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What real estate crash?


texas911

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So I like to browse har.com for my zip code, 77005, and am amazed with all the high dollar sales! It seemed to have started in January. Are people just trying to take advantage of the low interest rates? Even builders are starting to build again, when before they were trying to unload their lots. What gives? Is Houston just immune?

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LOCATION LOCATION LOCATION.

77005 is primo. Sales there and in similar zip codes like 77019, 77098, 77006, 77056, 77027, 77024 and 77057 will likely never go into a large scale decline because of the demand. These zip codes offer easy access to downtown, the TMC, Uptown, Greenway, etc... and also to the best the city has to offer (parks, theater, museums, restaurants, etc...) Most importantly though, they are zoned to Lamar, Bellaire, Memorial, and Westside Highs which outperform most suburban schools and are close to the best prep schools in town (St Johns, Lamar, Episcopal, St Thomas, Duchesne).

The real estate crash in this country was largely centered in the sprawl. Central Boston prices have remained steady. Same with Manhattan and the best parts of LA, San Fran, Chicago, etc.. However, the suburbs and exurbs were hit HARD.

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  • 2 months later...

I always like to check Zillow to see how home prices are in different areas. It seems Florida and Nevada got hit really hard. I know my home's pricing has held up pretty well but one of my rentals has tanked. Of course, that's a tale of two different areas. One has great schools and low crime while the other has terrible schools and crime is rising.

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The crash has drawn a rough donut of decay around every major Texas city. Probably due to our ring road style of sprawl, however there are other linear incursions into the far exurbs.

The distribution of household income is not a donut, and basically that is what drives the foreclosure rate. Some suburbs suffer, some don't. Some urban areas suffer, some don't. Most rural areas suffer. Rural poverty is a b!tch, after all.

Edited by TheNiche
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I always like to check Zillow to see how home prices are in different areas. It seems Florida and Nevada got hit really hard. I know my home's pricing has held up pretty well but one of my rentals has tanked. Of course, that's a tale of two different areas. One has great schools and low crime while the other has terrible schools and crime is rising.

I wouldn't put much credence in Zillow's estimates. Their numbers go up and down in extreme fashion for no apparent reason. They lack the details to determine an accurate value, which is why they call it a Zestimate and not an appraisal. I suppose they may be okay for researching general trends, at least when they are able to obtain recent sale prices for homes in an area.

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I was a complete chump buying in at the top end for this neighborhood in 2007. At least in the east end I paid a 10-20% chump tax, as opposed to the Heights at 20-40%.

But I intend to stay here between 5 and 15 years, and the refi's to 10 year notes are finally starting to come down to where I want them. All good.

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  • 7 months later...

We bought in early 2008. The house had been on the market for many months, and been reduced 20k. Currently, we'd probably get about what we paid for it, maybe a little more, maybe a little less.

Although, 2010 and 2011 were awful -- lots of inventory of nearly identical houses, some foreclosures, and shitty sale prices -- but it's gotten a little better since then.

You used to see TV shows and realtors constantly talking about how your home is your #1 investment that will always appreciate. You don't see that anymore.

Edited by woolie
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  • 1 month later...

Just sold my lot in Ayshire in Braes Heights (77025). It sold in 2 days and it went for higher than listing price, way higher, with a cash transaction. The market sure hasn't abated in one year! 77005 is still going strong, if you can even find a home for sale. I haven't seen the inventory this low ever, well at least not since I've been browsing Zip/Har/Zillow on my iPad!

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