TRENDS TO KNOW
COMPILED BY VANESSA HOLT AND BEN THOMPSON
7 real estate trends to know in 2019 Real estate development is gaining momentum in previously undeveloped parts of south Montgomery County, while in The Woodlands some residents are finding the need to update or downsize their residences to fit their lifestyles.
2 Aging homes draw redevelopment interest
Increasing numbers of homeowners and new buyers in The Woodlands are looking to redevelop or rebuild houses constructed early in the community’s develop- ment that are nowmore than 40 years old. In the Village of Grogan’s Mill, which opened in 1974, some buildings are now 45 years old, drawing increas- ing numbers of redevelopment requests, saidWalt Lisiewski, chairman of the Development Standards Committee, which oversees those requests. In his quarterly address to The Woodlands Township board of directors April 24, Lisiewski said the first three months of 2019 drew a 76% increase in residential im- provement applications since the same time period in the previous year—although not all items are requests for redevelopment. A report for the second quarter will be provided in July. “You’re seeing more of this, particularly in Grogan’s Mill,” said Vicki Fullerton, a broker associate with Re/ Max The Woodlands and Spring. “I’ve seen four homes that have been taken down in the last 9-12 months.”
1 SouthMontgomery County housing development set to surge along Rayford Road and the Grand Parkway
With the establishment of the Grand Parkway as a new commercial corridor and the presence of undeveloped land east of The Woodlands, planned communities in South Montgomery County may see thousands of new homes built and occupied through the 2020s, according to demographers, developers and analysts. East of I-45 along the Grand Parkway and Rayford Road, several existing communities could potentially add thousands of new residents in the next 10 years, demographers said. “There [are] not new homes in The Woodlands so much because it’s all built-out,” said Lawrence Dean, the Houston regional director of Metrostudy, which provides research and analysis on housing markets nationwide. “South County ... becomes more
attractive because it’s a shorter distance to central Houston and it’s very close to the Grand Parkway or [I-45].” A 2018 regional demographic report by demographics firm Population and Survey Analysts projects more than 3,000 housing occupancies over the next decade south of the Grand Parkway and east of I-45 in Spring, an area which already features thousands of constructed homes and hundreds of acres of undeveloped land. According to PASA, most occupancies through 2028 around The Woodlands will come from the Rayford Road corridor. PASA projects new building in The Woodlands will stall during that time outside Carlton Woods, the Town Center and along the I-45 corridor.
SOUTH COUNTY
RISING REDEVELOPMENT REQUESTS
More housing is expected to come along the Grand Parkway and Rayford Road corridors.
The number of requests for residential property improvement, which includes redevelopment, increased by 76% in the first quarter of the year.
KEY:
= 100 HOUSINGUNITS
1314
WOODSON’S RESERVE Now:
700 UNITS
Development Standards Committee applications:
45
1,000MOREUNITS
Planned:
Key:
increase from first quarter 2018
TOTAL APPLICATIONS IN Q1 2019
BENDER’S LANDING
268
+36%
703UNITS
Now:
RESIDENTIAL APPLICATIONS IN Q1 2019
44MORE UNITS
Planned:
189
+76%
99 TOLL
BENDER’S LANDING ESTATES
AGE OF THEWOODLANDS’ OLDEST NEIGHBORHOODS:
850UNITS 544MORE UNITS
Now:
S P
N
Planned:
Grogan’s Mill (1974) years
Panther Creek (1977) years
Cochran’s Crossing (1983) years
OVERALL
Now: Planned: HARMONY
Around 3,300 NEW HOUSING OCCUPANCIES are projected in the Rayford/ Grand Parkway area in the next decade.
1,700 UNITS
400MOREUNITS
SOURCE:THEWOODLANDSTOWNSHIPDEVELOPMENTSTANDARDS COMMITTEE/COMMUNITY IMPACTNEWSPAPER
SOURCES:POPULATIONANDSURVEYANALYSTS,LANDTEJAS,WOODSON’SRESERVE, PROPERTYMANAGEMENTGROUPOFHOUSTON/COMMUNITY IMPACTNEWSPAPER
SEE TRENDS 3-7 CONTINUED ON PAGE 42
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The Woodlands edition • July 2019
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