Clear Lake City, TX

The EXPO provides an opportunity to showcase the products and services available in the Clear Lake Area and increases exposure for our excellent local businesses. Over 80 local Clear Lake area businesses.

FREE ADMISSION

• Date: Thursday, September 3, 2009
• Time: 11:00am - 6:00pm
• Place: Gloria Dei Lutheran Church
• 18220 Upper Bay Rd.
• Houston, TX 77058

Event sponsored by: Christus St. John Hospital, JSC, Houston Community Newspapers, Bay Area The Citizen, Berkeley Eye Center, Houston Chronicle, Fantasy Yacht Charters.

For more information click this link.

The numbers seem to be getting a little better in the Clear Lake Texas real estate market.

Last year in the Brookwood subdivision of 904 single family homes, there were 14 home sales in the first 2 quarters. This year there were 22. And prices of Brookwood homes are actually UP! That's great news for Brookwood homeowners. The average sales price last year was $267,000 while this year the average sales price was $277,869.

The average number of days on the market has remained fairly constant at 60 days last year and 62 this one.

My best guess is that this year will end up significantly better than last due to our Mr IKE. Yeah, I know...the year's not over yet but I can certainly hope this year is not a repeat. At least I hope not. The last quarter of 2008 really tanked.

The Brookwood neighborhood was built in 1988 through 1994 by 3 primary builders; David Weekley Homes, Perry Homes and Village Builders. Homes range from a little over 1,800 feet for the smaller patio homes to over 3,700 square feet. Homes typically have 4-5 bedrooms with a small handful of 2 or 3 bedroom homes (mostly patio homes). Brookwood homes generally have 2 - 3 full baths and one to two half baths.

You can see Brookwood homes for sale here.

If you own a home in Brookwood, be sure and check out our Brookwood house prices report.

See also Clear Lake House Prices.

Bay Glen Homes

Sales in Bay Glen have started off with a BANG this year. Finally!

The average turnover in Clear Lake is a little over 6%, meaning that in any given year, 6 out of every 100 single family homes will sell. Last year in Bay Glen, that number was 70 out of the 1,389 existing homes in Bay Glen, or 5.0%.

In the first 2 quarters of 2009, there have been 47 Bay Glen homes sold. Contrast that to 36 in that same time period last year. Average market time is a bit longer at 59 days whereas last year, it was taking 46 days. Keep in mind that the days on the market is defined as the date an acceptable offer is received on the home and not the "drive out" time. Add about 30 days and you have the average length of time from the sign going in the yard, till the moving truck pulls up.

The average dollar per square foot value is almost identical at $81.97 this year, $81.75 last. While that may not seem like a big deal, no gains etc, we can be very thankful it's not down. This is a time when many parts of the country are seeing huge declines in their property values.

Currently there are 14 homes for sale in Bay Glen ranging from 1,584 to 2,287 square feet. The typical home in Bay Glen has 3 to 5 bedrooms, 2 to 2.5 baths and all have 2 car garages. Bay Glen homes were built in 1986 to 1990 by four different builders; Brighton Homes, Ryland Homes, David Weekley Homes and Village Builders.

If you're curious what your Bay Glen Home may be worth, I've created a special website just for you.

Check out Bay Glen House Prices.

 John Duncan's Bank Owned Inventory Homes List

July 16, 2009

 

Temp: What can I say, it's HOT!

 

 

Click below to see the latest foreclosure listings in the Clear Lake area.

 

 

Last 7 days

http://harlistings.marketlinx.com/SearchDetail/Scripts/PrtBuy4/PrtBuy4.asp?emailGUID=16fd361e-2c42-402d-9220-f72dec5d5dbe&AgentId=DUNCANJO

 

All Foreclosures

http://harlistings.marketlinx.com/SearchDetail/Scripts/PrtBuy4/PrtBuy4.asp?emailGUID=27bb5799-8ce8-496b-8869-e581ad31c8dc&AgentId=DUNCANJO

 

***NOTE*** If you're looking for a home in a really cool area with a large

lot, be sure and check out 1202 Verdun in Friendswood. It is in one of the

prettiest areas of town loaded with trees.  Great price too.

 

Buying a foreclosure can be exciting, and challenging all at the same time.

There are some differences between purchasing a foreclosed home and a

"normal" transaction between a buyer and a homeowner.

 

It is not uncommon for example to be in a multiple offer situation where one

home can have as many as 8 or 10 offers.  In addition, the banks can take

some time just to find out if they've accepted your offer.  Sometimes it can

take up to a week.

 

Foreclosed homes are sold "as-is."  The banks do NOT make repairs.  You've

heard the expression, "what you see, is what you get."  It's never been more

true than in this case.  You can have inspections done and you have the

option to either (a) move forward, or (b) terminate the contract and receive

your earnest money back.

 

While we're talking about earnest money, although I don't see it often, I'd

say that about 20% of the time, the banks are now requiring 3% as earnest

money.  Quite a bit different than the typical $1,000 you might see.  This

means on a $150,000 home, $4,500 would be required for earnest money. Budget

accordingly.  It's critical to close on time as well.  The banks often will

charge a per diem penalty for not closing on time; generally .1% of the

price.

 

I want to buy a foreclosure- but one in GREAT condition.  Remember how we

got here.  If a homeowner could not make the payments and the bank took the

property back, they didn't have the money to make repairs, or do normal

maintenance.  Like anything else, some homes are in better condition than

others.

 

You MUST have an approval letter from a reputable lender.  Another little

requirement for some banks (Wells Fargo is a good example) is that they

are now requiring not only an approval letter, but an approval letter from

the same bank that owns the property.

 

Now this one IRKS me! 

 

It seems it should be illegal.  But, it's the way they're playing the game. 

In some cases, they won't even LOOK at your offer until they have that letter.

 

They "claim" that you do not have to use them for your mortgage and that it

is just so that they can feel comfortable taking the house off the market

while you get your loan etc.  But I promise you, they want to "encourage"

you to use them as the lender.

 

Don't get me started...

 

Here's the thing.  I should have been an educator because I believe that

many of the horror stories you hear about someone buying a home, really did

not have to be that way.  It's about managing expectations.  As a homebuyer

whether you're buying a foreclosure, or a home from a homeowner, you MUST

be knowlegable.  And, you need to know BEFORE you get into the home buying

process; before you get caught up in the emotional part of purchasing a

home.

 

That's it for this week.  Stay tuned.  More to come...

 

Till next Thursday,

 

John

281-336-3175

www.BayAreaPropertiesSearch.com

homes@searchclearlake.com Contact John today for all your real estate needs!

 

 

 

 

 

 

kheinrich@firstam.com www.fatcohouston.com

Tweet
This