Montrose Market Condition Report – Houston, TX May 2008

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Market Conditions for Montrose in Houston, Texas

Reported by Meg & Jim Zoller and Susi McCauley of The Zoller Group of Keller Williams Realty, REALTORS

May 2008.

 

Montrose Real Estate Activity

Based on information provided by The Houston Association of Realtors we saw the following activity in Montrose last month: There were 10 single family homes sold in April in the Montrose market area with prices ranging from $296,500 to $592,000; averaging $175.86 per square foot. There were 21 town house/condos sold in the Montrose market area during this same period with prices ranging from $72,000 to $540,000 for an average of $148.78 per square foot.

Currently there are 57 active available single family homes for sale in Montrose with list prices ranging from $254,000 to $2,199,000 and 18 properties option pending, pending continue to show and pending sale.

There are 100 active available town house/condos in the Montrose market area with prices ranging from $79,900 to $779,900 and there are 20 properties option pending, pending continue to show and pending sale.

Montrose Residents Continue to Enjoy Stable Property Values

Montrose market area residents continue to enjoy stable property values as reflected in the following data provided by the Houston Association of Realtors. There were 9 single family homes sold in March 2008 with prices ranging from $235,000 to $920,000; averaging $186.80 per square foot. There were 20 town house/condos sold in the Montrose market area during this same period with prices ranging from $62,000 to $451,000 for an average of $139.69 per square foot.

According to data provided by the Houston Association of Realtors, there were 121 single family homes sold in 2007 with prices ranging from $105,000 to $890,000; averaging $171.51 per square foot. There were 167 town house/condos sold in the Montrose market area during this same period with prices ranging from $43,000 to $646,000 for an average of $135.77 per square foot.

ZIP Codes: 77002, 77006, 77007, 77019, 77098

Approximate Location Boundaries – Montrose Area of Houston

Montrose subdivision is generally bound by Highway 59 to the south, Allen Parkway to the north, Bagby Street to the east and Shepherd to the west; Montrose market area boundaries expand beyond the subdivision.

 

Montrose Location Characteristics

Originally pronounced as if it were two words, that is, “Mont Rose”, Montrose is generally bound by Highway 59 to the south, Allen Parkway to the north, Bagby Street on the east and Shepherd to the west. The Museum District is located in the southern part of Montrose and many bars & restaurants, thrift/vintage/second-hand shops, eclectic boutiques and small galleries maintain the unique flavor of this part of the city.
Initially envisioned as a planned community and/or streetcar suburb and dating back to the early 20th Century, Montrose comes with the most distinctive character of eccentricity and diversity in Houston. It is one of the prettiest areas with renovated mansions, bungalows with wide porches and cozy cottages lining shady boulevards where people can walk and cycle easily. There is even a small pocket of homes called Courtland Place where all of the houses are listed in the National Historic Registry. Other surrounding neighborhoods include Westmoreland, Avondale and Cherryhurst, all generating a Southern, cozy atmosphere. Townhouse/Condos and Lofts are very prevalent in the Montrose area as well.

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    Meyerland, Houston,TX Market Conditions Report – May 2008

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    Market Conditions for Meyerland in Houston, Texas

    Reported by Meg & Jim Zoller and Susi McCauley of The Zoller Group of Keller Williams Realty, REALTORS

    May 2008

    Meyerland Homeowners See Good Trend

    2006 was a good year for homeowners in Meyerland as we saw 109 properties sold ranging in price from$197,000 up to $1,150,000 with an average sales price of $368,966 or $133.73 per square foot showing a definite upward trend. These figures are based on data collected from the Houston Association of Realtors.

    There were 89 single family homes sold in 2007 with prices ranging from $200,000 to $1,000,000 averaging $144.73 per square foot.

    Meyerland residents continue to enjoy increased property values as reflected in the following data provided by the Houston Association of Realtors. There were 7 single family homes sold in March 2008 with prices ranging from $292,000 to $899,000 averaging $172.59 per square foot. The wide range reflects the new construction; however the majority of homes are 3 to 4 bedrooms, 2 baths between 2000 and 3000 sq. ft.

