The year 2014 is just around the corner. What will it bring for the real estate market? This cannot be said with surety, but a lot of predictions are being made in this regard. Along with this, what lessons were learned in the year 2013? Were there any major projects that brought a substantial amount of change? We interviewed real estate industry experts and asked them these questions. Here is a summary of their answers.
A Look at the Major Trends of 2014
The year 2014 will witness a lot of mixed-use developments that are now in the construction phase. Once this is done, they would soon be sold off because of reduced inventory levels. The current projects are varying and include retail, hotel, office and multifamily. A large percentage of these new developments are made for multiple purposes. With this in mind, you will not be surprised to see more mid-rise and high-rise buildings throughout Houston. After all, until developers diversify themselves, it will be difficult to make profits.
The industry experts claim that the ongoing projects are fairly exciting. There are a lot of issues, and all these have to be addressed legally. Examples include parking, usage restrictions, access and so on.
What Were The Most Surprising Facts About The Year 2013?
The most surprising fact of this year was probably the interest of foreign investors in Houston. Yes, the market is booming, as we have witnessed. But the real estate pros are surprised that foreigners are also aware and are going to use the situation to their advantage and to Houston’s as well. The prime reasons behind their interest are probably the strong economy and the energy industry.
Real estate experts also claimed that they have had meetings with these foreign investors as well, and several new projects have been initiated so that these companies can make a contribution. Houston is sure going to enjoy the aftermath of this.
What Were The Most Notable Changes In The Real Estate Law?
Receiverships have become a part of real estate policies now. In the past, if a project defaulted, it got put up in a foreclosure and was sold off. Nowadays, lenders are receiving permission by allowing them to manage the project for some time and later selling it through receivership.