Becky's Best Bungalow Bets for Dec 04, 2022: Top 5 + Will the Bubble Burst?

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, la n dscaping, 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

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

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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

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339 W 23rd #C — Presented by Compass Real Estate

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

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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:

BBBB: Still on my list!

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