Focus on Real Estate: Optimistic and Resilient
Despite an incredibly challenging year for the people of planet Earth, Houston’s economy, and especially our real estate market, have remained amazingly resilient and
optimistic. Single-family home sales in 2020 surpassed 2019’s record volume by more than 10 percent, even as the supply of homes withered to the lowest levels of all time.
COVID helped push our real estate market from several angles. People now spend more time working and schooling from home, so they want more space – a home office, a game room, an outdoor living area, and a pool for the kids. More people and companies are moving to Texas than to any other state except for Florida. Hewlett Packard recently relocated to Houston from Silicon Valley. A strained economy is keeping interest rates at record lows. It all adds up to more home sales.
The outlook for home sales in 2021 is favorable as January and February have already proven to be much more active in online traffic and person showings than the last few months of 2020. We could be on track for another record year of home sales.
BELLAIRE
BELLAIRE
by Neil Silverman
The City of Bellaire, referred to as the “City of Homes” due to its mostly residential character, was established in 1908 and incorporated in 1918. An Enclave Community surrounded by the city of Houston, Bellaire enjoys all that Houston has to offer with the comfort of knowing we can depend on our first-class municipal services and public safety departments, truly setting Bellaire apart. Bellaire boost a population of 18,425 with just over 6600 homes and has a land mass of 3.6 square miles. There are almost 20 parks that offer an assortment of amenities and vary in size, 1 Public Library, 4 Tennis Courts, Aquatics Center, Evergreen Pool, Recreation Center with basketball and fitness room, and multiple baseball and softball fields In 2019, Bellaire saw the completion of the Municipal Facilities project including the construction of a new City Hall and Civic Center and a new Police and Municipal Court building.
2020 Active Listings (built before 1999) – 34 / avg. list price $472,000 / 2,377 avg. sf
2020 Active Listing (built after 2000) – 30 / avg. list price $1,345,000 / 4,615 avg. sf
2021 Active Listing (built before 1999) – 48 / avg. list price $731,000 / 2,635 avg. sf
2021 Active Listing (built after 2000) – 43 / avg. list price $1,312,000 / 4,627 avg. sf
2020 Sales (built before 1999) – 118 / avg. list price $690,000 / 2,885 avg. sf
2020 Sales (built after 2000) – 138 / avg. list price $1,183,000 / 4,564 avg. sf
2021 Sales (built before 1999) – 14 / avg. list price $738,000 / 3,182 avg. sf
2021 Sales (built after 2000) – 10 / avg. list price $1,489,000 / 5,009 avg. sf
Neil Silverman, a local neighbor for over 25 year, with Bernstein Realty who list and sells homes in Bellaire, welcomes the opportunity to be of service, please contact him for all your Real Estate needs at 713.725-9750.
BRIARGROVE
BRIARGROVE
by Melinda Gordon
Briargrove is a wonderful neighborhood conveniently located 12 miles from Downtown and 2 miles west of The Galleria in Houston as far south as Westheimer as far north as Woodway, just west of Fountainview, the north section boarders Tanglewood. There are many grocery stores, wonderful local restaurants, and shops within walking distance. Briargrove Elementary is a highly ranked HISD school. The community has just over 900 homes total with a very strong HOA which provides 24 hr. security patrol. Briargrove homes sit on spacious lots of 7,000-10,000 sq ft. The neighborhood has a community playground with a pool which offers a swim team (the Barracudas) in the summer months. You can always find neighbors in front of their homes handing in their Adirondack chairs!
