Houston Luxury Homeowners Unfazed by Price Ranges

The past week brought a broad range of properties debuting on the luxury home market. For local owners of Houston luxury homes, two examples demonstrate that sellers are confident that buyers are out there for an extremely broad range of offerings.
From Manhattan, long a bastion of high-end real estate, comes the Journal’s report on “The Priciest Home in America.” It acknowledges that Manhattan real estate is a specialized market where participants are accustomed “to hefty price tags. A $25 million condo here. A $50 million mansion there….”
Even so, the newly listed triplex penthouse that spans the 129th through 131st floors of the new Central Park Tower sports an asking price that “might seem like a lot to spend on a home.” For some run-of-the-mill multi-millionaires, that might be true, but the developer makes a strong case that the asking price of $250,000,000 is a relative bargain. He points out that, in a period when “a bunch of artwork” sells for $100 and even $200 million, paying a little more for 17,000 square feet of steel and brick and glass should easily tap into the “growing submarket for $100 million-plus homes.”
On the other hand, house-hunters who qualify for that submarket might have set search parameters that eliminate their even getting wind of last week’s second luxury home example—a Dallas offering priced at a modest asking of $3.9 million. Even though the listing’s claim as “the most interesting home on the market” was amply demonstrated, its humble price point probably disqualifies it—never mind its porcelain floors and Murano crystal chandeliers.
It’s too bad because its claim as a “one-of-a-kind Futuristic Palatial Estate” does seem confirmed by its curb-appealing exterior glamor shot—especially the declaration that its architecture was inspired by the sci-fi film Tron: Legacy. Other singular features include the Versace main suite, 80s speakeasy with turquoise tufted walls, and what seems to be a Ferrari parked in the home office. Were it not for the humble price point, these might have sparked at least a look-see from shoppers concentrating on the Journal’s $100 million-plus submarket.
Owners of one of Houston’s luxury homes who are thinking of listing don’t need to worry about finding a market-wise asking price. Call Rinnovare Realty, LLC at (832) 445-4957 or visit us at www.rinnovarerealty.com to discuss how we will set the right one!