BELLAIRE – MARKET CONDITIONS – 12/07
West University Place
Bellaire, Texas, located on both sides of Interstate Loop 610 West, is surrounded by
Houston and many subdivisions including
, Meyerland, Willow Meadows, and Afton Oaks. It’s a very short distance to the Galleria, Reliant Stadium, downtown
Houston, the Theater District, and the
Bellaire is zoned for residential, commercial, and light industrial sections. The city is well known as a residential city. The city is well-liked for its police and fire protection, parks and recreation facilities, library, public works department, and recycling center.
According to information that I reviewed on Houston Association of REALTORS Multiple Listing Service, there are currently 119 single family residential homes on the market priced from $229,900 for a “livable” 1256 sq. ft. 3 bed/1 bath home on a 8470 sq. ft. lot to a high of $2,649,000 for a 7500 sq. ft., 5 bedroom/ 4 full, 2 half bath planned new construction home on a 18,900 sq. ft. lot. The average list price per sq ft is $241.49. Forty five are for sale for over $1,000,000 and 24 homes are priced at $400,000 or less. As of 12/19/2007 there are an additional 24 homes pending under contract priced from $269,000 to $1,999,500.
During the month of October 2007, 19 single family homes closed with sale prices ranging from $218,000 to $1,303,000. The average sales price per average sq. ft. was $206.05/ sq. ft.
In November 2007, 12 sales closed with an average sales price per average sq. ft. of $207.69. The low sales price was $272,000 for an updated 3 bed/1 bath, 1382 sq. ft. home on a 6500 sq. ft. lot. The highest reported sales price was $1,100,000 for an old home on a 42,542 sq. ft. lot, which was sold for lot value
There are presently reported to be 9 townhomes actively on the market, priced from $185,000 to $305,000. The average list price per sq ft is $130.80. One was sold in November 2007 for $180,000.
New construction in Bellaire is still strong and the prices are increasing due to rising building costs and lot prices. For the most part, construction in Bellaire originated in the late 40’s and 50’s. Many of these original homes have been and are being purchased at lot value with the old homes being replaced with larger, new construction homes.