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    Real Estate Round-up

    The burrito wars heat up and $5 for a gallon of gas looms: Houston real estate warnings

    Ralph Bivins
    Oct 18, 2010 | 3:52 pm
    Homes and apartments that are close to major jobs center would be under even more demand under this gas scenario.

    Incoming missile fire. Take cover. Watch out for shrapnel. Is it a weapon of mass destruction?

    Nope. It’s just a super grande burrito with a double load of guacamole.

    This is what Matt Keener warns us of as he talks about burrito restaurant competition in Houston.

    “The burrito wars are underway,” says Keener, a shopping center broker with the CB Richard Ellis commercial real estate firm.

    A lot of burrito outlets are opening new outlets to get a share of Houston’s burrito market, Keener said. Chipotle, which is one of the strongest stocks in the New York Stock Exchange, is the heavy hitter. Chipotle is being challenged by several including Freebird’s, Mission Burritos and a newcomer, Bullritos, which is a spinoff from the Gringo’s Mexican Kitchen organization.

    The trend to eat cheaper has made a difference in the recent tough economy, Keener says. Many folks are cutting corners, trying to be frugal with their dining dollars.

    “People are dining at Maggiano’s instead of Tony’s,” Keener says.

    In the shopping center business, the frugal approach extends to the stores themselves. When they do open new stores, retailers are downsizing. Retailers, such as the big office supply chains, are now opening 10,000-square-foot stores instead of the 30,000-square-foot footprint that had been common for years. Shelves will be stocked with only the very best revenue generating inventory and obscure items may be hard to find.

    The shopping center developers haven’t been building or starting many new projects during the recession and they are going to be extremely cautious for awhile.

    “These guys have been down in the bomb shelter,” Keener says.

    Over the next five years, only three million square feet of new retail space will be built in Houston. In the early 2000s, developers were building more shopping centers than that every single year.

    Keener believes it will be 2012 before the local shopping center market regains its footing and it could take until 2015 until the market is in full health.

    Saving Mortgage Money

    Homeowners need to pursue a refinancing of their home mortgage soon because the low rates won’t last forever, says Ted C. Jones, chief economist for Houston-based Stewart Title Guaranty Co.

    Mortgage rates are at their lowest point since 1951. The Freddie Mac organization reported the national 30-year, fixed-rate home loan hit an average of 4.19 percent last week.

    Within six months, the average mortgage will be above five percent, Jones predicts. Around the nation, there has been a surge in refinancing in October.

    Jones, a speaker last week at the Houston Association Realtors’ Expo, also believes gasoline prices will rise dramatically over the next three or four years. Get ready to pay $5 per gallon.

    What will $5 a gallon gas do the local housing market? Home buyers will want to be able to do a quick commute. Houses near the major employment centers, such as downtown and the medical center, will be in high demand, Jones says.

    Apartment Living

    Apartment rents are rising in Houston.

    The average apartment unit in Houston went for $765.42 per month in August, according to O’Connor & Associates, a Houston firm that tracks the market.

    That represented a $10.45 per month increase over the last year.

    If you look only at Houston best apartment projects — ones in great location or newer projects that get the highest rental rates — rents were up there also. Rents in the so-called “Class A” units averaged $1,114 per month, O’Connor reports.

    The apartment market has been rising partly because buying a home has become more difficult. Mortgage companies are rejecting more applicants, forcing people to rent instead of buying.

    Ralph Bivins, former president of the National Association of Real Estate Editors, is editor-in-chief of RealtyNewsReport.com.

    Homes and apartments that are close to major jobs center would be under even more demand under this gas scenario.

     
    unspecified
    news/real-estate

    room to bloom

    Stylish new Houston apartments debut with stage, spa, and smart design

    Holly Beretto
    May 9, 2025 | 4:30 pm
    The Artistry Design District exterior
    Photo by Sapphire Nat Gas
    The Artistry Design District is now open at 3939 W. 12th Street.

    The Artistry Design District apartment complex celebrated its grand opening this week, catering to Houstonians seeking a bit of creativity with amenities for modern living. Located near the Houston Design Center at 3939 W. 12th Street, the 400-unit multi-family community provides a range of amenities designed to meet the needs of urban professionals seeking a modern and community-centric lifestyle.

    The Artistry Design District exterior
      

    Photo by Sapphire Nat Gas

    The Artistry Design District is now open at 3939 W. 12th Street.

    The Artistry Design District’s central hub is the Clubhouse. Residents have access to a state-of-the-art fitness center, lounges, a gourmet kitchen, flexible co-working spaces, a wi-fi lounge, and private office space. Four-legged residents have access to a dog park and a "Paw Spa."

    “Center stage” is the event venue area, with a stage designed to host live music and other entertainment. Residents will also find the resort-style pool with two sun shelves and jumbotron-style TV, private cabanas, and expansive green spaces.

    Apartments have details such as quartz countertops with tiled backsplashes; nine- and 10-foot ceilings, depending on location; walk-in closets; and LED lighting. Some units have built-in bookshelves, deep soaking tubs, and showers with dual shower heads.

    The development is the brainchild of McGrath Real Estate Partners, which specializes in multifamily, student housing, and single-family lot development across the U.S.

    “We’ve seen an overwhelming response to leasing at Artistry Design District, with residents already moving in and strong ongoing demand,” Michael S. McGrath, president and CEO at McGrath Real Estate Partners, said in a statement. “This momentum reinforces our vision of creating a community that reflects the area’s distinctive character. With an exceptional location just minutes from the Heights, Galleria, downtown, and the Energy Corridor, Artistry offers direct access to Houston’s most vibrant neighborhoods and business districts, along with a lifestyle experience that’s both elevated and community-focused.”

    The community is currently 57 percent leased; with 42 percent occupancy. Pricing on the community’s website shows a 499-square-foot, studio with one bath renting for $1,374 a month, while a 1,283-square-foot, two-bedroom-two-bath apartment is available for $2,900.

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