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    On the Market

    Mediterranean villa atop River Oaks hill — yes, there are hills in Houston! — has French Riviera style

    Shelby Hodge
    Jun 7, 2015 | 12:15 pm

    Editor's Note: Houston, the surrounding areas and beyond are loaded with must-have houses and properties for sale in all shapes, sizes and price ranges. In this continuing series, CultureMap snoops through some of the best and gives you the lowdown on what's hot on the market.

    Who needs the Cote d'Azur when you can have 2111 Troon? This stucco dwelling with its red tile roof bespeaks of the mansions that line the waters of the Mediterranean, belying its elegant perch on a hilltop (yes, a hilltop) in the heart of River Oaks. The house is overlooks a wooded ravine.

    Architectural detailing captures the spirit of the luxe villas favored by French Riviera homeowners Angelina Jolie, Bono and Elton John. Thoughtful landscaping further enhances the romantic ambience.

    What's inside: From the get-go, the house is impressive, even by the numbers alone — five bedrooms, five full baths, two half baths, an elevator, three fireplaces, four elegant covered terraces, a seven-car garage and quarters. To the count, add a spacious media room, a game room and an even larger den. And the best room of all — the climate controlled wine cellar.

    Completed in 2010, the custom home is replete with luxe touches including designer wall and ceiling finishes, stone and walnut flooring.

    Views from the covered terraces on the ground floor are of the gardens and wooded surroundings while second floor balconies overlook the gardens with one offering a grand view of the downtown skyline.

    Square footage: 7,258 sq.ft.

    Asking price: $3,495,0000

    Listing agent: Mike Mahlstedt with Heritage Texas Properties.

    This landscaping and architecture of this Mediterranean style villa belie its center of Houston location in River Oaks.

    News, On the Market, 2111 Troon, June 2015
      
    TK Images
    This landscaping and architecture of this Mediterranean style villa belie its center of Houston location in River Oaks.
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    Real Estate Rumblings

    Vacation home sales surge as buyers seek fun and a good investment

    Ralph Bivins
    Jul 7, 2015 | 10:43 am
    Vacation home sales surge as buyers seek fun and a good investment
    Photo courtesy of HomeAway
    Rental income is an important factor in buying a vacation home, says Jon Gray of HomeAway, an online marketplace that connects renters with vacation homes like this one on Lake Austin.

    Sales of vacation home sales are surging across the nation as Americans seek out their own place for a family retreat, a regular vacation spot or a place to ski, sail, fish or hike.

    Vacation home sales were up a whopping 57 percent in 2014 over the sales of 2013, according to a national report by the National Association of Realtors.

    “Vacation home sales are skyrocketing,” says Dallas-based journalist Candy Evans, a CultureMap contributor and founder of CandysDirt.com and Secondshelters.com. “Vacation home sales have shown astounding growth. I get 50 emails a day from developers with new projects that are coming up.”

    “Vacation home sales have shown astounding growth," says Candy Evans. "I get 50 emails a day from developers with new projects that are coming up.”

    Evans, who moderated a vacation homes panel in Miami at the National Association of Real Estate Editors Conference, says the surge is driven by “The One Percent” – affluent households who have done well in the stock market in recent years.

    “The wealthy got even wealthier since the recession of 2008,” says John Klemish, broker in-charge at the upscale Greenbrier Sporting Club resort in West Virginia.

    The buyers at the ultra-luxe Greenbrier often pay all cash and the typical buyer there has at least three or four other houses, says Klemish.

    The massive Baby Boomer generation is supporting the surge in the vacation home market as they acquire vacation homes now and plan to convert them to their primary residences after retiring.

    The top choice for vacation home buyers is the beach, according to the National Association of Realtors Vacation Home Buyers Survey.

    Last year, 40 percent of vacation buyers purchased in a beach area, 19 percent purchased in the country and 17 percent purchased a vacation home in the mountains. The average buyer purchases a vacation home that is 200 miles away from his/her primary residence.

    Foreign buyers are also supporting the vacation home boom. Owning real estate in a country with a stable economy can be an appealing haven to affluent people from other parts of the world.

    The top choice for vacation home buyers is the beach, according to the National Association of Realtors Vacation Home Buyers Survey.

    “We’ve seen a huge desire for real estate from flight capital,” says Phillip Day, an executive with the IMI vacation realty company in Greenville, S.C. “We see a lot of people from Europe and South America.”

    The ability to get rental income by renting out a vacation home is attractive, says Jon Gray, chief revenue officer at Austin-based HomeAway, an online marketplace that connects renters with vacation home owners.

    The owner of a vacation home gains $28,000 a year, on average, by renting out their vacation home, Gray says. Many vacation home buyers can cover half, or even three-fourths of their mortgage payments with rental income, says Gray, a panelist at last week’s NAREE conference.

    Orlando Realtor Chris Cain, author of “Your Made in the USA Vacation Home” says the investment aspect of vacation home buying is huge. And it is appealing to a cross-section of buyers, not just the ultra-rich.

    “If your primary residence is the best investment of your life,” says Cain, “why not buy a vacation home, too?”

    Ralph Bivins, former president of the National Association of Real Estate Editors, is founding editor of Realty News Report.

    Rental income is an important factor in buying a vacation home, says Jon Gray of HomeAway, an online marketplace that connects renters with vacation homes like this one on Lake Austin.

    HomeAwayLuxuryLakeAustinVilla
      
    Photo courtesy of HomeAway
    Rental income is an important factor in buying a vacation home, says Jon Gray of HomeAway, an online marketplace that connects renters with vacation homes like this one on Lake Austin.
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