Construction continues on the luxury condo condominium in River Oaks, which boasts the costliest condo in Houston.
Category: Southeast Texas Market Reports
Housing numbers looking strong in Houston
HOUSTON – Houston’s housing market got a significant boost last month with single-family home sales spiking 10 percent over a year earlier.
Buyers closed on 7,343 homes with a median price of $225,000, new data from the Houston Association of Realtors (HAR) show.
The bulk of the transactions were in the $150,000 to $500,000 price range, while the high- and low-end of the market saw declines.
Read more at Real Estate Center.
Houston developers experiment with Millennial, Baby Boomer offerings
Houston apartment developers have long catered to the Millennial renter.
For generations, young adults have flocked to apartments as they left their childhood homes for their first jobs. In recent years, multifamily developers have built ever more luxurious apartments that replicated the fit and finishes of homes that some Millennials grew up in.
owever, as the Baby Boomer generation begins to retire en masse, some in this older demographic is looking for an easier-to-maintain, lock-and-leave lifestyle closer to downtown Houston. Over the years, many empty-nesters have moved into Class A apartments next door to Millennials and working professionals.
Read more at Houston Business Journal.
North Houston office complex to get auctioned off
An office building in north Houston is getting auctioned off as its main tenant leaves.
Irving, Texas-based Exxon Mobil Corp. (NYSE: XOM) is leaving Greenspoint Place, a six-building, 36-acre office complex. That dropped the property’s occupancy below 40 percent, Houston-based Hines told the Houston Business Journal. Hines owns the building in partnership with the General Motors Pension Fund.
“Considering the average occupancy rate in this depressed submarket is only about 50 percent, due largely to the fact the energy market is hurting, ownership of the asset will be turned over to the lender,” Hines said in an emailed statement. “We believe that is the best course of action for the property at this juncture.”
Read more at Houston Business Journal.
Humble growth: NE Houston on brink of explosive growth
HOUSTON – The northeast Houston corridor is growing rapidly. Its wealthiest residents will make up a larger percentage of the area’s population in 2020 than it ever has.
Land in northeast Houston is cheaper and more bountiful, too, which has led to more developers eyeing the area. Couple that with a population that’s geting wealthier, and it’s a perfect setup for development.
Perhaps most critical to the area’s historic growth is its freeway access, though. Northeast Houston’s infrastructure attracts workers who commute to the Port, downtown and more. From an ingress and egress perspective, it creates some of the most attractive plots of land in Houston.
Read more at Real Estate Center.
Industrial, Houston’s ‘economic indicator,’ posts promising numbers
Houston absorbed nearly twice as much square feet of industrial space in the first quarter of 2016 as it did this time last year, the Greater Houston Partnership reports. Houston absorbed between 1.4 million and 2.1 million square feet in 2016, compared to 0.3 million to 1.4 million in 2015.