Having an address in a prestigious neighborhood located in what is called the Houston Inner Loop is a goal of many advancing professionals in Harris County. In the past, the average cost per square foot was near the three hundred dollar price point and this put these luxury homes out of the reach of many aspiring executives still climbing the corporate ladder. In the past few months that per square foot price has come down into a more affordable range, and has opened up this real estate market to a wider audience that are looking for matured neighborhoods with custom homes in place.

The most sought after luxury homes inside the 610 Loop area will always be River Oaks Houston real estate, and unfortunately that is one of the only neighborhoods that has not really seen any drastic reduction in price. Living in the ultra wealthy 77019 zip code is still a part of the city that is not really in the negotiating business so much.

West University has seen the price cuts take effect, and the available Medical Center real estate have tweaked their numbers slightly as well. There is a storm brewing for home prices inside the loop and by 2012, they will be back and most likely higher than pre recession prices. The medical center is going through a huge professional building expansion over the next two years, and those hard to sell top end homes will start being snapped up by surgeons and other well-paid healthcare executives when it is time to relocate to Houston.

Since there is more of an apartment shortage inside the city limits currently, homes have been sold, but just not as briskly as they were four years ago. However, homemakers that have always dreamed of living in these opulent neighborhoods are looking at quite a handsome discount currently. Looking at a five thousand square foot home, with a seventy dollar per square foot decrease in prices, makes for a savings of thirty five thousand dollars, which of course equates to even more savings if the home is mortgaged.

Take a look also at The Heights, Timbergrove, Garden Oaks, and Bellaire neighborhoods as they have a good shopping list of available properties that may now fit in the budgetary constraints of your personal finances. The homes in these areas are all close to the Museum District, Houston Zoo, and the Galleria area, which brings the quality of life factor up several notches. Moving inside the loop for the social climber is necessary, as there are many gala events scheduled throughout the year for professionals to hob knob with Houston’s elite to garner new clients to generate business for their employers.

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.