Sometimes it seems that success in the Houston real estate market is all about weathering the downturns and then making the good times last and last. Frankly, it’s all about resilience for professionals here who love this city and all it has to offer, in boom times and even through the busts.
Veterans of the real estate market who weathered the bust of the 1980s know that carving out success in this oil-driven city means hanging in there, getting creative and doing it all with a lot of style. That’s how Houston weathered the aftermath of the 2008 economic meltdown and that’s how it’s handling today’s somewhat shaky market.
Recent reports on the Houston real estate market note a wariness among buyers who may be waiting out an economy that is feeling more unpredictable. There are signs of a downturn with some corporations experiencing layoffs, and the effect of the upcoming election on oil prices has yet to be seen. The Houston Chronicle has reported that homes are selling, but that homeowners are experiencing longer waits on offers, and that they sometimes must reduce prices in order to get an offer. Houston homes are still selling, though, which is good news for everyone.
Among other good news in Houston is the ongoing success of ventures like the Highland Village retail center. This center, which is leased by property magnate Haidar Barbouti, has had a stellar record with rents increasing steadily, with no sign of a downturn. The glamorous, upscale center boasts Houston’s only Apple store, and has a trendy eatery called Up which is run by Barbouti. Barbouti has been leasing the center since 1990, which definitely qualifies him as one of the veteran’s of Houston’s up and down market.
As the successes continue, and as his About.me profile can attest, it’s assured that Houston will bounce back and thrive as well.