- New 500K-SF Industrial Park off Hwy. 288 Dubbed ‘Lower Kirby District’ Will Break Ground This Summer [HBJ]
- Value of Houston Office Buildings Could Plummet by as Much as 15% This Year, According to PricewaterhouseCoopers Report [Prime Property]
- Houston Apartment Rental Rate Growth Hit Record High of 8.1% Last Year, According to CBRE Research and Apartment Data Services [HBJ]
- New Townhome-Style Apartments Unveiled at Energy Corridor Community Arrabella [HBJ]
- A Behind-the-Scenes Peek at Main Street Theater’s $3.5M Renovation [Houston Public Media; previously on Swamplot]
- Developer Jerome Karam Faces Costly Environmental Cleanup at Long-Vacant Falstaff Brewery Site [Galveston County Daily News ($); previously on Swamplot]
- Armed with Warrant, Police Raid 3 Condos at 2520 Robinhood at Kirby for Evidence of Robert Durst Murders [Houston Chronicle; warrant here]
- Visiting Robert Durst’s Rice Village Haunts, Including Croissant Brioche, Starbucks, and the CVS Where He Urinated on a Candy Display [Houston Chronicle]
Photo of 610 at Bellaire: Russell Hancock via Swamplot Flickr Pool
would like to know who these investors are mentioned in the chron report that would still expect 10% increase in property values this year. the interest rate hike this summer alone, even if only 0.25%, could knock off more than 1.8% of property values so something doesn’t sound right. can understand retail expanding, but would be keen to know what sectors of the industrial market are expected to be increasing in the coming years. with income still flat in the states and international growth taking a big decline this year with the continually rising dollar i wouldn’t think many would be expanding right now.
Interest rates going up for the first time in years? Check. Oil prices at historic lows? Check. Layoffs? Check. Market already burning crazy hot? Check check check. All these combined would make me think we are headed for a pretty large correction. But. On the other hand, people are still moving here in droves, and lots of them are moving from places like Cali/New England where property markets are way different and this stuff still seems like a steal. So…who knows? My indicator is going to be the new apartment complexes opening up in Montrose, like the monster across from HEB. If that beast can fill up at its insane prices then the market can still handle quite a bit more pressure on the cheaper areas like Eastwood, Northside, and certain areas around the medical center. The Heights hasn’t existed in reality for a few years now so who knows what will happen there, but I don’t think that even matters since less than 1% of the city could even consider living there.
Property in Montrose is still trading at a ridiculous price. I see multifamily property sell for prices where the new owner has no chance of making any return. But then again, I thought that a year or so when I started selling my stuff and it’s gone way up since.
Prices only seem high until they go higher, Cody. There’s a ton of cash still on the sidelines earning next to nothing in the bank. Conservatively financed real estate generates real cash, right now. Even if values stay flat, you’re getting paid while you wait for upside.
They aren’t making any more land inside the Loop. Go survey 20 economists and all 20 will tell you that Houston will be a more populous city 10 years from now. Developers can chew up the prairie and build suburbs forever, but they aren’t building anymore Downtowns, Montroses, Heights, Gallerias, TexasMedicalCenters, RiceUniversities, MemorialParks, etc.
Demand increases, Supply is constrained. You do the math….
…unless renewables turn us into the next Detroit. :-)