High-rise homes From the cover
What they oer
At a glance
1 Riva Row The property includes: • Units: 268, of which 142 were available as of May 13 • Leasing rates: ~$2,200-$8,600 and over per month • Size: ~600-2,000+ square feet • Sports lounge with golf simulator and billiards • Resort-style pool with cabanas and outdoor kitchens
With most single-family home development in The Woodlands complete, multifamily oerings are now on the rise, with 1 Riva Row now open and The Ritz-Carlton Residences underway for a projected 2027 opening. Developed by Howard Hughes, both are marketed as luxury properties. The 1 Riva Row building opened in November and is the rst high-rise rental residence with penthouses available for lease in a multifamily community in The Woodlands, according to Howard Hughes. Meanwhile, The Ritz-Carlton Residences is the rst such stand-alone for the brand in Texas, according to Howard Hughes. Most of the renters living at multifamily properties of Howard Hughes communities in The Woodlands are local residents choosing to transition from single-family homes to a more convenient lifestyle, according to information from Howard Hughes. “We are also starting to see growing interest from city-based renters drawn to our highly amenitized community,” a Howard Hughes spokesperson said. Prices for The Ritz-Carlton Residences still available as of early May range from $3.6 million to $8.3 million . However, local Realtors said high prices are not a deterrent in The Woodlands market. “Properties in denser areas like 1 Riva Row and East Shore sell fairly quickly generally in less than 30 days if they are priced appropriately. However, ultra-luxury homes priced signicantly higher between $2.5 million and $4.5 million typically take more time to sell than homes in the entry-level luxury market, which is around $1 million to $2 million,” The Woodlands-based Realtor Melody Pevateaux said.
• Four-story amenity center • Electric vehicle charging 1 Riva Row, The Woodlands
GROGANS MILL RD.
N
The Ritz-Carlton Residences The property includes: • Units: 9 available as of early May • Completion date: 2027 • Eight private acres • 1,200 feet of shoreline on Lake Woodlands • 15,000 square feet of indoor wellness activities and amenities • Valet parking • Four penthouses 2399 Lake Woodlands Drive, The Woodlands
.
A
LAKE WOODLANDS
GROGANS MILL RD.
N
SOURCES: HOWARD HUGHES, HOUSTON ASSOCIATION OF REALTORS£COMMUNITY IMPACT
Active luxury high-rise listings in The Woodlands
A closer look
48
50
high-rises listed for sale in 2025, compared to fewer in 2021-24, according to HAR. Jim Carman, president of the Texas Region for Howard Hughes Communities, said multifamily opportunities are important to residents and workers in the market. “Buyers and renters are drawn to the security of a master-planned community with walkable access to exceptional restaurants, retail, entertain- ment, trails and natural beauty—a combination that sets The Woodlands and our other Houston communities apart,” Carman said.
Properties like The Ritz-Carlton Residences can be seen as part of the response to a growing demand for condos and high rises in the real estate market, said Chanel Raesis, director of agent development for CB&A and board member of the Houston Association of Realtors. “In the past, it seemed as though [condo and high-rise] inventory, which you could see from market data, was pretty low. They didn’t sell a lot … and so now with the shift of having more inven- tory, there’s a lot more options for buyers than they’ve really had over the years,” Raesis said. The Woodlands market had 48 active luxury
40
24
30
20
8
7
6
10
0
2021
2022 2023 2024 2025
SOURCE: HOUSTON ASSOCIATION OF REALTORS COMMUNITY IMPACT
40
COMMUNITYIMPACT.COM
Powered by FlippingBook