These two Briargrove homes sold within 6 weeks of each other and just two doors down. They sold for the same sales price: $865,000. Who would have guessed which one would sell to be remodeled and which one sold to be torn down? Surprisingly the one with the slightly larger lot and smaller home sold to be remodeled. Lots are still in great demand and short supply.
Lots do not become available often on streets like Green Oaks. This one is at the end of the cul-de-sac, just off Blalock. Lovely trees, tranquil setting. Great area for walking; explore both Bunker Hill and Piney Point off Blalock. Memorial Villages police, Memorial Drive Elementary, Spring Branch Middle, and Memorial High. 16,000sf lot priced at $1,175,000. UPDATE: It went under contract in 2 days and closed over list price. As of today, 12/2/2014, it is the highest sales price psf of land of Memorial lots ranging between 10,000 and 20,000sf. And worth every penny! Click on the photo above for more details.
This home was sold at lot value in January of this year. A 26,400 sf lot with beautiful presentation on the street. Thank you to my friends for referring the owner’s family to me. This was an original owner home custom built in 1954. The owner’s daughter told me they purchased the home for $60,000 in 1954. It recently sold for over $1,000,000……who says real estate isn’t a great investment! The owners had received offers from builders as high as $850,000 before they listed with me and we advertised on MLS.
Houston is seeing a rebound in the lot market. Older homes that are not updated are selling in desirable areas quickly as builders purchase them for new construction. Often they will be marketed as “Single Family at Lot Value”. These homes appeal to two markets: 1) the buyer who gets into a neighborhood and wants to fix the home up overtime to meet their needs, and 2) the builder/user who wants to tear the house down and build a custom or spec home. Prices are rebounding as well as the inventory is extremely low. That may change quickly as owners recognize prices are back to and above 2007 levels and NOW is a good time to put your home on the market. Low inventory and plentiful buyers often translates into multiple offers and brings the highest price for a seller. In today’s market there is every reason to expose your home to the market to get the highest price. I recently saw two comparable lots sell: one privately not on MLS and the other on MLS. The one on MLS achieved approximately 8% more than the private sale, well over the commission paid to the listing broker. One of my roles as a listing agent is to help the seller through the selling process and make it as easy as possible.
Also, here is a link to Metrostudy’s Houston market report for 2012 where Mike Inselmann also mentioned this shortage of lots: Houston Housing Market 2013
The Memorial Villages has been very active through the third quarter of 2012. Homes that are well priced and are in move in condition are selling quickly. Builders and users are looking for lots. Here is a summary:
|Ave List/Sales $||Ave $perSF|
|(built before 2009)||151 Sold||$1,423,700||$280|
|New Construction||14 Active||$3,520,700||$454|
|(built 2010-2012)||13 Sold||$2,962,600||$382|
|Acre (35,000sf +)||11 Sold||$1,160,500||$26|
|Half Acre (16,000-27,000sf)||15 Sold||$786,900||$37|
The table is based in whole or in part on data supplied by the Houston Relators Information Service or its MLS for the period 1/1/12 through 9/30/12 and is as of 10/19/12.