Special Advertising Section: Real Estate Report 2022

Summer Real Estate Report Featuring Boulevard Realty’s

Bill Baldwin PROMOTED

& All the Latest News!

PROMOTED

BILL BALDWIN AND THE BOULEVARD DIFFERENCE

B

ill Baldwin, broker and owner of independent boutique firm Boulevard Realty, is becoming known not only for his successful business — with $271 million in sales last year, it’s ranked in the top 10 in central Houston — but also for his commitment to volunteerism and the betterment of life for all Houstonians. Not to mention his newly minted status as an author!

His new book, Heroes, Hope, and High Water: Life Lessons in Turbulent Times, is out now. It documents Bill’s 112-day experience in Harvey relief and lessons learned along the way.

The experience led to his creation of the Harvey Relief Hub, and he says the immediate outpouring of support from the community was humbling. “Not only were there donations from Houstonians and from around the nation, but so many volunteered their time, skills and talent.

Do not believe the rhetoric that divides us more than unites us, because it isn’t true. Harvey showed us how united we can become.”

Bill’s passion for people and community informs his work at Boulevard, too. His initiatives at the firm include ChooseHOU, a list of local businesses updated and sent to clients every week. “We encourage our agents and clients to eat, drink, shop and live locally. Support your community, and it will prosper.” This is just part of what Bill calls the “Boulevard difference.”

Another part is Bill’s approach to technology.

“We value technology,” he says. “We invest and grow in the digital realm, but we’re proud to be a locally owned and operated real estate firm, not a tech company. Root yourself in genuine

relationships with clients.”

As for the state of the realty market right now, Bill has some analysis and tips for buyers and sellers. “After more than two years in a truly unprecedented seller’s market, we are seeing that the Houston housing market has finally started balancing,” he explains. “Frenzied, highstress bidding wars have begun to cool slightly, but the market is exceptionally strong.”

For sellers, that means it’s still a “fantastic” time to sell — with moderated expectations.

“Prices aren’t going to crash,” he says, “but we are likely to see a drop in just how fast they rise.” Instead of a few days to sell a home, it might take a few weeks. And numerous offers above asking may be the exception, not be the rule. “Be prepared to negotiate.”

Sellers should be realistic about pricing and timetables, Bill says. “Comparisons over last year are not a good indicator of the market.

Look at historic numbers for a normal year to see a more accurate assessment.”

Bill says that, for buyers, there may be some great opportunities, even considering rising interest rates. “Those rates have knocked some potential buyers out of the market, so if you are still looking for home, you have less competition.” Also, the squeeze on inventory is likely to loosen — “inventory really has nowhere to go but up” — which will benefit buyers this fall and next spring.

In any case, Bill says both buyers and sellers need expert guidance. “Interest rates rise and fall,” he says. “Now is more important than ever to have an experienced real estate expert to help you navigate the process.”

713.862.1600 • YOURBLVD.COM

“

We encourage our agents and clients to eat, drink, shop and live locally. Support your community, and it will prosper.

”

Some call it luxury. We call it living well.

Resort-style amenities above Houston’s first Thompson Hotel

STA RT I N G AT

$1M

RESIDENCES DELIVERING 2023 scan to schedule a visit

residencesattheallen.com | 832.784.8355 Sales Gallery: 759 Gillette St. Houston, TX 77019

EXCEPTIONAL RIVER OAKS 5 BR | 7.5+ BA | $8.9M 3940INVERNESS.COM

Situated on approximately 2.8 acres, this River Oaks home has been called a ‘residential country club’.

Nothing Compares.

Contact me today for more information.

WALTER BERING #1 TOP PRODUCER 713.851.9753 | walter.bering@sir.com WALTERBERING.COM

@WALTERBERINGSOTHEBYS

SUMMER REAL ESTATE REPORT

A $3 million Tanglewood abode complete with a wood-wrapped study that opens up to an outdoor loggia, below, was listed by Kelli Geitner with Martha Turner Sotheby’s International Realty and sold after 17 days on the market.

The temps outside are hotter than ever, but is Houston’s scorching real estate market finally cooling off? As a return to a balanced market, in which neither the buyer nor the seller has a big advantage, approaches, here’s a closer look at the record-high prices roller-coaster inventory, and more trends of 2022. By Evan W. Black, with data from the Houston Association of Realtors

HOT ’HOOD

Tangled Up After a couple of stagnant years, things are really moving in the wealthy enclave of Tanglewood: The number of transactions taking place January through May of this year is up more than 250 percent compared to the sime timeframe in 2020.

Meanwhile, months of inventory — or the amount of time it would take to sell every home on the market if things continued at the current pace — is just four, down from 11 two years ago.

The average price of homes sold in May of this year was $1.9 million, a modest 7 percent increase over May 2021.

Laid-Back Luxury

Golfweek’s #1 in Texas & #9 in the U.S. Schedule a tour with Bluejack National Realty today. www.bluejacknational.com | (281) 475-2166 | life@bluejacknational.com 4430 south fm 1486 | montgomery, texas 77316 Pricing, plans and specifications subject to change without notice. See sales consultant for details. © Copyright 2021 Bluejack National. All Rights Reserved.

