Many condo markets across the nation are showing relatively healthy values and inventories as opposed to other cities that have been flooded with investors. Cities in
Texas like Dallas, Austin, and Houston are some great examples of these consistent markets. Values typically grow at traditional levels and do not fluxuate too violently.
Over the past three years,
Houston condos have sold at steady and increasing volumes. According to the Houston Association of Realtors, homes sales rose 2.7% in April as compared to April of last year. Although inventory levels have risen for homes and condos just like other markets, there remains a tremendous strength in sales for homes at the $400,000 and up values.
Houston condos from the mid $100’s and lower have been hit harder mostly because of sub-prime lending. Lenders have been putting people into homes they can’t afford using various loan products such as negative amortizing loans. This is not confined to the Houston market of course…this has been going on for a few years where banks are putting buyers in the wrong type of loan product.
Some of the hot new developments taking advantage of Houston’s steady market include Mosaic of Houston and 3525 Sage Condominiums. Mosaic is comprised of two ultra-modern high-rise towers of 30 stories each, 792 units, and offer new condos from $164,000 to over $1 M. The location is unbeatable…The city center: a mile and a half away. The Texas Medical Center and Rice University: less than a mile. The historic Museum District: a stone’s throw. The 445-acre park: it’s your yard!
Mosaic’s forceful exterior of steel and glass is just the beginning…the interiors have modern and stylish finishes and open floorplans. Mosiac offers 24/7 professional concierge services. Aside from all the great amenities are the great prices. That is what a healthy real estate market can offer. Fewer peaks and valleys…just gradual appreciation.