From March 2013 to March 2014, Texas accounted for $11.06 billion in home sales to international buyers, according to the 2014 Texas International Homebuyers Report released Sept. 2 by the Texas Association of REALTORS®. This is 12% of the $92.2 billion total sales volume from international buyers across the United States.
Texas is the third-largest state for international home sales, and ranks seventh in the United States for percentage of foreign-born residents among the statewide population. Here are a few other highlights from the report:
• Fifty-nine percent of all international buyers in the state are from Latin America or the Caribbean.
• Naturalized U.S. citizens in Texas are almost 12% more likely to own a home than their native counterparts.
• Texas homeownership rates increase significantly the longer someone lives in the United States, rising from 13.3% for those who entered the U.S. after 2012 to 67.5% for those who entered the U.S. before 1990.
Here we go again! Adding jobs, spurring home sales and new construction. Katy continues to flourish with the announcement of Chevron adding a division on the Grand Parkway in Katy. This is a major land acquisition, 103 acres at the southwest corner of the Grand Parkway at Clay Road in Katy.
According to The Houston Chronicle, “The acquisition, which is expected to close in the third quarter, will give the company “future research and development facilities flexibility,” Chevron spokesman Justin Higgs said in an email.”
In addition to this development, a very busy Costco recently open at the intersection of I-10 and the Grand Parkway. Memorial Hermann is also expanding its facilities at this intersection.
Gov. Rick Perry joined GEICO Chairman Tony Nicely and Lance LaCour, President and CEO of the Katy Area Economic Development Council, to announce the opening of a GEICO claims office in Katy.
The office is located at 21420 Merchants Way in Katy. GEICO expects the office to employ 400 associates by 2015 and up to 1,000 associates within the next three years. The company will fill positions for entry-level claims representatives, degreed candidates for liability claims representatives and college graduates for GEICO’s fast-track management development program with a focus on claims operations.
“We are energized by GEICO’s decision to establish its Houston Claims Center and 1,000 new jobs in Katy, Texas,” said Lance LaCour, president and CEO of the Katy Area Economic Development Council (EDC). “Katy Area EDC’s targeted focus on recruiting quality companies, such as GEICO, will Read the rest of this entry »
Construction on expanding FM 1093 and the Westpark Tollway is scheduled to begin in November once the design and environmental clearance processes are completed, according to an update from Fort Bend County.
The project is split into two phases with Phase I stretching more than four miles from FM 1463 to the Grand Parkway, and has a price tag of more than $60 million. An update released on Feb. 21 announced that the survey and property mapping are complete, and the design is pending approval by various entities.
If the process remains on schedule, the design will be finalized in June, construction will start in November and finish in summer 2015.
Phase II runs from James Road to FM 1463, and the schedule is currently under development.
If you would like to discuss touring tour Katy, Cypress or Houston homes or selling your home, contact me at 713-818-2404 or [email protected] I have sold local real estate for over 23 years. Experience does matter!
Nationwide, more than 20 million households spent over 30 percent of their income last year on rent. In fact, more than half of those renters spent at least half their income on housing, “severely burdening” their finances. This information is from Realtor Magazine and USA Today.
Demand has surged for rental homes as many prior homeowners have lost their homes to short sales and foreclosures. Credit repair is a lengthy process. The other factor is the very tight lending environment which precludes many families from realizing the American dream of home ownership.
In the past few years, median rents have soared almost 20%. In Katy, one is hard pressed to find a reasonable property for less than $900 a month. Properties on the southside of I-10 are next to impossible to find below $1100 per month. With a shortage in homes for lease, landlords are requiring reasonable credit scores, good rental history and steady employment. Criminal background checks are also done on a prospective tenant. It is not unusual for a new rental property to receive multiple applications shortly after it goes on the market.
According to HAR MLS data, leases accounted for 35% of Houston area residential real estate transactions last year. In 2011, rentals accounted for a little bit above 50% of all real estate Read the rest of this entry »
It’s a long way from Aberdeen, Scotland to Katy, but the two cities do have things in common.
