Booming Economy Leads to Increase in Million Dollar Homes

The Village of Indian Springs holds The Woodlands Reserve where the Frankel Building Group plans to construct 55 homes with prices starting around $1 million. The demand for homes at this price are increasing as the economic boom affects the Houston/Woodlands area. Compared to 2012, people have purchased 62% more homes, specifically 110 houses, within the seven figure price range this year according to the Houston Association of Realtors.

"At the risk of jinxing it, it's a golden age for The Woodlands," said Kevin Frankel, vice president of Frankel Building Group, a Houston family-owned custom home building business that has agreed to build on the 55 lots in the gated community of Indian Springs. Houses will be as large as 6,000 square feet  on lots of 12 to 23 thousand square feet and come in two different architectural designs: "Southern Coastal" and "Southern French."

Other pricey home developments include the island in the middle of Lake Woodlands, Mitchell Island, named after The Woodlands' founder, George Mitchell.  The Woodlands Development Co. is building around twenty homes on this island, complete with a single bridge for access, also priced in the millions. This project has been deemed "the next great address in The Woodlands" by Paul Layne, executive vice president of master-planned communities for the Howard Hughes Corp., parent organization of The Woodlands Development Co.

With the growth of the economy in this area come migrating businesses like ExxonMobil, Southwestern Energy, and Anadarko Petroleum Corp. are following. New offices are being built and employees are moving to the area, further increasing the local commercial real estate market.

The Grand Parkway, when finished, will help with the congestion caused by the spike in population.

Other current developments include 600 acres in south Montgomery County (construction by Toll Brothers, luxury homebuilders), land between Woodlands Parkway and FM 2920, east of the FM 2978, and a neighborhood south of Augusta Pines (construction by the Frankel Building Group).

Article Citation: Sarnoff, Nancy. (November 29, 2013). Seven figures in Woodlands is becoming more common. Houston Chronicle. Retrieved December 7, 2013 from: http://www.houstonchronicle.com/business/real-estate/article/Seven-figures-in-Woodlands-is-becoming-more-common-5020039.php.
Picture Citation: http://www.bizjournals.com/houston/news/2013/05/20/exxon-mobil-campus-construction.html.