BELLAIRE, TX BOUNDARIES (LOCATED NEAR DOWNTOWN HOUSTON,TX)
Bellaire, Texas, located on both sides of Interstate Loop 610 West, is surrounded by Houston and many subdivisions including West University Place, Southside Place, Meyerland, Willow Meadows, and Afton Oaks. It's a very short distance to the Galleria, Reliant Stadium, downtown Houston, the Theater District, and the Medical Center.
BELLAIRE ZONING AND CONSTRUCTION
Bellaire is zoned for residential,commercial, and light industrial sections. The city is well known as a residential city. The city is well-liked for its police and fire protection, parks and recreation facilities, library, public works department, and recycling center.
For the most part, construction in Bellaire originated in the late 40's and 50's. Many of these original homes have been and are being purchased at lot value with the old homes being replaced with larger, new construction homes.
BELLAIRE HIGH SCHOOL
Bellaire High School is an extemely well known school in Houston. It's magnet program is for foreign languages. People often purchase homes in Bellaire for the sole purpose of being able to send their children to Bellaire High.
BELLAIRE MARKET REPORT - HOME SALES
According to information that I reviewed on Houston Association of REALTORS Multiple Listing Service, as of 3/22/2010, there are 152 single family residential homes on the market priced from $210,000 for a 1300 sq. ft , 3 bed/1 bath home on a 7560 sq. ft. lot next to the 610 feeder road to a high of $2,590,000 for a 2008 built, 8661 sq. ft., 6 bedroom/ 4 full-2 half bath, 3 car garage home on a 18,900 sq. ft. lot. The average list price per sq ft is $234.14. Thirty eight homes are for sale for over $1,000,000 and 43 homes are priced at $400,000 or less. As of 03/22/2010 there are an additional 24 homes pending under contract priced from $199,500 to $1,699,000.
In December 2009, 25 sales closed with an average sales price per average sq. ft. of $212.51. The low sales price was $168,000 for a 3 bed/ 1.5 bath, 1264 sq. ft., "liveable" home near the railroad tracks on a 5000 sq. ft. lot. The highest reported sales price was $2,186,500 for a 2008 built, 7528 sq. ft., 6 bed/7 full-2 half bath/3 car garage home on a 18900 sq. ft. lot.
In January 2009, 9 home sales closed with an average sales price per average sq. ft. of $199.32. The low sales price was $315,000 for a 3 bed/ 1 bath, 1734 sq. ft. " lot value" home on a 8820 sq. ft. lot. The highest reported sales price was $1,190,000 for a 2008 built, 5254 sq. ft., 4 bed/3.5 bath/2 car garage home on a 9100 sq. ft. lot.
In February 2010, 16 home sales closed with an average sales price per average sq. ft. of $204.12. The low sales price was $210,300 for a 3 bed/ 1 bath, 1449 sq. ft. foreclosed home sold mainly for the value of the 8775 sq. ft. lot. The highest reported sales price was $1,757,300 for a 2005 built, 7510 sq. ft., 5 bed/6.5 bath/3 car garage home on a 18,900 sq. ft. lot.
There are presently reported to be 4 townhomes actively on the market, priced from $225,000 to $350,000. The average listing price per average sq. ft .price is $158.25. Two are pending and under contract. Two closed in February 2010 for $225,000 and $265,000, an average of $143.35 per sq. ft.
BELLAIRE NEW AND RECENT CONSTRUCTION
New construction in Bellaire has declined although the prices are holding firm for the most part. Most builders are carrying less inventory due to tighter lending requirements and slower sales, so many of the new homes are custom homes. With inventory up, the housing tax incentives, and interest rates at a near 50 year low, it makes it an attractive time to buy. Interest rates have increased slightly and I'm hearing from lenders that they may increase more.