Record setter

Magnificent Memorial-area mansion shatters record as most expensive home sold in Houston

Houston is no stranger to multi-million dollar home sales. Driving through River Oaks, Hunter's Creek, or West U means passing home after home with seven-figure price tags.

But, 120 Carnarvon Dr. is special. Tucked into the beautifully wooded acres behind the tony Houstonian Club and Spa, the home dubbed The Manor on Carnarvon recently sold for more than $20 million, setting a record for the most-expensive single-family home sale in MLS in Houston history.

Sworn to secrecy, representatives from listing firm Douglas Elliman Realty couldn't disclose the actual sale price to CultureMap. Suffice it to say, as it was once listed for $29.5 million in 2020, 120 Carnarvon Dr. is now the first single-family home to sell for more than $20 million in MLS in Houston history.

As they say, everything's bigger in Texas, including our home sales.

As for the estate: The manse sprawls across more than 27, 000 square feet and takes its inspiration from great European estates. The immaculate gardens are artfully designed, with fountains and statuary set among the perfectly manicured hedgerows, essentially, a Versailles in miniature.

The main house unfolds around a courtyard, seen from the French doors and pane windows that accent the home and enhance its palatial setting.

Inside offers six bedrooms; seven full and nine half-bathrooms. Multiple kitchens offer the opportunity for everything from an elaborate meal, a catered affair, or an intimate dinner.

Entertainment amenities abound. There's a wellness spa and gym, several terraces, and a separate, 3,700-square-foot, two-bedroom guest house. Outside finds an outdoor kitchen, playground, and sports court.

Stone walls, iron fences, and electric gates around the property provide privacy and the feel of being away from it all, while in the middle of one of the most prestigious ZIP codes in Texas.

Photo by Nathan Schroder

Behold the most expensive house in Houston.

rent report

New report reveals how many Texans are paying too much for rent

Photo by Francesca Tosolini on Unsplash

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Millions of Texas renters, both current residents and new arrivals, suffer from wallet whiplash.

A new report from the Texas Affiliation of Affordable Housing Providers shows 45 percent of the state’s renters spend more than 30 percent of their income on housing. Renters occupy more than 4.2 million Texas households, representing nearly half of the state’s residents.

Worse yet, 81 percent of extremely low-income households in Texas spend more than 50 percent of their income on housing, the report says. For that income group, Texas has a shortage of 864,000 affordable homes.

Thirty percent is the standard financial benchmark for spending too much income on rent, while 50 percent puts a renter in the “severely cost-burdened” bucket.

“To sustain growth and secure future prosperity, Texas will need more than 320,000 additional affordable homes [rented and owned] to address workforce housing affordability and meet the demands of a growing population,” says the report.

“Today, the state is creating thousands of new jobs,” the report adds, “but housing supply has not kept pace with demand, driving up housing costs and constraining continued economic growth.”

Not surprisingly, people who live in or move to three of Texas’ biggest metro areas get hit with the state’s highest apartment rental rates. Here’s Apartments.com’s list of the 10 most expensive places for renters in Texas, based on apartments whose average size ranges from 713 square feet in Austin to 771 square feet in Plano:

1. Frisco — $1,477 per month
2. Plano — $1,461 per month
3. Austin — $1,417 per month
4. Dallas — $1,413 per month
5. McKinney — $1,363 per month
6. Grand Prairie — $1,327 per month
7. Irving — $1,318 per month
8. Garland — $1,237 per month
9. Fort Worth — $1,217 per month
10. Houston — $1,183 per month

San Antonio boasts some of the lowest average rent among Texas’ 10 most affordable markets: $1,075 per month. Mesquite, a Dallas-Fort Worth suburb, also fits into that category, with average monthly rent of $1,052.

Earlier this month, Gov. Greg Abbott announced more than $114 million in grants to help develop or rehabilitate properties, providing more than 4,400 affordable rental units.

“As our state grows, we must ensure that Texans have access to the affordable housing they need to thrive,” Abbott says.

rent prices report apartments