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re: Houston - rent or buy
Posted on 6/6/14 at 9:01 am to Lsut81
Posted on 6/6/14 at 9:01 am to Lsut81
My townhome is one of the new 4 stories a few blocks from the children's museum and zoo. Of 6 units I'm the youngest and the only one in oil & gas. Everyone else is 55 plus and just wanted to downsize from the big house in the burbs and get closer to the city. It's a very diverse group coming in the area and honestly I don't see it ending anytime soon. I'm really lucky cause I got in years ago.
1
Posted on 6/6/14 at 9:09 am to reb13
2000 sq ft...just off Washington, 5 min from downtown. Walking distance to the bars and Buffalo Bayou Park. If you're a young, single professional it's where you want to be.
Posted on 6/6/14 at 9:13 am to sdc74
My parents did the same thing. Lived in cypress, bought off from Allen parkway a couple years ago. They are looking to sell soon. Make good $ while also downsizing their space/mortgage note.
what has also spurred all the buying(more than anything( has been the crazy increase in prices. Good roi. That will not last forever. With the extra supply, prices will go down.
what has also spurred all the buying(more than anything( has been the crazy increase in prices. Good roi. That will not last forever. With the extra supply, prices will go down.
This post was edited on 6/6/14 at 9:15 am
Posted on 6/6/14 at 9:27 am to cwill
Might be interested although we are not young professionals - we're old professionals...LOL!
Posted on 6/6/14 at 9:35 am to cwill
This. I lived in the Memorial Heights area for 3+ years. Totally underrated area. What they are doing the bayou is amazing... we were looking at some homes in the area, but decided to pull the trigger with something more conventional. I think the area is going to continue to appreciate.
Posted on 6/6/14 at 9:37 am to sneakytiger
Just curious, where did y'all buy?
Posted on 6/6/14 at 9:45 am to cjared036
Timbergrove/lazybrook. It's west of the Heights, but inside the loop. We love it.
Posted on 6/6/14 at 9:47 am to sneakytiger
thats a good area. congrats!
Im sure you got a yard and there is some decent food options in the area.
Cottonwood is one of my favorite places.
Not sure what you did but I would rather renovate over buying brand new.
Im sure you got a yard and there is some decent food options in the area.
Cottonwood is one of my favorite places.
Not sure what you did but I would rather renovate over buying brand new.
Posted on 6/6/14 at 9:49 am to cjared036
I have a house inside the loop and luckily bought it when I did. I can't help but watch all the construction near downtown, midtown,montrose, upper kirby, lower kirby, the village, etc. and wonder who the heck is going to live in these places. It feels over built already.
Is anyone on here knowledgeable about the formula developers use to determine demand for all of these high rent apartments? Clearly there is demand but there has to be 30+ giant complexes going up right now.
Secondly, if all of this low rent housing keeps getting run out or torn down, why would the schools stay bad? I know they will, I am just looking for a logical explanation. I feel set for awhile with my kids zoned to West U so its not a personal question. I have lots of friends moving to the heights and various parts of braeswood so I am curious for some intelligent thought on the subject.
Is anyone on here knowledgeable about the formula developers use to determine demand for all of these high rent apartments? Clearly there is demand but there has to be 30+ giant complexes going up right now.
Secondly, if all of this low rent housing keeps getting run out or torn down, why would the schools stay bad? I know they will, I am just looking for a logical explanation. I feel set for awhile with my kids zoned to West U so its not a personal question. I have lots of friends moving to the heights and various parts of braeswood so I am curious for some intelligent thought on the subject.
Posted on 6/6/14 at 9:54 am to cjared036
Thanks - our lot is almost 2x the size of the standard Heights lot size (for ~1/2 the price), we're close enough to all the bars and restaurants in that area, and we have the luxury of deed restrictions in the neighborhood, so we won't be seeing a clusterfrick of 6 townhomes crammed onto a tiny lot across the street. Although there are some huge townhome developments on the neighborhood borders.
Our house was nicely renovated, but there are still a ton of homes in the area that aren't although they are difficult to find before the flippers do. There's an interesting mix of older and younger folks in the neighborhood. My next door neighbor has lived in her house since the 50's.
Our house was nicely renovated, but there are still a ton of homes in the area that aren't although they are difficult to find before the flippers do. There's an interesting mix of older and younger folks in the neighborhood. My next door neighbor has lived in her house since the 50's.
Posted on 6/6/14 at 10:13 am to Cypdog
regarding high rents... the perception of high rents will linger in the market longer than what the actual market rent should be. It will take these new complexes to open offering lower rental rates than their close competitors. A tipping point. That will happen when these complexes have issues in getting the property fully leased out at open. last year There was a property in Midtown that was fully leased out two months before a unit being available. There are others in process of opening soon. Well see...
There are some decrepit properties being replaced by the new complexes. which is helping the rates stay high. but What is crazy to me is the older apartment rental rates are not very far off from the brand new complexes offering incentives.
Regarding the schools, i look at it as HISD maintaining a tradition of catering to lower income familes. And part of raising kids in the city is being apart of the private school scene. Your almost shunned if your kids go public school while living in the city. Its apart of the upper crust networking scene in this city.
