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Markets, Neighborhoods and Subdivisions Part I

Markets, Neighborhoods and Subdivisions Part I

Home » Blog » Markets, Neighborhoods and Subdivisions Part I

The more I review appraisals, the more apparent it becomes that many appraisers in Houston are confusing the terms Market and Neighborhood. This creates misleading results in appraisal reports and can lead to an incorrect conclusion of value.

For starters, let’s give some basic definitions for each of these real estate terms:

A Real Estate Market is an area, usually geographically constrained, where buyers and sellers come together to make transactions. These areas usually have some commonalities such as school districts, proximity to local business districts, etc. For instance, the Medical Center market area in Houston is considered a market area. Buyers in this area usually are looking to move here to be closer to their work. A market area usually consists of many neighborhoods. They can reside within cities or be entire cities themselves. Other examples of market areas would be The Houston Heights, Bellaire, The Woodlands and Galveston Island.

A Neighborhood is a group of homes that share common amenities, construction time periods and overall design. They are often referred to as communities and MAY contain multiple subdivisions. Examples of neighborhoods in the Greater Houston area would be Gleannloch Farms, Cinco Ranch, Sierra Plantation and Fall Creek.

A Subdivision is a smaller group of homes that are more closely related in terms of appeal, construction period and also price range. It is often used interchangeably with the term “neighborhood“, which in some cases is still correct.

As you can see, it can be somewhat confusing to differentiate between these terms. In the next part of this series we will go over how the incorrect use of these terms causes confusion and misleading results in a real estate appraisal report.

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REAL PROPERTY APPRAISALS THROUGHOUT HOUSTON

Aldine, Alvin, Atascocita, Bayou Vista, Baytown, Beach City, Bellaire, Bellville, Brazos Country, Brookshire, Brookside Village, Bunker Hill Village, Channelview, Cinco Ranch, Clear Lake Shores, Cleveland, Cloverleaf, Crosby, Cut and Shoot, Dayton, Deer Park, East Houston, El Lago, Four Corners, Fresno, Friendswood, Fulshear, Galena Park, Greatwood, Greenspoint, Hedwig Village, Hilshire Village, Hitchcock, Hockley, Huffman, Humble, Hunters Creek Village, Jacinto City, Jersey Village, Katy, Kemah, Kingwood, La Porte, League City, Liberty, Liverpool, Magnolia, Manvel, Meadows Place, Mission Bend, Missouri City, Mont Belvieu, Montgomery, Morgan's Point, Nassau Bay, New Territory, Northshore, North Houston, Oak Ridge North, Pasadena, Pattison, Patton Village, Pearland, Pecan Grove, Piney Point Village, Plum Grove, Porter, Richmond, Rosenberg, Santa Fe, Seabrook, Sealy, Shenandoah, Shoreacres, Sienna Plantation, Simonton, South Houston, Southside Place, Splendora, Spring Valley Village, Sheldon, Spring, Stafford, Sugar Land, Taylor Lake Village, Texas City, The Woodlands, Tomball, Wallis, Webster, Westlake, West Columbia, West University Place, Woodbranch

HOME VALUES IN THESE HOUSTON AREA NEIGHBORHOODS

Acres Homes, Alden Bridge, Alief, Allendale, Astrodome, Belle Court, Binz, Braeburn, Braesview Terrace, Braeswood Place, Briar Forest, Briar Meadow, Central Southwest, Clear Lake, Clinton Park, Cochran's Crossing, College Court Place, College Park, Colonial Terrace, Creekside Park, Cunningham Terrace, Dorado, Downtown, East End, East Houston, East Little York, Eastwood, Edgebrook, Eldridge, Fairbanks, Fifth Ward, Fondren Gardens, Fondren Park, Fondren Southwest, Fonmeadow, Forth Ward, Garden Oaks, George Bush International Airport, Golfcrest, Greater Heights, Greater Hobby, Greater Inwood, Greenspoint, Grogan's Mill, Gulfgate, Gulfton, Harrisburg, Herman Park, Hidden Valley, Houston Heights, Huntwood, Independence Heights, Jensen, Kashmere Gardens, Langwood, Lazy Brook, Macgregor, Magnolia Park, Medical Center, Memorial, Memorial Park, Midtown, Minnetex, Monticello, Montrose, Museum District, Myerland, Neartown, North Shore, Northside, Northside Village, Panther Creek, Park Place, Park Ten, Pecan Park, Pemberton, Pleasantville, Port Houston, Research Forest, Rice Court, Rice Village, Richmond Plaza, River Oaks, Second Ward, Settegast, Sharpstown, South Acres, South Main, South Main Gardens, South Park, South Union, Southbelt, Spring, Spring Branch, Spring Branch Central, Spring Branch East, Spring Branch West, Spring Shadows, Sterling Ridge, Sunnyside, Sunset Terrace, The Villages, Third Ward, Trinity, University Place, Upper Kirby, Uptown, Virginia Court, Washington Ave., Wayside, West University Place, Westbury, Westchase, Westwood, Willow Bend

APPRAISING PROPERTIES IN THESE ZIP CODES

77001, 77002, 77003, 77004, 77005, 77006, 77007, 77008, 77009, 77010, 77011, 77012, 77013, 77014, 77015, 77016, 77017, 77018, 77019, 77020, 77021, 77022, 77023, 77024, 77025, 77026, 77027, 77028, 77029, 77030, 77031, 77032, 77033, 77034, 77037, 77080, 77072, 77073, 77074, 77075, 77076, 77077, 77071, 77079, 77066, 77081, 77082, 77083, 77078, 77070, 77069, 77067, 77065, 77064, 77063, 77062, 77061, 77060, 77059, 77058, 77208, 77084, 77068, 77098, 77213, 77212, 77210, 77209, 77035, 77207, 77057, 77205, 77204, 77203, 77202, 77206, 77099, 77085, 77097, 77096, 77095, 77094, 77093, 77092, 77091, 77090, 77089, 77088, 77087, 77086, 77201, 77015, 77041, 77055, 77054, 77053, 77052, 77051, 77050, 77049, 77048, 77047, 77046, 77045, 77044, 77027, 77042, 77028, 77040, 77039, 77038, 77216, 77036, 77217, 77034, 77033, 77032, 77031, 77030, 77056, 77043, 77267, 77256, 77274, 77273, 77272, 77271, 77270, 77277, 77268, 77279, 77266, 77265, 77263, 77262, 77259, 77257, 77269, 77289, 77215, 77299, 77298, 77297, 77293, 77292, 77275, 77290, 77258, 77288, 77287, 77284, 77282, 77281, 77280, 77291, 77225, 77255, 77233, 77261, 77230, 77229, 77228, 77235, 77226, 77234, 77224, 77223, 77222, 77221, 77220, 77219, 77218, 77227, 77250, 77254, 77253, 77252, 77231, 77251, 77236, 77249, 77248, 77245, 77244, 77243, 77242, 77241, 77240, 77238, 77237

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