6 Most Surprising 2022 Real Estate Deals in Texas
The availability of properties in the lone star state has decreased over the years, thus the significant price jump. Likewise, the most surprising 2022 real estate deals in Texas were mostly made up of pricey properties.
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Texas emerged as the top relocation destination following the COVID-19 pandemic. Masses of people relocated to the second most populous state due to its affordable living cost and below-average housing prices. Living in the lone star state comes with its fair share of perks, including cheap everyday expenses and the fact that the state does not charge residents any income tax. Therefore, it does not surprise that some of the most surprising 2022 real estate deals in Texas ranked way above the country’s average.
Real estate deals vary widely, given that Texas is a big state with different dynamics. For instance, the average price in Austin, the state’s tech hub, is about $540,000, nearly double the median price in a less buzzy town like Amarillo. Nevertheless, it is still possible to get a better deal given that the median home price in the state was $345,000 in 2022, 25% cheaper than the national median price of $370,700.
Most Surprising 2022 Real Estate Deals in Texas
Most Expensive $60 Million
Inspired by the chateaus of Europe, a Houston home priced at $60 million was the most surprising 2022 real estate deal in Texas. It was the priciest residential property in the market, sitting on 9 acres of land and roughly about 22,000 square feet of living space.
The house comes with an Indian limestone façade and 12-to-14-inch walls. It also features walking paths with multiple bedrooms and reception rooms. A family kitchen and one for staff and caterers were also on offer. Ample garage space, a library, and a private office also made it stand out.
120 Carnarvon Drive, $21 million
The 120 Carnarvon Drive home, previously owned by Houston International Insurance Group CEO Stephen Way, was one of Texas’s most surprising 2022 real estate deals. The 26,600 square-foot house features six bedrooms, seven full bathrooms and professionally equipped primary and catering kitchens.
The new owner, who is still unknown, also stands to take advantage of a fitness centre within the house, a theatre and a wine vault. Also on offer is a 3,700 square foot bedroom guesthouse with manicured gardens. Privacy is another unique feature within the property as it is secured by stone walls, iron fences, and electric gates.
20 Carnarvon Dr., Houston, Texas $29.5M
It was one of the most lavish homes in the market in Texas in 2022. The property features a countryside landscape in the heart of Houston. Better known as the Manor on Carnarvon, it features a unique design inspired by European most classic structures.
With six bedrooms and 16 bathrooms, the property also features 4 acres of lush park-like grounds. The interiors come with patina wall panels, silk upholstered walls and vaulted ceilings. A walnut flooring and French antique fountains add to the unique design.
62 Hallbrook Way, $6.7 million
The six-bedroom, 1200-square-foot estate was one of the most surprising 2022 real estate deals in Texas as it went for $6.7 million despite sitting on a premier location within the Woodlands Carlton Woods Creekside.
The property offers excellent views of the Fazio Championship golf course. Some of the unique features that make it stand out include a 2,400-square-foot pool and a modern floor plan. It also comes with a double-gated entryway and Italian porcelain fireplaces.
5464 Sugar Hill Drive, $5.2 million
The 8,8000 square foot mansion was one of Texas’s most surprising 2022 real estate deals. The property was on the market for about 97 days, after which it was scooped for $5.2 million, the property comes with six bedrooms and eight bathrooms.
Its modern design with classic English architecture made it stand out. The high ceilings and glass walls for drawing in abundant light added a unique touch. The property also features a pool with three garages and a lounge bar area.
Meta Backs out of 66-Story Office Building
One of the most surprising 2022 real estate deals in Texas was a move by Meta Platforms to back out on a plan to lease a 66-story house building in Austin. The decision came as the giant networking company embarked on a restructuring drive that saw it pill back on its office footprint across the country. The tech giant has since resorted to subleasing rather than occupying a 589,000-square-foot property.
Bottom Line
High mortgage rates and an uncertain economic outlook pose the biggest test to Texas’s real estate sector . The big question is whether the housing market will crash as the FED continues to hike interest rates to bring inflation levels below the 2% threshold. Amid the string of challenges, there will always be room for big deals to close in the sector that should match the most surprising 2022 real estate deals in Texas.
