LET T E R F ROM T H E DEV ELO PER
SALES & MAR KET UP DATE
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VOL. 2 - SUMMER 2016
L ET T ER F R OM T H E DEV ELO P ER RI CH AR D LEIBOV ITC H | MA NAGING PARTNER - A R E L CA P I TA L
We are pleased to provide you with our second issue of The River Oaks Report.
On the marketing front, sales in the building continue to proceed well. We are now over 50% sold and interest in our building remains very strong. We have recently published a penthouse brochure that is available at our sales center and on our web site. Our units have been featured in a number of local publications, including The Houston Chronicle, Houston Business Journal and PaperCity. Our new virtual reality app is also available, allowing owners and prospects to visualize the interiors in a new and exciting way. We are planning several events in the fall, including a reception at the sales center on September 20th.
While many of you are hopefully on holidays, away from the Houston heat, we have continued to make great progress at The River Oaks. Your building is beginning to take shape and change the River Oaks skyline. Our crawler crane has come and gone, having erected 550 tons of steel to frame our Garden Residences and the new penthouse floors, which are now visible from all directions. We have been conducting early morning concrete pours of the penthouse floors stretching the limits of the concrete pump trucks. Installation of our window wall and façade system continues and we have begun work on our Garden Residences’ gardens and pool courtyard. Interior work is progressing with framers, electricians, plumbers and HVAC and elevator installers all active in the building. We have been busy working with our general contractor, GT Leach, finalizing all of our subcontractors and scheduling the work for the coming months. You may have observed that the project site is a bee hive of activity for the past several months as the site averages between 100 to 115 workers each day.
We hope that you find this update informative as we progress with our construction and we move closer to our first deliveries in Spring 2017. Please do not hesitate to reach out directly to me if you have any concerns or questions about your unit.
Richard Leibovitch
FO CUS | T H E R I VE R OAKS MAILROOM
Keeping in line with the world-class amenities and exceptional service afforded to its residents, the Rottet Studio-designed mailroom at The River Oaks offers a unique experience to an otherwise mundane daily routine. Sleek, walnut-encased mailboxes surround the central lounge area, featuring a Vladimir Kagan curved sofa and other contemporary furnishings, perched atop a plush Jan Kath
“Erased Heritage” Collection rug, providing the perfect vantage point to gaze out onto the building’s private gardens and pool area. The floating millwork elements evoke life-size, mirrored jewel boxes from which residents can retrieve their mail while conversing with their neighbors in a casual and communal environment, emphasizing comfort and functionality.
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SALES & MA R KET U P DAT E MI K E RE D D E L L | VI CE P RESIDENT, DEV ELOPMENT SERV IC ES - SU DHOF F COM PA N I ES N AT H ESTO N | AS S I STANT DIRECTOR , DEV ELOPMENT SERV IC ES - SU DHOF F COM PA N I ES
SALES UPDATE:
HOUSTON CONDO MARKET UPDATE:
We want to thank you for your interest and confidence in our incredible development, The River Oaks. Our sales velocity is exceeding all expectations. As construction progresses, the pace of sales has also increased. In one year, more than 50% of the building has been sold. Typically, this number of sales would take 18 to 24 months to achieve. The River Oak’s sales traffic and pipeline far surpasses any other project in the city.
Sudhoff Companies recently completed a market report focusing on year-over-year sales, together with supply and demand trends for Houston condominiums. According to this study, The River Oaks remains one of the leaders in the market with 30% of all new condo units sold. Sudhoff Companies’ report estimated, based on its sales pace analysis, that The River Oaks should be completely sold out by the third quarter of 2017.
Our goal is to create a wonderful and meaningful experience for our buyers, transitioning from their current residences to a new life of carefree luxurious convenience. We are grateful that so many of you have already referred friends and family members to us, to become your neighbors and help build a unique community of like-minded owners. Please contact a sales agent if anyone you know may be interested in making The River Oaks their new home.
The report also identified two significant demand trends: • Increased demand from current residents of multi-level townhomes and/or buyers favoring single-level condominiums over townhomes. This is a significant finding, considering that there is limited price difference between a luxury townhome and a condominium. Convenience of single-level living, strength/ energy efficiency/sound isolation of concrete over wood structure, 24-hour access control and the availability of amenities such as a pool and fitness center were the main factors expressed, explaining such preferences. • Suburban single-family home owners are now purchasing a condominium to use on weekends and holidays, prior to transitioning into the new location as their primary residence. This emerging trend was also chronicled by The Wall Street Journal, “Ultimate Staycation, A Second Home in the Same City,” June 2, 2016.
