Brooke Smith Land Prices Stagnant
Land prices throughout the Heights have been stagnant for the last year. I use this term because there aren’t many buyers out there, but there aren’t many sellers either….just stagnant.
Builders aren’t jumping in to buy (unless the have already have a custom client) but sellers aren’t dropping prices to get rid of it either.
Prices ran up during our building boom and high oil prices. Since the oil bust though, prices have definitely quit rising, but generally have not fallen.
Some nearby areas have seen a drop in land prices (like Cottage Grove), but Heights in general has not had falling prices. There may be a few fire sales (typically estates…the heirs don’t have any money in it, so It’s all profit to them), but prices in general are not dropping. There just isn’t enough land for sale for prices to fall.
For Heights land there aren’t a whole lot of buyers, but there is little for sale, so it’s a stagnant market overall.
Brooke Smith land prices are stagnant too. In 2015 a typical tear-down property on a 5000 SF lot sold for $200K-$225K.
Today, this is probably still a reasonable price. However, only one property has sold so far this year (at $220K), so it’s hard to give firm values.
There are several tear-down properties for sale though. The asking price per SF ranges from $44/SF to $65/SF, with the average Brooke Smith lot value being $51/SF. (I excluded a couple of properties on the freeway, or in the flood plain, and one asking way too much).
The attached pdf of Brooke Smith Lot Sales shows what is available now (A=Active), or sold (S=Sold) YTD for July 2016. Click on link or image above.
For more information on the Heights/Greater Heights please see:
- Brooke Smith neighborhood description
- My page on the Heights/Greater Heights, the one source for understanding the Heights
- Houston Heights, the largest area of the Heights
- Heights Historic Districts. Maps, locations, descriptions of 7 Heights historic districts
- Interactive Heights Map See how this jigsaw puzzle of neighborhoods fit together
Call me if you are looking to buy, build or sell in this cool part of the Heights…Rich