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Old 01-28-2009, 08:35 PM
 
98 posts, read 295,948 times
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I am looking to buy in HOuston. I would love some opinions on the housing market here (specifically in 77024 and 77079). Do you think it's possible to get a really good deal? Thanks!
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Old 01-28-2009, 08:45 PM
 
Location: Charleston Sc and Western NC
9,274 posts, read 22,859,872 times
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77024 eh, you might get a slight discount. Older remodels that would have gone for 1.6 or 1.5 are now available for 1.2 or 1.3. Anything out of that market is still steady.

Toughest market in that zip is still the liveable, off a major street, on a good lot for under a million.

77079 seems to be holding steady. Same pricing just longer to sell. You're still going to have to pay 400-500+ for a house on a non-major/cut through road that is liveable east of Kirkwood. More if you want a lot bigger than 10,000 sf. West of Kirkwood has been and will always be less. You may see some discounts in the next few months but nothing major. Location and schools will make it hold steady.


Let's put it this way, you'll never get the million dollar house for $350,000, or even the $400,000 house for $200,000. Too many people want to be there.


All that said, it's a better investment that exburbtopia.

Last edited by EasilyAmused; 01-28-2009 at 09:02 PM..
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Old 01-28-2009, 10:36 PM
 
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I agree with EA. Prices have dropped slightly but 77024 is the most desirable zip in the city. The better deals may be in 77079. I have seen a slight drop in prices and people who have to make a move are willing to make adjustments. However, if you do not have to sale in either zip then many are finding renting is an excellent option. It will pay the bill and then some. The lease market is very strong now due to the credit crunch.
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Old 01-30-2009, 07:05 PM
 
Location: Houston, Texas
469 posts, read 1,326,147 times
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I wouldn't say you are going to get a great deal in either of those zip codes as they tend to stay fairly steady. I do see them declining over the next year. my calculations based on the secondary market freeze is that pricing in that area will see a 2-4% drop. Right now when analyzing the market inventory situation I would say that we are likely to see declines in pricing metro wide above the 700K point.
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