HOUSTON--(Business Wire))--Texas property values have not suffered the serious declines that have swept over the real estate markets on the east and west coasts, according to Lewis Realty Advisors, one of the nation’s leading eminent domain consultants and real estate advisory firms.“Texas property values did not soar as high as what we saw in California and Florida earlier in this decade, and the recent declines in Texas real estate are also moderate,” said David Lewis, (top right photo) chief executive officer of Lewis Realty Advisors.
Realty values in the Lone Star State are outperforming other states partly because supply and demand have maintained a reasonable balance. “The Port of Houston enjoyed its ninth record year in 2008 despite Hurricane Ike,” said Jim Edmonds, a national leader in government counseling and consultant for Lewis Realty Advisors.
(26-story Bank of America Building, Austin, TX, top left photo)Texas leads the nation in job growth and Houston, Austin, Fort Worth, San Antonio and Dallas were recently named the top 5 healthiest home building markets in the nation by Builder magazine.
“The state of Texas has a completely different outlook in 2009, compared to where we were 20 years ago in 1989,” Lewis said.
“In the 1980s, federal bank regulators had seized our savings and loan institutions and property was sold off for a dime on the dollar.”
“In the 1980s, Texas was overbuilt, thousands of jobs were being lost and oil went to $8 a barrel. Texas was first to go into decline then and the last to rebound in 1990s,” Lewis said. “Today, Texas is a more secure location.”
“In the 1980s, Texas was overbuilt, thousands of jobs were being lost and oil went to $8 a barrel. Texas was first to go into decline then and the last to rebound in 1990s,” Lewis said. “Today, Texas is a more secure location.”
Today, as values are placed on Texas property, it is critical that Texas real estate is not incorrectly diminished because of the declines in other parts of the nation, Lewis said. In this same vein, many out-of-state banks have failed to finance excellent Texas ventures because of concerns about the national economy, even though Texas is in better condition.
(Downtown Houston office buildings, middle left photo)
“Whether it’s federal banking regulators insisting on a mark-down of real estate asset values, the state government undertaking an eminent domain condemnation, or a local appraisal for property taxes, Texas realty must be valued with fairness,” said Jim Julian of Lewis Realty Advisors.
Other threats to property owners loom as federal stimulus funds are spent for expansion of roadways, transportation systems or energy easements. These projects will require property to be taken through eminent domain.
“Our firm believes eminent domain must be undertaken with complete transparency and full disclosure of all the facts by the entity with the power of condemnation,” Lewis said. “The government has vast power and it must diligently follow the American Constitution.”
Lewis is a founding board member of the Harris County Appraisal District, a former member of the City of Houston Planning Commission and a past president of the Houston Chapter of the Appraisal Institute.
Fellow consultant, Jim Edmonds, is a former assistant to Governor John Connally and Houston Mayor Louie Welch, and has also served in leadership for various charitable and public institutions including the Port of Houston, Texas’ major Port Authority.
Julian, who has been a member of the Appraisal Institute since 1965, was also an instructor for the International Society of Real Estate Appraisers, and served in leadership roles for the Appraisal Institute.
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