Houstons Luxury Real Estate Market Whats Next - Real Estate - SellingHouston's Luxury Real Estate Market: What's NextÂ Â by Richard Soto
in Real Estate / Selling Â Â (submitted 2010-04-03)
Houston's luxury real estate market has always been strong; however, the last year has proven challenging for this select Houston real estate market, as many homebuyers have begun scaling back their purchases. So, what can we expect now?
Many industry experts have noted that the Houston luxury real estate market is already showing positive signs of turning around. Inventory appears to be running low; new construction is on the rise; and many agents in Houston's best luxury real estate firms have been meeting and/or exceeding their sales goal for the last four to five months.
A Shortage in Inventory?
Houston real estate - particular the high-end real estate market - may even see a shortage by the end of the year in terms of real estate inventory.
The high-end Houston real estate market certainly has seen its share of challenges; it was one of the last markets to be hit during the recession; however, it was also one of the markets that suffered the worst during of the recession. As a result, the luxury Houston real estate market was one of the last markets in Houston to show signs during the latter part of last year.
By the end of the fourth quarter of 2009 the luxury Houston real estate market began to show signs of recovery; and by the first of the year, the luxury real estate market was going full steam ahead.
Consumer Confidence Driving Sales
Among other things, the Houston real estate luxury market has been driven by consumer confidence. Even those homebuyers who were not experiencing the worst of the economy in 2009 held onto their money because they simply didn't know what was coming next. As the stock markets improved, so did consumer confidence and, of course, the luxury market.
In addition, many industry analysts predict that 2010 will be a great year for Houston because of job growth. Many, major companies are now moving into Houston because of the positive job climate.
Home prices for luxury real estate in Houston is also falling slightly as more homeowners recognize that being realistic is a must if they expect to sell their home. As a result, many of the luxury homes on the market are selling in a reasonable amount of time.
New Construction and the Luxury Market
New construction for luxury real estate is also on the rise, and the upper end of the market is showing particularly good signs of recovery. As a result, many real estate experts are not concerned about selling luxury homes; they are concerned about the lack of inventory. In fact, many experts foresee a low inventory by year's end. One of the major concerns is that there appears to be a shortage in new construction.
Houston's Luxury Neighborhoods
* Afton Oaks
* Avalon Place
* Bayou Woods
* Bunker Hill Villages
* Canyon Gate
* Carlton Woods
* Cinco Ranch
* Grand Lakes
* River Oaks
* Royal Oaks
* Sherwood Forest
* Sherwood Oaks
* Sugar Land
* West University
* Willowick Estates
* Windsor Park
* The Woodlands