Movin' on up
River Oaks 7th most expensive neighborhood in the nation
Oh, those high-flyin' folks in River Oaks.
Bloomberg Businessweek has named the area bounded by San Felipe and Buffalo Bayou between Kirby Drive and just west of Willowick Drive the seventh most expensive neighborhood in the nation.
In a survey of America's most expensive blocks, real estate website NeighborhoodScout.com identified the priciest neighborhood in each state based on third-quarter 2010 home values. The River Oaks neighborhood ranked as the most expensive in the state, with a median home value of $1,722,454.
The streets around River Oaks Country Club, such as Inwood Drive and Lazy Lane, are cited as "some of the most expensive estates in this section of Houston." The neighborhood, based on a census tract, also includes Lakewood pastor Joel Osteen's $10.5 million home.
But Bloomberg/Businessweek gets one thing wrong. It says, "River Oaks is also home to the Menil Collection, a museum of modern art created by Schlumberger oil-drilling heiress Dominique De Menil and her husband Jean." While the de Menil home is in River Oaks, the museum is in Montrose.
While River Oaks remains the priciest neighborhood in the state, Andrew Schiller, founder and chief executive of NeighborhoodScout.com, predicts that prices in Austin will rise as government activity, job growth, and the University of Texas attract more homebuyers to the area.
In the rankings, River Oaks is just behind an area of Honolulu near the Diamond Head State Monument. A tract in Beverly Hills leads the list, followed by New York's Upper East side along Central Park.