Patricia Otten

Patricia Otten, Broker
< BACK Subscribe

What might the future hold for Lakewood Area Subdivisions?

December 23rd, 2009

Appears you're looking for some info without strings attached.  I'll throw in my opinion and you decide if it's a bargain.  Lakewood Forest/Lakewood Glen/Lakewood Grove Estates is a great area, feeds into three very good Cy-Fair schools.  Negatives include the new builds in the area and the area is exploding. 

Buyers looking in this area have a couple obvious choices.  Buy a 20 year old home and get a great community, larger lots, mature trees, quick access to transportation arteries (290 and 249) and in 10 years, sell a 30 year old home.  Alternatively, they can buy a newer build that will be 10-15 years old at that same future date.  It's the old discount factor . . .you have to discount for the age. 

 To circumvent that, plan your up-dates carefully.  Focus first on going green; double pane windows; tankless water heaters; insulation; energy efficient heating and possibly add zone cooling if you only have one AC.  If that's not something you want to do, then second, make the yard an entertainment area for kids and family by adding covered decking, tranquility zones/water features, out-door kitchens, back yard bed-room. Last on my list of suggestions would be interior enhancements.  Without reservation, if you have a wet bar, remove it, but for other cosmetic changes, granite, paint, window treatments, visit model homes in your area and/or interview some interior designers.    Soon as you put in dark granite, the buyer wanted light.  Tiled back splash vs subway tile vs colored glass can attract a potential buyer but just as easily turn one off.

 Growth and trends of the market will definitely impact the value of homes in the Lakewood Glen/Lakewood Forest area.  Greening your current property, creating additional living space via the back yard will keep it competitive with the new growth/new builds that is your competition, but I'd be lying if I said you'd get dollar out for dollar in on those improvements.  I'd suggest 85% and less on interior enhancements.  Keep in mind; don't make a silk purse of a sow's ear.  A $300K buyer doesn't want to live next door to a house that's worth $140K because that owner didn't up-grade, they just sold as is, even if their purchase is really worth $350K. 

 It's a blessing and a curse that homes in our area don't drop like a rock with each market glitch, but they don't sky-rocket either.  Plan wisely, shop your competition and make sure you work with a realtor that tells you the truth, not just what you want to hear. 

Join the discussion

To post a comment on this blog post, you must be an HAR Account subscriber, or a member of HAR. If you are an HAR Account subscriber or a member of HAR, please click here to login. If you would like to create an HAR Account account, please click here.

Login to Comment
Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®

Join My Blog

an eclectic collection of thoughts about real estate, my community and living in Texas.
Patricia Otten, Broker
13114 Chriswood Dr, Cypress, TX 77429   Get Directions
Phone: (832) 722-5983
  • Archive
    •     2015
    •     2009