celiene Posted June 26, 2009 Share Posted June 26, 2009 Hello Y'all I am wondering out loud here....we have friends who "finally" sold their house in The Woodlands( took quite a while) and are looking at townhomes in nice nabes in the loop.......... Now, they have been actively looking since 2007 both going to open houses on their own---and having a realtor show them some units Well, we all know that in 2007--prices were high in the more desirable nabes in the loop---and out to the beltway---for that matter By mid-2008, prices seemed to level off, and even go slightly down........ Credit crunch didn't help matters, and prices continued to drop slightly By late 2008, early 2009 people just stopped putting their houses on the market---as offers were fewer and farther between ( that is the word of a high producer in Houston--inner loop office) which is understandable--if you don't need to sell--don't try to.......cause it ain't pretty out there right now..... Well, they are wondering if they should just rent the next year---because they have had two decent offers that they placed on townhomes "Completely turned down" One was in West Haven Estates--listed at 599K--they offered 565K---due to some work that they know would need to be done---and of course, they figured the homeowner's would reply with a higher price BTW--This is a "Cash Deal" The owners completely turned it down--stating that townhomes in the little gated alcove where they live have gone for 620K--yah, bigger units, and that was back in 3/2007----it just isn't the same economy now, as it was then......... I "personally" think that their listing agent lead them astray---as this townhome had an "open house" this weekend---and I, the endless Real Estate follower ( bored I guess--) went to "check out this camp....." The listing agent ( holding the house open) asked me what I thought.... It is over-priced--got the comps to back it up She told me "It will go for the high five's" It has already been on the market for 105 days I told her "Not in this economy", as similar units down the street ( both complexes are north of San Felipe---pricier than south of San Felipe) have gone for in the low five's.........all comp's from 1/2009 till current Well, to say the least---this realtor placed me on her "flurf-list" Okay, moving on......West Haven must not be the "place" for them..... Upper Kirby area ( not to be confused with the upper Kirby area that sits right next to River Oaks, you know, streets like Fairview, Spann, Welch--where you can't touch "nothing" for under 800K--unless it is small, strange etc.) Townhome is offered at 649K, they offer 609K, based on the prices per sq ft. that have sold recently ( there is nothing special about the house to justify the higher price) owner comes back at 645K................. On the market for 120 days...... Even if either of these deals would have "gone thru" local comps would work against appraising the home for the purchasing price--if there was a mortage needed for the purchase of the home...... They are giving up for now ( so someone is missing out on selling their home to a good buyer) and will go into a High-rise and rent for awhile....as they need to be out of their house in 3 weeks.... So, my question to all you real estate professionals, hobbiest, investors.. Is Houston still over-priced? My guess, yes, by about 10%, or in some places.....more Nobody wants to end up "Upside down" this time next year, as we do have another decent size round of mortages re-setting this fall, which, most likely will cause home prices to "move south" yet again..... Opine away Quote Link to comment Share on other sites More sharing options...
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