The Houston Metropolitan Area is thriving. The low interest rates and the Houston thriving economy has fueled a fabulous opportunity for Developers and Real Estate Professionals. The next ten years should be banner years for the growth of the Houston Area.
Spartan Services is looking at three areas of the Houston market that is showing great potential for the selling of lots and for housing.
The Spring/Woodlands area is flourishing with the announcement of Exxon Mobile bringing 14,000 jobs to the area. It also has been announced by the Woodlands Area Economic Partnership that four more major companies will be moving another 4,000 jobs to the area. All these jobs will need additional supporting jobs of these companies. Exxon-Mobile for instance has attracted Southwest Energy. Southwest Energy is building a 500,000 square foot building to house its initial 1000 jobs transfers.
The second area is the ever active Katy – Fulshear Area. The established market in Cinco Ranch is virtually built out and many other successful subdivisions have been developed or are under planning at this time. The land prices in the Fulshear area are jumping anywhere from $3000 to $5000 an acre per year. If you can find a workable tract, you will be paying a premium for it. That said, builders are not shying away from purchasing lots at $1000 to $1200 a front foot.
The third market is the Pearland market. There is very little residential land still available for developers to purchase. There are three tracts of 100 to 250 acres that have been purchased in the last year. These are the last of the larger tracts and the smaller tracts will be harder to purchase, since many are not zoned residential. The city of Pearland has been cooperative in common sense request for zoning changes. It is not an easy task, but with a good common sense presentation, not impossible.
Areas that are interesting for the next steps to the Pearland market is the 288 area going to State Highway 6. The Clear Lake, League City, Dickerson Area and the Northwest Area are secondary markets that have some very good areas that are viable. The Northwest area is the only one that has a reasonable amount of land available for Houston to expand in the next ten years.