Market Square Tower:
Don’t Rent Here Without Reading This
Located across Market Square Park at 777 Preston St, Market Square Tower is a 40-story, 463-unit, lease-only luxury highrise.
Market Square Tower: Don’t Rent Here Without Reading This
Market Square Tower:
Market Square Tower is Downtown Houston’s latest multi-family highrise development with luxurious amenities.
Luxury amenities include poker rooms, cantilevered pool, screening room with lie-flat recliners, and a wrap-around rooftop with amazing views of the Houston skyline and Buffalo Bayou Park.
Market Square Tower is designed by Jackson & Ryan Architects. The building is located on a city block bound by Milam, Preston, Louisiana and Congress.
- Address: 777 Preston St, Houston, TX 77002
- Year Built: 2017
- Number of Units: 463
- Nearby Buildings: Bayou Lofts, Byrds Lofts, Hermann Lofts, Hogg Palace
- Neighborhood: Downtown Houston
Market Square Tower is located within Downtown Houston. Downtown is home to over 30 residential lofts and condos. Buyers and renters will benefit from a good Downtown realtor who has sold numerous properties in the area.
For more information on Market Square Tower condos and how they compare to nearby buildings call Paige Martin at 713-384-5177 or email Paige@HoustonProperties.com
Paige Martin’s Recent Awards:
– “Top 25 Agents in Houston,” Houston Business Journal
– #1 Keller Williams Agent, Houston
– #10 Keller Williams Agent, US
– “Top 25 Agents in Houston,” Houston Business Journal
– #1 Keller Williams Agent, Houston
– #10 Keller Williams Agent, US
Downtown Houston Condos For Lease
Houston Condo Resources
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Market Square Tower Review
Market Square Tower is one of eleven new residential lease highrise buildings being added to Downtown Houston.
Prior to the construction of these new eleven buildings (that were planned during the 2012-2014 oil boom) there were 2,899 downtown residential units (housing approximately 3,800 residents).
These eleven new downtown lease-only buildings are adding 2,729 new residential units (housing approximately 3,500 people).
In addition, seven more downtown residential towers are planned (but have not broken ground as of the time of this writing) bringing an additional, planned 3,200 residents.
Candidly, I think many of these seven planned downtown Houston highrise buildings that have not broken ground will not make, since Houston’s downtown real estate market changed dramatically from 2014 to 2016.
However, supply is still doubling, while demand stays flat.
“Paige Martin is probably the most knowledgeable condo Realtor in Houston. She saved us from what would have been several bad buys. I highly recommend you call her before you consider buying anything.”
As you’ll see the in 10 year Downtown Houston lease trends below, rental prices peaked in mid 2015. Lease prices started falling in late 2015 and have fallen further in 2016.
One of the challenges that Market Square Tower (or any new luxury downtown Houston residential building) faces is that they are pricing their rental units at a 40% plus premium to last year’s rental rates (which had the highest all-time ever lease rates).
This is a 50%+ premium to the current rental rates, while supply of downtown rental inventory is planned to double.
Typically, when supply increases and demand decreases, prices do not rise by 50%.
Even if Market Square Tower deserves a 50% premium over downtown Houston lease rates, it’s likely that downtown Houston rental rates will fall and all lease prices should be adjusted.
“No one knows more about Houston condos than Paige Martin. She’s an exceptional resource and someone you want on your side if you want to buy or sell.”
Market Square Tower Houston
Market Square Tower is a lease only downtown residential high rise building.
One of the challenges that new luxury downtown rental highrises have, is that the average price to purchase a downtown Houston condo or downtown Houston loft for sale is less than $275,000.
When luxury lease prices (like Market Square Tower Houston) offer condo rentals costing in excess of $6,000 per month, and ownership costs for nearby Houston condos for sale are less than half those rates, the question is “Will people be willing to pay a premium lease rate, versus purchasing a condo and upgrading the unit to the owner’s tastes?”
For example, spending $85,000 per year on a rental at Market Square Tower may be less advantageous than buying a $300,000 condo at Franklin Lofts, Bayou Lofts, Hermann Lofts, Commerce Towers, Kirby Lofts, Rise Lofts, or The Edge (all a short distance away from Market Square Tower).
Here’s a collection of current downtown Houston lofts & condos for sale:
Please contact Paige Martin for recommendations on Houston mortgage providers who specialize in downtown Houston condos and lofts so you can compare monthly ownership costs vs lease costs at downtown Houston luxury rental buildings.
