Many older buildings have been converted into trendy loft space to accommodate a continued influx of young professionals attracted to the employment opportunities available in Houston, the home of many internationally known Fortune 500 companies.

Some of the most desirable loft developments are located within close proximity to the historic and theatre districts. Over recent years a number of choice apartment developments have risen as well, such as the 30-story, 340 unit One Park Place, located downtown at 1500 McKinney Street, and bordering Discovery Green Park.

Houston’s downtown business district is a towering monument to the skyscraper, with many notable 50, 60 , 70 story and higher office buildings creating one of the most impressive skylines in the nation, such as: The Wells Fargo Plaza ( 71 floors ,)The JP Morgan Chase Tower ( 75 floors, ) and the One Shell Plaza ( 50 floors, built in 1971, and the first major skyscraper building to be constructed in Houston.

Until the decline of Enron, Class A office space in Houston was at a premium. Since then, Enron’s fall and the nation’s severe economic downturn have combined to negatively impact the city’s office space to the point at which more than ten percent of Houston’s downtown office space is vacant.

Unquestionably, Houston’s strong economic base will be the basis for this vibrant city’s full economic recovery as the nation, and the world’s economies continue to improve

Real estate values overall are in the millions of dollars, with River Oaks luxury homes occupied by the rich and famous; heads of industry, high profile attorneys, judges, sports stars, medical professionals, etc.

There are 1,501 homes in River Oaks with a median price of $1.1 million, with many homes priced in the multi-million dollar category. Typical of River Oaks luxury homes are multi-level colonials, Mediterranean styled homes and sprawling, white columned brick mansions set amongst gardens and expansive lawns, with average selling prices that can exceed two million.

The area is a showcase of fabulous homes of English, French and Georgian architecture, many of which were designed by such renowned architects as John F. Staub, Birdsall P. Briscoe, MacKie & Camrath, Hugo Neuhaus, and Bolton and Barnstone, among others.

Some older 1930s mansions built on multi-acre lots have been torn down and replaced with more modern structures, while others have been bought and restored to their former glory.

For those seeking more affordable housing in River Oaks, condominium developments such as the Renaissance at River Oaks offers condo homes in the low $200,00s to the mid $300,000 price range

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.

• Northgate Custom Homes – Northgate has earned a reputation for being one of Houston’s most upscale builders and, as such, is known for its architecturally innovative homes and upscale designs and features. Some of the areas in which Northgate Custom Homes in Houston include: Rice Military, Bellaire, Houston Heights, the Medical Center, Midtown and Montrose. Northgate Custom Homes offers a number of Houston Inner Loop living, including patio homes and townhomes that are, safe to say, top notch. The homes of Northgate Custom Homes generally range from the mid $200,000s to the upper $400,000s.

Some of the communities include the Villas at Clearview, which are located in the Medical/Galleria area, the Villas at Heights, which is located in the Heights, the Villas at Wynnwood, which is located in Cottage Grove, the Villas at White Oaks, which is located in the Heights, and Garden Oak Villas, which is located in Garden Oaks.

• HHN Homes – HHN Homes, a well-known Houston home builder, brings the townhome and patio market to new heights, in addition to its custom homes. HHN is represented in some of the best neighborhoods in Houston’s Inner Loop, including: Montrose, Memorial Park, River Oaks, Downtown, Midtown, the Medical Center and the Museum District.

Some of the neighborhoods represented by HHN Homes include: Sommerset Cottages, Polk Avenue Gardens, Ridrigo Heights, Meridien on Crocker, Haddon Courtyard Homes, Arbor at Indiana, and Leeland Landing. HHN homes in Houston’s Inner Loop are generally priced from the mid $200,000s to the mid $300,000s.

You can’t deny the luxury of the Inner Loop and, of course, the ideal location to the best parts of the city. The Inner Loop has become highly sought after by everyone from young professionals to large families. And Inner Loop custom home builders are filling the supply with fabulous communities and equally fabulous homes.

