I have been hunting land for a Heights builder’s next project. Since I did all the research, I might as well share part of the info.
There is a TON of land for sale in the Heights! A quick look at lot inventory shows 67 lots currently “Active” (available). Only 20 have sold in the last 7 months (since 06/01/09) plus another 7 lots are under contract. What all these boring numbers mean is that over the last 7 months 27 properties have closed or been put under contract… roughly 4/month.
At the rate of 4 sales/month, this means the 67 lots available represents about 17 months of inventory! This is definitely a Buyer’s Market for land. There is a dearth of buyers because as I mentioned in previous post, builders have extreme difficulty getting loans. Builders either must have cash (very few do) or they have to put huge amounts down and put up their kids as collateral. They are okay with the kids, but don’t have the big down paymentJ
So, if you are an individual looking for land. This is a good time to do so. Pre-Ike, individuals didn’t get much chance to buy great lots. As soon as a nice lot came on the market, builders would jump on it. It’s different now. Individuals have their choice.
Heights home prices are still strong, but land prices are soft. Current asking price averages $32/SF. This ranges from $15/SF (desperate sellers on fringes of Heights) to ~$44/SF for nice locations. Sales price though averages $26.50/SF. So, again. If you are thinking about buying, to put up your new construction, do so now. In the spirit of full disclosure… Realtors always say that “now is the best time to buy”. I do try to give clients good advice though.
Now, in case you are looking for Heights land, I currently only have a few lots for sale:
2414 Rutland is 8600 SF of land at the corner of Rutland and E 25th. $237,000. These are 2 re-platted lots, 43 & 45 ft wide, 100 ft deep. There was a 3rd lot, but the owner/builder is starting construction on it. http://www.har.com/46466948
836 W 27th St is a 25×132 ft lot, priced at $76,5000. It is now under contract (to an individual, not a builder) and should close soon. http://www.har.com/2582061
219 W 27th St. is a remaining lot in a gated community of 10 homes. It is priced at $62,000. http://www.har.com/93807581 The advantage to this lot is having a gated community already built. Drive, gate, fences are already up. Sewer and utility connections are easy. Plans are available. Just bring in your builder and go. Well, you do have to get permits, etc. That’s the builder’s job though. They are used to being tortured by the City.
622 Allston is available through Lisa Coleman in my office. It is 6600 SF lot platted into 2 lots. http://www.har.com/50605217
How about a parcel outside the Loop? This will be strictly for builders. 2.14 acres in the 200 block of Basswood. http://www.har.com/2572638 This is north of the 610 Loop, south of Crosstimbers. This is platted into 16 lots for single-family homes, but is suitable for townhouses, etc. If you haven’t been following the construction of the Northside rail line. This will be very close to the Northline Mall transit station. The owner is a builder and would consider owner-finance, a joint venture, etc.
One last note: If you are looking for land. Call me and let’s talk. Tell me what you plan to build and I’ll give advice on where you might want to build, or where to avoid. I.e,You do not want to put a contemporary home in the core of the Heights. Nor do you want to build a high-end home on a cheaper fring lot.
Look at the map below. It gives current inventory of vacant lots. There are also For-Sale-By-Owner lots available.
Houston Heights Area Lots for Sale. (Houston Heights, Woodland Heights, Brookesmith, etc.)
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