Sales have been “a little slow” at that 2727 Kirby condo tower, the developer tells the Chronicle‘s Nancy Sarnoff. The 30-story tower across from West Ave near Westheimer should be complete by mid-September. Only 8 out of 78 units have closed so far.
Jerry Brown of MDA Holdings tells Sarnoff that “all but 18 units in the building have been sold” — but that “just a few units have fallen out of contract.” The wording makes it a little difficult to determine how many more than those 18 units have no deposits on them.
- Tower nears completion [Houston Chronicle]
Photo of 2727 Kirby: Ziegler Cooper
Does anyone know why Mr. Cooper left Ziegler Cooper Architects?
Pattern repeated across the country as financing dries up. At least he apparently can finish the project.
In Nancy’s article, it was interesting that the Woodlands was plugged. Wonder how long it will take the developers to sell all those homes.
When did Cooper leave Ziegler Cooper?
He retired.
I am very impressed with Ziegler Cooper’s designs. I have always wanted to work there.
“All but 18 have sold”, at $500-$900/sf.
Pretty good in this climate, even with a few dropouts.
See no reason for MDA to lie/mislead about their numbers.
Kinda boring when there isn’t some horrible failure for certain parties to gloat over, isn’t there?
Houston remains the best place in the country to ride out the recession, whether you’re rich, middle class or poor.
We are lucky/smart!
See no reason for MDA to lie/mislead about their numbers.
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We will wait to see how many of those “all but 18” actually close.
Matt:
This is a snapshot. You didn’t read the part
about “a few dropouts”.
As of this snapshot, things are remarkably good.
Your posts make it clear your hope is bad news. Good luck with that. Maybe things are bad for you, so you want misery for company?
Or maybe you are eager to say “I told you so”. Big deal. Have fun with that. Takes a lot of skill.
devans, I hold no ill will towards developers or salespeople. I used to be one of the former. It’s a harsh truth, but the merits of no particular condo highrise outweigh the immense economic adversity faced by these developments and their stakeholders. Between an increasing unemployment rate, diminished stored wealth, and unfavorable mortgage markets, life just isn’t going to be as easy for condo developers or buyers now as it was when 2727 was first marketed. As usual, it took longer for Houston to feel the burden of a recession, but make no mistake–we aren’t sitting this one out.
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Even in the good ol’ days of condo development, there was a high turnover rate for pre-sales. These days, it’s a bloodbath. I wish it weren’t a bloodbath; then I might possibly still have a job.
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Btw, there most definitely is a reason for MDA to falsify their market data. Endeavor Holdings did just that, and I always found that the Mosaic folks yield very imprecise answers if you try to ask them how many units have sold. …but of course, Mosaic’s developer went through at least three marketing firms before the bankruptcy. The whole idea is to project an overwhelming front of confidence to prospective buyers that their investment in a home is a safe one.
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To be clear, I’m not saying that MDA is falsifying their data or being in any way misleading. I am an industry insider, but I am not an MDA insider. All I’m saying is that there is in fact a motive, should they choose to be dishonest.
All those paragraphs can be distilled to this, TheNiche.
You are not saying MDA is lying, nor do you mean to imply same.
But they have a motive.
Duly noted. You have no idea, insider or not.
We can agree on that. We do not agree about your implication that 2727 is in the same boat with lesser projects (or jokes) like the Mosaic. The demographics are wildly different. 2727 has superior location/demographics to any other high-rise in Houston. Many of its buyers will be moving less than a mile from their old “nests” in RO and The Huntingdon. Many can laugh at “financing difficulties” and write a check, even @ $800/sf..
Time will tell – neither of us have a crystal ball, that’s for sure.
At the price-point they are going for it is no surprise that sales are initially slow. The building will no doubt eventually sell out, but with something with a wide range of 500k to 10 Mil this should not surprise anybody, even in this market.
I feel like where this place is, it is just not a high-rise market. There is plenty of very nice and quality but slightly cheaper mid-rise options available (or coming online in the near future) in this area. Given the choice between high-rise and mid-rise, I would always go for the latter. This build would have been better off in downtown, midtown or uptown areas.