Activity in the downtown Houston real estate market surged in recent years as demand from younger residents wanting to be close to nightlife and business centers remains elevated.This trend has continued as a notable section of East Downtown, known as EaDo, is now being eyed by real estate developers, the Houston Business Journal reports.Formerly Houston's Chinatown, real estate activity in EaDo has been mute in recent history. However, both residential and commercial developers have now recognized the opportunity at hand.?Many of the current buildings in EaDo come with industry charm high sought by prospective buyers, especially those in younger demographics. In addition, Houston's Major League Soccer team, the Dynamo, recently located to this section of downtown, putting a spotlight on the area.However, downtown isn't the only area bustling with activity. In fact, real estate throughout Harris County experienced significant gains so far this year. According to the Houston Association of Realtors, there were 5,379 home closings in October, marking 17 straight months of rising sales.???Although increased activity may leave buyers with limited options, the constrained inventory has helped stimulate property values. During the month, the average single-family home price appreciated 8.3 percent on an annual basis to $223,366, the report said.?? ?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
Archives for November 2012
Prior to purchasing homes, many buyers consider the school district in which the property is located, and luckily for consumers interested in Houston real estate, Texas currently has one of the highest graduation rates in the country.The Lone Star State was recently recognized for having the fourth-highest graduation rate in the United States, according to the U.S. Department of Education. Roughly 86 percent of students receive diplomas at the end of high school.Meanwhile, the top three spots were claimed by Iowa, Wisconsin and Vermont, the report said. In contrast, Nevada had the lowest graduation rate in the country.???Living in a state with a high graduation rate is important for a number of different reasons. Not only can this create better institutions for children, but it can also lead to a more competitive and education workforce, which can help bolster the local economy.??Because Houston is home to many different corporations, especially in the energy sector, the local housing market is often supported by the presence of these companies.? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
Although a number real estate experts expected a slow in home price gains in the latter half of 2012, nationwide property values continued to trend higher in September.According to the latest Standard & Poor's/Case-Shiller Home Prices Index, the 10- and 20-City Composites both appreciated 0.3 percent from the previous month. Meanwhile, on a quarterly basis, prices increased 3.6 percent from the third quarter in 2011.”Home prices rose in the third quarter, marking the sixth consecutive month of increasing prices,” said index committee chairman David Blitzer.As property values increase, this development could give current owners the incentive they need to list their home on the market, which could give prospective buyers additional options to make the transition to homeownership.While these trends slowly take hold on a national level, Houston real estate experienced rising prices and increased sales for much of 2012. In October, the average price of a single-family home appreciated 8.3 percent to $223,366, which is well above the national average, according to the Houston Association of Realtors.? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
Houston home prices increased in October, as the local real estate market continued to make gains during uncertain economic times.Last month, the total residential housing value through the metropolitan area increased 47.2 percent on an annual basis to roughly $1.4 billion, according to a report from the Houston Association of Realtors. This was caused, in part, by significant job growth and a rising transaction rate.”Our active real estate market reflects the general health of the Houston economy, most notably the addition of close to 96,000 new jobs over the past year, according to the latest Texas Workforce Commission employment report,” said HAR chairman and CEO Wayne Stroman. “The inventory squeeze has definitely created fertile ground for homebuilders.”Meanwhile, the average single-family home price rose to $223,366, up from $206,255 in October 2011, the report said.Although this may be out of the price range of some prospective buyers, they can rest assured knowing fixed mortgage rates fell to new all-time lows during the week ending November 21. According to a report from Freddie Mac, the average rate for a 30-year FRM dipped to 3.31 percent, while 15-year fixed-rate mortgage averaged 2.63 percent.????? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
The demand for Houston homes continued to surge in October, but this may leave future buyers with limited options.During the month, single-family property sales surged 32.7 percent on an annual basis, according to a report from the Houston Association of Realtors. This marked 17 consecutive months of increased transactions.?The rising sales rate has paralleled the Lone Star State's growing economy, as a greater number of households gain the financial stability needed to purchase property.?”Our active real estate market reflects the general health of the Houston economy, most notably the addition of close to 96,000 new jobs over the past year, according to the latest Texas Workforce Commission employment report,” said HAR chairman and CEO Wayne Stroman.However, at the current sales rate, Houston real estate has just a 4.4-month supply, marking the smallest inventory in more than a decade. This could make it difficult for some buyers to find available property next year, but rising residential construction activity could help fill this void. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