Here’s our pick of some of the best custom home communities in Houston’s Inner Loop:

• The Courtyards at Detering – Priced from the $370,000s, the Courtyards at Detering enjoy a prime, Memorial location and everything from loft homes to traditional, single-family homes. Just some of the features of the homes of The Courtyards at Detering include custom wood floors, owners’ retreats with walk-in closets, gas fireplaces, custom cabinetry, granite countertops and Jenn-Air appliances. These customized homes boast square footage from 2,143 to 2,316.
• Candlelight Place – Located near the Galleria and downtown Houston, Candlelight Place is built by one of the best Inner Loop custom home builders: Lancaster Homes. Some of the excellent amenities offered by the builder include: hardwood floors, maple cabinetry, stainless steel appliances and professionally landscaped yards. Lancaster Homes, as one of the more renowned Inner Loop custom home builders, boasts traditional architecture with brick, stone and stucco elevations. Home prices in Candlelight Place start in the $340,000s.
• Chenevert Gardens – Priced from the $300,000s, Chenevert Gardens features freestanding, three-story homes with two-car garages right in the downtown area! Some of the design features found throughout the homes include: stainless steel appliances, granite countertops, stucco and brick exteriors and tiled patios.
• Park at Prince-Sherwin – Priced from the $190,000s, the custom homes of the Park at Prince-Sherwin are built by one of the best Inner Loop custom home builders: K. Hovnanian. Located near the Galleria and Memorial Park, these homes consist of two and three-story, detached homes with traditional architecture and between three and four bedrooms. Some of the features in these homes include: stainless steel appliances, granite countertops and recessed lighting.

The Royalton at River Oaks is a fine example of some of the superb finds that are part of Houston Inner Loop real estate. In fact, the Royalton is all about lifestyle; in particular, a superb lifestyle.

Amenities of the Royalton

Residents and visitors of the Royalton are welcomed under the property’s historic porte cochere, where a valet and doorman are on call to park cars and provide assistance of nearly every kind.

The available valet will take care of your vehicle, while the 24-hour concierge staff will attend to your daily needs, including transportation, dinner reservations and theater tickets, just to name a few!

Other unique features of the Royalton include a club room, where residents can relax and enjoy each other’s company and a wine cellar, where residents can store their favorite wine in a climate-controlled facility.

The Theater Room of the Royalton allows residents and their guests to view movies in an intimate, private setting, while the spacious fitness facilities allow residents to enjoy a variety of workout equipment, including circuit machines, cardio equipment and free weights.

The residents of The Royalton have use of climate-controlled, secured storage rooms for their extra belonging, as well as the garden terrace, where they can enjoy beautifully manicured grounds and picturesque fountain.

The residents of the Royalton also have an optional maid service, dry cleaning service and full-service catering kitchen.

Features of the Royalton

The Royalton at River Oaks features 253 residences and one, two and three-bedroom floors plans. This posh address offers residences their choice of flats, townhomes and penthouses, as well as beautiful, sweeping views of the Houston skyline.

Just some of the features found throughout the Royalton include gourmet kitchens, master bedroom suites, private balconies and beautiful, designer finishes.

Kitchen and bathroom features include: stainless steel appliances, granite countertops, ceramic tile floors, recessed lighting, wood cabinetry, hardwood floors and expansive windows.

An overall desirable area, much of these Inner Loop neighborhoods are highly prestigious (and expensive,) but there is a wide range of moderately priced Inner Loop housing available as well.

Inner Loop Neighborhoods

• Bellaire: Bellaire has a charming suburban feel, even though located within the bustling heart of Houston. A neighborhood of wide ranging housing types and architecture, Bellaire homes can range anywhere from the mid-$100,000s for a 1950s style home to over a million for a magnificent estate.