SUMMER REAL ESTATE REPORT

Walter Bering has listed 3940 Inverness Dr., which backs up to Buffalo Bayou, for $8.9 million

HOT ’HOOD

Two Good!

Sometimes no news is good news, as in the case of markets like Montrose and Museum District, where pricing remains relatively flat and the market is comparably balanced. HAR reports that so far in 2022, average home prices in both neighborhoods have increased by 3.9 percent over the same timeframe last year, to $761K and $1.06 mil, respectively. Houses in both ’hoods tend to last just 30 days on the market, and the number of transactions in both areas are on pace with 2021, too.

Montrose remains desirable for its proximity to restaurants and nightlife, such as Traveler’s Table.

HOT ’HOOD

TOWERING OAKS During the pandemic, many who could afford it actually increased the square footage of their homes, ensuring a more desirable setting for social distancing. Neighborhoods like River Oaks saw lots of families upgrading their quarantining quarters, which contributed to a brief boom. So far in 2022, there have been nearly 30 percent fewer transactions compared to the first half of 2021, though homes are also selling 30 percent faster (and 70 percent faster than the same timeframe in 2020!). The average sales price remains unchanged, hovering around $3.1 million.

LISTED

Go Wilde The priciest public listing in Texas is a Memorial mansion — five bedrooms, eight bathrooms and 11,200 square feet — built

by Iraj Taghi in 1995 and recently fully renovated. With a price tag of $17.5 million, the property at 402 Timberwilde sits on two and a half acres, and has an impossible quantity of marble in the beautiful chef’s kitchen, and amenities like a game room, gym and full-size tennis court.

NUMBER CRUNCH

$

58,000

The average increase in the value of a Houston-area single-family home over the past year, about 23 percent, per Zillow. This figure for the years between 2010 and 2020 annually averaged 3.6 percent.

Vaulted ceilings with century-old beams at 402 Timberwilde

Why Choose a Nan Realtor?

@rosespice

I’m a part of a dedicated marketing team.

I believe in relationships based on trust and confidence.

I’m local to the Houston area and understand the real estate market.

I’ll use the latest technologies and strategies to help you find a home, not just a house.

Nan and Company Properties is the industry leader in servicing the Houston real estate market as well as foreign national clientele. As Houston’s exclusive affiliate of Christie’s International Real Estate, our technology-driven real estate company also specializes in luxury residences.

I promise to provide excellent customer service to clients buying, selling or leasing properties.

Your trust is valuable to me, so if you have thought about selling or know a friend who does, I can help sell your new home quickly!

Rose Spice

REALTOR ASSOCIATE

C: 832.928.3121 E: rose.spice@nanproperties.com nanproperties.com

SUMMER REAL ESTATE REPORT

TRENDS

Time to Buy? According to a survey conducted by HAR, 71 percent of consumers think that now is a “bad time” to buy a home. “The number-one question I get these days is, ‘Should I buy now?’” says Rose Spice of Nan and Company Properties, who has a dual license as a residential loan officer and realtor. Would you be moving closer to your place of work, and saving on gas, she asks? Are you moving out of an apartment that just spiked your rent?

Are you cashing out on an existing home that has also appreciated to move to your dream home? “It has to make sense for you.”

GJ Tavern, in the base of Downtown’s luxury apartment building Market Square Tower

TRENDS

RENT ASCENT If it feels like the boom of new apartment buildings is neverending ... that’s sort of the case. There are currently 15,000 units under construction, and another 34,000 in the pipeline; more than 22,000 have opened in the past 12 months. As of June, the average monthly rent in Houston is $1,233, according to ApartmentData.com, up 15 percent compared to just one year ago. Even still, the site reports an average occupancy rate of 91.4 percent across all subsets of the market, from newly built, amenity-filled Class A apartments to ones older than 40 years and in need of repair, or Class D.

NUMBER CRUNCH

$

272,381

The average sale price of a townhome in May, an all-time high.

Inventory was down from 2.4 months last year to just 1.4 months.

Nan and Company lists this new-construction Afton Oaks manse for $2 million.

LISTED

‘Stable’ Market A sprawling home in the exclusive enclave of Stablewood is among the most expensive homes sold in Houston this year. Literally made for entertaining, the 20,000-squarefoot property at 8843 Harness Creek Ln. has a two-story ballroom, a closet for china and silver, and, surprisingly, just four bedrooms. Listed for $13.9 mil, it sold in less than three months for just under $10 mil.

The lavish formal dining room of 8843 Harness Creek Ln.

SUMMER REAL ESTATE REPORT

NUMBER CRUNCH

5.63%

Average rate on a 30-year fixed rate mortgage as of July 7. This number was 2.87 percent just one year ago.

HOT ’HOOD

‘Village’ People A quaint outer-Loop pocket located at the Beltway and 290, Jersey Village has enjoyed quite the boom over the past year, with home prices up 25 percent, to $366K, compared to one year ago. This year, homes here have sold in an average of 13 days, and the number of transactions taking place Jan.-June 2022 is up by 60 percent compared to the same timeframe in 2021. Hip and family-friendly businesses — like Senate Avenue Brewing Company — are opening in Jersey Village, adding to the existing appeal of its easy-access location and still modest home prices.

