A newly built mansion in Houston that was listed for about $8.8 million sold within 41 days, according to a press release issued on Mar. 24. The property, located at 2331 Drexel Circle, was developed by Fifty Seventh and 7th Luxury Homes and purchased by Nicholas Swyka III and Jennifer Swyka on Feb. 20.
The sale of this home highlights the ongoing demand for luxury properties in Houston’s high-end real estate market. The five-bedroom, six-bathroom house sits on an 11,190-square-foot lot—the largest in its neighborhood—and occupies half an acre.
Public records show the buyers paid at least $8.2 million based on a financing document filed in Harris County, though the final sale price has not been disclosed. Compass agent Mike Mahlstedt handled the listing but did not respond to requests for comment.
If it had sold last year at its asking price, this home would have ranked among the top ten most expensive residential sales in Houston for that period. In comparison, homes ranking ninth and tenth in price last year were listed at $8.5 million and $8.3 million respectively.
Nicholas Swyka III is chief financial officer of Imperative Chemical Partners, an oilfield services company based in Midland, Texas. He is also the son of Nicholas Swyka Jr., who served as vice chairman of Simmons & Co. International before his death in 2024.
The quick sale reflects broader trends: while homes priced above $1 million took an average of 72 days to sell statewide last year according to Texas Realtors data, luxury homes in Houston averaged just 52 days on market during the fall—faster than other major cities like Austin or Dallas/Fort Worth.
Fifty Seventh and 7th was founded by former physician Arpan Gupta and focuses on developing luxury properties primarily within River Oaks and Memorial neighborhoods.