• Downtown: Downtown Houston real estate offers proximity to Houston’s large business district, and easy access to the highly popular theatre district. Many of the older apartment and warehouse buildings have been converted to luxury lofts.

• The Heights: The charm of the heights, a neighborhood of restored Victorian era homes on quiet, tree lined streets, as well as more modern construction, and an easy commute to downtown’s business and pleasure districts continues to attract young professionals. Housing can range in price from less than $100,000 to $400,000 on average.

• Montrose: Restaurants, boutiques, art galleries, and the availability of townhomes and single families in the $75,000 to $350,000 price range add to Montrose’s overall appeal.

• River Oaks: A truly upscale inner loop neighborhood of fine homes and estates, with resale prices starting in the $400,000 and up. Estate homes may price at several million.

• West University: Adjacent to Rice University, West University real estate consists of mostly residential, and some twenty acres of commercial properties.

• The Medical Center: The Texas Medical Center is a conglomeration of medical institutions and many small neighborhoods. The neighborhoods offer a very wide choice of housing types and costs –literally something for everyone- and many residents are employees of the medical center, which makes living here very convenient

Uptown Houston is the center of the city’s shopping and high-fashion districts, which includes the Galleria Mall, the fourth-largest shopping mall in the country, and the largest shopping mall in the state of Texas.

Many one-of-a-kind boutiques and fine dining establishments are located in the Galleria Mall as well as in other parts of the Uptown District. The Galleria’s more than five million square feet of retail space houses such well-known retailers as Neiman Marcus, Nordstrom and Saks Fifth Avenue.

Not strictly a shopping and dining venue, the Galleria complex is actually a mixed use urban development site housing the mall, two Westin hotels, a private health club and the Galleria Office Towers, ( Tower I – Tower II and the Galleria Financial Center.)

Uptown Houston real estate additionally offers residents a wide choice of housing in many superb communities. Apartments, condos, and single-family homes can be purchased or rented at prices ranging from moderate to very expensive.

Uptown/Galleria Home Sale Prices

Average Listing Price: $697,774 – up 10% from last month
Median Sales Price: $211,776 – down 17% from last quarter
Average Price Per Sqft: $148

Strategically located near the heart of the city, midtown Houston enjoys many of the benefits that those homeowners in downtown Houston have. Midtown extends to just south of Interstate 45, just west of SH 288, just north of US Route 59 and east of Bagby Street.

The Ultimate Convenience

Because midtown Houston is surrounded by major freeways, the residents here enjoy the ultimate in convenience. In other words, midtown Houston clearly reflects the term “in the heart of everything.”

Other nearby locations of choice include: downtown Houston and the Medical Center, both of which draw many Houstonians to consider the midtown Houston real estate market. Both of these Houston locales contain the largest employment sectors in the areas, employing more than 200,000 people.

Pedestrians Welcome

However, what makes midtown Houston so different from other Inner Loop neighborhoods is that it has become a pedestrian friendly community.  Midtown is essentially an extension of downtown Houston, and consists of nearly 23 miles of streets.

Revitalization takes Center Stage

Constant revitalization and renovation projects in midtown Houston have buoyed the population growth, as well as the Midtown Houston real estate market. Many of the improvements and revitalization projects are overseen by the Midtown Redevelopment Authority and the Midtown Management District, both of which work alongside the city government to ensure that this section of the city continues to grow and flourish.

A Perfect Marriage of Residential and Commercial Areas

Midtown Houston is one of the city’s fastest growing communities, and is often said to be a near-perfect mixture of residential and commercial areas. From trendy restaurants and boutique shopping to high-end office spaces and plenty of upscale townhomes, condo and loft homes, midtown Houston has become a popular choice for Houstonians who are looking for city conveniences but a suburb feeling.

Many real estate developers, because they have seen the growth in this area, have undertaken many new condo, townhome and loft projects. As a result, midtown Houston has become a Mecca for the finest in condo living.

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.