Interesting article on Real Estate slow down in the "Super Neighborhoods" (Houston: for sale, credit)

[EasilyAmused]

Home sales sputter in January > Memorial Examiner > News > Houston Community Newspapers Online - News Around Town


"Average sales prices in the Examiner areas also fell in January comparisons: Memorial down 4 percent ($591,486 vs. $567,835), West University Place down 11.3 percent ($843,516 vs. $748,227), Bellaire down 25.2 percent ($346,795 vs. $259,535) and River Oaks down 36.3 percent ($866,516 vs. $551,691)."

For those looking, you will see a price break on inventory. Some places are becoming a better bargin than others though.

[desertsun41]

Bad news but not as bad as most of the country. There are many cities who lost more then 60% off their 2005 value. We were last to join the party but I believe we have now. The worst is yet to come. This depression will be something that will be in history books 50 years from now.

[Mom2Feebs]

January typically has the slowest sales, no?

[EasilyAmused]

Yes, but prices have never dropped during those month before, due to low inventory amounts during winter.

I don't see any price reductions around here. Things just sit longer and there are fewer of them on the market. Seems most are staying put and adding on or remodeling. There're dumpsters everywhere! Now in the mega-high price range (1.4 and up) they do seem to be backing off a little, and tons are coming on the market...more than usual.

But I have to giggle and the mention of "first time home buyer credit" in the same article that focuses on the Super Neighborhoods. First time home buyer aren't going to be able to buy there

[HTownNearNative]

Memorial 4% vs. Bellaire 25.2% decline - that's a HUGE discrepancy! Could this 25.2% be the western side of city of Bellaire that borders with the Gulfton area????? So much for inner loop living it seems???? Even an 11% decline in West U is huge! I'm curious...

[DJboutit]

All these prices seem to low these are super low end for these areas there at least 200K lower then that should be
West U is about right for the last 1 1/2 yr or so all the rest are super low

[usc619]

I was checking HAR for homes and found over 100+ homes for sale(300k and under) in Cinco Ranch that's a lot of homes for a MPC that is still buliding. Cinco has some pretty good deals going right now .

[PennsylTexan]

Same in Bridgeland. We have a home on the market, priced 40K less than the September 2007 purchase price (which was a good deal at that time). It's been on the market for almost two months and we have had traffic, but no offers. Our problem is we have a 3BDR home with a luxury study and everyone wants 4 BDRs, a game room, yada, yada, yada. Although we are one-sided, the Houston market is not as glorious as everyone makes it out to be.

Originally Posted by usc619

I was checking HAR for homes and found over 100+ homes for sale(300k and under) in Cinco Ranch that's a lot of homes for a MPC that is still buliding. Cinco has some pretty good deals going right now .

[westres1]

Originally Posted by PennsylTexan

Same in Bridgeland. We have a home on the market, priced 40K less than the September 2007 purchase price (which was a good deal at that time). It's been on the market for almost two months and we have had traffic, but no offers. Our problem is we have a 3BDR home with a luxury study and everyone wants 4 BDRs, a game room, yada, yada, yada. Although we are one-sided, the Houston market is not as glorious as everyone makes it out to be.

But Bridgeland is new ,not completed with it's developer going bankrupt. I wouldnt expect anyone to make money out there until this turns around.

[tstone]

25-36% decline?

I thought Houston's housing market was infallable to these dips!! At least that's what they were all saying not long ago.