    Homes Continue to Sell Well in Meyerland in April 2008

    Based on information provided by The Houston Association of Realtors we saw the following activity in Meyerland last month: 8 single family homes sold in April with prices ranging from $302,000 to $760,000 averaging $147.95 per square foot. The wide range reflects the new construction; however the majority of homes are 3 to 4 bedrooms, 2 baths between 2000 and 3000 sq. ft. There was also one property sold during this period for lot value at $282,000.

    Currently there are 55 active available homes for sale in Meyerland with list prices ranging from $225,000 to $1,100,000 and there are 18 properties in option pending, pending continue to show and pending stages.

    ZIP Code: 77096


    Approximate Location Boundaries for Meyerland in Houston, TX

    South of Beechnut, North of Bellfort, West of S Post Oak, East of Chimney Rock

     

    Meyerland Location Characteristics

    Meyerland is a residential area situated on the banks of the Brays Bayou at the outer southwest corner of Loop 610, just south of Bellaire. Just a 15-minute drive (or less) to downtown Houston, the Texas Medical Center, the Galleria, and the Reliant Park complex, the Meyerland community boasts excellent accessibility, beautiful parks, and strong community leaders. Homes range in price from the mid $100,000’s (usually lot value) to the $1,000,000’s and while some of the homes are the original 1950s bungalows, others are new construction from homeowners who like Meyerland’s ease and convenience.

    Meyerland is the concept of three generations of the Meyer family. In the late 1800’s, Joseph F. Meyer started buying land in the southwest part of the area surrounding Houston, eventually accumulating 6,000 acres of which he paid less than $5 per acre. In the mid-1950’s Joseph’s son, George, saw the possibilities of a prestigious subdivision and after his father’s death, son George took the 1,200 acres he inherited and created Meyerland with 2,700 lots and an 80-acre reserve for a shopping center. George Meyer proceeded to develop homes that were affordable enough to attract middle America. Look magazine called Meyerland a “state-of-the-art neighborhood” while House and Home magazine claimed it was the “ideal plan for a subdivision.” Meyerland might be termed Houston’s first “planned community” in that Meyer held to stringent deed restrictions and strong architectural controls for its development. Characteristic of Meyerland are brick, contemporary styled homes, three and four bedrooms with two baths, an uncommon feature when built.

    Meyerland Plaza Shopping Center

    Meyerland Plaza Shopping Center was opened in 1957 as Houston’s second regional mall and was managed by George Meyer’s oldest daughter, Leota Meyer Hess. The third generation of the Meyer family sold the center in 1984. After years of neglect, in the mid-90s it was purchased and renovated by a new owner. The revival of Meyerland Plaza brought 927,000 square feet of new shopping space to Meyerland and the plaza now includes a variety of 50 shops and restaurants, several of which opened spring 2005.Meyerland Schools and Library

    Meyerland has numerous Houston Independent School District Exemplary schools and is zoned to nationally acclaimed Bellaire High School. Zoned neighborhood elementary schools include Kolter Elementary School and Lovett Elementary School, both located in Meyerland. The neighborhood is also served by Johnston Middle School (located in Meyerland), Pershing Middle School (located in Braeswood Place), and Pin Oak Middle School in the city of Bellaire (pupils zoned to Johnston have the option to attend Pin Oak), and Bellaire High School located in the city of Bellaire.

    The Houston Public Library system operates the Meyer Branch Library at 5005 W. Bellfort, which serves the Meyerland community.

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    Knollwood Village of Houston Market Condition Report – May 2008

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    Market Conditions for Knollwood Village in Houston, Texas

    Reported by Meg & Jim Zoller and Susi McCauley of The Zoller Group, REALTORS

    May 2008

     

    Knollwood Village – Old vs. New Construction

    Knollwood Village consists of older and new construction homes. The older homes, many of which have been remodeled, range from around 1300-2000 sq. ft., were built on slabs, and most have hardwood floors. The older homes in poor condition are often sold to builders who are usually building two story, 3500-5000 sq. ft. brick, stucco and stone exterior structures. The price range for older homes is generally $250,000-$400,000 and $600,000-$850,000 for new construction.

