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Ivy Lofts set to become Houston’s first “contel” Ivy Lofts set to become Houston’s first “contel” https://www.recenter.tamu.edu/news/newstalk-texas/?Item=139582016-07-27T05:00:00Z2016-07-27T20:00:00Z

​HOUSTON - Novel Creative Development LLC announced Houston’s first major micro-unit condominium, the new developer expected to sell all 550 units before breaking ground in June 2016.

Ivy Lofts offer micro-unit condos ranging in size from 304 sf to 1,001 sf. 

Prices started from $119,000 for a 300-sf loft to $375,000 for condos 700 sf and larger.

However, four months after opening an on-site sales center, Ivy Lofts had secured contracts from only 68 prospective buyers. Of those buyers, few were actually the targeted market of Millennials, urbanites and suburban empty nesters.

The developer is now redesigning the project into one of the first condo hotels in Houston. 

Condo hotels, or a contel, is a condo building that is operated as a hotel. When the buyers aren’t using their condos, it is rented out to visitors. 

The majority of the interest was from investors looking to purchase the smaller 300-square-foot units to use as investment properties, renting them out to young professionals,​
Houston Business Journal
Houston-The Woodlands-Sugar Land
Housing
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