THIS YEAR'S HOTTEST HEADLINES

Houston's top real estate stories of 2020 showcase a Montrose marvel and multi-story closets

Montrose Collective mixed-use development rendering

The buzzy, mixed-use Montrose Collective promises to transform the area.

Courtesy of Michael Hsu Office of Architecture

Editor's note: As the year comes to a close, we look back at the 10 biggest real estate stories in Houston for 2020. While the pandemic slowed development overall, home sales surged. Our most-read stories include a buzzy mixed-use development in Montrose, celebrity homes hitting the market, and the nation's biggest closet (and its surrounding house) finally selling in The Woodlands.

1. Massive new walkable mixed-use development breaks ground in Montrose. The Montrose Collective, a five-building project on Westheimer promises to transform Montrose with more than 100,000 square feet of office space, more than 50,000 square feet of retail space, and the relocated branch of the Houston Public Library that's currently on Montrose Boulevard. When it opens in late 2021, the development expects to be home to six new restaurants and 15 retail shops.

2. Houston philanthropists' River Oaks home graces market at $2.45 million. Built in 1976 and owned for the last 20 years by Houston philanthropists Evelyn and Dan Leightman, 2504 Inwood Dr. has been the site of numerous galas for Bayou City charities and foundations, including the Leukemia and Lymphoma Society, the Ballet Guild, and ABC13 Women of Distinction for Crohn's and Colitis Foundation.

3. Former Houston Rockets star's luxe estate shoots onto market for $4.7 million. Steve Francis, one dubbed “Stevie Franchise” by the team for his value as a high-flying superstar, All-Star point guard, placed his sprawling, Memorial Villages home on the market after 17 years. Not surprisingly, the abode features a trophy room, a wine room, private movie theater, basketball court, and resort-style pool.

4. Glenn Beck slashes price of his Texas mansion to less than $5 million. In more celebrity home sale news, polarizing host Beck slashed the price of his mansion at the exclusive Vaquero Club in Westlake, Texas, an upscale Fort Worth suburb. Outdoor amenities are a diving pool, a spa, a fire pit, water features, and a pergola-covered sundeck with golf course views.

5. River Oaks stunner boasting 2-story closet hits market at $5.75 million. Everything in Texas is indeed bigger — including closets. Here in River Oaks, a luxe, 8,900-square-foot home with a two-story closet and a spiral staircase accented by LED lighting.

6. Bustling Montrose shopping center purchased for whopping $27 million. Beloved and instantly recognizable, a Montrose shopping center anchored by the familiar Half Price Books was purchased by Skanska USA Commercial Development, the company behind downtown’s Bank of America Tower and other high-end projects across the United States.

7. New resort-styled River Oaks home graces the market at $4.6 million. Coupling clean design with modern amenities, 2023 Drexel Dr. allows for resort living and sits tucked way behind River Oaks Baptist School. "Homes like this are for home buyers who are looking for life experiences," Bradley Smith, owner-developer with Layne Kelly Homes, who oversaw the project.

8. Historic Houston manor designed by local legend graces market at $12.2 million. Built by Harrie T. Lindeberg and Houston design legend, John Staub, 2 Longfellow Ln. is listed on the National Registry of Historic Places and turns 100 years old in 2021.

9. Famous Houston-area home with America's largest closet finally sells. Houston socialite Teresa Roemer’s notorious, three-level dazzler — housed in a 17,350-square-foot dwelling in The Woodlands finally sold. The “she cave” three-story closet sits behind a wall of glass and boasts a floating staircase, champagne bar, and hair and makeup area.

10. Buzz Lady's stylish Tanglewood midcentury home hits the market for $1.5 million. Readers adored the elegantly updated midcentury home of Roseann Rogers — known affectionately in Houston as TV's "The Buzz Lady" — and her husband, Aashish Shah, located in tony Tanglewood.

renter livability report

New study ranks Houston as one of the worst places for renters in U.S.

Photo by Leo Yao on Unsplash

Houston flopped toward the bottom as one of the worst places for renters in the nation.

Renters looking for a place in Texas that balances affordability, convenience, and quality of life may want to look outside of Houston, which was just named the 144th "best" city to rent in America.

Houston's rental market apparently leaves much to be desired, according to WalletHub's newly released report, "Best & Worst Places to Rent in America." Experts analyzed 182 U.S. rental markets based on 21 relevant metrics, including the difference between rental rates and mortgage payments, rental affordability, the local cost of living, job availability, and more.

Surprisingly, Amarillo was deemed the No. 1 best Texas city for renters, and it ranked 10th nationally. Hot Dallas suburb Plano came in second place statewide and ranks 12th for a second year in a row, leaving Austin in third place and 13th overall (up from No. 31 last year).

The report said Houston has the 120th best quality of life out of all 182 U.S. cities in the report, and the city ranked 127th nationally in the "renter market and affordability" category. Ouch.

WalletHub analyst Chip Lupo said the best cities for renters offer much more than inexpensive housing, a good job market, and recreational activities. For example, rent prices in the top cities cost tenants as little as 15 percent of their income.

"You’ll also have access to robust laws that protect renters, such as limiting deposits to only a month or two of rent," Lupo added.

Houston residents know their city better than a study ever could, so they can decide if the city's renter market isn't up to par. A separate RentCafe study found the city has become a magnet for Gen Z renters searching for good job opportunities, recreation, and good schools. And now that local rent prices are declining, things might be starting to look up for Houston renters.

Though renting can be more cost effective than owning a property, WalletHub said it's not always a better choice.

"The right road to take depends on a variety of factors, including an individual’s or family’s financial means and how well the local real-estate market is doing," the report said. "Like home prices, rental rates can vary significantly by region, state or city."

Other Texas cities that ranked among the top 100 best places to rent in America include:

No. 24 – El Paso
No. 34 – Grand Prairie
No. 37 – Laredo
No. 48 – Brownsville
No. 49 – Arlington
No. 50 – Fort Worth
No. 63 – Corpus Christi
No. 64 – San Antonio
No. 66 – Irving
No. 79 – Garland
No. 81 – Lubbock

wallethub reports rent report renting real estate