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Mark Resident

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Everything posted by Mark Resident

  1. How could it possibly be cost effective or even strategic to knock down these buildings? What would they use the land for? Thanks to changing work habits people are working from home more frequently resulting in vacant office space everywhere. No reason to build bigger and better if there is no demand for the office space.
  2. Gettin Jiggy with it… Finally, some activity. Took this picture from atop the Mark Garage.
  3. If you check HCAD for 3505 sage rd you will see a definite decline in values over the past 5 years for condos in this building. The unit across from me, 3008, sold for $310K when the building was new. It recently sold for $265K. A gentleman down the hall with the same identical unit (sq feet, view, amenities) purchased his unit 7 years ago for $338K. I have more examples but won’t bore you. I believe the two issues have created this problem. 1) Covid - the pandemic allowed people to work from home and shifted the demand for housing to the suburbs where it was cheaper and no longer necessary to battle traffic. 2) the freeway construction at the 610/59 interchange is a mess and won’t be completed for 2 more years and has made our little area over here less desirable. The whole area looks considerably worse than it did 15 years ago. That said… I believe the vacant parcels of land nearby (3535 and 3000 sage) are very valuable and will eventually attract some new investment, maybe when the construction mess clears up. by the way, check out the values for the Bristol. I heard they have declined more than any other highrise condo building in Houston. It’s an old building and they are having lots of special assessments. Definitely beg to differ. See my response above.
  4. I saw them taking soil samples a few months ago and got my hopes up but then nothing. The property is covered with graffiti and looks awful. Right across the street is 3535 Sage which a new for sale sign just went up. Found an advertisement for 3535 saying they are going to demolish the now abandoned commercial building on the 8 acre sight. This area has really declined in the 15 years I have lived at the Mark and has brought the property values along with it, I’m afraid…
  5. Looks like another cheesy staycation being built. This side of the Galleria can’t catch a break. Crime is really getting bad around here. I hear the Galleria Mall is getting more dangerous with each passing year. My condo building has seen more breakins lately. very sad and disappointing…
  6. Just a passing observation about the property across the street. 3535 Sage Road has a big for sale sign advertising 8.2 acre tract of land for sale. That’s pretty big chunk of land for this area. Also just south of 3525 Sage condos. Right now there is an abandoned two story commercial bldg along with a really big ugly parking lot. Looks like plenty of development opportunities around here… keeping my fingers crossed. Need lots more lovin in this part of town!
  7. Funny… you would think that with oil over $80 and not likely to drop anytime soon that they could tough it out a little longer. Big oil companies are starting to loosen their purse strings although cautiously. Economy overall seems pretty strong right now. Job demand is at all time highs… rising wages, etc. Of course, construction costs are likely to remain elevated too.
  8. Working on the east side of the property today. I keep reading that construction costs are starting to come down. Let’s keep our fingers crossed!
  9. Looks like they are doing some site preparation work…
  10. Last week I noticed some activity on the site… looks like someone delivered some drainage pipe/culverts. Nothing this week. What a tease!
  11. Very disappointing... I had high hopes for this property. I suppose we will end up with another 4 story apartment building. Ugh!
  12. Just an FYI regarding the Mercer... our general manager at the Mark worked at the Mercer when it first opened. Apparently the skyrocketing price of cement prevented the second tower from being built. Just as well if you ask me. Same developer built both the Mercer and Mark and then went bankrupt. Back to topic... I noticed some soil testing (is that what they call it when drilling holes all over the property?) about 6 months ago on this property. Hope this and the McNair developments happen. This side of town desperately needs some lovin... The Bristol and particularly 3525 Sage is looking pretty shabby. The Mark was recently painted and is holding its own but we could use some new investment over our way.
  13. I do not see an update other than the picture. Was there some kind of announcement about this or link? Thanks
  14. Looks like activity continues unabated. It’s interesting that they are already looking at windows. I thought that would occur later in the building process. I’m assuming that is a good sign for continued development past the initial infrastructure buildout.
  15. If you are native to Houston you have witnessed the cyclical nature of the oil industry and its impact on all things Houston, including real estate of course, going back many years. I still remember trying to get my career as an accountant off the ground in the mid 80’s when the local unemployment rate was 12%. Almost had to leave the city to find a job but got lucky at the last minute. And there have been several downturns (including this one) ever since. And without exception, everyone of those downturns was an opportunity to buy into Houston’s economy at a discount and reap big rewards later on. I don’t see why this downturn would be any different...
  16. Topping off pic from top of the Mark. Nice to see a building finally crashing through the 30 story glass ceiling.
  17. They seem to be stepping up the infrastructure build out. The culverts are new additions along with the dirt pile which is growing by the minute. Lots of activity. I hope to post pictures of the building construction if it comes to fruition... keeping my fingers crossed!
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