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Old 04-04-2009, 04:31 PM
 
Location: Houston
12 posts, read 28,304 times
Reputation: 14

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After leaving Houston in 2004 for an expat assignment in Brazil and West Africa, I expect to be relocated back to Houston in the next few months. I think I will be working out of our office in Greenway Plaza.

While I would have liked to have stayed overseas for another year or so, I think it is a good time to move back. I will have to buy a house and 2 vehicles immediately. Hopefully, I will be able to make good deals on both.

My wife and I are actually open to few different locations to buy. We would be interested in areas around Greenway but we would also be open to buying a home in Sugarland or somewhere in between. There is a chance I could be relocated back overseas in a few years so making a good deal on a home is very important to me. I have even considered renting a condo to live close to the office but with the housing market down I feel I could be missing a real opportunity to buy in.

Question - If you were in the same situation what area would you look at? What areas do people feel that the home values have taken the biggest hit? In other words, if making a really good deal were the sole motivator to purchasing a home should I look closer to the city or further out?
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Old 04-04-2009, 06:29 PM
 
2,577 posts, read 5,654,381 times
Reputation: 1843
Just so you know, if you are expecting some super deal in the popular areas, like around Greenway Plaza or the better areas of Sugarland, forget it. The market has softened, but it has not crashed, at least not in the higher demand areas. Sellers that don't have to sell have pulled their homes off the market or simply refused to sell altogether. That has created a dearth of really good homes in top notch move in ready condition in the higher demand areas. There can still be a feeding frenzy and multiple offers on really good houses.
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Old 04-06-2009, 07:14 AM
 
Location: Houston
12 posts, read 28,304 times
Reputation: 14
OK, OK I have to remember when posting on internet message boards not to assume anything.

I am fully aware nobody is going to give me their home and I am fully aware that property values have not dropped significantly across the board over the past year. My question is the same. Has there been any difference in the softening of the market between homes in the suburbs and those closer to the city? Maybe the answer is that the softening of the market has affected home values equally. I don't know myself but this is something that interests me because we are open to many different locations.
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Old 04-06-2009, 07:39 AM
 
977 posts, read 2,507,757 times
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I believe there was an article in the Sunday Chron that showed the biggest declines to date in home values occured between the beltway and the loop, with the SW side "near the loop" (aka, Meyerland, Westbury) being the exception. Outside the beltway showed modest declines and inner loop held steady.

With that said, everything I have seen is hit-and-miss. A random bank short sale or foreclosure can lead to a good price, but it is like finding a needle in a haystack. What is your price range? If I were in the market for a new home, and had thoughts of moving in a few years, I would be more inclined to pick a home in an area that has traditionally strong resale.
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Old 04-06-2009, 04:32 PM
 
Location: Houston, TX
1,308 posts, read 2,189,051 times
Reputation: 1134
I've seen a number of homes available for sale in between Richmond and Westheimer west of Weslayan. (Try saying that three times fast.) From a speculative standpoint, that's where I'd buy if I had the cash. The value there is going to keep going up, plus it's close to your office. It's right between Greenway and the Galleria, and will likely be bought out and replaced with mid-rises within the next 10-20 years. However, if you're looking for long-term, I most definitely would not buy there.
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