Momentum - Business to Business Online Magazine | Page 26

By James Brockway, Owner
Brockway Realty/Brockway Commercial

Q: League City just crossed over the 100,000 population threshold. How does this local growth
impact the real estate market in League City and the surrounding areas?
A: League City has the largest population of any city in Galveston County and there are no signs of slowing
down. Although we are just 30 miles south of downtown Houston, a lot of our economy stands alone, not
affected by the Houston market. The Bay Area is unique in that it is very diversified. NASA’s job cuts a few
years back have ended, the Houston Spaceport program is ramping up and the medical industry is booming
with UTMB, MD Anderson and Memorial Hermann all actively building in the League City area. Not to be
overlooked, the Panama Canal expansion will be completed in a few months, allowing much larger ships
to dock in U.S. ports along the Gulf Coast rather than docking on the west coast and shipping by rail or
truck across the country. Extensive infrastructure improvements are currently in process along our coast in
anticipation of the culmination of the canal project. Lastly, the construction of the final phase of the Grand
Parkway will positively impact real estate prices in our area, espe cially around Highway 646.
Q: So, what does this mean for the housing market?
A:After years of relative stagnancy, home builders are building at an accelerated pace. West Ranch,Westover,
Magnolia Creek and MarBella are completing new sections and sales are brisk. Point Preserve, to be located
on Egret Bay just north of 518, is planned to deliver 93 homes along with retail and restaurants. To the
north, The Reserve at Clear Creek City is well under way, with Trendmaker Homes, Village Builders and
CalAtlantic building homes in this new development just to the northeast of Bay Oaks. The effect that new
home construction will have on the area is to ease the “seller’s market” we’ve experienced for several years.
Not enough inventory led to too many buyers chasing too many homes in the resale market, but I believe
this will ease up and we will begin to return to a market where multiple offers on used homes will subside
as we return to more balance between sellers and buyers.
Q: And how about the commercial market?
A: Our commercial market is also strong, but should be thought of by region. For instance,Tuscan Lakes and
especially the intersection of South Shore Harbour Blvd and League City Parkway, are booming and rental
rates are strong. With HEB, Kroger and Starbucks/McDonalds on three of the four corners, this intersection
is bringing retailers to all four corners and is expanding outwards to the east and west. League City, to
the west of I-45 is our next frontier for the city, with the majority of our undeveloped land on that side of
the freeway. Kroger is leading the way as their new store comes to completion at League City Parkway
and Hobbs Road. There is still time to get in early and purchase undeveloped land at a reasonable price.
Expect 270, from south of the bridge separating League City from Webster, to League City Parkway, to reap
the benefits as the Five Corners project gets underway. The crux of this redevelopment is to punch the
eastern portion of 518 running alongside of Clear Creek stadium through what is currently the Mattress
Firm building and tie into 270 heading northbound. This easing of congestion should have a positive impact
on development along 270.
Q: League City recently unveiled their Historic District renovation plan. How will this impact
commercial real estate in that area?
A: It will be interesting to see how the proposed renovation will evolve and impact commercial real estate.
This could be a boon to the area and to commercial prices, but as with any historic district in other cities,
there are existing restrictions on architectural changes to existing buildings. I would anticipate that there
would be more revisions to the architectural guide, so the savvy investor will need to communicate with the
city to ensure that he has a firm understanding.
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MOMENTUM / Summer 2016