    Solds and Pending Contracts – Knollwood Village in Houston, TX

    As of 5/21/2008, there are 9 single family homes for sale in Knollwood Village ranging from a home on a 7770 sq. ft. lot being sold for lot value to a new construction, 4395 sq. ft.,4 bed/ 4 bath home on a 9330 sq. ft. lot priced at $848,589. The average list price per average square foot of living space is $181.43. Four additional homes are under contract and pending sale.

    Knollwood Village Sold Properties in March & April 2008

    In March 2008, 2 homes sold for $325,000 and $345,000.The average sales price per sq. ft. for both homes was $208.46/ sq. ft.

    In April 2008, 1 new construction home sold for $749,900. It was a 4 bed/ 3.5 bath, 4024 sq. ft. home on a 7800 sq. ft. lot. The average sales price per sq. ft. was 186.36.

    ZIP Code: 77025

    Approximate Location Boundaries of Knollwood Village

    Inside 610 Loop, south of S Braeswood , Buffalo Speedway area


    Knollwood Village Location Characteristics in central Houston Area

    Knollwood Village is a Houston inner loop, deed restricted, residential subdivision consisting of around 600 single family homes. It is close to the Texas Medical Center, downtown Houston, the Musuem District, Reliant Stadium and the Galleria. Originally developed in the 1950s, the last few years have seen new construction in the neighborhood. The subdivision is zoned to Longfellow Elementary, Pershing Middle School, and Bellaire High School although one should always check with HISD for boundary changes. Other subdivions in the immediate area are Braes Terrace, Westridge, Linkwood and Woodside.

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    Houston Heights Market Condition Report – May 2008

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    Market Conditions for Houston Heights in Houston, Texas

    Reported by Meg & Jim Zoller and Susi McCauley of The Zoller Group of Keller Williams Realty, REALTORS

    May 2008

     

    Houston Heights Single Family Home Sales

    There are approximately 3500 single family homes in the Houston Heights with an average sales price per sq. ft. of $175 in 2007. Since 1994, this figure has increased every year. The values were $164/sq ft. in 2006, $156/sq ft.in 2005 and $150/ sq ft. in 2004. These figures were obtained from the Houston Association of Realtors Multiple Listing Service, as are the others cited in this article.

    There are currently 143 single family homes for sale in the Houston Heights ranging from a 3 bed/ 1 bath, 2034 sq. ft. home in need of repairs on a 6550 sq. ft. lot listed for $129,900 to a new construction, 4 bed/ 3 bath, 4080 sq. ft. home on a 6600 sq. ft lot and priced at $1,490,000. The average list price per sq. ft. is $193.01. Many of the homes for sale are new construction ones on small lots but there are a good selection of older homes.  Another 55 homes are under contract as of 5/21/2008 but haven’t closed yet.

    Homes Sold in Houston Heights March 2008

    In March 2008 there were 18 single family homes sold at prices ranging from $125,000 to $693,000 with an overall average sales price per sq. ft. value of $175.98.

    Houston Heights Sales April 2008

    In April 2008, 22 single family homes sold at prices from a low of $157,000 for a 3 bed/ 2 bath,1424 sq. ft. home in need of repairs on a 6550 sq. ft. lot to a high of $720,000 for a recent construction, 3334 sq. ft., 4 bed/ 3 bath Victorian style home on a 6600 sq. ft. lot. The overall average sales price per sq. ft. was $163.21.

    ZIP Code: 77008

    Approximate Houston Heights Location Boundaries

    Downtown Houston, Memorial Park, Oak Forest

    Houston Heights Location Characteristics

    This historical neighborhood, with a mixture of bungalow, Victorian homes, and new construction (as well as some industrial and commercial property) was originally established as a planned community in the late 1890s. The location was partially chosen because it was 23 feet higher than downtown Houston, located 4 miles away. In 1918, Houston Heights residents voted for annexation by the city of Houston.

