Note: Hurricane Ike hit Houston in mid September, damaging property and resulting in lost power to most homes for up to three weeks. Also, the homes under contract before the hurricane had to be reappraised before banks would process loans, causing delays in closings. As I write this in early October, my guess is that the hurricane will impact sales for future months also, due to both personal and business interruptions as well as property damage
According to information that I reviewed on Houston Association of REALTORS Multiple Listing Service, there are currently 160 single family residential homes on the market priced from $239,000 for a 3 bed/1 bath home on a 5125 sq. ft. lot being sold for the lot to a high of $3,975,000 for a new construction, 8591 sq. ft., 5 bedroom/ 5 full, 2 half bath, 4 car garage home on a 40,392 sq. ft. lot. The average list price per sq ft is $241.01. Fifty two homes are for sale for over $1,000,000 and 23 homes are priced at $400,000 or less. As of 12/15/2008 there are an additional 23 homes pending under contract priced from $249,000 to $2,599,000.
In October 2008, 9 sales closed with an average sales price per average sq. ft. of $213.88. The low sales price was $630,000 for a 4 bed/ 3.5 bath, 4027 sq. ft. home on a 10,400 sq. ft. lot built in 2002. The highest reported sales price was $1,840,000 for a new construction 6525 sq. ft., 6 bed/6.5 bath/3 car garage home on a 20,475 sq. ft. lot.
In November 2008, 10 sales closed with an average sales price per average sq. ft. of $211.76. The low sales price was $325,000 for a 5 bed/ 3.5 bath, 3093 sq. ft. home on a 3093 sq. ft. lot in need of foundation and many other repairs. The highest reported sales price was $2,075,000 for a 2005 built, 7422 sq. ft., 4 bed/4 full, 2 half bath/3 car garage home on a 20,475 sq. ft. lot.
There are presently reported to be 3 townhomes actively on the market, priced from $228,900 to $425,000. The average sales price per average sq. ft .price is $125.95. One is pending and under contract. One sold in November 2008 for an average of $135.93 per sq. ft.
New construction in Bellaire is still strong and the prices are increasing due to rising building costs and lot prices. Most builders are carrying less inventory however due to tighter lending requirements. For the most part, construction in Bellaire originated in the late 40's and 50's. Many of these original homes have been and are being purchased at lot value with the old homes being replaced with larger, new construction homes.
ZIP Code: 77401 Location Characteristics: Bellaire, Texas, located on both sides of Interstate Loop 610 West, is surrounded by Houston and many subdivisions including West University Place, Southside Place, Meyerland, Willow Meadows, and Afton Oaks. It's a very short distance to the Galleria, Reliant Stadium, downtown Houston, the Theater District, and the Medical Center.
Bellaire is zoned for residential,commercial, and light industrial sections. The city is well known as a residential city. The city is well-liked for its police and fire protection, parks and recreation facilities, library, public works department, and recycling center.
