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Old 01-18-2015, 05:38 PM
 
8 posts, read 10,471 times
Reputation: 15

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Hi folks

I get the impression that there is a glut in the $800k-$1200k market in the Garden Oaks/ Oak Forest area. I want to understand the reason that Sellers in this range seem to be desparate right now....

1: is this area adversely impacted by the O&G driven market drop/ correction? Is it a leading indicator for an overall shift to a buyer's market?

2: do you think that this may "spill over" into the northern part of the loop? E.g. The Heights

3: what are the chances that values here may be impacted by the high speed rail line?

Thanks
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Old 01-18-2015, 06:27 PM
 
Location: Woodfield
2,086 posts, read 4,116,541 times
Reputation: 2319
Funny, I was thinking that myself. Comparing that area to a similar sized area in Katy, energy corridor, or sugar land, there's a scary number of houses for sale.
Why so much inventory?

And the glut is sub $800k too.

Last edited by ToyYot; 01-18-2015 at 06:40 PM..
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Old 01-18-2015, 10:56 PM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,699,096 times
Reputation: 4189
har shows 50 active houses for sale in the 800k+ range in Oak Forest. There are over 12,000 lots in Oak Forest so that doesn't seem like a glut. Builders have been tearing down the older houses and churning out the higher end ones as fast as they can manage. I don't know how many 800k+ houses typically sell in a month but right now 6 are in pending status. I doubt the high speed rail is on anyone's radar, it probably will never be built, and none of these 800k houses are next to the railroad tracks.
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Old 01-19-2015, 06:24 AM
 
Location: Charleston Sc and Western NC
9,273 posts, read 26,432,712 times
Reputation: 4741
Just from observation, it seems the whole market hit the pause button really. New spec homes that are just finishing up,all over the city, will sit a while. Also, in the areas I watch, very few people are listing any resale either. I think the more desirable neighborhoods in Houston are in "hunker down" down mode for now. No movement.
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Old 01-19-2015, 07:37 AM
 
2,480 posts, read 7,117,339 times
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I say give them until March/April. The you will start seeing movement again.
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Old 02-14-2015, 06:04 PM
 
115 posts, read 146,757 times
Reputation: 84
My observation for GOOF is that the spec home prices jumped considerably this past year. Just compare how many are currently listed $1million+ vs sold at that price in the past 2 years.
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Old 02-15-2015, 06:17 PM
 
71 posts, read 139,404 times
Reputation: 136
It seems to me that there are the new builds for sale for over $700k, and the knockdowns for less than $400k. What of the original builds priced in between? Candidates for new builds or for new owners?
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