This Week in Real Estate: Houston named one of best places to retire, America’s most expensive foreclosure and more

by Zachary Wright

U.S News & World Report released their 2019 Best Places to Retire analysis last week. Houston came at No.26, behind Austin, San Antonio and Dallas.

In spite of scoring lower than other Texas counterparts, U.S. News said a paycheck goes a long way in Houston and the costs of housing are slightly lower than the national average. Houston’s median home sale price is also lower than the three other major cities as well. However, the high property taxes may deter retirees from moving to Houston. Currently, the largest populations belong to millennials and people under the age of 20.

People are still attracted to Houston because of a low cost of living, a booming economy and quality healthcare. Houston received a score of 6.1 out of 10 for people’s desire to live in the area. Austin topped out the list for best places to live and came in fourth for best places to retire, ranking No. 1 and No. 4 respectively.

In other real estate news:

  • America’s most expensive foreclosure now belongs to Houston. At 15,000 square feet and a price tag of $9.75 million, the county club estate in River Oaks foreclosure price actually dropped from earlier this year. The bank originally wanted it for $15.9 million, but dropped the price to interest potential buyers. This estate isn’t the only Texas home being sold for a high price. A 37,000-acre West Texas ranch is up for sale, including all of its assets. KC7 Ranch near Balmorhea in the Davis Mountains currently has no price tag listed. Bernie Uechtritz, founder of Icon Global Group that is brokering the sale, said he expects “realistic entry bids” that will start around $35 million to $40 million. KC7 Ranch was previously on the market for $52 million.
  • Tower 5040 will break ground later this month at the previous site of the Sigma Chi International Fraternity UH’s chapter. WGC Development, a partnership between Rocky Stevens and Mark Seger of Wellington Development Co, Steve Spressard from Gore Creek Partners LLC out of Colorado bought the site at 5018 Calhoun in 207. The new private luxury apartment will contain 147 units with a mix of one-,two- and four-bedroom options. WGC expects their first tenants in August 2020. Tower 5040’s amenities include a fitness center, private study rooms, and a “dive-in” movie screen with a large swimming pool.
  • Century Communities announced their new master-planned community in Fulshear. Called Polo Ranch, new homes will start in the $160s with floor plans ranging from 1,200 to 3,400 square feet. Amenities for this new community include a recreation center with a pool, playgrounds and parks. In June 2019, Century Communities expects their grand opening.
  • Perry Homes also unveiled new plans for the master-planned community, Harvest Green. The homes will start out at $250,000 to $500,000 with 1,400 to 2,600 square feet. Perry Homes said potential buyers will be able to choose from 15 different floor plans. Pre-sales have already started and a model home is expected to be showcased in January 2019.

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