River Oaks Proper

River Oaks. The number one most expensive neighborhood in Houston. This super-star of a Houston neighborhood was developed between 1920-1940, and current pricing ranges from 3,000,000 – 29,000,000. Lot sizes can be over two acres here, and building square footage could be as much as 20,000sqft.

Within River Oaks there are a couple type of houses available.

1. The original house in original condition. It’s safe to say there are little to no original owners still left occupying, but don’t be shocked if you see something on the market that has original lighting elements and a kitchen that was redone in the 1970s. 
2. The restored original house. An original home with an original foot print that has been completely remodeled. 
3. The restored and added on to the original house. Most of the original homes here are small according to today’s luxury home standards, so some have been completely overhauled and massive additions have been integrated into the design. 
4. The brand new luxury home in place of the original home. The new builds in River Oaks are staggeringly beautiful. Anywhere from $2MM – $27MM designed by leading architects and adorned with the latest and greatest statement chandeliers, wall paper, building materials, perfectly manicured grounds, lavish pools, the occasional 6+ car garage & motor court, home theaters, wine cellars… you name it. 

Items of consideration when house hunting in River Oaks:

1. How old is this house? What unseen items will need attention?
2. Yearly property tax amount
3. If you are remodeling, how good is your contractor? Do they have experience in the luxury market?
4. What are lead times on high end appliances?
5. Cost and extent of renovation? Some of these houses are jumbo and gereatric, and often can be underestimated on just how much money and how much time it will take to completely overhaul. 
6. The future sale: the luxury end in almost any market is different than sub $2MM. The higher the price, the more custom designed, the rarer the materials: the smaller your buyer pool will be in the present and in the future. How long are you planning on holding on to this house? Long enough to make your money back? What is your goal with this house? A long term primary residence, or making a return in less than five – seven years?