REAL ESTATE UPDATE – August, 2008

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Topics in The Zoller Group’s monthly real estate newsletter for August, 2008, include:

  • Mortgage Rate Locks Become Crucial
  • Current Mortgage Rates
  • What’s Hot & What’s Not in Bathroom Redesign
  • Credit Scores Remain Misunderstood
  • Man’s Best Friend May Be Costly When Selling
  • Local Market Conditions

Please click here to read these and many other informative real estate related articles.

We would appreciate it if you would contact us and let us know if this information is helpful to you.

Categories: Business Concerns, Events, Market Reports

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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Buyer’s
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

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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Categories: Market Reports, Neighborhoods

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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Categories: Market Reports, Neighborhoods

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