HOUSTON—Less than six months after The Sophie at Bayou Bend unveiling, the seven-story mid-rise condo project on a nearly two-acre Memorial Drive site has achieved 50% in pre-sales. Taking into account permitting, construction is anticipated to begin in late spring 2017 on the inner loop lot, which is situated at the eastern gateway to Memorial Park and steps from Bayou Bend Collection and Gardens.
“Houston's resilience in the energy downturn continues to surprise naysayers,” Jacob Sudhoff of Sudhoff Companies tells GlobeSt.com. “Not only was 2016 a record-setting year for home sales, but the start to 2017 is already outperforming that pace, proving the city to be stable and strong. In the upscale condo market, where we specialize, we're still seeing higher demand than supply. In addition to The Sophie, we have several other projects, which have recently met or are nearing pre-sales minimums for construction starts and also have a number of exciting, new buildings on tap.”
Stolz characterizes the 50% in presales as a major milestone. While some condo endeavors have faltered during the past year, Stolz Partners founder, Will Stolz, views the early success of The Sophie a result of a well-designed, well-priced and thoughtfully amenitized product in an irreplaceable location: a combination of assets that speaks to the market preferences, no matter the state of the economy. Stolz Partners has a track record of more than $1 billion of residential and mixed-use real estate successes in five states.
“Since temporarily relocating to Houston for The Sophie and Giorgetti, an Upper Kirby mid-rise in pre-sales, I've been intrigued by the underserved condo market in comparison to demand for a lock-and-go lifestyle,” says Stolz.
Stolz, who is often asked about his impressions on overbuilding in Houston, notes that condos make up only a fraction of available product in the city; considerably less of a percentage compared to any other major market.
“A 50% pre-sale requirement is very effective way of enforcing market discipline and the primary reason we do not have an oversupply,” he adds.
Drawn to Houston by its sophisticated, international population, Stolz sees numerous opportunities ahead for developments such as The Sophie. There, 42 generously sized residences with expansive terraces, private garages, low HOA fees, 24-hour attended lobby and pedestrian-oriented location offer an alternative for buyers seeking less hassle and more freedom.
Designed by Mirador Group and marketed by Sudhoff Companies, The Sophie residences will range in size from approximately 2,800 to 5,200 square feet and feature 9- to 10-foot ceilings, quartz, natural stone and Neolith countertops, Sub-Zero and Wolf appliances, Brizo plumbing fixtures, crown and baseboard moldings, oversized closets, freestanding bathtubs and outdoor living areas averaging 400 square feet equipped with summer kitchens and fireplaces. Additional highlights will include Herringbone-pattern wood entries and pre-wiring for audio, security, climate and video integration.
Construction financing has been secured through Texas-based IBC Bank.
“The Sophie at Bayou Bend's early success is proof that Houston's real estate market is continuing to thrive,” said IBC Bank-Houston chairman and CEO Jay Rogers. “IBC Bank is committed to the future development of the residential landscape in Houston.”
Stolz Partners is a real estate development and investment firm headquartered in Atlanta.
HOUSTON—Less than six months after The Sophie at Bayou Bend unveiling, the seven-story mid-rise condo project on a nearly two-acre Memorial Drive site has achieved 50% in pre-sales. Taking into account permitting, construction is anticipated to begin in late spring 2017 on the inner loop lot, which is situated at the eastern gateway to Memorial Park and steps from Bayou Bend Collection and Gardens.
“Houston's resilience in the energy downturn continues to surprise naysayers,” Jacob Sudhoff of Sudhoff Companies tells GlobeSt.com. “Not only was 2016 a record-setting year for home sales, but the start to 2017 is already outperforming that pace, proving the city to be stable and strong. In the upscale condo market, where we specialize, we're still seeing higher demand than supply. In addition to The Sophie, we have several other projects, which have recently met or are nearing pre-sales minimums for construction starts and also have a number of exciting, new buildings on tap.”
Stolz characterizes the 50% in presales as a major milestone. While some condo endeavors have faltered during the past year, Stolz Partners founder, Will Stolz, views the early success of The Sophie a result of a well-designed, well-priced and thoughtfully amenitized product in an irreplaceable location: a combination of assets that speaks to the market preferences, no matter the state of the economy. Stolz Partners has a track record of more than $1 billion of residential and mixed-use real estate successes in five states.
“Since temporarily relocating to Houston for The Sophie and Giorgetti, an Upper Kirby mid-rise in pre-sales, I've been intrigued by the underserved condo market in comparison to demand for a lock-and-go lifestyle,” says Stolz.
Stolz, who is often asked about his impressions on overbuilding in Houston, notes that condos make up only a fraction of available product in the city; considerably less of a percentage compared to any other major market.
“A 50% pre-sale requirement is very effective way of enforcing market discipline and the primary reason we do not have an oversupply,” he adds.
Drawn to Houston by its sophisticated, international population, Stolz sees numerous opportunities ahead for developments such as The Sophie. There, 42 generously sized residences with expansive terraces, private garages, low HOA fees, 24-hour attended lobby and pedestrian-oriented location offer an alternative for buyers seeking less hassle and more freedom.
Designed by Mirador Group and marketed by Sudhoff Companies, The Sophie residences will range in size from approximately 2,800 to 5,200 square feet and feature 9- to 10-foot ceilings, quartz, natural stone and Neolith countertops, Sub-Zero and Wolf appliances, Brizo plumbing fixtures, crown and baseboard moldings, oversized closets, freestanding bathtubs and outdoor living areas averaging 400 square feet equipped with summer kitchens and fireplaces. Additional highlights will include Herringbone-pattern wood entries and pre-wiring for audio, security, climate and video integration.
Construction financing has been secured through Texas-based IBC Bank.
“The Sophie at Bayou Bend's early success is proof that Houston's real estate market is continuing to thrive,” said IBC Bank-Houston chairman and CEO Jay Rogers. “IBC Bank is committed to the future development of the residential landscape in Houston.”
Stolz Partners is a real estate development and investment firm headquartered in Atlanta.
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