In the Houston, Texas area, the suburbs are becoming the boomburbs, according to local Realtors.
"Houston is a growing city and it is expansive; Loop 610, Beltway 8 and the Grand Parkway give the city different areas," says Realtor Mimi Kwan. "Those who work downtown or Galleria probably would like to live inside the loop or inside Beltway 8, and the "boomburbs" (Sugar Land, Kingwood, Clear Lake, etc.) are developing fast and strong."
Says Kwan, "There is a lot of new construction near or close to downtown, with many townhomes, lofts and single family homes. Houston is so diversified. For those who want live close to downtown or midtown, there are many new townhomes close by. For those who want big homes, then the Memorial area offers large homes, large lots and wooded streets."
Says Realtor Margie Kaplan, "Houston is a great place to live, and close to lots of other fun cities. Take a day trip to San Antonio, Austin, or Galveston. Houston is home to the NASA Space Center!"
As far as new homes go, Kaplan says, "Houston will top 30,000 home starts in 2003. While that figure represents an eight percent decline from the 32,750 home starts in 2002, Houston has only hit the 30,000 mark once before. That was in 1982, when the city had 30,057 home starts. A drop in interest rates is responsible for creating a sizable pool of potential new home owners. Since these first-time buyers are flooding the market, it's the low to moderately-priced homes that are expecting strong sales. Builders often have to develop their own lots in order to make a profit from the lower-priced products. Continued strength also is dependant on job growth. Analysts predict between 21,000 and 40,000 jobs will be added in Houston during 2003."
The city has also seen some recent milestones, says Kaplan. "Most homes ever sold in January. Highest median price for single-family homes ever-recorded in January. Highest inventory ever recorded in January. Highest number of pending sales ever recorded in January.
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Published: February 25, 2003
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