Aberdeen is known as the “the Oil Capital of Europe,” while Katy is the headquarters of various petroleum industry-related businesses, and is about to become home to one more: Hampco, a company that builds drilling rig equipment and which is owned by Scotland native Andy Grieve, who entered the drilling business while living in Aberdeen.
Hampco, which also does consulting, upgrades, maintenance and other services, only recently began experiencing a rise in its custom-equipment designing and manufacturing services — which brought about the need to build a new facility. “We’ve grown substantially over the last three years,” Grieve says, “and after doing a large amount of sub-contracting, the natural next step was to find a site and build a facility large enough Read the rest of this entry »
This article is compliments of The Katy Area Economic Development Council
Cinco Ranch Southwest located at Spring Green Boulevard and FM 1093 is almost nearing completion, with 905 lots developed in 2011, 678 lots projected for 2012, and 5,200 total lots are projected at completion.
• Cinco Ranch Northwest projected 429 lots for 2012, and 1,182 total lots are projected at completion in about four years. The firm and the school district have already determined that another school is needed in that community.
• Cross Creek Ranch projected 550 lots for 2012 and 6,575 total lots are projected at completion.
• Churchhill Farms, a project located west of FM 1463 is under construction with 187 lots projected for 2012, and 570 total lots projected at completion.
• Pine Mill Ranch completed 153 lots in 2011; 176 lots are projected in 2012, and 1,212 total Read the rest of this entry »
Fort Bend County is moving forward with a new east-west corridor named Falcon Landing Boulevard. “The biggest reason is we have the new high school that’s going in at Gaston and Falcon Landing Boulevard next year, Fort Bend County Pct. 3 Commissioner Andy Meyers said. “And we need to make some more east-west connections across the creek.”
Meyers continued, “We’re building about 3,200 feet from Westheimer Parkway to the creek, Willowfork at Buffalo Bayou, and Pulte Homes is going to be building 4,200 feet through their new subdivision of King Lakes.
Fort Bend County will be building a four-lane road. The section being built by Pulte Homes will be a two-lane. Voters passed a bond in 2007 to fund this project. Building is estimated to take between 9 to 10 months. The county will start construction on the third phase, improvements to Falcon Boulevard to Greenbusch, in October.
If you are interested in selling or buying real estate in Katy, contact me at 713-818-2404. I have sold real estate for over 23 years. Experience does count!
I love this photo and immediately thought it would be a great analogy for the recovering real estate market. Steadily and most assuredly the Katy real estate market is making great strides.
Certain areas of Katy, especially those houses south of I-10, are experiencing a very competitive market. In most sections of Cinco Ranch, it is not a buyers market.
Public perception seems to lag behind the current market movement. Sometimes a buyer has to lose several houses when they make low-ball offers before they enter into competitive negotiations.
To tour Katy homes and work with a Realtor who can assist you in selecting a home, navigate repairs and negotiations, call me at 713-818-2404. I have sold Katy real estate for over 21 years. Experience does count!
Beazer Homes, an Atlanta based builder, recently closed on 209 acres on FM 1463 for a development to be called Churchhill Farms. According to The Houston Chronicle, “Named after the founder of Fulshear, Churchill Fulshear, Churchill Farms will have 550 lots, more than 40 acres of open space, a 10-acre lake and a community pool and clubhouse.” The first model homes are scheduled to open in January 2012.
The Cardiff family, one of Katy’s oldest families, retained this last tract of the old family homestead. The land was purchased by the Cardiff family in 1924 and recently sold to Beazer.
The Chronicle went on to say, “Homes will range from $150,000 to $250,000, depending on the lot sizes. The smaller lots are targeting single professionals working in the Energy Corridor in west Houston or medical professionals working in the hospitals along I-10. The larger lots will likely house move-ups.”
Beazer has announced that preliminary plans include 16 acres of retail and commercial development.
To tour Katy or Fulshear homes and work with a Realtor who can assist you in negotiations, call me at 713-818-2404. I have sold Katy real estate for over 21 years. Experience does count!