    The single family home market in the Houston Heights consists of older Victorian era homes, older bungalows, and new construction. Many of the older homes have been remodeled and over 100 Houston Heights structures are registered in the National Register of Historical Places. The newer construction consists of everything from contemporary designs to Victorian looking homes.

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    Braes Heights, Houston, TX Market Condition Report May 2008

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    Market Conditions for Braes Heights in Houston, Texas

    Reported by Meg & Jim Zoller and Susi McCauley of The Zoller Group of Keller Williams Realty, REALTORS

    May 2008

    May 2008

     

    Home Sales in Houston’s Braes Heights

    Sales in this subdivision can be largely broken down as follows: 1)Older homes with few if any updates which are mainly worth lot value 2)Older homes which have been remodeled 3) New or recent construction.

    According to information that I reviewed on Houston Association of REALTORS Multiple Listing Service, there are currently 15 single family residential homes on the market priced from $410,000 for a “lot value” home on a 9375 sq. ft. lot to an under construction 5 bed/4 full-2 half bath, 5203 sq. ft. home on a 7654 sq. ft. lot, priced at $1,395,000. The average asking price per square foot is $230.78. As of 5/21/2008, there are 10 homes under contract pending sale.

    In April 2008, 11 homes sold at an average of $207.54 per sq. ft. The lowest sale of $368,000 was for a home on a 7631 sq. ft. lot being sold for the land value. The highest sale was a 2003 built, 6 bed/ 4.5 bath, 5520 sq. ft. home on a 7613 sq. ft. lot sold for $1,000,000.

    ZIP Code: 77025

    Location Characteristics of Braes Heights in Houston, TX

    Braes Heights is a Houston, Texas subdivision of mostly single family homes located inside the 610 Loop, west of the Texas Medical Center and south of West University and Southside Place. It’s street boundaries are roughly Holcombe to the north, North Braeswood to the south, Stella Link to the west and Buffalo Speedway to the east. It is part of Braeswood Place which is composed of seven subdivisions: Ayshire, Braes Heights, Braes Oaks, Braes Manor, Braes Terrace,Emerald Forest, and Southern Oaks. It was built in the 1950s and is now mainly composed of the older ranch style homes and new construction homes. There has been much new construction in the last 10 years-mostly 2 story homes from 3200 to 5500 sq. ft.

    Recent developments are a library, YMCA, Sheltering Arms senior citizens facility headquarters, McGovern Park ballfields for children, Helen’s Park and Beal Park. Braes Heights is zoned to Mark Twain Elementary (recently built), Pershing Middle School(recently built) and Lamar High School. Children in Braes Heights are placed in the West University Little League. Braes Heights is part of the Braeswood Place Homeowners Association.

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    Afton Oaks, Houston, TX Market Condition Report – May 2008

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    Market Conditions for Afton Oaks in Houston, Texas

    Reported by Meg & Jim Zoller and Susi McCauley of The Zoller Group of Keller Williams Realty, REALTORS

    May 2008

     

    Homes For Sale in Afton Oaks, Houston, TX

    Currently there are 25 active available homes for sale in the Afton Oaks subdivision with list prices ranging from $349,900 for a 3 bedroom, 2 bath, 2114 sq. ft. home built in 1950 to $2,799,000 for a 4 bedroom, 4/2 bath, 7201 sq.ft. home built in 2008. There are 7 properties in various stages of pending. The wide range in price reflects the new construction; however there are still older homes available, some of which have been remodeled and updated.

     

    Single Family Homes Sold in Afton Oaks April 2008


    For the month of April 2008 there were 5 homes sold in Afton Oaks with prices ranging from $395,000 to $2,150,000 averaging $287.00 per square foot.

