The Inner Loop is undoubtedly Houston’s pride and joy. From River Oaks and the Medical Center to the vibrant downtown area and Bellaire, Houston’s Inner Loop is alive and well, thanks to the superb real estate and the prime location.

But even the Inner Loop has its share of woes, due, in part, to the national housing market mayhem and the poor, national economy.

The Demise of a New, Gated Community

Take for example the Willowick Court Townhomes. The owner of this property had big plans to redevelop it and turn it into a gated community of multi-million dollar estates. However, given the poor nature of the economy, these plans have been scrapped. The owner is expected to sell the existing units instead.

Right now, the plans for this development include selling the current 171 homes for between $235,000 and $295,000, while at the same time making some much needed structural and landscaping improvements.

The homes of the Willowick Court Townhomes, which are about 1,800 square feet in size, are not a condo arrangement; instead, the homeowners will own the entire structure, and not just the interior.

Original Plans Scrapped

The original plan, which was to be an 11-acre development called Willowick Place at River Oaks, was marketed last year and, as a result, the owner had pre-sold nearly 30 percent of the lots. However, because of the subsequent economic downturn, the owner felt that it would be prudent to forgo these plans and instead focus on selling the existing townhomes.

Inner Loop Real Estate

Many of the Inner Loop neighborhoods boast new construction, as many of the older homes are torn down in favor of more substantial homes. The lots, however, seem to be the driving force in the Inner Loop, as many home buyers are choosing to tear down the existing homes and instead build larger homes ranging in size from 2,000 to 8,000 square feet.

The older homes of the Inner Loop, however, often boast much charm and original character, which many homebuyers are searching for.