Haidar Barbouti is a Houston commercial real estate developer who is still reaping the benefits of a nearly 25-year-old real estate investment. His Highland Village shopping center is one of the most successful such centers in the city. Barbouti has a number of successful real estate ventures in Texas. He specializes in condominiums, office buildings and strip malls. The Highland Village, however, has turned a tidy profit for years.
If only Houston’s real estate market was as successful. In the last few years, the number of first-time home buyers has dropped significantly. According to some builders, middle-class homes are simply not being built. The cost of raw materials is rising. The extra cost has to passed down to the buyer. Builders are now forced to focus on luxury homes to make money. So everyone is getting hurt to a certain extent. Some of the best real estate agents in Houston are not selling nearly as many homes as they once were. Some in the real estate market believe a turn around is imminent.
Barbouti understand Houston’s real estate woes. He was expecting the same to happen with his Highland Village. Fortunately, the shopping center is not just staying afloat, it’s thriving. People love to shop, and they love to shop at the better chain of stores. This is why Barbouti has many upscale tenants. Barbouti’s shopping center currently clears more than $25 million a year. He plans on implementing a number of new upgrades to attract even more clientele in the next year.
Many experts predict that good news is on the horizon. People should be cautiously optimistic about the rise in home purchases in the first quarter of 2015. Things could just as easily regress. Market analysts say the only thing first-time home buyers can do is sit back and wait.