2020 Sales (built before 1999) – 42 / avg. list price $835,000 / 2,700 avg. sf
2020 Sales (built after 2000) – 22 / avg. list price $1,480,000 / 4,700 avg. sf
2021 Active Listings (built before 1999) – 9 / avg. list price $791,000 / 2,500 avg. sf
2021 Active Listings (built after 2000) – 5 / avg. list price $1,958,000 / 5,280 avg. sf
2021 Under Contract (built before 1999) – 10 / avg. list price $883,000 / 2,636 avg. sf
2021 Under Contract (built after 2000) – 2 / avg. list price $1,935,000 / 5,516 avg. sf
2021 Sales (built before 1999) – 3 / avg. list price $927,000 / 3,015 avg. sf
2021 Sales (built after 2000) – 3 / avg. list price $1,653,000 / 4,700 avg. sf
Melinda Gordon, a local neighbor, a Top 5 Producer at Bernstein Realty, who lists and sells homes in Briargrove, welcomes the opportunity to be of service, please contact her for all your real estate needs at 713-256-9145
GREATER HEIGHTS
GREATER HEIGHTS
by Amanda & Rich Anhorn
The Heights, a diverse smalltown community “Inside the Loop” was developed in the 1890s by its founders Oscar Martin Carter and Daniel Denton Cooley who were the principles of the Omaha and South Texas Land Company. These midwestern investors were drawn to the higher elevation of the area and purchased 1,700 acres of land. With electrification, the developers could expand further from downtown Houston with the use of the city’s streetcar system. The Heights became the city’s first large, planned community and existed separate from Houston until it was annexed in 1918. Today the Heights has much to offer its residents, including one of Houston’s grandest boulevards, home of a 3-mile walking trail, majestic trees, and public art sculptures. The Heights architecture ranges from Texas Victorians, turn-of-the-century bungalows, and new development. Other amenities the Heights offers are exemplary schools, acres of parks, miles of trails, an exploding restaurant scene, live entertainment, antique stores, and offbeat boutiques. In recent years, portions of the Heights have been designated as historic, which has preserved the original character of the neighborhood. If you have bought or are thinking of purchasing a home in the Heights then you’ve made a wise decision. In fact, a recent CNN survey ranked the Heights the #4 big city neighborhood in the country. Single-family homes range from $325,000-2,100,000 with standard lot sizes ranging from 4,400 square feet up to 7,500 square feet. The amount of single-family sales for 2019 was close to 1,300 transactions with an average price per square foot of $256. Townhomes mostly exist on the outer boundaries of the Heights and range from $300,000-$530,000. In 2019 there were 141 transactions with a price per square foot of $187. Lots are still in high demand but year by year there are becoming more scarce in the Heights with prices ranging from $210,000-$1,800,000 with an average price of around $57 a square foot. In 2019, there were 44 lots that sold. If you’re in the rental market there is a wide variety to choose from including garage apartments which start around $775 a month to luxury homes up to $7,000 a month.
Amanda & Rich Anhorn | Greenwood King Properties |713.255.5123 | anhorn@greenwoodking.com Top Producer 2004-2019
INDEPENDENCE HEIGHTS
by Jessica McCreary
Houston’s newest “hot spot” for affordable new construction is called Independence Heights. Located North of the Houston Heights, just outside the 610 Loop, “The Super Neighborhood,” was created by the City of Houston, which drew its borders as Tidwell to the North, Shepherd Drive to the West, 610 to the South and 45 to the East.
Similar to the Heights, this area is rich with history. It started to develop in 1908 by Wright Land Company and was incorporated Independence Heights. It became the first African American municipality in Texas. Then in 1929, the community was annexed by Houston.
In 2018, the Houston Chronicle said this area “has it all” and cited a study conducted by Redfin, who ranked neighborhoods based on what buyers wanted. Priorities were good schools, transit options, commute times, crime, and affordability. Independence Heights ended up ranking 13 out of 25 in their nation-wide study.
The recent development of a Whole Foods 365 at 610 & Yale has prompted other businesses, over the last few years, to take a risk in this “up-and-coming” location. For 2017, the average sales price for a lot was $45,316. In 2020, that jumped to $63,500.
Let’s not forget the area’s popularity with Millennials, as well. As of three years ago, they represent the largest cohort of homebuyers in the country, and Houston is no different. The key to their heart is affordability. In the past 6 months, 77 new construction homes were sold, the average price being $301,094 but new homes range anywhere from $247k-475k depending on the builder. In 2019, new construction was going for less than $375k in this area. So the demand in Independence Heights has definitely increased, despite the pandemic-climate we found ourselves in last year.
Jessica McCreary is Broker /Owner of HTX Living, LLC. p. 713 408.3185
MEMORIAL CLOSE-IN
MEMORIAL CLOSE-IN
by David Michael Young
Between Memorial Park and the Memorial Villages lies one of Houston’s most coveted neighborhoods – Memorial Close-In. Here you will find some of Houston’s most expensive homes, most on lots of a half acre to over 3 acres. Subdivisions include Stablewood, Bayou Woods, Pine Wood Estates, Sherwood Forest and Saddlebrook. The area is zoned to top schools in Spring Branch ISD and the streets are monitored by 24 hour security patrols.
