COMMENT OF THE DAY: KEEP HOUSTON CHEAP “. . . low property values are a positive for the people of Houston and the city. Inflating property values with use restrictions just accrues big profits to established landowners, drives up rent, limits competitive experimentation to find the best use of property, and enriches politically connected individuals savvy enough to navigate the various agencies charged with approving exceptions. Ask any average person living in or thinking of moving to London to list things that are bad about the city, and the inflated property prices will be high on their list 9 times out of 10.” [Kevin, commenting on Did Weingarten Realty Just Bury the 1939 Art Deco Interior of the Alabama Theater in Concrete?]
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Tag: Housing Prices
COMMENT OF THE DAY: YOU CAN’T BUY HOME AGAIN “Real estate is more than new builds and teardowns, permits and profits. Real estate touches our lives in a very special way. I still remember like it was yesterday riding my homemade go cart down the hill at the end of our street in our little subdivision in the east where I lived as a little kid. I fondly remember lying on the warm driveway after coming home from a cold morning’s swim class and seeing the tulips pop up through the last of the winter’s snow in the front yard. Decades later, I returned to the neighborhood and was surprised at how small and cruddy the houses were compared to what you can get for 300k in Houston. And then I saw that my old 1800 sq ft colonial was listed for 600k. . . .” [Old school, commenting on Neighborhood of My Youth, Demolished Erased: Signs of Poetry in the First Ward]
COMMENT OF THE DAY: LOCAL EXPERTS “Wow, these comments are amazing…quite obviously you aren’t the target audience for a renovated Heights bungalow. Not to sound like Jeff Foxworthy but if you don’t like subway tiles, craftsman style, small (to Houston) homes or high prices per square foot you aren’t a good person to guess on the price of a house in the Heights. Similarly I wouldn’t make a guess on a Katy home because I wouldn’t ever have the desire to live there. . . .” [Wannabe, commenting on Swamplot Price Adjuster: The Heights of 2-2ness]
COMMENT OF THE DAY: SACRIFICE BUY “ANYONE can afford to live in the loop, I am convinced of that. The question best answered is ‘What are you willing to give up to do so?’. If you have large housing demands with a limited budget, chances are the suburbs is your answer. If you can live modestly, there are plenty of Inner Loop properties for you.” [Jeff, commenting on Sub-Suburban SUV Adventure: Braving That Big Trip “Downtownâ€]
Harris County homeowners might worry that the nationwide downturn in the real-estate market will ultimately affect the prices they can get for their homes, but HCAD says there’s no problem: Things are looking up! To prove it, the agency has raised property-tax assessments an average of seven percent this year. How’s that for a vote of confidence?
Sounds even more flattering than the Chronicle, which comes off sounding insufficiently boosterish. Their survey last week declared that home prices in 2006 had risen an average of only 4.3 percent in the greater Houston area.
- Appraisals up 7%, but tax bills should shrink [Houston Chronicle]
- Houston area home prices continue to climb [Houston Chronicle]
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]