in Texas, at 38 percent, followed by Austin-Round Rock-San Marcos (19 percent), the rest of Texas (11 percent), and San Antonio-New Braunfels (5 percent).

    housing marketmillion dollar homesluxury real estatetexas realtors
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