While some areas of Houston, Texas are experiencing the pinch of an uncertain economy, Realtors who sell in the area's largest master-planned community, The Woodlands, maintain that sales are up due to corporate relocations and low interest rates.
"Houston, as well as the nation, has been in a holding pattern since 9/11 and the war in the Middle East," says Realtor Elizabeth Marshall. "The Woodlands are a beautiful wooded planned community, 35 miles north of Houston, with all amenities for family living. Houston being very diversified has managed to keep its head above water as far as unemployment rates. Homes continue to sell, and interest rates are still very low."
Says Realtor Jim Waters, "The area is dominated by The Woodlands, a 30,000-acre master planned community with an estimated 60,000 population. This region is primarily an East Texas Pineywood Forest where trees and natural beauty abound. The Woodlands was designed to maintain the forest while creating a hometown atmosphere where people live, work, and play while enjoying peaceful surroundings. Quality of life is available in this community."
"Sales are strong," says Waters. "Historically low interest rates and some corporate employee transfers such as Hewlett Packard and others are keeping the market active. Currently, there is a moderate increase in sales and buyer interest. Falling prices have stabilized as the market completed its adjustment. A full blown "strong buyer's market" apparently has been avoided or is over."
Realtors with the Smitherman Network say, "The Woodlands continues to grow at a breathtaking rate, both in new homes and commercial development. The Woodlands has been the best-selling master-planned community in new home sales in Houston and Texas since 1990, and currently ranks fifth in the nation. While The Woodlands continues to hold steady with pricing, it is still a great time to buy a home. Many residents have taken the opportunity to move within The Woodlands to a home that suits the family's current needs by choosing to price their home to sell quickly so that they may take advantage of the buyer's market and low interest rates with their new home. The average Woodlands home that SOLD between June 1, 2003 and September 24, 2003 was on the market for less than 80 days. While sales prices ranged from $80,000 to over $1 million, the average home cost between $200,000 - $250,000."
"Commercial and retail expansion will only benefit the area both in the present and the future. A few of the larger companies that have recently relocated or expanded in The Woodlands include Anadarko Petroleum Corporation, Hewitt, CBI (Chicago Bridge & Iron), Lexicon Genetics, Chevron Phillips Chemical, Pantellos Group, Winstead, Sechrest & Minick, UBS PayneWebber, Southwest Bank of Texas, Woodforest National Bank, and Maersk Sealand," say the Realtors. "Commercial construction in The Woodlands consistently represents more than 25 percent of all new office construction in the Houston area. Future plans to expand access through Kuykendahl to 2978 will add to demand for The Woodlands allowing those who work in Northwest Houston to enjoy our hometown lifestyle and a short commute to work."
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Published: October 1, 2003
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