As of the third week of October, there are currently 42 properties in River Oaks owned by speculative builders. Of these, 18 are being actively marketed on the multiple listing system (MLS), including one in a pending contract awaiting completion.
What do we know about them?
- Of the 42 spec properties, 14 have been completed. Indeed, some have been finished for well over a year.
- In 2019 there have been just three closed sales for speculative new construction. The sales prices for those sales were evenly spread: low $3 millions, low $5 millions and mid $8 millions.
- In addition to the new construction houses on MLS, there are 10 houses actively under construction. That leaves 15 properties that are either vacant dirt or soon to be so.
Of all the speculative-developer owned properties, three are top-to-bottom renovations of existing houses. Only one of those is complete and ready for a new owner – our own listing at 2300 Timber Lane. Click here to view this spectacular new/old house.
Shown below is our map of River Oaks with new construction (and prices) highlighted.