Rents are increasing unbelievable around Galleria

[Trae713]

Originally Posted by tstone

I have a strong feeling this bubble is going to break in the next 2 years. Not a massive correction, but definitely one that will make some temporary waves. I'm not at liberty to say anything more.

Nah, we're good.

[misterno]

Originally Posted by tstone

I have a strong feeling this bubble is going to break in the next 2 years. Not a massive correction, but definitely one that will make some temporary waves. I'm not at liberty to say anything more.

Houston? bubble?

I don't think so

[cheryjohns]

We never had a bubble. Because Houston's recession took place, alone and ahead of the rest of the country, we struggled alone and ignored in the 80's. Because of that, and other reasons, we fared better during the economic recession the rest of the country faced. Our appraisers already trembled before appreciation. We never had the bubble.

Our growth will follow what it always has done. Rents will go up, a lot. Apartment developers will over-develope, as they always have done. This time around, the renters cannot get liar loans. They are stuck, like they were in the 70's and 80's and 90's. Rents will go down when they have saturated the market. They have followed this pattern since the late 60's.

[crbcrbrgv]

You might remember my friend's fiancé who lives in Creole on Yorktown in Uptown. She is staying one more year in a 2br 2 bt that costs her I believe 1050. She has been there several years so she gets that price.

New residents are paying 1175 for a 12 month lease. Even at the very unkempt Yorktown apts. next door they are apparently getting over 1000.

As for houses in the area, she has a family friend that is going to sell soon. Why? Because their house is now worth 650k and they cannot afford the taxes.

They have had that house for awhile, apparently and they aren't the only ones jumping ship.

[jordanaf]

Try to buy..the interest rates at around 3 if you have good credit. Talk to a mortgage broker and see what you qualify for. Houston is at a 5 year low for inventory of homes. Finding something to buy can be challenging as well.