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Rice Military is bordered by Washington Avenue on the north, Memorial Drive on the south, Shepherd Drive on the east, and Westcott Street on the west. It is about 5-10 minutes away from both Downtown Houston and Memorial Park and lies within the 77007 zip code.
Rice Military / Washington Ave is known for easy access to great restaurants, bars and nightclubs. Many of the residents like living in Rice Military as they don’t need to drive to get to one of the hottest areas in Houston.
Nearby neighborhoods include Camp Logan, Memorial Park, Houston Heights, Montrose, Downtown Houston and River Oaks.
RICE MILITARY REAL ESTATE
Real estate in the area is predominantly Rice Military Townhomes (townhomes have shared walls with their neighbors) and Rice Military single family homes (these are properties with no connecting walls).
The majority of the homes in Rice Military have been built since the mid 1990’s, and there is a tremendous amount of new construction going up in the neighborhood today.
The “average home” in Rice Military has 2.9 bedrooms, a lot of about 2,500 sq feet, was built in 2000, has around 2,400 sq feet of living space and sells for around $330,000 USD.
RICE MILITARY REAL ESTATE TRENDS
Since the mid 1990’s real estate value in Rice Military is one of the best performers in the city, appreciating from $69 per square foot in 1994 to over $177 per square foot in 2008.
Much of the appreciation came from builders who purchased older homes, demolished them, and built new construction. In the 2008 market crash, builders slowed down their purchase of lots (or stopped them completely). As such, the Rice Military market has stayed consistent from 2009 to the current around $150 per square foot.
We are seeing a dramatic resurgence in builders purchasing lots, and it is likely that Rice Military real estate for sale will continue its appreciation.
THE RICE MILITARY HISTORY
The “Rice” in Rice Military was derived from the surname of the family that used to own the area. One of the most popular of the Rice's, William M. Rice, even left a good part of his fortune for the founding of Rice University in Houston Texas.
The “Military” part, on the otherhand, came from nearby Camp Logan
– a former training camp for soldiers during the First World War.
Bankers Trust Co. later on paid a sum of $54,425 to the Rice family and another party for the entire Rice Military area. This brought forth the real estate development of the Rice Military subdivision.
THE RICE MILITARY NEIGHBORHOOD TODAY
The Rice Military is now an upscale neighborhood with fully renovated and newly built homes for sale.
You can find a number of Houston townhouses and condominiums all over the community. House hunters frequent the place because of its houses' spacious rooms and wide garage areas.
It is considered to be an ideal place for newly married couples or even mid-sized families because of the modern yet space-saving designs of the houses for sale here. The vibrant atmosphere of the neighborhood, along with its nearness to the active nightlife and commercial establishments in Downtown Houston adds to its real estate appeal.
The Rice Military subdivision also has provisions for all sorts of activities. You can go swimming, play tennis, hike, bike, and participate in team sports such as softball and volleyball.
RICE MILITARY’S FUTURE
The neighborhood continues on growing and is projected to continue on its upwards path as the local job numbers surge along with historically low interest rates lean towards more home buying opportunities in the future. This is expected to spur the further development and modernization of new homes, commercial establishments, streets, and the entire neighborhood.
In the 1990s, Rice Military displayed the makings of a much more modern neighborhood. Today Rice Military and its trendy new vibe has pulled and will continue to pull more people to come and become residents of the subdivision.
Search all Rice Military Real Estate For Sale or contact Paige Martin, Broker Associate & Owner of HoustonProperties.com for a tour, assistance or to buy a new Rice Miitary home for sale.