Hello BBBB Friends:
In spite of a flurry of new listings, single-family home inventory in the Heights dropped back to just 200 available homes for sale this week. I am featuring 4 of these new listings today. Don’t forget to keep scrolling down to see price changes, new contracts, and final sales for those homes that are Still on My List!
3 REASONS 2023 WILL NOT BE A REPEAT OF 2008
With the rapid shift that’s happened in the housing market this year, some fear a recurrence of the crash of 2008. There are several distinctions between today and the early 00’s “bubble”:
1. Not as many homeowners are in trouble this time. Revised lending standards have led to more qualified buyers.
After the last housing meltdown, over 9 million households lost their homes. This was in large part due to relaxed lending standards. Those lending practices led to a wave of distressed properties that made their way into the market and caused home prices to plummet.
2. Fewer foreclosures over the last 2 years. There are fewer foreclosures happening today than before the pandemic.
During the pandemic, many homeowners were able to pause and/or reset their mortgage payments using the government forbearance program. Although there were fears that this program would result in a wave of foreclosures, that did not happen. While foreclosures are up year over year, the number is far below the numbers we saw during the market crash.
3. Homeowners have more equity to sell their homes as a result of rapidly rising home prices over the last two years.
In the second quarter of 2022, the number of homeowners facing possible foreclosure was just .4% of the outstanding mortgages in the US. Of those, 91% had at least some equity built up in their homes. (ATTOM Data)
BOTTOM LINE: Remember that context matters when reading news regarding the rising number of foreclosures in today’s market. Although there have been more foreclosures this year than last, they are still far lower than in the years before the pandemic. Have questions? Give me a call!
Have a great week!
Becky
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Becky Davis
Compass Realty
832-628-8221
Thinking of selling? We can front the cost for painting, landscaping, upgrades, and more. No fees or interest, EVER! Click here for more information.
*Note: For purposes of BBBB, the “Heights” is defined as the area between I-10 and Loop 610 N and between Shepherd and I-45).
The Week’s Featured Properties
904 Nadine: $619,000
- Pineridge (south of East Sunset Heights)
- Modern Farmhouse/Brownstone, c. 2022 by Brownstone Builders
- 3/2/1, 2502 sq ft on 2500 sq ft lot
- 12′ coffered ceilings down, wide plank wood flooring
- Generous primary suite with vaulted ceiling and plenty of natural light, double closets
- Small backyard
- Front entry 2-car attached garage
- Additional driveway parking
- Zoned to Field Elementary
The thought of company walking through the kitchen to the living/family room strikes fear in my heart. 😱
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721 Tulane: $949,500
- Tulane Trails
- Greek Revival, c. 2018 by Sullivan Brothers
- 4/3, 2204 sq ft on a 3300 sq ft lot
- Double gallery porches, rear balcony
- Island kitchen with a butcherblock countertop, Bertazonni range
- Brick accent wall in the dining area
- 4th bedroom/home office on 1st floor
- Covered back porch and turfed greenspace between house and garage
- Alley access to 2-car attached garage
- Parking pads in front
- Zoned to Love Elementary
Tulane/Ashland Trails is a popular neighborhood of primarily Greek Revival-style homes built by Sullivan Builders. The Hike and Bike Trail runs immediately to the south of the development, providing easy access via the Trail to Lawrence Park, MKT, Heights Mercantile, and Donovan Park.
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1534 Rutland: $1,025,000
- Houston Heights
- Greek Revival, c. 2000 by Antebellum Homes
- 3/2/1, 3373 sq ft on a 4837 sq ft lot
- Double gallery front porches
- Formal living/dining rooms plus family room
- Home office/study with wall-to-wall stained wood cabinets + wet bar
- Primary suite with sitting room
- Backyard with pavers and saltwater POOL/hot tub (no green space)
- Alley access to 2-car detached garage
- Curbed street
- Zoned to Love Elementary
Lovely tree-lined street just a few blocks from the 19th Street shopping district.
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520 E 25th St: $1,799,900
- Sunset Heights
- Prairie-style, c. 2015, by Urban Craftsman
- 5/5/1, 4764 sq ft on 6120 sq ft lot
- Island kitchen w/double ovens
- Wine bar with sink
- All bedrooms up with ensuite baths
- Primary suite with tray ceiling, sitting area, and private balcony
- Guest suite with separate entrance (dry bar, no kitchen)
- Covered porch and turfed backyard with pool potential
- Driveway access to 2-car attached garage + porte cochere
- Front parking pad
- Zoned to Field Elementary
Walk two blocks to the east to find The Post Beer & Wine Garden. This neighborhood watering hole opened its doors just 2 years ago in what had been a 75-year-old Mexican cantina.
