real estate

Summer Realty Spotlight: Fab Fixer-Uppers and Other Top Market Trends

Summer Realty Spotlight: Fab Fixer-Uppers and Other Top Market Trends

Pool deck of the Residences at The Allen

THE TEMPS OUTSIDE are hotter than ever, but is Houston’s scorching real estate market finally cooling off? As a return to a balanced market, in which neither the buyer nor the seller has a big advantage, approaches, here’s a closer look at the trends of 2022.

The High Life

Pool deck of the Residences at The Allen

As high-rise offerings in Houston continue to increase, along with the walkability built in to new developments, many are taking an opportunity to “right-size” their homes. According to Acho Azuike of DC Partners, which is nearing completion of its hotel-condo project across Allen Parkway from Buffalo Bayou, empty nesters want to nix the upkeep required by their big Memorial and River Oaks homes, but maintain the luxury quality. “They want to be in the city, be somewhere with amenities,” he explains, noting that the safety and security provided by high-rises like Residences at The Allen, above, is also a big part of the appeal. “Residents can live like they’re on vacation, with room service, a house account and a bartender who knows them by name.”

Time to Buy?

Nan and Company lists this new-construction Afton Oaks manse for $2 million.

According to a survey conducted by HAR, 71 percent of consumers think that now is a “bad time” to buy a home. “The number-one question I get these days is, ‘Should I buy now?’” says Rose Spice of Nan and Company Properties, who has a dual license as a residential loan officer and realtor. Would you be moving closer to your place of work, and saving on gas, she asks? Are you moving out of an apartment that just spiked your rent? Are you cashing out on an existing home that has also appreciated to move to your dream home? “It has to make sense for you.”

Get Your Fix

After years of most buyers desiring turn-key and new-build homes, and in spite of supply-chain bottlenecks, fixer-uppers are now in greater demand. “One thing I’m starting to see more of is buyers not being afraid to do some work or update a house,” says Jeremy Fain of Greenwood King. “With how competitive the market has been, some buyers ... are willing to put their personal touch on a home to make it their own.”

Rent Ascent

GJ Tavern, in the base of Downtown’s luxury apartment building Market Square Tower

If it feels like the boom of new apartment buildings is never-ending ... that’s sort of the case. There are currently 15,000 units under construction, and another 34,000 in the pipeline; more than 22,000 have opened in the past 12 months. As of June, the average monthly rent in Houston is $1,233, according to ApartmentData.com, up 15 percent compared to just one year ago. Even still, the site reports an average occupancy rate of 91.4 percent across all subsets of the market, from newly built, amenity-filled Class A apartments to ones older than 40 years and in need of repair, or Class D.

From Your Site Articles
Home + Real Estate
promoted

Leadership in Action: Clothiers Murry and Karen Penner Celebrate Family Business’ 50-Year Anny

Al Torres
Leadership in Action: Clothiers Murry and Karen Penner Celebrate Family Business’ 50-Year Anny

Murry & Karen Penner, Owners, M PENNER

How did you get where you are today? We’ve stayed true to the vision of the store’s founder, Morris Penner, who relentlessly sought out unique product, with exceptional quality being a key element. Morris always used to say, “The fastest way to lose a customer is to bore him” and we agree. A percentage of every season’s budget is allocated to something new and unique. While product is key, it’s not enough. Having an excellent staff and discipline in business practices is also critical.

Keep Reading Show less
promoted

Fall Philanthropy Report: Children’s Assessment Center Touts ‘Healing’ for Child Abuse Victims

What is your mission? The Children’s Assessment Center (The CAC) provides healing services to over 6,300 child sexual abuse victims and their families each year. We offer forensic interviewing, family advocacy, mental health services, medical care, and court services at no cost. We facilitate community outreach and prevention training to raise awareness about child abuse in our community and how to keep children safe. Last year, we provided prevention training to over 35,000 community members, including 23,500 children in schools.

Keep Reading Show less
promoted

Fall Philanthropy Report: Urban Harvest Farmers Market Helps ‘Transform Food Accessibility’

What year was your organization launched? Urban Harvest’s Saturday Farmers Market started in 2004 with just seven vendors, providing an outlet for local farms, community and backyard gardeners to sell fresh produce harvested directly from their soils. Now in its 20th year, the market has grown to be one of the largest markets in Texas, supporting over 100 local farmers, ranchers, and food artisans all from within 180 miles of Houston. The market draws 3,000 customers every Saturday morning and includes many original vendors like Animal Farm, Atkinson Farms, and Wood Duck Farm.

Keep Reading Show less