The new Memorial Green development under construction on Memorial will only enhance this lovely townhome community. Soon Ethans Glen will be the “affordable” neighbor to $1-2million dollar homes with many of the same benefits….walkability to Fresh Market and Starbucks, plenty of PARKING, and great location. Check out the fabulous updates in this lovely townhome.
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.
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
I often get the question from buyers and sellers….yes, our real estate market has been fabulous in 2012…..but WILL IT CONTINUE? This is a great analysis by Madison Inselmann of MetroStudy that I enjoyed reading and I hope you will too:
“But the question remains, can it last? Currently Houston is adding 85,000 jobs a year, a 3% growth rate. This is uncharacteristic growth in a stable (or recovered) market. In the twenty years leading up to the latest recession Houston averaged 50,000 jobs per year, or 40% fewer than our current pace. So if you wake up 6 months from now and the newspaper reads “Houston Added ONLY 50,000 Jobs in the Last 12 Months” rest assured that we’re still doing just fine. As long as oil prices remain above $70 per barrel there will be growth, and therefore money, in the Houston economy.”
Wilchester (and Wilchester West) have always been a strong market. With inventories low this year all across the board, Wilchester has one of the lowest inventories…less than a month’s supply as of the end of July. Through the end of July 2012 the average sales price of homes sold was up 13% from $525,000 (thru 7/2011) to $591,000 (thru 7/2012). Even though the numbers might have been slightly skewed by two homes that sold that were practically new construction, Wilchester homes have appreciated nicely this year. The average sales price psf was $186psf and ranged between $149 to $227psf depending on the location, lot size, updates, etc. The prices of homes sold ranged from $350,000 (foreclosure) to $839,000 and the size ranged from 2500 to 5100 sf.
Wilchester is a wonderful neighborhood with lots of community activites. Check out the women’s group, tennis (women and mens leagues), pool, park info and deed restrictions at:
The neighborhoods south of Memorial are have access to the Terry Hershey Park trails along Buffalo Bayou.
Also links for the school are:
www.wilchesterpta.com for the elementary PTA
www.wce.springbranchisd.com for the elementary school (recently completed!!)
www.memorialmiddleschoolpta.com for the middle school PTA
www.mms.springbranchisd.com for the middle school
www.stratfordptsa.txpta.org for high school PTA
www.ssh.springbranchisd.com for the high school
13303 Perthshire in Wilchester
The numbers are out for the first half of 2012 and the Memorial market has been WOW this spring. Overall price increases over last year are:
Memorial +7% (city of Houston)
Memorial Villages +9% (Bunker Hill, Hedwig, Hunters Creek and Piney Point)
Spring Valley +14%
Inventory has been and remains low.
However Tanglewood saw a 10% price decrease for the first half over last year, a result of more inventory available in the upper end homes.
Here’s the link: http://www.greenwoodking.com/images/pdf/marketreport6.pdf for the full report on the markets Greenwood King specializes in.
The neighborhoods immediately surrounding Rummel Creek Elementary include Autumn Oaks, Britmoore Oaks, Memorial Grove, Memorial Plaza, Memorial Valley and Rustling Oaks. The schools the children go to are Rummel Creek (exemplary TEA rating), Memorial Middle School (exemplary) and Stratford High School (acceptable), all part of the Spring Branch ISD.
The average sales price of the homes (those built before 2005 and excluding townhomes) sold in this pocket year to date is $503,000 ($184 psf). I think that is very affordable considering the quality of the schools and the central location.
It is a wonderful neighborhood. The residents can join the neighborhood pool Plaza Oaks offering summer swim league for the children and women’s tennis leagues during the school year. There is also an early morning neighborhood boot camp (women on MWF and men on TTH). And the Rummel Creek PTA is very active and important part of the community.
Check it out and I think you’ll agree, this neighborhood is a gem!
This is a view of the Memorial Villages market year to date. One word of caution….this is like looking at the market from an airplane…..it’s an overview. Homes in the Memorial Villages are unique, that is there are many different lot sizes, features of the lot, ages of homes, floor plans, locations, etc. Please call or email me if you are interested in buying or selling. I work in this market on a daily basis…put that knowledge to work for you!
What conclusions can we draw? Overall we have seen price appreciation and very strong activity. Lot sales have been brisk and the price appreciation has been in the lower end of the market. However, there are buyers in the upper end market actively looking; some fabulous homes have sold at substantially higher prices psf than average…..remember this is a market of unique homes.
This is an INCREDIBLE home my clients purchased this spring….warm and cozy and just right!