A broker tells reporter Amy Wolff Sorter that no new multifamily apartments — beyond the 14,000 units currently “in the pipeline” — are likely to be built in the Houston area until 2012. MPF Research says the multifamily occupancy rate for this area is hanging at around 89.7 percent, not too far from where it was last year: “. . . rents continue to hold steady and concessions aren’t being jacked up in response, though they do exist. [MPF's Greg] Willett points out that about 38% of the product on the market today has some sort of concession, with the typical giveaway hovering at a 9% discount, which translates to a little more than one month of free rent. Still, ‘that really hasn’t moved,’ Willett remarks. ‘We’ve been at that 9% figures for awhile.’ Both [Apartment Realty Advisors' Matt] Rotan and [CB Richard Ellis's Craig] LaFollette say that the infill locations are faring better than the outer submarkets, which are giving away up to two months free rent.” [Globe St.]
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Comment of the Day: Heights Home Replacement Program
“Demo permits sold in the greater Heights last year - approx 220. (zips 007,008, 009) The Chron’s real estate report showed that 25% of 2008 home sales in the Heights were new construction. And how many were built in the last 10 years? Don’t know, but for anyone who thinks The Heights has NOT been decimated, go to HAR.com to see how nearly all listings were built since 1999 or are lot value only. Heard a story on the radio not long ago about how people stood in line for hours to see the Bill of Rights, but when an exact replica went on display, nobody bothered. What does that tell us?” [Sheila, commenting on Jack Preston Wood: Making an Impression in the Freeland Historic District]