Market Square Tower Amenities
Market Square Tower offers a tremendous amount of amenities, including:
Level 4 Amenities
- Park Terrace Heated Pool and Spa with Cabanas
- Veranda Grilling Space with Outdoor Kitchen and Fire Pit
- Game Room with Air Hockey, Skee-Ball, Ping-Pong and Arcade Games
- Billiards Room
- Poker Suite
- Indoor Basketball Court
- Virtual Golf Simulator
- Movie Theatre
- Children’s Room
- Grand Ballroom with Catering Kitchen
- Demonstration Kitchen
- Temperature-controlled Wine Room with Private Lockers
- Spa Relaxation Room with Men’s and Women’s Locker Rooms
- Steam, Sauna and Massage Rooms
- Sunless Tanning Suite
- Cyber Lounge
- Executive Conference Room
Rooftop Amenities
- Infinity Deck with a Glass Bottom Pool Shelf Cantilevered over the Rooftop Edge
- Outdoor Lounge Areas with Grilling Spaces and Fire Pit
- Sky Gym with State-Of-The-Art Fitness Equipment
- Sky Studio with Virtual Class Offerings
- Sky Room for Private Dining or Business Meetings
- Sky Lounge with Bar Services
Other Amenities
- Upgraded Connectivity to Guarantee Cell Phone Reception throughout Entire Property
- Guest Suites
- Bicycle Storage with Bike Fix-It Station
- Fully-Equipped Pet-Grooming Room
- Resident Storage Units
Resident Services
- Vehicle Valet
- Concierge
- Package Delivery Desk
- Valet Dry Cleaning
- Pet Walking, Sitting, and Grooming
However, a recent study in conjunction with Houston Condos That Have Been Investments showed that over 81% of all building residents did not use a single building amenity over a 45-day period (excluding building staff services like concierges, porters, valet, etc.)
This implies several things:
- Building amenities are great selling points, as new residents get to see “glitz and glamor.”
- Most amenities are not used by the majority of the residents.
- Every month, all residents bear not only the amortized construction costs but also the ongoing maintenance cost of every single building amenity.
In addition, “cool” building amenities (e.g. glass bottom pools overlooking a park) typically have higher maintenance costs as they’re harder to maintain.
Before signing a lease agreement for any luxury downtown Houston rental, I’d highly encourage you to view all Houston condos and lofts for sale to compare monthly rental rates versus ownership costs.
Paige Martin: Top Houston Condo TX Realtor
As featured on Fox News in the Morning, Houston Business Journal and Houston Magazine, Paige Martin, a consistent Top Producing Broker-Associate and head of the Houston Properties Team, is ranked as one of the top residential real estate agents in the world.
Paige’s recent awards include:
- 2016: One of the Top 25 Residential Realtors in Houston, Houston Business Journal
- 2016: Five Star Realtor, Featured in Texas Monthly
- 2016: One of America’s Best Real Estate Agents, RealTrends.com
- 2015 Q3: #9 Individual Agent, Keller Williams, Worldwide (of 125,000 agents)
- 2015: #2 Individual Agent, Keller Williams, Texas
- 2015: #1 Individual Agent, Keller Williams, Southwest Texas (Houston, Woodlands, Katy, San Antonio)
- 2015: #1 Individual Agent, Keller Williams, Houston
- 2015: #1 Individual Agent, Keller Williams Memorial
- 2015: One of America’s Best Real Estate Agents, RealTrends.com
- 2015: One of the Top 25 Residential Realtors in Houston, Houston Business Journal
- 2015: Five Star Realtor, Featured in Texas Monthly Magazine
- 2014 – #1 Ranked Individual Agent, Keller Williams Memorial
- 2014 – “One of the Top 40 Houston Realtors,” Houston Chronicle
- 2014 – “One of America’s Best Real Estate Agents,” RealTrends.com
- 2014 – Five Star Realtor, Featured in Texas Monthly Magazine
- 2013 – #1 Ranked Individual Agent, Keller Williams Memorial
- 2013 – Top 50 Houston Realtors by the Houston Chronicle
- 2013 – Top 5 Ranked Individual Agent in the Houston Area with Keller Williams
- 2013 – Five Star Realtor, Featured in Texas Monthly Magazine
- 2012 – #1 Ranked Individual Agent in the Keller Williams Memorial Office
- 2012 – Top 5 Ranked Individual Agent in the Houston Area with Keller Williams
- 2011 – #1 Ranked Individual Agent in the Keller Williams Memorial Office
- 2011 – Top 10 Ranked Individual Agent in the Houston Area with Keller Williams
- 2010 – #1 Ranked Individual Agent in the Keller Williams Memorial Office
- 2010 – Top 10 Ranked Individual Agent in the Houston Area with Keller Williams
Paige works with a tremendous number of buyers and sellers within Houston, earning praises like “Paige Martin is the best Houston condo realtor I know.” Read more about client feedback and ratings here.
For a specific recommendation of neighborhoods, homes or properties based upon your personal style, goals & price point, please contact Paige Martin, head of the Houston Properties Team & Broker Associate at Paige@HoustonProperties.com or 713-384-5177.
