Economist: Houston Housing Market Uncertain

Last Edited: Tuesday, 08 May 2007, 7:11 PM CDT
Created: Tuesday, 08 May 2007, 7:11 PM CDT

The growing number of foreclosures and worries about the real estate bust has everyone thinking about what to expect. Those who have not been affected by the foreclosure wave find themselves putting their money into foreclosed property at a very low rate.

Economist Barton Smith with the University of Houston says the national housing market still it hasn't leveled, and is far from it, prompting everybody to talk about, the National Association of Realtors included.

Even more, the slowing down housing market will probably have negative implications for a national economy already with ups and downs. "There are many regional markets in the country in which the severity of the housing correction has already reached to a level that will probably slowdown the U.S. economy even more," said Smith before more than a thousand people at his symposium Houston's Twin Booms: Energy & Housing-Will Continue for Another Year?

Smith is director of the Institute of Regional Forecasting at UH, and very year he presents the symposium focused on the real estate business.

Smith said the main maladies of the country's housing markets are excessive prices, overbuilding and foreclosure rates. Houston is suffering from an unusual high foreclosure rate compared to other markets such as California. Houston housing prices are relatively stable building new houses within the metropolitan area is still fairly modest.

Smith predicted Houston's economic growth it will slow down, but is still better than the national average.

Saturday shelterporn

Houstonist has heard a lot of our fellow Houstonians saying, quite earnestly, that they live in "lofts." When we think of lofts, we think of old factories, warehouses or other commercial buildings that have been converted to open living spaces with exposed brick walls, old wood or concrete floors and high ceilings — like the 22nd Street Lofts in the Heights. But when many Houstonians say they live in a loft, they actually mean either a bland apartment complex with high ceilings that's designed to look sort of like an old warehouse or a bland apartment complex with high ceilings that's not designed to look like much of anything.

With that in mind, today we bring you a legitimate Houston Avenue loft. It's a conversion of the 1925 Gianusia Drug Store building, located just across the street from Woodland Heights. The living room/dining room/kitchen has enormous, high windows overlooking Houston Avenue, concrete floors and brick walls; in the kitchen are the expected stainless appliances and what look like granite countertops — because you apparently can't cook without those things these days. Unfortunately, there aren't any pictures of the bedrooms, but we assume they're appropriately lofty as well. Outside, there's some kind of side yard — big enough to walk around in, but small enough that you won't have to invest in a riding lawnmower and cramp your urban lifestyle. One of the coolest features: a roof garden that might have a downtown view (we're just speculating here, but downtown's not far way, so it would make sense).

We guess you'd lose some privacy by virtue of being right on Houston Avenue with giant windows between you and the rest of the world — but if you live in a building like this, we think you should expect attention anyway. And with a living room like the one here, you could have a lot of great parties and make the rest of the world jealous. Bedrooms: three. Bathrooms: two and a half. Price: $684,900.