There will be some schools begin to turn. Lamar HS being one. But most properties being built(townhomes) are not conducive to raising kids really. THe people buying them are empty nesters and young professionals(and alot of them are putting kids off until their mid 30s-if they decide to have kids).
Look at Memorial Elementary, located around $700k properties and a great park to take your kids to... 80% minority.
There are some decrepit properties being replaced by the new complexes. which is helping the rates stay high. but What is crazy to me is the older apartment rental rates are not very far off from the brand new complexes offering incentives.
Regarding the schools, i look at it as HISD maintaining a tradition of catering to lower income familes. And part of raising kids in the city is being apart of the private school scene. Your almost shunned if your kids go public school while living in the city. Its apart of the upper crust networking scene in this city.
There will be some schools begin to turn. Lamar HS being one. But most properties being built(townhomes) are not conducive to raising kids really. THe people buying them are empty nesters and young professionals(and alot of them are putting kids off until their mid 30s-if they decide to have kids).
Look at Memorial Elementary, located around $700k properties and a great park to take your kids to... 80% minority.
This post was edited on 6/6/14 at 10:19 am
Posted on 6/6/14 at 10:17 am to sneakytiger
I can see Spring Valley have a similar renaissance. Decent school district to boot.
Posted on 6/6/14 at 10:18 am to cwill
2 or 3 bedroom?
Posted on 6/6/14 at 10:20 am to cjared036
quote:
what has also spurred all the buying(more than anything( has been the crazy increase in prices. Good roi. That will not last forever. With the extra supply, prices will go down.
Do you think there is some panic purchasing going on inside the Loop? Such as... Prices are increasing, so people who want to live there are getting nervous and bidding up housing... which causes more nervousness and more bidding up housing... feedback loop style?
Also, I would consider this. Houston was never a terribly expensive place for housing, as a multiple of salary. You have a lot of people making a lot of money right now in Houston, and you have people moving in from NY and Cali, who are used to dedicating a much higher percentage of their paychecks to housing costs.
I have a friend who moved recently from LA to Houston, and he remarked about how his paycheck went down about 10 percent, but he was able to buy a similar house for about 40 percent less in Houston.
Posted on 6/6/14 at 10:23 am to cjared036
quote:
There will be some schools begin to turn. Lamar HS being one. But most properties being built(townhomes) are not conducive to raising kids really. THe people buying them are empty nesters and young professionals(and alot of them are putting kids off until their mid 30s-if they decide to have kids).
I think this is it. A lot of people moving into those areas are not the ones that have kids, or will have kids. When it's time to have kids, they will want to move where they can get a yard and let the kids play in it.
This also explains why Katy, The Woodlands, etc is booming as well, but it's a different type of boom. You don't have the big price increases out there, because there is so much land. However, you do have large population increases.
Posted on 6/6/14 at 10:29 am to LSUFanHouston
rgarding NY and Cali people, Absolutely. I remarked about it earlier in my critique. They are used to higher prices and wildly fluctuating markets. Alot of cali and nyc investor money is involved with these builders and they are making bank. Once their ROI begins to fall, they will begin to pull back and go to the next hot market.
People are getting hung up on these rental rates being higher than a mortgage payment. Couple that with a good amount of young professionals making good money(mom and dad often times helping with downpayment if needed), prices will and should rise.
My argument all along has been that supply will catch up to demand, Couple that with a glut of new apartment complexes bringing rental rates down for both apartments and investment properties, with the big x factor of mortgage interest rates going up. With all of that, you have a good formula for a bubble to deflate. but it wont pop in Houston.
People are getting hung up on these rental rates being higher than a mortgage payment. Couple that with a good amount of young professionals making good money(mom and dad often times helping with downpayment if needed), prices will and should rise.
My argument all along has been that supply will catch up to demand, Couple that with a glut of new apartment complexes bringing rental rates down for both apartments and investment properties, with the big x factor of mortgage interest rates going up. With all of that, you have a good formula for a bubble to deflate. but it wont pop in Houston.
This post was edited on 6/6/14 at 10:35 am
Posted on 6/6/14 at 10:34 am to LSUFanHouston
Exxon campus is a more organic market increase. I tell everyone that Exxon is bringing 15k well paying jobs to the spring/woodlands area, not factory workers.
This post was edited on 6/6/14 at 10:36 am
Posted on 6/6/14 at 12:06 pm to reb13
quote:
2 or 3 bedroom?
2 bedroom.
Posted on 6/6/14 at 12:26 pm to cjared036
I get the school district/private school thing in parts of west u, belaire, south hampton, etc. But take a place like braeswood or the hieghts. Both those places sky rocketed as well. People would laugh at you 5 years ago if you told them a home would command 7 figures in those areas. Both have homes with yards and TONS of young professionals buying them. Would you see the school districts getting better in those areas?
I am just glad I am not in any of you guys shoes trying to buy a house right now.
I am just glad I am not in any of you guys shoes trying to buy a house right now.
Posted on 6/6/14 at 1:25 pm to lsubandmom
My wife is a realtor with Keller Williams in Houston. They are selling basically to full cash offers sight-unseen. Be patient and you really need to just watch it like a hawk, or get a good realtor who can line you up with a property of your liking right before its listed.
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