MARKET CONDITIONS FOR HOUSTON, TX

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Market Conditions for Houston, TexasReported by

Meg & Jim Zoller of The Zoller Group of Keller Williams Realty, REALTORS

As of May 28, 2008.

As of May 28, 2008.

Current Market Rating: 3

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Seller’s

Current Price Trend: 3

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Falling
Rising

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.

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.

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 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.

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.


Location 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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Copyright © 2008 Realty Times. All Rights Reserved.

Categories: Market Reports, Neighborhoods

Bellaire, TX Townhome Attracts People Needing a Downstairs Master Bedroom

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HOUSTON REAL ESTATE

Houston real estate, buyers and sellers always keeps me interested in the needs of those buying, selling, renting and building new construction.  It is what makes me passionate for the business.  After selling real estate for over 19 years, you would think that I’ve encountered most everything that you can imagine in the residential real estate business.  However, I continue to have something new or different come up in almost every transaction.  Therefore, I am constantly learning.  What I learn . . . I try to share.

BELLAIRE, TEXAS

Bellaire, TX is basically a city and a community of homes located near downtown Houston.   Many people want to live in this community because of the city environment, location, schools, and homes.  Homes now sell for anywhere from the mid $200’s to over $3,000,000.  There are some custom built homes that are probably worth considerably more. 

There is very little that you can buy right now for under $300,000.   However, Bellaire does have a few gems that will entice many.  There are a number of townhomes that offer much more than some of the surrounding communities.  Some of these features include low maintenance fees, small yards, one and two story properties and some with master bedrooms located downstairs.

5714 INNSBRUCK, BELLAIRE, TX

I recently listed a lovely townhome at 5714 Innsbruck in Bellaire, TX that has quite a few of the features that people request on a regular basis.  It offers:

  • Low maintenance fees of $25. per month
  • Some front yard, a large side yard and bit of a back yard
  • Two story home
  • Downstairs master bedroom presently used as a study/family room
  • Gleaming wood floors
  • Corner brick gaslog fireplace with a pretty mantle
  • Granite kitchen counters with tumbled travertine backsplash
  • Double paned window and doors
  • Large walk-in closets and ceiling fans in each bedroom
  • Very nice bathrooms
  • Back patio area
  • Well located inside Loop 610 in Bellaire, TX
  • Zoned by HISD to Horn Elementary, Pershing Middle (can apply for Pin Oak Middle) & Bellaire High schools (sought after schools)
  • Price in the mid $200’s.

 

PICTURES OF 5714 INNSBRUCK, BELLAIRE, TX

 

 

front view - 5714 Innsbruck
Front view of the townhome as seen standing under the large shade tree in front near the street.
Entry - 5714 Innsbruck
Pretty landscaping, the side yard and touch of slate invite you into this beautifully updated 3/2/2 in Bellaire located inside Loop 610.
Living room 1 - 5714 Innsbruck
Living room features include recently installed wood floors, built-in entertainment center, optional TV, breakfast bar opening to kitchen, and built-ins with mirrored backing.
living room 2 - 5714 innsbruck
Another view of the living room from the edge of the dining room. A point of interest is that all the windows have recently been replaced with vinyl double paned windows and garden doors.
living room 3 - 5714 innsbruck
From the hallway you can view the living room, corner gaslog fireplace(could be made woodburning again) and garden doors. Aren’t the floors beautiful?
living room 4 - 5714 innsbruck
Once again the living room is nicely presented.
living room 5 - 5714 innsbruck
The charming brick corner fireplace is cozy and offers a nice hearth and a gorgeous custom made mantle. Presently the fireplace is gaslog, but supposedly can be converted back to woodburning.
dining room - 5714 innsbruck
Tastful mirrored wall and garden doors aid in making this dining room light and enjoyable for dining.
breakfast bar - 5714 innsbruck
Peek over the granite breakfast bar into the kitchen from the living room.
kitchen 5714 innsbruck
Viewing the kitchen from the breakfast bar allows you to see the abundant cabinetry and gorgeous granite countertops. The electric range is a flat surface.
kitchen 2 - 5714 innsbruck
Looking down into the kitchen gives you an idea of the attention to detail from the tile floor, cabinets and hardware, granite counters and tumbled travertine backsplash.
upstairs bedroom - 5714 innsbruck
Large upstairs bedroom is presently being used fot the master bedroom. All bedrooms have ceiling fans and large, deep walk-in closets.
other upstairs bedroom - 5714 innsbruck
The other upstairs bedroom has a high window for better furniture arrangement. All bedrooms are carpeted.
master bedroom - 5714 innsbruck
Presently the downstairs master bedroom is being used for a study. You can peek into the master bath that features decorator touches.
patio - 5714 innsbruck
The slate step helps you enter onto the patio area from the dining room. This is a great spot for grilling. The back and large side yard are fully fenced.
side yard - 5714 innsbruck
This large fully fenced side yard can be used in so many ways. The back corner of this yard has nice landscaping. There is quite a bit of yard space that comes along with this home. The low maintenance fees cover mowing the front yard.
 

There is very little that you can buy in Bellaire for the price of this nice three bedroom, two bath, two garage home.  Prices are historically and continually rising in Bellaire.  Buying a townhome like this one that I listed is a great deal in my opinion . . . if you want to live in Bellaire, TX.

 

If you are looking to buy or sell in Bellaire, TX . . .would this information be helpful to you?  What would you add or delete to make this post better?

 

 

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