New downtown complex scheduled for development

Plans to break ground are scheduled for some time in the third quarter next year.For more than half a decade, a six-acre lot sat unused in downtown Houston, but now that market conditions have improved, the spot is finally scheduled for development.Camden Property Trust and Midtown Development Authority recently came to an agreement to split the land in half and construct a multifamily housing complex. Plans to break ground are scheduled for some time in the third quarter next year.Additional housing options in the downtown area could be a popular option for buyers interested in Houston real estate, especially among younger demographics. However, these aren't the only homebuying options.In addition, conventional Houston homes have also been very popular so far this year, according to the Houston Association of Realtors. During the month of September, property sales increased 8.7 percent from a year earlier, totaling an estimated $1.2 billion.However, buyers may have to opt for new builds in the near future, as the existing-home inventory declined 6.8 percent, the report said. At the current sales pace, this represents just a 4.7-month supply.?? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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