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T HE RIV E R OA KS | EV ENTS VIEW FROM THE TOP | March 29th, 2016
Groups of guests were able to take the elevators up to survey the 15th floor
The River Oaks buyers and special guests received a sneak peek into Houston’s first luxury redevelopment project. Buyers could see firsthand the progress of the construction while enjoying skyline views. They were first greeted in the sales center with cocktails and hors d’oeuvres and then taken to the 15th floor of the building to mingle with fellow owners and prospective new buyers. Our New York-based developers came to town to meet our owners and update them on the progress of their units. The event was featured on the front page of Houston Chronicle’s Business section, as well as in the Houston Business Journal’s article, “Sneak peek: Inside the The River Oaks luxury condo construction project” by Paul Takahashi. Michelle Eter (Selection Coordinator) and Blake Kunetka (Sales Associate) walked guests through a 3-D virtual tour of The River Oaks, using our specially designed app and Google viewer. The presentation also included a demonstration of our Finishes & Features software, designed to facilitate our buyers’ selection for finishes. Buyers can instantly see on-screen their kitchen or bathrooms, based on their own unique selections.
Phyllis Frank looks at finishes with Michelle Eter and Blake Kunetka
Michael and Carol Linn
Aron Frank and Steve Palmer
Margaret Pfeiffer, Jennifer Bowen and Catherine Zdunkewicz
Richard Leibovitch shows Michael Linn a prototype virtual reality viewer
Eleanor McCarthy and Melanie Trent
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T HE RIV E R OA KS | EV ENTS MADEVAL SHOWROOM | June 28th, 2016
Magdalena Paluma and Marcela Hinojosa
The Decorative Center of Houston invited buyers to the Madeval showroom for a presentation by acclaimed designer Nina Magon. Madeval owners Tita Donoso and Javier Munoz gave buyers an in-depth look at the closets Rottet Studios chose for this wonderful project. Guests were also shown upgrade options for kitchen and bath cabinetry, highlighting Madeval’s signature sleek modular systems. Madeval helped buyers plan unique home environments uniquely suited to their needs, thanks to its broad range of product selections. This family-owned company has been helping sophisticated homeowners select cabinetry for more than 38 years. Chef Samantha Rensel cooked light bites in the showroom for guests while designers acquainted The River Oaks buyers with Madeval’s options for modern and beautiful cabinetry.
Nick Florescu, Dancie Ware and Andre Landon
Carol and Lynn Ratcliff listen to Valentino Lopez
Steve Howard, Michelle and Patrick Torres
Mary Ann Miller and Carmela Lummis
Ed Nwokedi, Jock Naponic and David Genova
Carol Ratcliff, Tita Donoso, Nina Magon and Rosalind Baber
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CONST R U CT ION U P DAT E DAVI D GE N OVA | DIRECTOR OF DEV ELOPMENT - A R E L CA P I TA L
The Penthouse views will be STUNNING
Since our last newsletter, the remarkable transformation of The River Oaks is continuing at full speed. Manpower has consistently exceeded 100 workers daily, and is only about to increase as we expand our work areas. We have completed the structural steel expansion of our building, adding two penthouse floors above the existing roof level and constructing the six garden home residences. Concrete slabs on deck are being poured for these areas, including the penthouses. The installation of our window wall system is well advanced, with work mostly completed from the 3rd through the 16th floors. Finally, work on our exterior finishes for the Eastern and Western walls and balconies, as well as waterproofing of our exterior elements continues.
For example, in June, a team including the developer, interior designer, and stone supplier travelled to Italy and visited the quarries in Carrara to select our own blocks of Calacatta Gold marble! We purchased four blocks, which will be processed into 2 and 3 centimeter slabs, loaded onto a boat, shipped to Houston and installed in our owners’ units. All final permitting quality control processes are in place, verifying that all installed materials meet specifications and code requirements. Daily coordination meetings of the architect, interior designer, engineers, construction manager, subcontractors and developer are held to facilitate these efforts.
Inside the building, the units are beginning to take shape. Metal stud framing has advanced from the 16th floor down to the 2nd floor. HVAC, plumbing, sprinkler and electrical rough-in are all in progress as well. Exterior landscaping and the garden elements are beginning to be installed. Site work on the amenity level courtyard has started and the garden residences’ concrete work (planters and walls) is complete on the South side and nearing completion on the North side.
Nets and tarps protect finished windows from any falling debris
While all major design elements have been finalized, the project team continues to make painstaking efforts to ensure all aspects of the project are fully detailed and coordinated to build the desired product, consistent with our owners’ expectations.
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CONST R U CT ION U P DAT E DAVI D GE NOVA | DIRECTOR OF DEV ELOPMENT - A R E L CA P I TA L
Workers tread carefully perched high above on the penthouse roof
Garden residences concrete work
Interior framing, walls, plumbing, electrical are all coming together
Exterior layers are building up on this patio
Elevator shaft is shaping UP
Amazing scale of the marble quarry in Carrara, Italy
Blocks of marble prior to processing
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3 4 3 3 W EST H E I M E R R D. | T H E R I V E R OA K S .COM | 7 1 3.6 0 0. 5 0 78
Broker participation welcomed. Prices and specifications subject to change without notice. Images are meant to evoke the character & the mood of the design and is not meant to represent the exact features or materials. Please see a sales associate for details.