7342 Palmetto Springs Dr. in Katy sold for over $2.2 mil the same day it hit the market earlier this year.

HOT ’HOOD

The pool view at 15906 Tahoe Dr., a nearly 6,000-squarefoot home under contract for $1.25 mil at press time

SUBURBAN BLISS The California-to-Texas pipeline just got a little wider: Chevron has offered to pay its San Ramon-based employees to relocate to Houston. Those selling in Cali and buying in H-Town are surprised at what money can buy in terms of home size and amenities, specifically in suburbs like Katy, where prices have shot up an average of 21 percent across all four market areas.

Houses are selling especially fast in the Katy Southeast district, which includes Cinco Ranch. The supply can’t quite keep up with demand, as inventory sunk to 0.5 months in May — meaning it would only take about two weeks to sell every home on the market if things continued at the current pace.

NUMBER CRUNCH

4.9 billion

The total cost in dollars of all properties sold in May, up 12 percent from May 2021.

SUMMER REAL ESTATE REPORT

NUMBER CRUNCH

1

Houston’s ranking on Penske Truck Rental’s list of moving destinations in 2021, up from No. 6 in 2020. Texas has four of the reigning top 10 destinations.

LISTED

Hunters Paradise The Lodge in Hunters Creek is currently the most expensive off-market listing in Texas, up for private sale via Icon Global.

The $60 million moated complex is situated on a nine-acre swath of land straddling Buffalo Bayou and Houston Country Club, and has a 22,000-square-foot mansion and a 3,500-square-foot guest house — plus a massive garage, pool, cabana and more amenities to be seen on an invitation-only basis. “I expect to show it less than a half dozen times,” says Icon Global owner Bernard Uechtritz of the secluded property, which can’t be viewed on HAR and has very few photos available to protect the owners’ privacy.

TREND

THE HIGH LIFE As high-rise offerings in Houston continue to increase, along with the walkability built in to new developments, many are taking an opportunity to “right-size” their homes. According to Acho Azuike of DC Partners, which is nearing completion of its hotelcondo project across Allen Parkway from Buffalo Bayou, empty nesters want to nix the upkeep required by their big Memorial and River Oaks homes, but maintain the luxury quality. “They want to be in the city, be somewhere with amenities,” he explains, noting that the safety and security provided by high-rises like Residences at The Allen, above, is also a big part of the appeal. “Residents can live like they’re on vacation, with room service, a house account and a bartender who knows them by name.”

NUMBER CRUNCH

100.9 The Lodge in Hunters Creek

%

The average sale-to-list ratio for single-family homes sold in May, per HAR, meaning most buyers paid more than list price for their home.

LOCK & LEAVE LIFESTYLE

Samuel Aaron Katz In-house Sales Director at Residences at The Allen 832-784-8355 sam@residencesattheallen.com

The Allen Development - Residences Delivering 2023

SUMMER REAL ESTATE REPORT

NUMBER CRUNCH

$

A residence at Bluejack National

2,239

The average rent for a single-family home in May — an all-time high.

The number of properties rented increased by 25 percent over May 2021, and listings were active for an average of three weeks.

TRENDS

Get Your Fix

HOT ’HOOD

NORTH STARS For the second year in a row, the family-friendly, outdoorsoriented, master-planned community of The Woodlands snagged the top spot on Niche.com’s list of “Best Cities to Live in America.” It was also named the second-best place to buy a house based on current trends. With home prices up around 16 percent so far this year compared to last, and the average days-on-market figure cut in half, to 15, The Woodlands is certainly a hot market.

Neighboring areas, such as Bluejack National, have noticed an uptick in interest over the last couple of years, too. “What used to be very remote is becoming less remote,” says the resort-style community’s Josh Governale. “The opening of Highway 249 truly reduced travel time.”

After years of most buyers desiring turnkey and new-build homes, and in spite of supply-chain bottlenecks, fixer-uppers are now in greater demand. “One thing I’m starting to see more of is buyers not being afraid to do some work or update a house,” says Jeremy Fain of Greenwood King. “With how competitive the market has been, some buyers ... are willing to put their personal touch on a home to make it their own.”

HOT ’HOOD

Garden Party

A characterfilled bathroom at 524 W. 32nd Street XX | houstoncitybook.com

Home prices in the Heights have, unsurprisingly, continued to increase, up around 10 percent for the first half of this year compared to last, and last an average of 16 days on the market. The overall supply, however, has remained somewhat stable.

Such is not the case for neighboring district Garden Oaks, where a dwindling supply means prices are soaring: The average home sold in the first half of this year went for $809K, a 17.6 percent increased compared to the same timeframe of 2021.

Buyers here get a similar charm to that of the Heights, but more square footage for the price tag, as in a nearly 4,000-square-foot Craftsman-inspired place on W. 32nd St., sold by Bill Baldwin after just one day on the market for around $1.5 mil.

This is how we do porcelain.

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