“What I see on my bike rides,” writes 2-wheeled real-estate observer Lou Minatti, “is that construction has ground to a halt in Katy.” A few more louminating observations on the cycles of West Houston real estate:
The main upscale neighborhoods in the Houston metro area lie between downtown Houston and Katy, in the corridor south of I-10 and north of Westheimer/FM1093. Houston residents know what I am talking about. That narrow 30 mile x 8 mile corridor contains the trendy new “lofts” near downtown, expensive new condo towers in the Galleria area, River Oaks, Memorial, the Villages and Cinco Ranch. . . .
Me? I live north of I-10, the crappy side. It was a nice quiet place when we moved out here in 1995. It’s still an OK place, no real problems. But property values have been flat since 2000. The houses on this side of the freeway are between $100k-$150k. Here’s the thing: Long-time readers here have seen my videos and have seen the inventory and foreclosures from my bike tours. The new houses in these videos [both featured in this Swamplot post from last fall] have all been sold, and this is AFTER the shady lending was stopped. I did a video update three weeks ago [above] and didn’t post it on YouTube because there’s almost nothing on the market! In my subdivision of 900 houses there are two houses for sale and one foreclosure. That’s it.
Let the Great Katy Freeway Lane Rush begin! More than 5 years and $2.8 billion in the making, West Houston’s new 18-car-wide and rail-free Main Street is at last officially complete — and open for more traffic than ever! The tollway on the four inside “managed lanes” won’t be instituted until April. Until then, those lanes are meant for cars with more than one passenger.
A new Mini-Me for Energy Tower I is now going up at I-10 and Kirkwood. It’s an Embassy Suites Hotel!
The 216-room, 14-story hotel at 11730 Interstate 10 is Mac Haik’s third project in the development and will be situated just east of two office buildings. Energy Tower I, a 345,000-square-foot, 14-story building, is 100 percent leased, and Energy Tower II, a 428,979-square-foot, 17-story building under construction, is 90 percent preleased . . .
The developer is considering a third building, which could be a twin tower to the 17-story building or could be expanded.
A reader asks about some new construction off I-10:
There’s a tall crane setup at the NW corner of I-10 and Kirkwood, next door to the existing Energy Tower I. I haven’t seen anything about that anywhere. Another office tower by Mac Haik Management? Energy Tower II??