The Meyerland neighborhood of Houston has been flooded several times in recent years: the 2015 Memorial Day flood, the 2015 Halloween flood, the 2016 Tax Day flood, and Hurricane Harvey in 2017. The anomaly of three successive, damaging floods has pushed prices down in Meyerland—lower than they really should be, according to Ed Wolff, president of Beth Wolff, REALTORS®.
“It’s complicated to see in the depth of the negatives, but the reason there are so many investors out there buying up properties and sitting on them is that they know three years from now values will return by 20% and 30% above what they are today,” Wolff says. “And that’s unusual in the Houston market.”
“The wholesale renovation of a neighborhood doesn’t occur without an event like this,” he says. “It will elevate the price per square foot no matter how you look at it.”
But his estimates and projections can change if the neighborhood gets hit by another flood, Wolff says.
Read more about the impact of Hurricane Harvey on Texas REALTORS® and their communities in the September/October cover story of Texas REALTOR® magazine.
You forgot about the Halloween 2015 flood. Meyerland has had 4 floods including Harvey.
Thank you for pointing that out. The post has been updated.
If it would be fix and there will be no flood anymore then the house price will go up already.