My mother died early this summer. And I found myself not wearing a tie for a dozen weeks. Granted, it was a grueling summer, and who wants a swatch of silk tied tightly around the neck in this climate? But I had worn a tie for the previous 17 summers while working in the real
Clients are asking us, “What will be the effects of Hurricane Harvey flooding on real estate?” Our first reaction is to say that it is too soon to tell what dynamics will affect residential real estate in Houston. These typically play out in unpredictable ways. There are so many unknown factors: government actions, insurance issues,
At last count there were 51 cleared lots in River Oaks, only four of which were actively on the market. Most of the other lots were in private hands, often adjoining existing homes or being held for future custom new construction. Six were destined for speculative new construction. Lot sales in the first half of
You would think that inventory at the high end in River Oaks had exploded out of control in the first half of 2017 (see chart River Oaks Inventory Over $4 million below). With nearly 30 houses available as recently as May, this sector of the market current has more for sale than even during the
As we prepare to release our River Oaks Market Report for the first half of 2017, clients and colleagues are bombarded by mixed signals. Real estate agents inside The Loop, especially those working at the higher price points, complain of the eerie quiet since mid-April. And, given the sudden spike of LinkedIn requests landing in
Earlier this month we attended the spring edition of Dr. Robert Gilmer’s twice-a-year regional forecasting luncheon sponsored by the University of Houston’s Bauer College of Business. The past two years have not been kind to Houston, as the city has slowed to no-growth for two years. Other details gleaned from Dr. Gilmer’s talk: • We
There has been a clear sense that market activity in River Oaks in the first quarter of 2017 has been the expression of pent-up energy from the second half of 2016. Buyers and sellers had held back since the summer of 2016. There was then a tangible change of mood in December, followed by a
After a year-long hiatus speculative builders are back in River Oaks with a good selection of new houses in the pipeline. And, if you’re in the market, you will find it refreshing that you won’t have to settle for a huge white box with a pastiche of neoclassical details affixed to the front. It is
We regularly tour new construction in River Oaks, West University, Memorial, Tanglewood and other upscale Houston neighborhoods, and we have noted several trends. Among them:
But, as the adage goes, it’s not just about size. The most particular characteristic of the large-lot market in River Oaks is that, in addition to the absolute size of any given lot, other qualities of the property are critically important to a prospective buyer. Buyers willing to pay $4 million or more for a