Forbes magazine has named West University Place one of the premier blue-chip real estate investment areas in the nation.
The magazine defined blue-chip markets by examining home appreciation values and median house values since 1990 and choosing properties that have held on to and increased in value over the last 17 years.
Based on data from NeighborhoodScout.com, a real estate firm that tracks home appreciation information, West University Place posted a price [increase] of 194 percent since 1990, with the median home value at $663,740.
The city placed among Forbes’ list of 'well-established spots' with Pacific Palisades in Los Angeles, University Park in Dallas and communities in Chicago and New York.
The pegging of the neighborhood among the elite was no surprise to longtime real estate agent Roger Martin, of Roger Martin Properties.
'The steady growth is based on a 'good, solid economy in Houston,' he said, including strong industries in the Medical Center, the port of Houston, and the oil sector. Also, he said, the limited amount of property available – roughly about 6,200 homes total – is a fundamental factor in making the market strong.
But most of all, he said, it is the city itself that draws buyers. 'We have a good city, we have good schools within our area,' Martin said. 'It’s a pleasant place to live. All these things go to make a solid investment...'"
Leslie Contreras, West University Examiner, www.examiner.com, February 13, 2008
Thank you Leslie, for expanding on the Forbes article. We really are a Blue-Chip Neighborhood -- and a great place to live!