January Real Estate News

JANUARY REAL ESTATE NEWS

Though the national real estate market has taken a beating this past year, the Houston area has fared well for the most part. There are some subdivisions that have a high foreclosure rate which is a death blow to the homeowner who absolutely MUST sell. On the other hand, these subdivisions are a goldmine for the investor who wants to buy a property for rental income. NOW is a great time to invest in lower income, recent construction housing. One of my clients purchased such a home just before Thanksgiving and has already leased it out. This particular client is so pleased with his first property, he has opted to purchase two more! With the financial climate being what it is, he sees the value in owning real estate!

Onto my featured subdivision of the quarter-Coles Crossing! I have been watching the market in Coles Crossing on a weekly basis. There have been quite a few homes for sale. Some that did not sell quickly enough for the owner ended up being leased out. My focus in this analysis is on home sales for the last 6 months.

Sixty-nine homes SOLD in Coles Crossing from July 1, 2008 until January 13, 2009. Nineteen of those homes were located in the cottage sections of Coles Crossing. The average price per square foot was $84.96 without a pool, and slightly more $86.59 with a pool (only one home). I did not include 2 homes in the data, because they were unusually low. (One was a foreclosure that backed to Telge which sold for $67.82/sq. ft.; the other simply backed to Telge and sold for $65.88/square ft.)

Of the remaining homes in Coles Crossing's non-gated sections, thirty-four homes without a pool SOLD for an average price/sq. ft. of $83.95. Fourteen homes in the non-gated area did have a pool and SOLD at an average price/sq. ft. of $93.49. If you are thinking of putting in a pool this summer, you might want to factor in the value it will add to your home vs. the cost incurred. In other words, less (fewer bells and whistles for your pool) is more when it comes time to sell your property.

Finally, in the gated section there was one home sale. The price/sq. ft for this home was $110.16.

There are many factors that determine the strength of a subdivision. Are the homes well-maintained? Is the crime rate low? How are the schools rated? One factor that is a little harder to measure-neighborliness. Are the people friendly?? Well, Coles Crossing passed our litmus test with flying colors. The true test of friendliness is--

"How many people will stop to buy lemonade from kids on a weekday?" I am happy to report lemonade sales are UP in Coles Crossing during the last six months. Aren't they the cutest??

If you have any questions regarding YOUR neighborhood sales prices/home values, I would be more than happy to answer them! If you are thinking of moving or know someone who is, I would love to become your/their favorite realtor!!

Best wishes for a Happy 2009!

Sonja Patterson