Two new reports paint a bright picture of the housing market in Midland and Odessa now and for the next three years.

The Local Monitor Reports, released today, cite a 7 percent increase in Midland home prices over the last 12 months, which puts the average home price at $183,463. In Odessa, prices have gone up 5 percent over the last year and the current average home price is $210,980. In the last three years, home prices were up 10 percent in both markets.

The good news doesn’t stop there.

Read the whole story over on MidlandDirt.com!

 

 

home prices

Photo: Dan Moyle

Two new reports from Local Monitor Report are projecting big increases in home values in Midland and Odessa over the next three years, almost double the national average. Prices are predicted to rise even more.

Home values for Midland are forecast to increase by 8 percent over the next 12 months—compare that to national forecast of 4.6 percent. In the second and third years, values are forecast to increase 9 percent each year, a 26 percent increase in three years.

Midland home prices are projected to increase even more, at 30 percent over the next three years. In the last 12 months, prices have gone up by 7 percent, bringing the average home price in Midland to $183,463.

In Odessa, the report is predicting a 7 percent increase in home values over the next 12 months, and 9 percent in each of the next two years. That’s a total projected increase of at least 25 percent.

Odessa home prices are forecast to increase more, at 29 percent over the next three years. Odessa home prices have increased by 5 percent in the last 12 months, and the average home price is now $210,980.

All this adds up to a “low risk” categorization by Local Monitor Report for real estate investments in both Midland and Odessa, good news for homeowners and investors, alike.

See the full story at MidlandDirt.com.

$1 million and up gets you a lot of house in Odessa, Texas

$1 million and up gets you a lot of house in Odessa, Texas

Take a peek inside the luxury real estate market in Odessa with these five houses for sale now. For $1 million and up, you get a broad range of options in style and amenities, from double master suites and pool with a swim-up bar, to an oversized four-car garage and a heated and air-conditioned dog house. There’s no skimping in these houses!

Jump over to MidlandDirt.com to read the whole post!

Main Street Odessa

The 2014 Firecracker Fandango event is the largest fundraiser of the year for Main Street Odessa. Photo: Gloria Hernandez

Downtown Odessa is in the middle of a dramatic, ongoing revitalization designed to bolster economic development and preserve the historic treasures of the area.

As part of that change, the Odessa City Council voted last month to withdraw Main Street Odessa from the Texas Main Street program and instead rebrand it as Downtown Odessa, Incorporated, a 501(c)3 organization formed by the city in 2005.

“The evolution of Main Street Odessa began last year when the city of Odessa became their partner and a strong supporter of their mission to revitalize downtown Odessa,” said Gloria Hernandez, Executive Director of Main Street Odessa. “The focus on creating a viable economic center in downtown Odessa and our new partnership with the city is the reason for the rebranding.”

Read the whole story over on MidlandDirt.com!

 

 

Photo courtesy Charles Henry via Creative Commons

Photo courtesy Charles Henry via Creative Commons

In our culture of “bigger, better, newer, faster,” historic theaters may well be one of America’s most endangered buildings.

There are at least 160 of these beauties in the Lone Star State, once the center of a city’s entertainment district. But now these Arcadias, Palaces, Majestics, Paramounts, and Pioneers often sit in states of disrepair.

Some municipalities or private groups have stepped up and renovated these architectural treasures, like the Pines Theater in Lufkin, the Historic Texas Theatre in Oak Cliff, and the Crighton Theatre in Conroe.

But all too often, these buildings are demolished to make way for new development that looks flashier and brings in more rent per square foot.

In Odessa, the Ector Theatre is at the center of just such a situation now, with a proposal to make it part of a new downtown hotel and convention center, a $73 million project. Dallas-based Gatehouse Capital, a real estate investment company, made the proposal for development of the area that would include retaining the historic Ector image, but details are sparse.

Check out the whole story over on MidlandDirt.com!

 

 

With Western Texas Intermediate oil hovering around $45 a barrel, folks have been speculating about new home construction in Midland-Odessa and how layoffs and budget cuts might affect the spectacular boom of the past few years.

But while economists might raise a red flag, local homebuilders say pent-up demand and a more diversified economy are keeping the phones ringing and people signing on for new home construction.

“The demand is still the same as it has always been—everyone wants their home built yesterday,” said KC White, owner and president of KC White Homes, Inc. “More people outside of the oil world are calling my phone. There are more than just oilfield-related jobs here.”

Read the whole story over on MidlandDirt.com!

Oil prices may or may not influence home values and sales in Dallas, but Houston and the Permian Basin may feel the effects of the dropping price per barrel.

Oil prices may or may not influence home values and sales in Dallas, but Houston and the Permian Basin may feel the effects of the dropping price per barrel.

It seems like economists can’t make heads or tails of the dropping oil prices, other than it’s good for consumers. I filled my little hybrid up the other day for less than $30, so I’m going to call it an obvious win in that column. But with the high demand and limited supply of housing in the Permian Basin, and how Houston home values have skyrocketed, we’re left wondering if these two Texas regions will bear the brunt of cheap oil.

“Oil prices are certainly something to keep an eye on,” said Metrostudy’s David Brown in this DMN report. “As long as oil prices do not continue to decline and don’t stay at a level below $55 a barrel for a sustained period, we should continue to see solid demand for housing in the region.”

On the other hand, Trulia’s Jed Kolko says the impact on home values is coming, but it won’t be felt immediately.

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While the city tries hard to keep up with the influx of new residents with new water towers, housing is still a tight market it Midland.

While the city tries hard to keep up with the influx of new residents with new water towers, housing is still a tight market it Midland.

This report from the Texas Tribune tells a scary tale for troubled children and teens in the fast-growing areas of Midland-Odessa. It’s impossible to find housing in the oil-boom areas of West Texas, which means that critical workers, including state Child Protective Services caseworkers, have no place to live.

This has resulted in a necessary transciency for some staffers of the over-taxed CPS offices that oversee Midland and Odessa, which may mean that some cases and some children who are victims of abuse are slipping through the cracks:

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