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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    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

    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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    Categories: Market Reports, Neighborhoods

    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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    Categories: Market Reports, Neighborhoods

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