How important is location? Well, here’s a four-bedroom, three-bath home for sale near Mayor Bill White, and they’re only asking $137,900?! This listing found on Oodle.com sounds too good to be true!
It is.
Below the fold: the awful truth.
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Homebuying
Sure, there’s the latest numbers out from the Houston Association of Realtors, showing a continuing decline in home sales in October, an 8 percent upswing in the average number of days homes have sat on the market, and a slight drop in the median home price compared to this time last year.
But the most blatant sign that serious problems in Houston housing have already arrived is the new promotional blitz just unleashed by the Greater Houston Builders Association — telling us all not to panic: Everything’s just rosy in the wonderful world of Houston residential real estate. Hey, everybody back in the water!
The PR push, which includes a blanketing of radio and TV spots in local markets, is designed to reassure nervous would-be buyers that now’s the perfect time to buy a home way out on the latest subdivision frontier, even though lots of scary signs have been suggesting otherwise for quite a few months now. The heart of the homebuilders’ campaign is the ominous-sounding HoustonFacts.org website, which fills Houston homebuyers’ ears with fact-filled, sage advice like this:
If you try to wait and time the market until it hits rock bottom, you are likely to lose out. Just as no one can accurately predict the peaks and valleys of the stock market (name one person who sold their tech portfolio in April of 2000), the same holds true for housing. If you sit on the fence and wait for the absolute best deal, you could end up literally waiting for years. And most likely, your guess on market timing would be wrong. But if you choose to buy now, you will not only be in the driver’s seat during the buying process, you will also reap the gains of price appreciation once you become a home owner. Remember, those who purchased homes in the early 1990s during the last big economic and housing downturn came out as big winners.
There’s lots more of this kind of wisdom available on the site, but here’s a special challenge to eagle-eyed Swamplot readers: See if you can find the comparison of a home investment to a stock-market investment on the site that simplifies all those messy calculations by leaving out the cost of monthly mortgage payments and expenses!
Keep reading for a HoustonFacts.org tip on home foundations for the Houston climate!
If you’re looking for something just a little sleeker than the typical country-home-with-hangar featured here earlier this week, you might want to try the house right next door: It’s newly remodeled, sportier, and there’s still plenty of room to park your airplane, just steps from the Living Room. Best of all, though, you can bid for it on Ebay.
A completely remodeled home and new airplane hanger located in the beautiful country side of Waller Texas, just 20 minutes from Houston. Located in the Sky Lakes Subdivision this gorgeous home and hanger that backs up to the taxiway and leads out to the long grass runway allowing you the access to fly your plane at a moments notice.
Great, but 20 minutes from Houston?? Oh, right—by air. The house has three bedrooms and two baths in an open plan: 2330 square feet of living space, plus a 2000-square-foot hangar.
Hurry! There’s only about a week left to place your bids. Or buy it now for $274,900. Our quick fly-by photo tour begins after the jump.
Does this look like the home of a rock star? Okay, how about a ’70s rock star with a long beard and hearing problems?
Yes, this is the custom-built San Leon enclave of ZZ Top bassist Dusty Hill: a 19,560-sf trio of homes on a three-and-a-half-acre lot facing the crystal-clear waters of Galveston Bay.
Features include recreational, media & entertaining areas. 2 story entry w/dbl staircase, gourmet kitchen, mahogany library. Coffered ceilings, travertine marble floors. Circular motor court w/fountain & Crestron lighting. Pool. Exterior lighting, rollac shutter & storm doors. Above ground gas tanks. Two 3-car garages. Designer appointments & much more!
Yours, for just under $7 million. Including the gas tanks. After the jump, the ZZzzzzzzzzzzz interiors!
Five little words slipped into the end of an MLS profile remind us, gently, that updated but low-slung houses on large lots in tony Houston neighborhoods aren’t meant for homebuyers who want to enjoy a simple home in a natural setting. No, an older ranch like this is meant for a family willing to tolerate a “gorgeous” and “spacious” (but also apparently cramped and doomed) home until they can tear it down and build something that’s five times as big and that blankets the 10,665-square-foot lot more definitively. It’s a sacrifice, we know.
See if you can find the magic words in this listing:
GEORGEOUS, UPDATED, WELL MAINTAINED 3/2.5/2 W/LRG ENTERTAINMENT RM & WET BAR OVERLOOK POOL, BRIARBEND SUBD, ZONED NEW BRIARGROVE ELEM. $55K+ IN UPDATES: 2007 Paint/Hardware, 2005 Silestone Kit Counters/ Dbl Ovens, Baths, Entertain Rm Roof, Replaced Ducts/Added 4 Return Vents. UPDATES LAST 6 YRS: Dbl Pane Windows, Refinished Hardwood Floors, Refinished Pool Surface/Robotic Pool Sweep, Garage Doors, Recessed Lights in Kit, LR & Hall. Park @end of blk. Live in now/Build later/2 story allowed.
More photos of the amazing $466K Briarbend house you’ll love so much you won’t be able to wait to tear it down—after the jump.
Some highlights from the Chronicle‘s annual housing-price survey extravaganza, published Sunday:
- Yeah, prices were up again last year, growing steadily since 1992 (a good year to start with if you’d rather forget Houston’s big busts). But price increases slowed down in the second half.
- Anyone needing proof that Houston is still a donut need only glance at this map of sales activity inside and around the Loop and Beltway. We love that creamy filling as much as anyone, but there’s more dough to be made at the edges (eighty percent of sales are outside Beltway 8).
- The front-page graphic, which at first glance appears to show steeper historical price growth for inside-the-loop homes (and a better rate for them this year), is a little misleading: Except for last year, average percentage price increases since 2001 have been highest outside the loop.
As usual, specifics on last year’s neighborhood price trends are hidden in the Chronicle‘s Homefront section.
- Houston area home prices continue to climb [Houston Chronicle]
- Homefront [Houston Chronicle]
A new online calculator gives a clear picture of when buying a home makes sense.