The element in the center is the most expensive at $18.15 per unit or more.
The top of the building takes up the second most expensive, at $30; the side at $40 comes in third at $45.
That’s about 12,906 units.
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Which one is the most expensive?
The most expensive element is now one with a price tag of $18,919.
The least expensive is at $4,957, or a little more than half of the cost of the cheapest building, at $20.
So, there must be some sort of “luxury tax.”
No. It’s not a luxury tax. But the state does impose a tax on the value of residential real estate. That’s what is used to finance the tax base for buildings like these.
Why would the state impose such a thing? It’s like asking homeowners to put up signs reading: “Property tax: $4,957 a month. Buy now so we can afford to live here.”
That’s what it does.
And yet, the most expensive building in Houston is still about $1,000 less than the cheapest, while the most affordable is about $8,000 less than the most expensive.
The most expensive building in Houston currently sits in the Midtown area, though. It’s a $50-million dollar building known as the Midtown Tower. This building is located directly across Fifth from the Galleria and in the middle between where Toyota Center is located and where the new Toyota Center is located. The Midtown Tower has a single parking garage. It sits right there on a street that goes directly into a parking lot.
If this was a parking garage, there would probably be one, if not more, in each of the other three sections of the city. Each of the three parking garages has its own price tag. You can just pick up a “free” meter as you leave the garage. You could get a single meter. You could get a two meter. You could just get a free garage, that’s all there is to it. However, you could also use one of the meters that isn’t charged by the city in the vicinity of the garage.
The Midtown Tower isn’t that. It’s essentially a building, a complex, full of features and amenities, as if you were to rent a single-family house. All of the amenities
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