By DeeinAustin™

Fictional character J.R Ewing, from the popular 80s television drama, Dallas, was a betting man. What would the rich Texan do in today’s housing market?

I think he’d take a peak at lake real estate in Texas, which are poised for a comeback in 2008. Investors and buyers know that know that the market for second homes, luxury estate, and lakefront estate homes in Texas are still in demand. 

We recently reported on Trinity River development in Dallas. Today’s spotlight is on an upcoming 400-acre neighborhood development on the west side of Lake Houston.

A FEW DETAILS:

• This $90M-plus Parke Patterson Land Development project was announced a few weeks ago.
• Two Texas home builders have already committed. Next up is the retail developer.
• Estate lots will be 70-80′ along 2000 feet of shoreline on West Lake Houston Parkway near Beltway 8.
• Trees and water amenities will be the central feature of the Houston lake front community.
• Townhouses and retail will be integrated.

ARE KIMBALL-HILL AND IMPERIAL HOMES BETTING ON TEXAS LAKE PROPERTIES IN 2008?

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By DeeinAustin™

I wonder if anyone uses the term, "sticker shock" anymore. Sticker shock was used backed in the 80s and 90s to describe the raw, gut reaction that consumers had when they saw an extremely high price tag on a item. The term wasn’t used to describe real estate, but I think you should prepare for sticker shock on December market stats.

If I had to describe the face of a sticker shock victim, it would look like what you’d expect from someone who had their hand struck with a hammer or who jumped in the Alaskan waters sans speedo.

A quick peek at December stats show that it was a sour month for Texas real estate. Lack of consumer confidence, high oil prices, less investors, and the holidays caused Austin real estate sales to be down 27% from 2006. Houston, Dallas, and San Antonio didn’t beat last year either.

[Wait for the resounding OUCH…]

Now that the shock is over, let’s break this down.

THE TRUTH ABOUT TEXAS REAL ESTATE

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Are you ready for the annual Texas real estate market statistics or am I the only person who ever gets excited about these things?

Ready or not, most December 2007 market statistics for the largest Texas real estate markets will be released within the next 2-3 weeks. I’ll discuss them here, of course.

Houston releases their market statistics earliest, so will probably be covered first.

I have to say that the Houston market is one of the best all-around real estate markets in Texas. I spent my holiday vacation in Magnolia, Texas on the far Northwestern side of Houston. If I had to move from Austin, I’d live in Magnolia. It’s rapidly growing, has tons of acreage lots and land, and is not far from the popular Woodlands area.

HOUSTON PRE-ANNUAL MARKET UPDATE   

Here’s a quick primer for what you’re going to see during the official annual  real estate market reports for Houston.

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By DeeinAustin™

Let’s face it. Non-Texans sometimes perceived our state as being behind on the times. Lately, Texas is being recognized for being forward-thinking when it comes to green practices and sustainability. Texas is not just growing a green thumb, we’re passing laws that put a "green" boot in the backsides of corporations, developers and new construction builders to encourage them to adopt new practices.

Here’s what I mean.

A friend who works for Pepsi-Co International mentioned that large corporations have implemented more strict green requirements from suppliers. In order to supply products or services to Pepsi-co, your company must regularly report measures in areas such as recycling, carbon footprint and sustainable practices. Round Rock-based Dell Computers, Inc. has similar green guidelines for suppliers.

Green requirements are being adopted by Texas State Agencies in the areas of green building, sustainable development of subdivisions, affordable housing, and commercial construction.

COOL GREEN INITIATIVES IN TEXAS

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by DeeinAustin™

I was reading the Texas Recon from the Texas Real Estate Research Center and came across a mixed-use development called Sonoma in the Village, which is in the Inner Loop in Houston. Sonoma is this week’s Friday Spotlight.

According to Colliers, Inside the 610 Loop in the affluent West University neighborhood, Lamesa Properties is developing Sonoma in the Village, a 4-acre mixed-use project on the north end of Rice Village, Houston’s premier shopping and entertainment district adjacent to Rice University and the Texas Medical Center. (Picture provided by RiceVillageOnline.com)

ABOUT SONOMA IN THE VILLAGE

The Rice Village Wiki states that Rice Village has been one of Houston’s oldest and most-loved shopping
destinations since the 1930s. It is an unplanned, high density
hodge-podge of old and new retail stores. Rice Village was once an ad hoc cluster of retail stores, but has grown to become one of Houston’s more interesting and
variable shopping destinations with over 300 shops in a 16-block
area.

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by DeeinAustin™

Houston housing market statistics are in for October 2007. Unlike Austin, Houston is in a buyer’s market. The latest market update isn’t horrible…but it’s also not great. In fact, I have to say that they’re sort of ho-hum.

Keep in mind that ho-hum is not a bad thing when other markets are seeing double-digit depreciation. Houston has long been a pretty stable real estate market. Unlike Austin and Dallas, you won’t see wild appreciation in Houston, but you also won’t often see the bottom fall out of their housing market.

According to the October 2007 Houston Board of REALTORS (HAR) statistics, the average days on market for single family homes is 83 days (correction). By comparison, the average days on market in Austin is less than 70 days, so buyers in both areas should be dealing with multiple offers on well-priced homes.

What type of market are you in?

• Buyers market: Greater than 6 months inventory
• Neutral Market: 4-6 Months inventory
• Seller’s Market: Less than 3 months inventory

Most U.S cities have greater than 6-9 months inventory, so unless you live in Texas, you are most likely experiencing a buyer’s market. The buyer’s markets will probably continue at least until next summer or until lenders offer more mortgage options for stated or low-income buyers. 

VIEW THE OCTOBER 2007 HOUSTON REAL ESTATE MARKET STATISTICS 

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