Bellaire Real Estate Market Condition Report – January 2008
Bellaire, Texas which is located on the east and west sides of Interstate Loop 610 West, is surrounded by Houston and a number of 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 Texas Medical Center.
Bellaire is zoned for residential, commercial, and light industrial sections. The city is well known as a “city of homes”. It 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 (HAR), Bellaire real estate is currently offering 131 single family residential homes on the market priced from $239,900 for a 967 sq. ft., 2 bed/1 bath home on a 6125 sq. ft. lot located close to the railroad tracks 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 $240.70. Fifty four are for sale for over $1,000,000 and 25 homes are priced at $400,000 or less. As of 01/17/2008 there are an additional 17 homes pending under contract priced from $256,900 to $1,999,500.
During the month of November 2007, 12 single family homes closed with sale prices ranging from $272,000 to $1,100,000.
In December 2007, 12 sales closed with an average sales price per average sq. ft. of $207.69. The low sales price was $232,000 for a 3 bed/1 bath, 1256 sq. ft. “livable condition” home on a 8470 sq. ft. lot. The highest reported sales price was $1,680,000 for a 5 bed/5.5 bath/ 3 car garage home built in 2006 on a 13050 sq. ft. lot.
Presently, there are reported to be 6 townhomes actively on the market, priced from $220,000 to $299,688. The average list price per sq ft is $142.62. Three are sale pending and one was sold in December 2007 for $260,000.
New constructionin 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 continue to be purchased at lot value. The older homes are being replaced with larger, new construction homes.