While we have seen a robust number of house sales in the first half of 2019 on small and moderate-sized lots, the most striking feature of the current River Oaks real estate market has been the large number of sales of properties on half an acre or more.* In a neighborhood where the price of dirt is calculated in three digits per square foot, this is news.
With less than a week left in the first half of the year – still time for another closing or two! – here’s what we have noted (and see our map below):
- 11 West Lane, 47,000 sq ft lot sale to a spec builder (May 2019)
- 3642 Inverness 9,000 sq ft house on a 22,000 sq ft lot (March 2019)
- 3659 Inwood 24,000 sq ft lot sale to a spec builder (May 2019)
- 3627 Inwood 5,000 sq ft spec remodel on a 22,000 sq ft lot (April 2019)
- 3404 Chevy Chase 10,000 sq ft house on a 23,000 sq ft lot (February 2019)
- 3345 Del Monte 6,000 sq ft house on a 23,000 sq ft lot (February 2019)
- 2320 River Oaks Blvd. 11,000 sq ft house on a 37,000 sq ft lot (May 2019)
- 1708 River Oaks Blvd. 12,000 sq ft house on a 44,000 sq ft lot (April 2019)
- 3205 Del Monte 28,000 sq ft lot sale to a private buyer for custom new construction (April 2019)
- 3023 Del Monte 7,000 sq ft house on a 27,000 sq ft lot (May 2019)
- 3024 Del Monte 21,000 sq ft lot sale to a spec builder (June 2019)
- 3014 Del Monte 9,000 sq ft spec new construction on a 21,000 sq ft lot (April 2019)
- 1811 Kirby Drive 7,000 sq ft house on a 24,000 sq ft lot (April 2019)
- 9 Shadder Way 8,000 sq ft house on a 25,000 sq ft lot (May 2019)
- 929 Kirby Drive 5,000 sq ft house on a 22,000 sq ft lot (April 2019)
To resoundingly top them all, there was a rare sale on Lazy Lane:
- 2930 Lazy Lane 200,000 sq ft lot with a 10,000 sq ft house (June 2019)
Perhaps we really mean largest, or highest, rather than “biggest.” Including land for sale, inventory in River Oaks has exceeded 100 properties in the past few months. This is more than at any time since we launched the River Oaks Market Report in January 2001.
Many observers might say that the big property sales listed above happened despite the high inventory. It would be more accurate to say that the sales took place because of it. In River Oaks, inventory drives sales. Bring it on.
Want to know much more? We are busily pulling together data for the 2019 mid-year River Oaks Market Report, which will be available around August 1. If you don’t already receive it, click here to order it.
*An acre is 43,560 square feet. Lot and house sizes are approximate.