Beyond The List: A look inside Houston homebuilders' most-expensive homes
Posted by Susan Arnoldy
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Houston's homebuilders are riding high on the booming real estate market.
Companies on Houston Business Journal's Largest Houston-Area Homebuilders List built 10 percent more homes in 2013 than they reported in 2012. Eighty-five percent of homes are sold prior to completion, according to survey respondents, and homes take, on average, about 21 weeks to complete from groundbreaking.
But not everything is so great. When asked about challenges in their industry, homebuilders referenced rising land prices and interest rates as factors that could negatively affect their business. As HBJ previously reported, land prices — and subsequently, home prices — in Houston are skyrocketing, with an increase of 10 percent over last year.
The price increases hit across the spectrum. Homebuilders were asked how much their most expensive home sold was listed for in 2013, and those responses were over 30 percent more expensive than reported for 2012.
Partners in Building reported the most expensive home sold in 2013, boasting a list price of a $3.5 million. This custom homebuilder is based in Houston and ranked 10 on this year's List of homebuilders, with local revenue of $167 million. It started nearly 200 homes in 2013 and reported that its homes typically take 25 weeks to complete.
Rohe & Wright Builders reported the second-most expensive home with a list price of $2.4 million. The 6,000-square-foot custom home is in one of Houston's wealthiest ZIP codes, 77019, and features a rooftop terrace. Rohe & Wright took the 20th spot on The List, up four spots from last year, with revenue of $15.8 million. The company started 23 homes in 2013.
David Weekley Homes listed the third-most expensive home at $1.69 million. The company recently launched a new luxury project in central Houston that will host nearly 40 homes priced between $400,000 and $500,000. David Weekley Homes placed fifth on The List, with local revenue of $282.7 million for 2013 and 799 home starts.
Realex Homes, a custom builder based in the Bayou City, listed its most expensive home sold in 2013 at $1.5 million, but it has already exceeded that figure with a $2.8 million custom home completed earlier this year. Realex debuted on The List at the 23rd spot, reporting local revenue of $9.4 million and 16 home starts for 2013.
MHI McGuyer Homebuilders Inc.'s most expensive home sold in 2013 was listed for $1.4 million. The custom build encompasses more than 4,500 square feet and is located in Briargrove. MHI McGuyer took the fourth spot on The List, down two spots from last year's List. It reported local revenue $285.7 million and started 800 homes in 2013.
By: Madison Henry at Houston Business Journal
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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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