Though this area has some townhomes and patio homes, and even one hi-rise condo tower, the area is defined by its large estate homes. Here are some stats:
Active Listings – 21 homes ranging from $1,250,000 to $30,000,000
Average – $7458,185 ($623/SF) – 9,983 SF house / 49,000 SF lot
2020 Sales – 27 homes ranging $809,000 to $7,700,000
Average – $2,725,000 ($418/SF) – 6,639 SF house / 31,283 SF lot
2019 Sales – 12 homes $1,077,000 to $5,400,000
Average – $2,627,333 ($409/SF) – 6,387 SF house / 30,284 SF lot
David Michael Young, Broker Associate
Compass RE Texas
david@youngrealtyhouston.com / 713-320-6453
MEMORIAL VILLAGES
MEMORIAL VILLAGES
by Genevieve Rowland
Historically speaking, The Memorial area has always been one of the most desirable areas in Houston to live and invest in real estate. It has retained its value through Houston’s good times and bad and has been a haven for families and businesses since the 1950’s. As an example, my grandparents bought a home off Memorial Drive back in the 50’s for $55,000 before Loop 610 was built. They sold their home in the 80’s for around $450,000. The lot alone is now worth almost $2 million dollars!
Boasting picturesque tree-lined streets, award-winning schools, acclaimed restaurants, shopping, and some of the best medical facilities in the world, its location is ideal for those wanting a short commute to all points in Houston while giving the feeling of living in a secure and heart-warming small town. Having grown up in the area and attending Hunter’s Creek Elementary, where my Aunt Genevieve also attended, it was one of the happiest times of my life biking up and down the safe streets, playing in the parks, and exploring the trails along the creeks and bayous. This is most certainly evident in all of The Villages that make up part of the area: Hunters Creek, Piney Point, Hedwig and Bunker Hill. These neighborhoods have minimal commercial intrusion with many lots ranging from ½ acre to 3-4 acres each. Regardless of your style, familial status, or working situation, there is something here for everyone.
According to HARMLS, there were 180 sales of single family homes in 2020 throughout the 4 villages South of I-10, with a low of $585,000, a high of $6,300,000 and an average of $1,959,822 ($363.42/SF) with an average size of 5,383 sqft. Only 55 of these homes were built since 2000. New construction is most prevalent in the area, but there are still many ranch, traditional, colonial and contemporary style homes that have been or will be remodeled by their new owners. The Luxury market this year amazingly strong. According to HAR (Houston Association of Realtors) on Feb 10th, home sales skyrocketed 27.7% year over year to 6088 in January. The year over year increase in luxury sales over $750K was 73.9%!!! Low interest rates, people wanting more from their homes with the changing working environment, savings due to lack of travelling, and experience real estate advisors, have all helped contribute to the success. People demand more in their homes now more than ever, and The Villages can most certainly deliver!
Genevieve Rowland is a Top Producer with Keller Williams Memorial Email at genevieve@rowland-properties.com
MEMORIAL WEST
by Amy Bernstein
Memorial West encompasses a wide variety of neighborhoods that are located North of I-10. Some of the most popular neighborhoods inside the Beltway are Frostwood, Memorial Forest, Memorial Bend, Tealwood, Sandalwood and Fonn Villas. The area also extends outside the Beltway to Memorial Glen, Gaywood, Nottingham, Nottingham Forest, Wilchester and beyond. It is convenient to City Centre, Town and Country and Memorial City Mall and a short commute to the Energy Corridor. Memorial West is also home to one of Houston’s largest parks, Terry Hershey Park. Amy Bernstein, a local neighbor, with Bernstein Realty is a top producing real estate agent who has listed and sold homes in the Memorial West area for more than 35 years. Bernstein Realty welcomes the opportunity to be of service, please contact us for all your real estate needs at 713.932.1032.
RIVER OAKS
RIVER OAKSby David Michael Young
River Oaks is undisputedly Houston’s premier larger subdivision. With a buy-in price of $1 million and previous non-MLS sales in excess of $30 million, this genteel neighborhood is home to many of Houston’s wealthiest families.
