A Texas estate just listed for $17.5 million could be an indicator of the strength of the Houston luxury residential market despite climbing mortgage rates and property taxes—perhaps because cash remains king when it comes to high-end real estate.
The 11,000-square-foot house at 402 Timberwilde Lane has a lot of land attached to it, even for its Memorial neighborhood, where some of Houston’s highest-priced properties are located. Designed by Iraj Taghi, a local builder of luxury residences, and just remodeled, the house is on 2.5 acres of piney woods. It has five bedrooms, a pool and a tennis court.
It’s also one of the most expensive on the Houston market. There are a few outliers, such as a nine-acre Memorial estate just publicly listed for $60 million, and a handful in the $20 million to $30 million range. But the listing price of luxury homes sold in Houston in April topped out at $7 million.
Clearly, there’s some faith in Houston’s luxury market at work here.
“The raw numbers indicate that the market for million dollar plus homes in Houston has taken on a sharp increase in sales for the first quarter of 2022 versus the first quarter of 2021,” wrote listing agent Michael Afshari. “Although there were no listings that sold on the market in the ultra luxury threshold ($10M+) in 2021 according to the Compass Ultra Luxury Report,” he wrote, “the market and current sales indicate that we have graduated in 2022 to see more sales in this price arena.”
Afshari attributed the optimism to migration to the area by both out-of-state transplants and buyers moving from other Texas cities.