The housing construction rate increased in October, as a greater number of builders recognized the void left by fewer existing homes listed on the market. This development could give Houston homebuyers and consumers across the country more options to purchase property in the near future.During the month, nationwide housing starts increased 3.6 percent from September to an annual rate of 894,000 units, according to a report from the U.S. Department of Housing and Urban Development. Meanwhile, on a year-over-year basis, the residential construction rate spiked nearly 30 percent from a rate of 667,000 units in October 2011.”October's gain is centered in the West and Midwest with the South posting a small decline and the Northeast, which was hit by Hurricane Sandy at month end, posting a sizable decline,” said analysts from Econoday.However, the number of building permits issued during the month declined 2.7 percent, which could indicate fewer new home builds in the near future, though this wasn't entirely unexpected, as real estate activity often declines in the fall and winter months.?For now, residents should continue to have a number of purchase options when it comes to Houston real estate. ?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
In order to cope with the rising demand for Houston homes, a greater number of developers are breaking ground on new residential projects.One of the most recent projects is from the Houston-based Martin Fein Interest Ltd. The company plans to demolish the Willowick Court Townhomes, located inside the Interstate 610 loop, the Houston Business Journal reports.Once the 10-acre lot is cleared, it will provide the needed space for not one, but three different housing complexes.The first is the Aria at Wollowick Park, which will have an estimated 325 units, ranging from one- to three-bedroom apartments, averaging 862 square feet, according to the report. In addition, the Olympia at Willowick Park will include 189 units with an average size of 1,462 square feet.Lastly, the Townhomes at Willowick Park will include 38 units, each equipped with an attached two-car garage and an estimated 2,600 square feet of living space, the report said.With ample options, Houston households of different sizes and background may be able to find housing options once the project is complete in the third quarter of 2014.? ?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
A large plot of land located in downtown Houston recently hit the market, which could result in additional residential options once developed.The land, which is roughly 110,000 square feet, accounts for nearly a block and a half. In addition to apartments, the land could also give way to more retail space for everything from clothing stores to restaurants.”Our desire is to continue to build the tax base in this area so the city benefits from this growth,” said Peter McStravick of Houston First Corp, according to the Houston Chronicle.In recent years, demand for Houston homes in the downtown area surged. Much of this demand comes from younger buyers, who want to shave time off their commutes and live close to nightlife and other entertainment.However, the downtown area isn't the only location with booming real estate demand. Across Harris County, single-family home sales surged 8.7 percent in September from the previous month, according to the Houston Association of Realtors. This reduced the area's property inventory to just a 4.7-month supply at the current sales rate.??? ?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
In an effort to spur additional homebuilding activity among Houston real estate developers, the first project of a new incentive programs recently broke ground.The Downtown Living Initiative Chapter 380 is a publicly funded real estate initiative, and the SkyHouse, located downtown, is the first project. This 335-unit project is expected to cost upward of $60 million to complete and will be funded from a mixture of public and private backers.?”We want to jump-start the residential, a short term push,” Laura Van Ness, director of business development for Central Houston told the Houston Business Journal. “Once we get the 2,500 units, that will be the jump-start we need. We think other residential will follow.”The Downtown Living Initiative Chapter 380 was originally passed earlier this year, and is expected to incentivize construction activity in order to double the downtown housing options by 2016. This could ultimately have a very positive impact on Houston real estate by driving demand in the downtown area higher. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
A recent increase in nationwide property values helped an estimated 1.3 million homeowners escape from under the thumb of negative equity in October, according the Obama Administration's latest Housing Scorecard.?This improvement may have been caused, in large part, by activity from the Home Affordable Modification Program. Since going into effect in 2009, HAMP has helped approximately 1.3 million borrowers restructure their home loans into more favorable terms.”As the October housing scorecard indicates, our housing market is continuing to show important signs of recovery – with the FHFA housing price index posting its largest annual gain in five years and new home sales at its fastest pace since April 2010,” said HUD acting assistant secretary for policy development and research Erika Poethig.Meanwhile, it's now clear that HAMP has a long lasting impact on the performance of mortgages, as 86 percent of borrowers who received a modification have remained current on payments.Houston real estate could benefit greatly from these recent developments. Although mortgage delinquency and foreclosure activity in the area has remained muted so far this year, those borrowers who do fall on hard times can rest assured that they have options.? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.