Established in the 1920s by Houston’s famous Hogg family and anchored by the exclusive River Oaks Country Club, the River Oaks subdivision of roughly 1,300 homes was primarily built out in the 1920s and 1930s. Most of these homes were designed and built by renowned architects and builders, and have been preserved over the years by consecutive owners.
The River Oaks Area would also include the subdivisions of Tall Timbers (acreage lots west of Willowick), Homewood (acreage lots on Lazy Ln), Royden Oaks (~10,000 SF lots west of River Oaks), Oak Estates just west of that, Avalon Place (~10,000 SF lots east of River Oaks), and Glendower Court (<6,000 SF lots east of Avalon Place). These deed restricted subdivisions are served well by the high-end retail shops and fine restaurants in Upper Kirby, the River Oaks Shopping Center and Highland Village.
Many of the highest priced homes are not listed in MLS, but according to HARMLS, there were 107 sales of single family homes in the River Oaks Area in 2020 ranging $760,000 to $5,100,000 and averaging $2,391,903 ($477/SF) – 12% lower than 2019.
There are also 8 luxury high rise condominium towers in the broader River Oaks Area, including The Huntingdon, 2727 Kirby, Regency House, The Willowick, Lamar Tower, Inwood Manor, Chateau Ten and The River Oaks. 29 condos sold in these buildings in 2020, ranging $256,500 to $3,095,000 and averaging $879,081 ($410/SF) – 7% lower than 2019.
David Michael Young, Broker Associate
Compass RE Texas
david@youngrealtyhouston.com / 713-320-6453
TANGLEWOOD
TANGLEWOOD
by Patricia Tello
Tanglewood remains one of Houston’s most sought after and affluent neighborhoods. It is home to the Houston Country Club and the Tanglewood Road Promenade.
The Tanglewood subdivision is surrounded with restaurants, education opportunities, entertainment venues, shopping and more. See below for more information on the surrounding resources for the Tanglewood subdivision.
Tanglewood Real Estate Overview:
- Currently there are 51 homes for sale in Tanglewood .
- The average price of the homes for sale in Tanglewood is $ 3,247,470.
- The average square feet of the homes in Tanglewood is 5,125 sqft.
- There are currently 8 homes for lease in Tanglewood subdivision.
- The average rent in Tanglewood is $ 11,406 at an average price of 2 per square foot.
Tanglewood has 1,203 single family properties with 5,125 Median Square Feet. The median year built is 1978. The home values ranges between $980 – $3280 K and you can view the square feed price change data since 1998. The median sold price/sqft is $362.46 while the median appraised value is $ 361.45/ sqft.
Patricia Tello, Realtor®
Uptown Real Estate Group, Inc by KW
+ 281-814-8538 Mobile USA
+ 56 9 66617884 Mobile Chile
WEST UNIVERSITY
by Caroline Bean
Nestled just to the west of Rice University, West University Place is one of the most desirable neighborhoods in Houston. Stretching just over 2 miles, West U has managed to retain its small-town feel in the middle of a big city. Developed in 1917, the neighborhood still exhibits some of the original bungalow designs but has also made way for newer constructions. West University has shown some of the strongest appreciation in land value over the past 10 years in the city of Houston.
Most commonly known for its street names – resembling universities across the country, the neighborhood has strong educational ties. This makes the “Neighborhood City” an ideal spot for living, working and raising a family. The community manages neighborhood parks, pools, recreation center, library, and much more. No wonder West University has been named one of the best neighborhoods in Houston!
77005 Stats (Per MLS)
Jan 1-February 28, 2020
20 Single Family Homes Sold
Average Sales Price: $1,734,291
Average SF: 4,141
Average Lot SF: 7,946
1Lot Sold
Average Sales Price: $675,000
Average Lot SF: 6,000
Jan 1 – March 1, 2021
24 Single Family Home Sold
Average Sales Price: $1,572,912
Average SF: 3,928
Average Lot SF: 6,456
2 Lots Sold
Average Sales Price: 757,500
Average Lot Size: 5,550
Caroline Bean is a Broker Associate
and Top Producer with Compass Real Estate
P: 713-206-4114