Neglected mansions, unsold luxury cars and discount dinners: How the oil downturn has slammed Houston’s richest neighborhood

Friday, February 26, 2016
By Paul Martin

Oil prices have dropped nearly 70 per cent due to competing markets
Luxurious properties with lush gardens lost more than £500,000 in value
One restaurant is offering a three-course dinner for price of a barrel – $30
Houston Opera forced to offer free tickets to now-unemployed patrons

26 February 2016

Houston’s richest neighborhood is suffering as oil prices continue to drop.

Luxurious houses have lost more than £500,000 in value as dozens of residents face losing their jobs.

The Houston Opera has been forced to offer free season tickets to now-unemployed patrons while fancy restaurants are offering cut-price dinners.

Ouisie’s Table, a River Oaks institution, is offering an ‘Oil Barrel Bargain’ – a three-course dinner for the price of a barrel of oil, now around $30.

The area – known as the world’s oil capital – is believed to have been particularly hard hit as tanking energy firm shares make up much of oil and gas executives’ compensation.

In River Oaks, the average price of a property has tumbled from $2million to $1.3m as oil prices slide by nearly 70 per cent.

Paige Martin, a Keller Williams broker who specializes in the neighborhood, said: ‘When oil does well, River Oaks does well. When oil does bad River Oaks does bad. Not everybody can afford a $10m house.’

The Rest…HERE

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