Alley Theatre Lands Landmark Status; Drop in New Houston Home Sales


Photo of 2929 Weslayan: Marc Longoria via Swamplot Flickr Pool


8 Comment

  • So will house prices be coming down anytime soon? We’re ready to purchase a home but don’t want to rush into it if the market will still be dropping.

  • “John Norquist: It’s Time to Tear Down Houston’s Pierce Elevated”

    While I am all in favor of tearing down the (recently rebuilt) Pierce Elevated, the question remains …
    “Where will all the street people live?”

  • It’s ironic that the Alley gets landmarked immediately upon the completion of its less than sympathetic “renovation”.

  • Future homeowner, I expect the market to continue to drop some. That being said, if you find the right home and at a good price, I’d just go for it. I don’t think the market will crater; rather, I see inflated home values (e.g., in The Woodlands) to drop 10-20%.

  • @ Future homeowner – any potential declines in prices will most likely be more than offset by rising interest rates. The Fed has already said they WILL begin raising them this year, and once that happens keep in mind every 1% increase in mortgage rate drops your purchasing power by over 10%. If you’re looking to buy in a more in demand area like the Heights / Inner Loop I don’t expect to see more than a slight softening. You won’t see massive price declines. The Woodlands? Yes, it’s been inflated because of the anticipated Exxon demand so it may come down more than 10%. But still, it depends on the timing. Once rates start their increase expect everyone who’s been on the fence to jump before they get priced out, so demand will increase and pickings will become slimmer than they already are.

  • As long as housing inventory is increasing I see no compelling reason to buy. yes, interest rates will go up, maybe, next year, …but house prices will fall to compensate. Irregardless, it’s a market so everything is a function of supply and demand. I’m still waiting it out to see if a perfect trifecta lines up: stocks go into a bear market for a prolonged period of time, oil & gas layoffs continue quarterly to shore up dividends and Fed has no choice but to leave interest rates as zero because inflation isn’t even a blip on the charts (we’re obviously in a deflationary environment with commodities cratering and labor force participation at rates not seen since the 70’s).

  • The plan to tear down the Pierce Elevated is ridiculous. There is no reason that people can’t walk under a freeway to get from one area to another. The reason people don’t want to walk there now is that it’s ugly, dirty, and full of street people. A little money to spiff up the place would go a lot farther than tearing down an entirely functional freeway. The walkability of the area can improve with or without this giant boondoggle. Besides, that area is never going to seem tiptop unless they bring back vagrancy laws or move the Greyhound station and the homeless shelters.

    It’s been noted that the proposed reroute of 45 along 59 does not actually add a single lane to cross-downtown traffic, which is the problem with all traffic around downtown:

    Additionally, the plan has a rob Peter to pay Paul aspect. There’s an emerging walkable neighborhood along St. Emanuel St and the general “Eado” (oh God I said it) neighborhood. So they’re going to “improve” the Midtown-Downtown area, and completely bulldoze three blocks on the *other* side of downtown to build *another* giant freeway, obliterating a different space. Absolute hogwash. Makes me so mad.