Home Buying in Memorial>Question Details

Erich, Home Buyer in Oceanside, CA

How is the Houston Luxury home market doing?

Asked by Erich, Oceanside, CA Fri Apr 25, 2008

Price rise or drop?
What is the 6 month outlook?

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Answers

5
Juan Carlos’ answer
These are the facts:

January - The most dramatic year-over-year sales activity was observed in Houston’s high-end single-family home markets, with increases of 30.3 percent among homes priced above $500,000.

february - Improved year-over-year sales activity continued to be observed in Houston’s high-end single-family home markets, with increases of 11.0 percent among homes priced above $500,000.

March - sales of homes priced above $500,000 fell 15.7 percent .

Hope this helps.
Web Reference: http://www.har.com/jch
1 vote Thank Flag Link Fri Apr 25, 2008
actually that market is still doing quite nicely...you still have to price a home right...but they are moving quite nicely sometimes as fast as 2 mo
0 votes Thank Flag Link Mon Mar 23, 2009
Sales of Luxury homes have softned somewhat due to a number of factors. The interest rate for Jumbo financing has been in turmoil and today, unless you have credit scores in the 780 range - you are likely to pay 7.5% . Another reason for the softness in the luxury market in Houston Texas is due to the recent financial meltdown. Many buyers who may have desired to move into a high priced home this year - have decided to wait to see how things shape out. Some potential buyers have seen their financial positions deteriate so badly that they have decided to put off tghe decision to purchase indefinately. Obviously this hurts demand.

Houston Texas has been insulated somewhat from the residential real estate crunch that has affected many parts of the U.S. We remain to be a strong corporate relocation destination and have the worlds largest medical center. These things help to keep our real estate markets stable.

The outlook for luxury homes in Houston Texas is good. I believe credit will loosen up and the markets are already showing evidence of improvements. That said, it is an excellent time to consider purchasing a luxury home in Houston -as you are likely to negotiate a better deal today than when the market completly turns around. Hope that helps.
0 votes Thank Flag Link Thu Oct 30, 2008
So far so good. Sales are down a slight bit, but we anticipate the summer to go pretty well, as job's are still doing well here, and we have quite a few people still moving into the area from states where the sales prices are much, much higher than here. Hence we see a lot of people moving here with quite a bit of equity from the sales of their homes in the other states to place down on a very nice home here. We have not seen much of a price drop in the homes, although there are more homes on the market right now. 6 month outlook is good due to the summer months approaching.

Hope this helps.
0 votes Thank Flag Link Fri Apr 25, 2008
Luxury home is doing Fantatstic!
Largely unaffected by the nationwide slowdown
0 votes Thank Flag Link Fri Apr 25, 2008
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