Land Values, Condo Prices in Houston Continue to Rise Despite Slowdown in Sales
[HOUSTON, TX]
By: Meredith Mooney
Even as the overall perception remains that the real estate market in Houston is in a slight slump, land prices are rising and getting higher by the minute. That means condo and apartment developers alike will have a hard time finding cheap land anywhere. According to a source at one of the city's largest apartment brokers, land values in better areas of town have doubled in the past 30 months! Of course, one can see this having a definite effect on the renter as the high prices are passed down the line.
Despite the high cost of land, Houston is still an excellent place to consider purchasing real estate, especially right now in this buyer's market. Declining sales in three of the past four months have some worried, but if you're looking for property, this could be an excellent time to buy, if you don't mind the interest rates. The people who appreciate this the most are transplants from places like New York and California, where housing costs have made even condo ownership a faraway dream for anyone in the middle class.
According to the Houston Association of Realtors, the overall median price in the townhouse/condo segment in Houston increased 4.5% in June, with the median sales price for the month being $130,990. The average sales price for which a townhouse or condo sold in the greater Houston area was $161,726 in June 2007. Following the trend of single-family home sales, the number of townhouses and condos that sold in June decreased compared to the previous year's sales. Only 707 units were sold in the area in June '07, compared to 868 sold in June 2006.
Houston Condos For Sale
By: Meredith Mooney
Even as the overall perception remains that the real estate market in Houston is in a slight slump, land prices are rising and getting higher by the minute. That means condo and apartment developers alike will have a hard time finding cheap land anywhere. According to a source at one of the city's largest apartment brokers, land values in better areas of town have doubled in the past 30 months! Of course, one can see this having a definite effect on the renter as the high prices are passed down the line.
Despite the high cost of land, Houston is still an excellent place to consider purchasing real estate, especially right now in this buyer's market. Declining sales in three of the past four months have some worried, but if you're looking for property, this could be an excellent time to buy, if you don't mind the interest rates. The people who appreciate this the most are transplants from places like New York and California, where housing costs have made even condo ownership a faraway dream for anyone in the middle class.
According to the Houston Association of Realtors, the overall median price in the townhouse/condo segment in Houston increased 4.5% in June, with the median sales price for the month being $130,990. The average sales price for which a townhouse or condo sold in the greater Houston area was $161,726 in June 2007. Following the trend of single-family home sales, the number of townhouses and condos that sold in June decreased compared to the previous year's sales. Only 707 units were sold in the area in June '07, compared to 868 sold in June 2006.
Houston Condos For Sale
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