The luxury market is booming in Houston.
For the first time in years, the median home price in the city jumped by nearly 5 per cent to $1.5 million, according to the median listing price for a detached house in the Greater Houston area.
The median listing is the point at which most home buyers are willing to pay more than the median sale price.
The high demand from buyers in the Bayou City has made the prices of some luxury homes skyrocketing in the greater Houston area and other areas of the city.
Many of the new listings, however, were built on vacant lots.
Here’s a look at some of the hottest condos in Houston right now.
Houston’s top 10 luxury apartment listings: 1.
Bayou Club Apartments by Boca Raton, Florida: $2.9 million 2.
Houston luxury apartment by Hausman and Associates: $1 million 3.
Bayview Manor by Mather Properties: $839,000 4.
The Woodlands by Baywood Properties: £1.6 million 5.
Westland Manor by Bayside Properties: €1.3 million 6.
River Oaks by Belshe Properties: US$819,000 7.
South Bay by Covington: $905,000 8.
Parkview Manor at the River Oaks Golf Club: US $813,000 9.
East Lake Shore by Mavado Homes: US, UK$855,000 10.
Baywood Park at the Houston Center: US$.829,000 The average price of a home in Houston is $1,569,903, according the Zillow home listing service.
For comparison, the current median home sale price is $879,000, according RealtyTrac.
The average listing price of luxury condos in the country was US$2,742,000 last year, according Zillotricks.
But that number has increased significantly since 2014, according a new study from Realty Trac, as condos were priced at a premium to their average sales price.
Many high-end luxury condos were built by the Boca Ranchers, a real estate group based in Boca Rancho, Fla.
The Boca Ridge luxury condo at 635 N. Park Avenue is one of the best-selling luxury condos sold in Houston, said Kevin Mather, managing partner of Baywood, the developer behind the Baysides.
“This property is a luxury property with an impressive pedigree,” he said.
“It has been a luxury home for many years.
It’s an investment in a historic home.”
It’s the latest luxury condo in the area.
In the past few years, Houston has been seeing a lot of luxury homes being built on empty lots.
In 2016, a luxury condo was demolished in West Lake, south of downtown Houston, for $1 in cash.
The same year, a Bayou Country luxury condo went up for sale in the Lakewood neighborhood.
Mather said the Bay Oaks project in Lakewood has been going well for months, and he said that this new condo was built on a vacant lot.
“We were able to negotiate a $2 million down payment to build on the property,” Mather told the Houston Chronicle.
“There’s not a lot that’s ever been built on land like this in the United States.”
The Bay Oaks condos were initially planned to house 10 people.
Mavados Bayou Bayou is a privately owned property, so the developers were not required to buy the land.
The developers have plans to expand the development to include a larger pool area.
They are also considering building a luxury spa.
Mavoraro is a senior vice president at Baywood and is also the general manager of BayoRanchers real estate operations.
The development is also owned by the company that manages the luxury condos at Bayou Caves.
“BayoRanches has a long history of building and managing luxury properties in Houston and throughout the country,” Mavades said.
He said that his team has always built on property that was previously owned by other companies.
“In this case, we have owned the property for many, many years,” Mavorarro said.