After surging 10% in October, sales of existing homes jumped again in November, growing 7.4% compared with October to an annualized rate of 6.54 million units, according to the National Association of Realtors. Read More on CNN [click to continue…]
Houston Real Estate Blog
From the monthly archives:
John Daughtery, Realtors exceeded their sales goal for the second month in a row in November. John Daugherty Realtors were 32% above November’s goal for properties sold and sales pending, making November the best November since the turn of the century. This achievement is a true testament to change in the economy for the better. Positive change is coming for the New Year and Houston, Texas is leading the charge.
Energy Professionals Top Buyers in River Oaks
Energy execs, investors, attorneys and doctors comprised the bulk of those purchasing homes this year in the elite community often described as the Beverly Hills of Houston, according to the annual River Oaks Buyers Survey.
John Daugherty, Realtors has compiled the survey every year since the 1970’s.
For the third straight year, individuals in the energy industry represented the largest group of buyers in the city’s most desired community. Nearly fifty percent of the homes bought went to professionals in this sector.
“Houston continues to be the energy capital of the world, as it has been for more than half a century,” said John A. Daugherty, Jr., president of Houston’s No. 1 luxury residential real estate firm. “Many of its top executives want to live in River Oaks, and thanks to a resurgent industry, more and more of these professionals are making the move.”
“Houston oilmen have always been drawn to River Oaks”, adds Daugherty. Over the years, the stately homes, sweeping esplanades and numerous parks have lured the likes of J.S. Abercrombie, Silver Dollar Jim West, Eddie Scurlock, John Mecom and Roy Cullen.
Investors, perhaps buoyed by a market anxious to begin a steady climb, represented the second largest group of buyers purchasing estates in 2009.
“Investors have done well on Wall Street and Main Street,” explains Daugherty. “And the Houston economy continues to show remarkable resistance to the factors that usually stifle other metropolitan cities.”
Attorneys and physicians represented the third largest group of buyers.
Beyond those professional sectors, River Oaks continues to entice an eclectic mix of new residents, Daugherty pointed out. During the first eleven months of this year, home buyers included individuals in IT management and households with inherited wealth.
“River Oaks has always attracted a certain clientele,” said Daugherty. “Although Memorial, West U, Tanglewood and Bellaire to attract top home buyers, there remains a mystique about River Oaks.”
Created in 1923 by the Hogg family, River Oaks was advertised as a place for “rural romanticism” said Daugherty. “ People wanted to have a beautiful, stable neighborhood in what they knew was a rapidly urbanizing area,” he said. “It’s the same today.”
John Daugherty, Realtors is the largest independent seller of upscale residential real estate in Houston. The firm holds the record for the most expensive home sold or sale pending in Houston every year since the first million-dollar sale was reported in 1978, according to the Houston Business Journal. Specializing in Houston’s most prestigious neighborhoods, their significant presence pervades River Oaks, Memorial, Tanglewood/Briargrove, West University/Rice/Museum/Medical Center/Bellaire, and Briargrove Park, as well as West Houston/Katy/Cinco Ranch and The Woodlands.