Cy-Fair Edition | April 2024

BY DANICA LLOYD

What they’re saying

Zooming out

homes at build-out by 2027 or 2028. “[Interest rates] have shot up in the last 18 months, and aordability has been more and more of a challenge—and Houston is still one of the most aordable large metro areas in the country,” he said. “So we do what we can to deliver a quality product at a price point that’s reasonable ... for today’s consumer.” Winthrop Realty Group Principal Andrew Armour said multifamily housing values have decreased in the last two years due to increasing interest rates and property insurance rates. Because of this, he said he does not anticipate a large in¤ux of new apartment complexes in the near future. Instead, he said he expects to see more service-oriented developments pop up, including retail strip centers, o¥ce condos and warehouses, self-storage facilities, restaurants and car washes. Businesses that require a critical mass, such as medical facilities and specialty stores, will drive development along Hwy. 290, he said.

According to Freddie Mac, mortgage rates have ranged from 2.65%-7.79% since 2020. As of press time, the average interest rate for a 30-year xed-rate mortgage was 6.79%. Cypress Realtor Maelia Davis said she thinks buyers are getting used to higher interest rates as home sales are picking up. As of March, she said she was busier than she was when interest rates were at record lows. Davis said many rst-time homebuyers are purchasing and renovating older homes in Cy-Fair’s more established neighborhoods. The average home sales price in the 77433 ZIP code was $467,723 in February, according to data provided by Boutwell Properties. Kulpinski, vice president of eld operations for Taylor Morrison’s Houston division, with new builds starting in the high $200,000s. The joint venture between TriPointe Homes and Taylor Morrison broke ground in 2022 and is slated to have 1,400 single-family Mason Woods in 77433 is poised as a relatively aordable option, said Bob

“I think there’s a lot of pent-up demand of people that held last year ... because the shock of double the interest rate

kept people from going into the market. But life happens ... and people have to buy and sell.” MAELIA DAVIS, REMAX

PROPERTY GROUP BROKEROWNER

“We have much more patience than the typical developer. … The Woodlands

Town Center was built out over several decades, and

I would expect to see a similar timeline [for Bridgeland Central].”

JIM CARMAN, HOWARD HUGHES HOUSTON REGION PRESIDENT

99 TOLL

Home sales by ZIP code

Bridgeland

290

77429

1960

77070

77433

77040, 77064, 77065, 77070, 77095 and 77429 combined

77064

77433

300

249

529

“Developers don’t develop anything that isn’t going to be worth more when it’s nished than what it’s going to cost to build.”

77040 77065

77095

200

100

ANDREW ARMOUR, PRINCIPAL AT WINTHROP REALTY GROUP

Sept. 2023

Oct. 2023

Nov. 2023

Dec. 2023

Jan. 2024

Feb. 2024

DID YOU KNOW?

When Local Property Taxes Go Up, Local Schools Don't Get More Funding .

#FundOur Schools

Watch this SCHOOL FINANCE VIDEO

Ad paid for by RaiseYourHandTexas.org

CYFAIR EDITION