As real estate data analysts and a licensed broker, we do a lot of analysis on neighborhoods throughout Texas and the San Antonio area. We consider Hollywood Park a great place to invest in a home because we believe its popularity and home prices are only going to increase. More specifically, here are just seven reasons we are bullish on the area:
1. Steady Increase in Prices – From 2007 to 2016 the price per square foot has steadily increased about 2.3% per year, with an overall increase of 21.6% during this time. (Please note these numbers consider 3 years of a downturn in the economy from 2007 to 2009.)
2. High Demand – From September 1, 2015 – August 31, 2016 homes were on the market an average of 70 days and the price per square foot increased about 6.7%.* Additionally, there are currently only 12 homes available for sale (As of September 22, 2016). The average days on market for these homes, by the way, is 133, with 8 (67%) of them above the 70 days on market average. This is a good indication that the many of the current sellers are overpricing their home in an attempt to capitalize on the increase in demand.
3. Home Improvements – In the last two years 34.9% of the homes that were marketed were described as “remodeled” or “updated.”** During the previous two-year period only 23.5% of the homes were marketed the same way. And, since “remodeled”/“updated” homes averaged $11 more per foot, more and more buyers are going to feel comfortable buying a home in the area knowing they can get their money back on their personal updates.
4. High Cost of Alamo Heights – The median price of a sold home in Alamo Heights during the same 12-month period* was $495,000, compared to Hollywood Park at $320,000. If you want the charm of an older home with a great community feel on a lot almost twice the size, then Hollywood Park seems like a natural place to locate.
5. Traffic Delays North of 1604 – If you have traveled north of 1604 on I10 and Highway 281 you know how much the traffic is increasing every year. And, it is only going to get worse once 281 undergoes a $193 million, 4-mile construction project in 2017. As commuters sit in their cars on the highway in front of Hollywood Park recognizing they still have another 30+ minutes to get home, the tendency to want to move just inside the loop is only going to get stronger.
6. Country Feel in the City – Living in Hollywood Park really is like being in the country. With half acre+ lots, an abundance of mature trees, residents that know one another, and deer roaming freely, there are very few urban areas in the U.S. with similar characteristics and are located in the heart of the city like Hollywood Park.
7. Community Improvements – The Hollywood Park Economic Development Corporation and city officials have been very active over the last few years. They have been able to recruit new businesses, update the town’s branding, website and signage, and secure funding for a new $5.8 million pool/community center that will open in spring of 2017 that will rival any new subdivision north of San Antonio.
If you are considering buying a home in the near future, you really should give Hollywood Park a look. From a quality of life and long-term investment standpoint, we think you’ll be very pleased.
*Sold homes from September 1, 2015 through August 31, 2016
** Sold homes from September 1, 2014 through August 31, 2016
– Data source: San Antonio Board of Realtors MLS