Trend watchers in the Houston real estate scene have seen the market in this glittering urban hub weather the extreme ups and downs of the post-recession economy, and there’s always been a sense of relief in the way this city has managed to stay strong despite ongoing economic challenges. More recently, however, there is a sense that the Houston market is facing uncertainty, with some homeowners feeling a need to hold their breath as industries in the area face layoffs and other signs of a potential downturn. Add to all of that the upcoming presidential elections, which also adds to uncertainty, and there’s a recipe for potentially shaky times ahead.
The Houston Chronicle has featured stories in recent weeks stating that homeowners are facing unknowns in the real estate market as they put homes up for sale. Many couples state that a slowdown in the market is obvious, as homes don’t move as quickly as they once did. The reality these days is that homeowners often must lower prices to see movement in a potential sale. Along with all of this, there is a feeling of great relief when a sale does come through. These are the realities of life after a downturn, but the amazing thing is how well Houston has weathered the economic storms of the post meltdown era thus far.
In the midst of feelings of uncertainty, there are definite success stories that defy the logic and realities of the times. The Highland Village retail center in Houston, which boasts property magnate Haidar Barbouti as leasing manager, has seen an upward trend in its leasing rates, with nary a downturn. The center was first built back in the 1940’s, but has been managed by Barbouti since back in 1990. The center has a glamorous setting, and boasts the only Apple Store in the Houston area. Add to all that the upscale Up restaurant that was also launched by Barbouti, and that’s a success story that Houston can really boast about.
Shaky economic times? If one thing is certain in these uncertain times, it’s that Houston’s real estate market will bounce back, just as it always has.