Many are wondering when the fortunes of Houston’s once thriving real estate industry will ever rise to prosperity again. According to some, it’s a coin flip. Houston is the 8th largest city in the U.S. However, unlike many large cities that have large home prices to match, Houston’s housing market was pretty reasonable.
The good news is, although Houston’s market is considered “unhealthy,” the industry is ripe for a comeback — eventually. “We are on the road to recovery and making progress, and there are some signs that things well get better — but it’s going to be a while,” according to Zillow Chief Economist Stan Humphries. He went on to say that millennials are not as interested in buying homes as their parents. “Not everyone is getting married or ready to start families at this point,” says Humphries. He went on to say that the one thing that could push people back towards home ownership is the fact that renting is very expensive.
While Houston’s real estate market is teetering, the commercial market seems to be doing pretty well. Haidar Barbouti isn’t complaining in the least. His nearly 25-year-old investment is paying big dividends. The Highland Village Shopping Center is one of the largest and most successful shopping places in Houston. Barbouti made the decision to purchase the property back in 1992. After some very nice upgrades and attracting upscale tenants, the property is still going strong.
Crate and Barrel, Apple Store, Starbucks and J-Crew are just of few of the tenants renting space at Highland Village. The stores are also the highest performing within their franchises operating in the U.S. Barbouti’s future plans include the addition of his own signature restaurant and a 5,000 square foot parking garage.
Instagram said real estate pros can only hope that somehow the ship will be righted and the industry will start thriving again.