     

    Older Homes Sold in Afton Oaks March 2008


    For the month of March 2008 there were 2 homes sold in Afton Oaks with prices ranging from $450,000 to $625,000 or $196.53 per square foot. Both of these homes were older homes, built in 1960 and 1955 respectively.

    These figures are based on data collected from the Houston Association of Realtors.

    ZIP Code: 77027

    Afton Oaks Location Boudaries

    Bounded approximately on the north by Westheimer Rd., on the east by Union Pacific railroad tracks, on the south by U.S. 59, and on the west by IH-610.

     

    Location Characteristics of Afton Oaks

     Afton Oaks is an approximately 50 year old deed-restricted residential community of over 500 single family homes. The neighborhood is bounded on the north by Westheimer Rd., on the east by Union Pacific railroad tracks, on the south by U.S. 59, and on the west by IH-610.
    Afton Oaks contains many homes built in the 1950s along with many recently-built homes listed for well over $1,000,000.

    Afton Oaks Schools are in Houston Independent School District(HISD)

     
    Afton Oaks is zoned to Houston Independent School District. Prior to spring 2006, Afton Oaks was zoned to Will Rogers Elementary School. Will Rogers was closed after spring 2006 and Afton Oaks was re-zoned to St. George Place Elementary School. Afton Oaks pupils are also zoned to Lanier Middle School in Montrose and Lamar High School in Upper Kirby.

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    West University Market Conditions Report – May 2008

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    Market Conditions for West University in Houston, Texas

    Reported by Meg & Jim Zoller and Susi McCauley of The Zoller Group of Keller Williams Realty, REALTORS

    May 2008.

     

    West University Place Single Family Homes

    According to information provided by The Houston Association of Realtors, there are currently 130 single family homes available for sale in West University Place with asking prices ranging from $272,500 to $3,650,000. While the majority of these homes are of newer construction with a minimum of 4 bedrooms and 3000 sq. ft., there are also smaller homes available with 2 bedrooms that were originally constructed in the 1920’s, 30’s and 40’s, and some properties being sold for lot value.

    Properties Sold April 2008 in West University Place

    There were 30 properties sold in April of 2008 with prices ranging from $235,000 up to $2,790,000 for an average of $284.34 per square foot. There were 49 properties in various stages of pending at the close of April as well.

    Properties Sold March 2008 in West University Place

    There were 17 properties sold in March of 2008 with prices ranging from $530,000 up to $1,200,000 for an average of $816,176 or $251.05 per square foot and on average these properties were on the market for 56 days. There were 47 properties in various stages of pending at the close of March as well.

    ZIP Code: 77005

    West University Approximate Location Description


    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.

    West University 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.

    West University Public Schools

    Students who live in West University Place are zoned to West University Elementary, Pershing Middle School in the Braeswood Place neighborhood of Houston, and Lamar High School, in the Upper Kirby district of Houston.

    The city’s boundaries are: 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.

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    Bellaire, TX Market Conditions Report – May 2008

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    Market Conditions for Bellaire, Texas

    Reported by Meg & Jim Zoller and Susi McCauley of The Zoller Group of Keller Williams Realty, REALTORS

    May  2008.

    According to information that I reviewed on Houston Association of REALTORS Multiple Listing Service, there are currently 164 single family residential homes on the market priced from $215,000 for a 1065 sq. ft., 3 bed/1 bath home on a 7345 sq. ft. lot priced mainly for the land to a high of $2,899,000 for a 9662 sq. ft., 5 bedroom/ 5 full, 2 half bath, 3 car garage home on a 18,450 sq. ft. lot built in 2004. The average list price per sq ft is $243.78. Fifty four homes are for sale for over $1,000,000 and 22 homes are priced at $400,000 or less. As of 5/20/2008 there are an additional 41 homes pending under contract priced from $229,000 to $2,295,000.

    March Single Family Home Sales – Bellaire

    During the month of March 2008, 21 single family homes closed with sale prices ranging from $227,500 to $1,250,000. The average sales price per average sq. ft. was $206.69/ sq. ft.

