NEIGHBORHOOD HOME SALES
‘Old Pasadena’ houses enjoy new rush in value
Some properties worth thousands more than when purchased
— reported by the Houston Chronicle
Between 2000 and 2005, the average increase in the median price of houses in Pasadena Outlots was 14.1 percent per year. At that rate, the compounded increase over the five-year period was 93.4 percent, meaning prices nearly doubled, according to a study by Evert Crawford of Crawford Realty Advisors in conjunction with the University of Houston’s Institute for Regional Forecasting.
In nearby Pasadena Gardens, the average increase was nearly as much — 13.8 percent per year, or 90.9 percent over five years.
Most homes in these North Side subdivisions are relatively modest, some as small as 600 square feet.
Mostly built in the 1940s and 1950s, the houses typically have two or three bedrooms and one bathroom, although many have been enlarged and updated by their owners, local Realtors say.
In the past two years, prices in these subdivisions have typically ranged from $30,000 to $73,000, according to information compiled for the Chronicle.