Exxon homebuyers like 'unicorns' north of HoustonExxon homebuyers like 'unicorns' north of Houstonhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=133712016-06-01T05:00:00Z2016-06-01T18:40:00Z

​​​HOUSTON - In 2015, Exxon Mobil Corp. welcomed more than 10,000 employees to its new campus in Springswood Village.

Residential developers and homebuilders rushed to build hundreds of new homes—certain that this sudden influx of employees will drive up demand for new homes in the north Houston region.

However, for all the talk about this so-called “Exxon Effect,” it’s been a slow reaction, said Tom Cox Jr., president of Gracepoint Homes, a Houston-based homebuilder. 

“I’m tired of chasing unicorns. If they show up, they show up,” said Cox about Exxon Mobil employees not buying homes near the company's Springwoods Village campus.​​​

Instead of immediately buying homes, most Exxon Mobil employees have signed year-long leases at new Class A apartments in the area. 

These new residents want to learn their new city and figure out where to settle down, Cox said.

Their company relocation packages will expire, and will likely flood the north Houston market with homebuyers.

Homebuilders like Cox believe it’s only a matter of time, however, before these renters will become homebuyers.​
Houston Business Journal
Houston-The Woodlands-Sugar Land

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