West University Place market Condition Report, Houston, TX – March 2008
As reported by the Houston Association of Realtors, sellers are currently offering 120 single family homes available for sale in West University Place, a city within Houston, Texas, with asking prices ranging from $257,900 to $3,650,000. While the majority of these luxury homes are of newer construction with a minimum of 4 bedrooms and 3000 sq. ft., there are also smaller, older homes available with 2 bedrooms that were originally constructed in the 1920’s, 30’s and 40’s. Other properties are being sold for lot value.
Sellers sold 14 properties in February of 2008 with prices ranging from $365,000 up to $1,899,000 for an average price of $884,642 or $277.06 per square foot. The average days on market for these properties were 66 days. Potential buyers had 33 properties in various stages of pending at the close of February as well.
For the month of January 2008 buyers bought 8 properties in West University Place averaging $615,812 or $217.37 per square foot.
ZIP Code: 77005
Approximate Location Boundaries:Kirby Drive to the East, Union Pacific Railway railroad track to the West, Bellaire Boulevard/West Holcombe Boulevard to the South, and Bissonnet and Law Streets to the North.
Location Characteristics: Commonly referred to as West University or West U for short, West University Place was developed by former Tennessee Gov. Ben Hooper. His idea for a community of country homes was conceived in 1910 when Governor Hooper bought a tract of land southwest of Houston out of an old Spanish land grant. The Houston West End Realty Company developed today’s West University Place First Addition and put the first lots up for sale on April 1, 1917. The name “West University Place” originated from its proximity to Rice Institute (now known as Rice University). The city of West University Place incorporated in 1924 and adopted a formal city charter in 1940.
There are approximately 26 subdivisions in West University Place to include Rice Court, Pemberton, Colonial Terrace, Sunset Terrace, Cunningham Terrace, Evanston, Matthews Place, Kent Place, Monticello, Virginia Court, Belle Court, College Court Place, Collegeview, Preston Place, Pershing Place, Academy, Quenby Court, Bissonnet Place, Fairhaven, College Park, and Krenzler Courts and some sections simply known as West University Place.
Students who live in West University Place are zoned to West University Elementary, Pershing Middle Schoolin the Braeswood Place neighborhood of Houston, and Lamar High School, in the Upper Kirby district of Houston.
Meg and Jim Zoller – The Zoller Group of Keller Williams Realty, The Metropolitan
Please view our website, http://www.finehomeshouston.com/ . Also, feel free to contact us at:
Toll Free: 800-808-6153
E-mail: Meg@FineHomesHouston.com or Jim@FineHomesHouston.com
Cells: Meg – 713-875-4844 Jim – 713-545-6338