According to the Texas A&M Real Estate Center, the Texas housing market decelerated in 2018 with total sales rising only 1.7%. Sustained growth in the national and state economies supported housing demand, but low listings inventories and waning affordability continued to be affected. Builders ramped up construction activity, but supply constraints persisted for homes priced less than $300,000. Home prices were largely unaffected by the 2008 crash, according to Forbes, and have been climbing up about 10% per year since then. Although the market isn’t yet seriously overpriced, it’s on the way. Prices are expected to keep rising for several years.
Sharestates has been active in the Texas real estate market and has funded some impressive projects there recently. One such property that Sharestates recently funded was in an area called River Oaks, in Houston. This area is located between Downtown and Uptown Houston and was once considered one of the most expensive neighborhoods in Houston with real estate values ranging between $1 million to over $20 million. The neighborhood is surrounded by beautiful parks, culture and a great school district.
- Loan Amount: $2,660,000
- Purchase Price: $3,000,000
- LTV: 77%
- LTC: 79%
- Average renovation budget: $370,000
- ARV: 65% or $4,110,000
Another property that Sharestates recently funded was in West Columbia in Brazoria County. This is a small town located about an hour drive from Houston and also about an hour drive from the beaches of the Gulf of Mexico. There are only about 4,200 people who live in the city, with a median income of $38,090.
- Loan Amount: $1,650,000
- Purchase Price: $2,200,000
- LTV: 72%
- LTC: 75%
For more information about other properties, Sharestates has funded or to submit your upcoming projects to get funding click below.