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This Week’s Price Reductions & Status Updates
PRICE REDUCED
1501 Rutland: $935,000 was $950,000
- Houston Heights
- New Orleans inspired, c. 2011, by Distinctive Living
- 4/2/1, 2397 sq ft on 3300 sq ft lot
- Double gallery wrap-around porches
- Paint updates
- Primary suite w/tray ceilings, huge closet, and balcony access
- Home office/flex space up
- Fenced side yard, back bricked patio area
- Gated driveway access to 2-car attached garage
- Curbed street
- Zoned to Love Elementary
Centrally located: Walk to restaurants and amenities on 19th St, 11th St, or Yale, as well as Milroy Park and the library
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PRICE REDUCED
2203 Oxford: $999,000 was $1,075,000
- Houston Heights
- Contemporary farmhouse built 2014 by Michalson
- 3/3/1, 2602 sq ft on a 3300 sq ft lot
- Wraparound porch with screened-in section
- 10′ ceilings up and down
- Maximized wall space for artwork
- All bedrooms with en-suite baths
- Small greenspace front and side
- Side driveway entrance to 2 car attached garage
- Additional driveway parking for 4 cars
- Zoned to Field Elementary
Built as a custom home with tons of upgraded features. Minimal yard but is located just 2 blocks from Halbert Park with a playground, basketball, and tennis courts.
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OPTION PENDING
906 E 25th St: $579,000
- Sunset Heights
- Craftsman bungalow, c. 1940
- 3/2, 1456 sq ft on 7200 sq ft lot
- Original List Price: $579,000
- Days on Market: 20
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OPTION PENDING
1118 Key: $775,000
- Norhill Historic District
- Craftsman bungalow c. 1930
- 3/2/1, 1920 sq ft on 5000 sq ft lot
- Original List Price: $950,000
- Days on Market: 104
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OPTION PENDING
1507 Ashland: $895,000
- Heights West Historic District
- Gable Front Bungalow c. 1915
- 3/2, 1960 sq ft on 8800 sq ft lot
- Original List Price: $1,050,000
- Days on Market: 51
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OPTION PENDING
606 Rutland: $1,100,000
- Houston Heights
- Greek Revival, c. 2013 possibly by Fisher Homes
- 3/2/1, 3024 sq ft on 4356 sq ft lot
- Original List Price: $1,100,000
- Days on Market: 9
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OPTION PENDING
539 W 18th St: $1,395,000
- Houston Heights
- Modern Craftsman, c. 2012, by Modern Bungalow
- 3/3, 2880 sq ft on 6550 sq ft lot
- Original List Price: $1,395,000
- Days on Market: 8
******
Going, Going, Gone!
SOLD
2517 Cortlandt: $550,212
- Sunset Heights
- Craftsman bungalow c. 1930
- 2/1, 1018 sq ft on 5760 sq ft lot
- Price at Time of Contract: $550,000
- List to Sell Ratio: 100%
- Original List Price: $550,000
- Days on Market: 15
- Title Paid By: Seller
- Seller’s Contribution to Buyer’s Closing Costs: $3,500
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SOLD
1524 Columbia: $759,700
- Heights East Historic District
- Clipped Gable Front bungalow c. 1920
- 3/2, 1623 sq ft on 6600 sq ft lot
- Price at Time of Contract: $750,000
- List to Sell Ratio: 101%
- Original List Price: $750,000
- Days on Market: 7
- Title Paid By: Seller
- Seller’s Contribution to Buyer’s Closing Costs: $5,650
******
SOLD
924 W Gardner: $817,000
- Cash (east of Norhill Historic District)
- Arts and Crafts bungalow, c. 1930
- 3/2/1, 1884 sq ft on a 4630 sq ft lot
- Price at Time of Contract: $825,000
- List to Sell Ratio: 99%
- Original List Price: $835,000
- Days on Market: 64
- Title Paid By: Seller
******
SOLD
339 W 23rd St #C: $1,049,500
- Houston Heights
- Modern Greek Revival, c. 2016 by Distinctive Living
- 3/2/2, 2674 sq ft on 3275 sq ft lot
- Price at Time of Contract: $935,000
- List to Sell Ratio: 112%
- Original List Price: $935,000
- Days on Market: 4
- Title Paid By: Seller
******
SOLD
726 10 1/2 St: $1,698,000
- Stude (Houston Heights)
- Craftsman inspired, c. 2019 by L&B Limited
- 5/3/1, 3835 sq ft on 6250 sq ft lot
- Price at Time of Contract: $1,749,000
- List to Sell Ratio: 97%
- Original List Price: $1,749,000
- Days on Market: 14
- Title Paid By: Seller
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But wait, there’s more…
This is just the latest and greatest; however, there are still lots more on my list that you can check out here:
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