Real estate journalists get in-depth appraisal of local market
The impact of millennials on the property market and the historically low supply of housing inventory were among the key issues facing the commercial and residential real estate industry highlighted last week during a national conference for real estate journalists in Houston. The event included a series of panels with some of the nation's top developers and economists, as well as notable local industry experts. Here is some of the information they shared about luxury housing, apartment development and homebuilding at the conference held by the National Association of Real Estate Editors. In 2014, the number of luxury home sales in Houston is expected to easily surpass the 1,399 homes that sold here last year for more than $1 million, as an influx of affluent families and well-paid couples with jobs in high-paying fields fuel the upscale market, high-end broker Martha Turner said. Fein, whose company is developing a project locally with two midrise buildings and townhomes totaling more than 500 units, cited Houston's strengthening job market as the key demand driver. On a national basis, employment is still lagging, affecting consumer confidence and holding back the housing recovery, said John Johnson, CEO of Houston-based David Weekley Homes. Holder said buyers want second living suites on the first floor, three-car garages and larger kitchens with casual dining areas where more than a dozen people can congregate.
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