The country’s recession and financial crisis has taken a toll on Houston-area real estate, including the downtown condo market. Although condo prices have remained steady throughout the decline in the housing market, many condo developers and builders have halted or even canceled plans for new developments.
In addition, many builders and developers are choosing to lease their downtown Houston condos and ride the recession out in the meantime. In fact, the rental market for Houston condos saw a 25 increase from 2007 to 2008.
With credit tight and home financing even tighter, the increase in condo rentals makes sense as more Houston residents find themselves unable to secure financing for a condominium home.
Prices for downtown Houston condos have stabilized after falling about three percent last year to an average price of $167,000. Prices for downtown Houston condos are now hovering around 2000 prices.
However, condo developers and builders are confident that the historically low interest rates, new home buyer tax credit and builder incentives will begin to draw potential buyers out of the woodwork and into a new, downtown Houston condo residence.
Even as sales of downtown Houston condos continue to take a hit, many buyers are recognizing the value of purchasing luxury residences in the heart of downtown Houston.
It’s not uncommon to see high-end features, open, expansive floor plans, private balconies, fitness centers, swimming pools and high-end building amenities such as concierge service and secure parking, in downtown Houston condos. Loft residences are also a popular site in downtown Houston.
Downtown Houston condos include:
- 2016 Main
- Bayou Lofts
- Beaconsfield Condos
- Capitol Lofts
- Commerce Towers Condos
- Four Seasons Residences
- Franklin Lofts
- Herrin Lofts
- Jackson Place Condos
- Keystone Lofts
- Kirby Lofts
- St. Germain Condos
- The Point Condos
- The Stanford Lofts
- Washington Lofts
