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Houston becoming an international bargain for house-hunters

08:09 AM CDT on Wednesday, July 16, 2008

By Dave Fehling / KHOU

Click to watch Dave Fehling's report

HOUSTON -- In a new subdivision near Sugar Land, house-hunters are finding homes with a European flair.

In the Galleria, realtors are finding buyers for expensive high-rise condos.

And in Chinatown, one broker said his clients are coming to Houston for their golden years.

But none of those homebuyers are from Texas – they’re not even from the United States. 

All over the area, foreigners are snatching up Houston property.  For some, Houston homes represent a great bargain. For others, Houston seems like a safe haven in a chaotic world.

One example of that is what’s happening in Venezuela.

The government took over oil projects there, some of which belonged to Houston-based companies.

Now top engineers and executives are fleeing the country, and some of them are heading to the Bayou City.

“They’re coming here for the oil industry,” Remax Realtor Karen Arbelaez said.

Arbelaez said she just sold a home in Sugar Land to one of those foreigners for over $500,000.

So now, builders are constructing homes with more authentic Mediterranean looks to appeal to folks from outside the States.

Wealthy Mexicans also see Houston as a great escape.

Realtors said many of them are buying expensive and secure high-rise condos as second homes – condos like the ones near the Galleria.

“They will not buy something where someone can just come kick in the door,” Uptown Real Estate’s Mariana Saldana said.

The condos are safe, secure and often a steal when compared to prices in other big cities.

What’s more, foreigners from many countries can now buy more because their currency is worth more than the dollar.

It all adds up to an undeniable fact: Houston is becoming an international bargain.

Margaret Jamieson just moved to Houston from Vancouver, Canada.  Her husband is an oral surgeon in training.

“I’ve never seen anything like the Medical Center,” she said. “Back home, we came from an 800-square-foot condo.”

But in Houston, they can afford a home triple that size – a key reason they chose the Bayou City over others.

Houston is also getting a growing number of Chinese retirees.

Yao Ming put Houston on the map for many people in China, and Realtors are saying they’ve noticed the beginning of a trend.  They believe more Chinese are buying property in Houston, sometimes for retirement, other times for investments.

Century 21 broker Kenneth Li said they’re buying everything from apartments to strip malls to ranches.

“Chinese like to own real estate,” he said.

So while Americans struggle to buy homes all over the country, in Houston, an influx of international cash is helping foreigners do just that.

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