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    Living High

    Two $10 million penthouses top out conversion of River Oaks tower into luxury high-rise

    Shelby Hodge
    Jun 19, 2015 | 12:05 pm

    New York developer Richard Leibovitch plans to bring "a certain Manhattan flair" to Houston when The River Oaks is completed in early 2017. In the meantime, the managing partner of Arel Capital is overseeing every step in the $100 million conversion of the mid-century modern River Oaks Apartment building into a luxury condominium property.

    In Houston during the recent deluges, Leibovitch inspected the new sales center at 3433 Westheimer, set to open next week, in his stocking feet, umbrellas parked on the front step. The rains did nothing to dampen his enthusiasm for the project.

    "You do things that are friendly to the community. You don't double the occupancy. You don't increase traffic. You don't draw more power. We're doing all of that in reverse."

    "I didn't feel it was very risky in the sense that the location was so excellent," Leibovitch said when asked about the timing and the make-over as opposed to starting a building from the ground up. "There is such a need for luxury condominium units in good locations in Houston and there aren't any available right now and certainly in River Oaks, there are none right now."

    The real estate investment firm is transforming the former apartment building with 240 units into a state-of-the-art condo project with only 78 residences including two double-decker penthouses priced at $10 million each.

    In the process, the developer is taking the Miesian-style structure back to slabs and beams has brought on board three of H-Town's leading design firms — EDI International Architects, Rottet Studio and McDugald-Steele Landscape Architects.

    "I thought it was important because, clearly, I recognize that I am a New York developer and not a Houston developer," Leibovitch said. "I thought it was very important to have Houston architects and designers who could make sure that we have the right esthetic for Houston and the River Oaks area. And Lauren Rottet lives in River Oaks."

    The building sits on a generous three-acre site, located between St. John's School and St. Luke's United Methodist Church.

    At a time when many high-rise properties in Houston are facing criticism and even lawsuits, there has been little if any dust-up with The River Oaks. "How do buildings get accepted in a community?" Leibovitch poses. "You do things that are friendly to the community. You don't double the occupancy. You don't increase traffic. You don't draw more power. We're doing all of that in reverse. We're going to reduce the amount of traffic. We're very community friendly in the sense that we are taking an eye sore that was so visible and transforming it."

    Residences range from 1,563 square feet to 10,000 square fet with the average home at 3,391 square feet. Prices range from $875,000 to that $10 million. The two-story penthouses will each feature a private swimming pool, 14-foot ceilings on the top floor and 10-foot ceilings on the lower floor.

    Sudhoff Companies is marketing the building.

    The new look of The River Oaks, a striking presence on Westheimer.

    News, Shelby, The River Oaks condos, June 2015
      
    Rendering courtesy of The River Oaks
    The new look of The River Oaks, a striking presence on Westheimer.
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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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