    Single Family Home Sales – Bellaire – April

    In April 2008, 21 sales closed with an average sales price per average sq. ft. of $213.84. The low sales price was $199,500 for a 2 bed/ 1 bath, 1130 sq. ft. home on a 5125 sq. ft. lot near the railroad tracks. The highest reported sales price was $1,710,000 for a 5 bed/6 full 2 half bath, 6700 sq. ft., new construction home on a 15,990 sq. ft. lot.

    Townhomes

    There are presently reported to be 6 townhomes actively on the market, priced from $176,950 to $310,000. The average list price per sq ft is $145.36.Three sold in April 2008 for an average of $142.20 per sq. ft.

    Bellaire New Construction

    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.

    ZIP Code: 77401

    Bellaire Texas Location and Characteristics

     Bellaire, Texas, located on both sides of Interstate Loop 610 West, is surrounded by Houston and many subdivisions including West University Place, Southside Place, Meyerland, Willow Meadows, and Afton Oaks. It’s a very short distance to the Galleria, Reliant Stadium, downtown Houston, the Theater District, and the Medical Center.

    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.

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    Market Conditions in Houston, TX May 2008

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    Note: Due to the large volume of homes sold, I usually need two months to compile data. So in May, I’ll be using March data, obtained from the Houston Association of Realtors.

     

    Mortgage Company and Loan Problems

    To date, the mortgage company and loan problems you have been reading about have affected Houston housing much less than most other areas of the country. The year 2007 was the second best year in Houston on record based on the HAR stats. Total property sales were lower in 2007 than in 2006, but total dollar volume was a record high. So in a nutshell, less homes were sold, but for more money.

    Sales Decline BUT Prices Increase

    This trend has continued in 2008. March 2008 total property sales declined 17.3 % from March 2007, the seventh straight month of decline. The good news is that in Houston the March 2008 average sales price increased over last year by 2.0% to $208,105.The median price which is a price where half the homes sold for more and half sold for less was $151,000, the same as March 2007.

    Townhomes and Condos – Down in Solds and Sales

    Townhomes and condo sales were down in total sold and sales prices. In March 2008, the average sale price was $159,012, a 9.7% decline from last year. The number of units sold declined by 8.5 % from last year, however this was the highest level since August 2007.

    Houston Housing Market is Stronger Than Other Areas of the Country

    In closing, the Houston housing market is still stronger in pricing than other areas of the country, although the foreclosures, sub prime lending problems and rising costs of gas, food, etc. have affected us. Our employment numbers and cost of living are considered some of the best in the country. In Houston, in recent years, you have been able to purchase a home for less than in many other cities and the value has increased. According to the National Association of Realtors, Houston’s current median sales price for a single family home is $151,000, compared to the national average of $193,900. We had the second best year on record in 2007. This indicates the great value of living in Houston. If your credit is good and you look on the bright side, this mortgage mess has caused interest rates to decline, making this a good time to buy.

    Local Houston Characteristics

    Known as both the Bayou City and Space City, Houston was founded in 1836 and named after General Sam Houston. With a population of close to 2 million, it’s the 4th largest city in the United States. The city has been a dynamic center of business since the early 1900s and is also the leader in space technology, being home to NASA and the Johnson Space Center. The port area is thriving and connected to the city by the Houston Ship Channel. Other well known areas are Interstate 10’s Energy Corridor, the Galleria, and the world class Texas Medical Center. Houston’s feel is diverse, with both a high rise skyline and waterways like the Buffalo Bayou, which winds through the city.

    Recently, downtown Houston has been transferred into a dynamic area of the city for both entertainment and residential living. Many new lofts and townhomes have been built in and near downtown and other buildings have been converted from commercial to residential use.

    Houston has major league football, baseball, basketball ( men’s and women’s), and soccer teams, as well as AHL hockey. It also has separate horse and greyhound racing tracks.

    For the theatre lovers, Houston is one of the few cities that has permanent ballet, orchestra, opera, and theatre companies.

    Houston offers most everything you could possibly desire in real estate.

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