Montrose has a booming single-family home market, but it also has a glut of townhomes and condominiums:
Single-family homes are selling at a faster rate than they were a year ago, said Lee Hudman, a Keller Williams Realtor who has worked inside the Loop for 20 years.
“The average number of homes is up and the average time it takes to sell them is down,” Hudman said. “Interest rates are still low, so right now things are moving quickly.
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The number of townhomes, condos and patio homes built in the city is expected to rise in 2005, according to GHBA projections, although analysts warned that the market for those units is becoming oversaturated.
Hudman said part of the problem with townhomes are the nomadic nature of people who often buy them, as well as the need for builders to get the most out of their investment, considering the high price of property in the area.
“A lot of times what you get is urban professionals buying them, than they get transferred and they leave, and suddenly you’ve got a resale town home that doesn’t garner as much interest,” he said.
“New construction is mostly two- to three-story townhomes due to the high value of the lots,” Derr said.
Another factor probably would be children. Once a couple has children, a yard is very desirable.
