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This week in Houston real estate: Foreclosures, Schlitterbahn and more

by Baylea Jones

houston-emerging-real-estate-market-2017

Foreclosures bounce back after Harvey-related hit

The foreclosure rate in Houston has decreased 65 percent compared to this time last year, the Houston Chronicle reported. Foreclosure starts surged following Hurricane Harvey in 2018, but this new data suggests the housing market is recovering. This decline is on par with nationwide trends which show foreclosure rates have been steadily shrinking for the past 11 months.

Schlitterbahn selling two major properties

The Henry Family, owners of three Schlitterbahn waterparks, announced the sale of two properties to Cedar Fair Entertainment Co., including both the Galveston location and Schlitterbahn’s flagship waterpark and resort in New Braunfels. The family intends to keep and rebrand their South Padre Island park and believe Cedar Fair “will be a phenomenal owner.”

Mixed-use project near Woodlands Mall set to break ground

A Minneapolis-based developer is set to break ground on a new mixed-use development in the Woodlands, the Houston Business Journal reports. The project will include a combination of fitness facilities, 420 multifamily residential units and coworking space. The $130 million project, on an 11.3-acre site near the Woodlands Mall will also include a 750-space parking garage and a 50,000-square-foot pool. 

Median sale price peaks

The most recent data released by the Houston Association of Realtors (HAR) shows the median sale price in Houston hit an all time high in May. The median, which increased 2.4 percent, sits at $249,993. Single family home sales have been rising for four consecutive months and the median sale price is keeping up with those gains: both signs of a healthy market.

 

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