Bellaire, TX Market Conditions Report – May 2008
Market Conditions for Bellaire, Texas
Reported by Meg & Jim Zoller and Susi McCauley of The Zoller Group of Keller Williams Realty, REALTORS
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.
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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June 5th, 2008 at 7:31 pm
could you comment on the value of older homes, 60’s era, that now cannot be remodeled due to the new floodplain restrictions in Bellaire?