texas911 Posted August 26, 2012 Share Posted August 26, 2012 (edited) No. 10: 77006 Median price per square foot in 2011: $190 Neighborhoods: Montrose, Edgemont, AvondaleNo. 9: 77401 Median price per square foot in 2011: $195 Neighborhoods: Bellaire, Braeburn County Club Estates, Post Oak TerraceNo. 8: 77057 Median price per square foot in 2011: $198 Neighborhoods: Briargrove, Westhaven EstatesNo. 7: 77056 Median price per square foot in 2011: $224 Neighborhoods: Tanglewood, Briarcroft, LarchmontNo. 6: 77098 Median price per square foot in 2011: $225 Neighborhoods: Winlow Place, Chevy Chase, Alabama Place, Upper KirbyNo. 5: 77030 Median price per square foot in 2011: $226 Neighborhoods: Windermere, Southgate, BraeswoodNo 4: 77027 Median price per square foot in 2011: $228 Neighborhoods: Royden Oaks, Oak Estates, Afton OaksNo. 3: 77019 Median price per square foot in 2011: $238 Neighborhoods: River Oaks, Avalon Place, Hyde Park MainNo 2: 77024 Median price per square foot in 2011: $244 per square foot Neighborhoods: Frostwood, Whispering Oaks, Memorial Forest, Fonn VillasNo 1: 77005 Median price per square foot in 2011: $264 Neighborhoods: Southampton Place, West University Place, Southside PlaceWest U probably up there because of the smaller lots? Edited August 26, 2012 by texas911 Quote Link to comment Share on other sites More sharing options...
TheNiche Posted August 27, 2012 Share Posted August 27, 2012 No. 10: 77006 Median price per square foot in 2011: $190 Neighborhoods: Montrose, Edgemont, AvondaleNo. 9: 77401 Median price per square foot in 2011: $195 Neighborhoods: Bellaire, Braeburn County Club Estates, Post Oak TerraceNo. 8: 77057 Median price per square foot in 2011: $198 Neighborhoods: Briargrove, Westhaven EstatesNo. 7: 77056 Median price per square foot in 2011: $224 Neighborhoods: Tanglewood, Briarcroft, LarchmontNo. 6: 77098 Median price per square foot in 2011: $225 Neighborhoods: Winlow Place, Chevy Chase, Alabama Place, Upper KirbyNo. 5: 77030 Median price per square foot in 2011: $226 Neighborhoods: Windermere, Southgate, BraeswoodNo 4: 77027 Median price per square foot in 2011: $228 Neighborhoods: Royden Oaks, Oak Estates, Afton OaksNo. 3: 77019 Median price per square foot in 2011: $238 Neighborhoods: River Oaks, Avalon Place, Hyde Park MainNo 2: 77024 Median price per square foot in 2011: $244 per square foot Neighborhoods: Frostwood, Whispering Oaks, Memorial Forest, Fonn VillasNo 1: 77005 Median price per square foot in 2011: $264 Neighborhoods: Southampton Place, West University Place, Southside PlaceWest U probably up there because of the smaller lots?77005 is very uniform in terms of density and affluence with the exception of the Southampton and Boulevard Oaks neighborhoods, which skew the numbers upward. Also, the older housing stock is either extravagant or has already been torn down and rebuilt. It's basically a brand new neighborhood.By comparison, 77019 includes a bunch of crackerbox townhomes in 4th Ward, et al. And none of the other zip codes have been so thoroughly re-built in the last decade or so. I'd expect that 77024 will keep pace or eclipse 77005 at some point, though, due to larger lots and the continued availability of teardowns; whereas West U has shot its wad, the Memorial Villages still have some room to grow up (again). Quote Link to comment Share on other sites More sharing options...
Marksmu Posted August 27, 2012 Share Posted August 27, 2012 I agree with NICHE - Memorial will overtake WestU. West U is nice, but the actual cost per residence is lower than the memorial villages due to the smaller lots. Memorial, I believe, will soon become the most expensive per square foot...the bigger lots, get you bigger houses, which get you bigger price tags...generally speaking. Quote Link to comment Share on other sites More sharing options...
texas911 Posted August 28, 2012 Author Share Posted August 28, 2012 I think you missed my point. Per SF, the smaller lots in West U are skewing the prices up, because the houses can't be built bigger but are relatively high priced. Say a million dollar home that's 5000SF will be higher per SF than a 7500SF house. Both are still million dollar homes though! I'm sure 77005 will level off. Quote Link to comment Share on other sites More sharing options...
TheNiche Posted August 28, 2012 Share Posted August 28, 2012 I think you missed my point. Per SF, the smaller lots in West U are skewing the prices up, because the houses can't be built bigger but are relatively high priced. Say a million dollar home that's 5000SF will be higher per SF than a 7500SF house. Both are still million dollar homes though! I'm sure 77005 will level off.Prices per square foot are typically quoted in terms of the sale price divided by the building size rather than lot size.For instance, figure that a 50' lot may cost $70PSF versus $60PSF for a 60' lot, each with 100' depths. The 50' lot costs $350,000; the 60' lot costs $390,000. If you build a brand new $1 million (after entrepreneurial profit) 4,500-square-foot house on each lot, then you might expect that one would sell for $1,350,000 and the other would sell for $1,390,000. But that's $300PSF on the building area versus $309PSF on the building area.Now consider that in 77024, many of the lots are a half acre or more, many times the size of lots in West U. Even if land values are half of West U per square foot, the same type of home will be built and can command much higher values per square foot. The only thing that might convolute that pattern is if the average home size is commensurately larger due to having so much more land to build on. But then...does having such an extraordinarily expensive mansion that is two or three times the size of a West U house and perhaps slightly lower in value per square foot make the Memorial area something other than "more expensive" than West U? Seriously though...that's kind of absurd.In fact, I wouldn't be surprised at all if average home prices in 77024 are already higher than 77005. It just depends on how you look at it. Quote Link to comment Share on other sites More sharing options...
jgriff Posted August 28, 2012 Share Posted August 28, 2012 I must have the worst house(townhouse) in 77024. I figure I'm at about $130 a square foot. There are a lot of townhomes in 77024. I'm surprised to see it at No. 2. Quote Link to comment Share on other sites More sharing options...
TheNiche Posted August 28, 2012 Share Posted August 28, 2012 I must have the worst house(townhouse) in 77024. I figure I'm at about $130 a square foot. There are a lot of townhomes in 77024. I'm surprised to see it at No. 2.I'm betting that townhomes, condos, and the value of commercial housing (i.e. apartments) were excluded from consideration. Quote Link to comment Share on other sites More sharing options...
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