Penthouse living in any city comes with quite a price tag, and Houston is no exception. Although penthouses in Houston may not fetch prices as high as those in New York, Chicago, or Miami, buyers will still pay for the ease of living and views one can only find in a luxury high rise.
To understand who penthouse buyers are, we first need to breakdown what a penthouse is and why they are so exclusive. A penthouse is typically the top-most unit in a high-rise building, though it can also include the top few floors and units. JD Adamson, Houston-based luxury Realtor and penthouse expert, of Douglas Elliman Real Estate, says, “A penthouse has always been the best unit—or units—in the building.”
Buyers will, of course, pay more for the best in already luxury and expensive buildings, but there’s another factor that can drive up the price. “Availability,” said Adamson. “There is a relatively limited number of penthouses in any city, especially here in Houston, so a lower amount of inventory means higher price points.” Indeed, according to the monthly report published by the Houston Association of Realtors, in April of 2019, there were 42,086 single-family homes for sale in the greater Houston area, with an average listing price of $310,676. Comparatively, as of publication date, there were only 17 Penthouse Units with an average list price of $3,784,455. These limited numbers but high prices make penthouses even more exclusive, meaning their buyers can afford to get the best of the best.
Publication note: April 2019 numbers were used for a year to year comparison, as Covid-19 skewed April 2020 numbers due to quarantine.
So besides being able to afford to live in luxury, what makes penthouses buyers unique? There are three main things that set penthouse buyers apart from other home buyers: they are well-traveled and want to be on the move, they want all of the amenities included in luxury living, and they expect only the best high-end finishes.
They Are On the Move
The main character trait JD Adamson has observed from luxury penthouse buyers is that many are globe trotters. “I’d say the vast majority of buyers I’ve worked with are looking at penthouses for a second or third residence because they use their units when traveling either for business or pleasure,” said Adamson. This also means most buyers are new to Houston, whether they are here permanently or are using their unit as an additional residence. Adamson said, “Only a handful of buyers I’ve worked with currently live in Houston and are moving into a penthouse. If they live here full-time, then they are buying units in another city they work or travel frequently.” That concept holds that the majority of buyers seen in the Houston market may claim residence in another city or country but are buying a luxury property due to frequent visits. A back and forth lifestyle is perfectly suited for a penthouse because there is no exterior or grounds maintenance, and buyers can be assured their home’s location will be the best a city has to offer.
They Want Ease of All-Inclusive Living
In addition to being low maintenance, penthouses offer an all-inclusive lifestyle that can rival top hotels. We detailed many of these amenities in our last post, 6 Reasons Houston Buyers Should Consider High Rise Living and they are hands down some of the top mentioned bonuses buyers look for when choosing a penthouse. Since so many buyers may not live in their penthouse year-round, included security is a significant factor. Penthouses are found in the most secure buildings and typically include a doorman, multiple keyed doors, and state-of-the-art security systems. A few select units may also offer a private entrance or elevator to ensure safety and discretion. Additionally, buyers opt for the units rather than extended stays at hotels while traveling. However, they still want the ease that hotel living provides by having luxury pools, spas, and fitness centers, as well as on-site building maintenance and support staff that can cater to resident’s specific needs.
Their Taste is High-End
Lastly, any buyer that can afford the best units in a luxury building requires a refined décor and high-end finishes. Like all home buyers, some want everything completely redone and move-in ready with the best appliances, smart-home tech, and furniture, and décor to match. They want to move their belongings in, or drop a bag when they are in town, and immediately be able to enjoy their luxury unit and amazing views. Others want everything to be fully customizable and prefer more of a blank slate look that they, or a hired interior designer, can make their own. But ultimately, both of those buyers want to trick out everything in their home, whether it comes that way already or they add their flair. High-end design can look different for everyone, but you can rest assured a penthouse will have the most quality of stone and tile in the kitchen and baths, the highest grade appliances and fixtures, and fantastic lightning throughout to compliment the sun-filled rooms you can only find in a penthouse. Check out the quality design in some penthouses currently for sale below:
The River Oaks Penthouse 2W
Paramount Penthouse 2502
Astoria Penthouse 2701
As you can see, penthouse buyers expect the best of the best. Whether the unit is their primary residence, home while they’re away for work, or a vacation getaway, a luxury unit complete with all-inclusive amenities and high-end finishes is key. Ready to find your perfect penthouse? Contact us to get started or feel free to download our personal app here. The next move is yours.
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