Eastwood Or Riverside Terrace

[travelguy_73]

We are seriously looking at homes in both Eastwood and Riverside Terrace that we can renovate (to live in, not flip). We found a home in each 'hood we are interested in, and have put together a renovation budget for each. The homes are priced similarly, are about the same size, though the Eastwood one is a tudor revival 2/1.5 two-level with large living spaces and the RT house (couple blocks off 288) is a more typical cozy-room 3/1 all-brick single-level. Both need nearly everything redone, but appear to have good bones, nice potential, and well-maintained surrounding homes.

The thing that makes me nervous is that each house really does need about $100k to make a showplace. We *think* that each neighborhood can support that type of investment, but given their transitional nature, we are not sure. We have lived in old homes before (Idylwood bungalow, mid-century Willow Meadows), but never in a home that needed so much work. As you old-house types can understand, there isn't much room for error.

We have friends in each area, who are completely partisan and of absolutely no help, LOL.

So, all things being equal, which area is the better investment and why?

[musicman]

IMO you have to buy it cause you like it and you want to live there. transitional areas like these are a little pricey. putting in money is great but if too much is put in you'll most likely not recoup all your costs. that is why i say it has to appeal to you on a longer term basis.

i know someone that put 45k into a house and the house looks a lot better than it did at purchase. she wanted to do more but her budget stopped her. i think your description of it needs to be complete redone and a 100k budget may come into conflict depending on what type of work you actually do. i know my friend did redo the plumbing and upgraded some electical but sure didn't rewire.

both suffer from lack of retail but locations are good. some of RT has more drug action than walgreens.

as for which "area" is a better investment, IMO you're leading me to believe that making money is the ultimate goal.

[jm1fd]

I think Riverside has more potential if things go right. The lots are bigger and the houses are nicer...at least in some sections. I'm not familiar with all sections of RT.

On the other hand I get the feeling that Eastwood is more of a sure thing, it just won't end up as nice as Riverside could.

[Guest danax]

IMO you have to buy it cause you like it and you want to live there.

I agree that I would be thinking which house I would rather live in during renovation, which will be more rewarding afterwards, and which community I would prefer to be a part of. This thinking is more for someone who is looking to settle down rather than pass through.

Both areas are not likely to decline in the near future so you'll probably make out ok with both, although spending 100K would require making a shrewd purchase in order to expect a quick recoup of total money spent.

I love those 1930s homes in Washington and Riverside Terraces and think that they'll have good appreciation as their sisters that were amputated when 288 went in, and have become part of the Museum District, are mostly doomed to demolition, leaving those east of 288 as the only remnants of that architecture and nabe.

[travelguy_73]

Sorry, I'll elaborate: My question shouldn't be construed to be a purely financial one. After looking around at poorly-executed remodels at premium prices, we think we can do a better job *and* get what we want. Perhaps live in for 4 years, perhaps forever, who knows. My concern is more along the lines of making sure that in a couple of years having $250k overall invested in a modest-sized home in either of these areas is a good thing to do. Making money isn't as much of a concern as not losing money, LOL.

Like I said, we have friends and interests in both areas, and both are close to work. So, in a sense, those aren't issues. We like both houses, though each one has something the other doesn't (one with an extra bedroom, one with a half bath), which makes the decision that much harder.

[jdbaker]

Sorry, I'll elaborate: My question shouldn't be construed to be a purely financial one. After looking around at poorly-executed remodels at premium prices, we think we can do a better job *and* get what we want. Perhaps live in for 4 years, perhaps forever, who knows. My concern is more along the lines of making sure that in a couple of years having $250k overall invested in a modest-sized home in either of these areas is a good thing to do. Making money isn't as much of a concern as not losing money, LOL.

Like I said, we have friends and interests in both areas, and both are close to work. So, in a sense, those aren't issues. We like both houses, though each one has something the other doesn't (one with an extra bedroom, one with a half bath), which makes the decision that much harder.

Based on potentially selling in four years, definitely Eastwood. As a matter of personal taste, I strongly prefer Riverside Terrace. And, while I fully agree that RT has better long term potential than Eastwood I think that it will take closer to ten years to see a maximum return in RT.

[KinkaidAlum]

I'd bet on Riverside Terrace having the most upside.

The housing stock is solid. The lots are larger. But, most importantly, it has LOCATION LOCATION LOCATION.

The Med Center and Downtown are minutes away with almost no traffic. UH, TSU, Rice, Baylor Med, UT Health, PVATM Nursing, TWU, HCC, etc... are all nearby. The pioneer gays have been heading that way for the last 4-5 years too. The developers have since slowly followed. It's just a matter of time before it really blows up value wise.

That said, I really don't think there is ANY neighborhood Inside the Loop that won't appreciate over time. With 3 million more people expected in the metro in 20 years, close-in lots will become more and more valuable.

[musicman]

.... although spending 100K would require making a shrewd purchase in order to expect a quick recoup of total money spent.

CONCUR! IMO the market is settling down some so the easy money will be harder to obtain.

[spikey2]

Riverside Terrace/S. Macgregor section would be a better bet than Eastwood.

Just remember not to go over board in your renovation. A case in point is the home I attached to this tread. The new owner more than doubled the size of the old home, and even try (unsuccessfully) to turn a 1950's ranch into a new style contemporary. This home has lingered on the market for months without a taker.

[travelguy_73]

Riverside Terrace/S. Macgregor section would be a better bet than Eastwood.

Just remember not to go over board in your renovation. A case in point is the home I attached to this tread. The new owner more than doubled the size of the old home, and even try (unsuccessfully) to turn a 1950's ranch into a new style contemporary. This home has lingered on the market for months without a taker.

Wow, that house would make my dog cry.

[Guest danax]

Riverside Terrace/S. Macgregor section would be a better bet than Eastwood.

Just remember not to go over board in your renovation. A case in point is the home I attached to this tread. The new owner more than doubled the size of the old home, and even try (unsuccessfully) to turn a 1950's ranch into a new style contemporary. This home has lingered on the market for months without a taker.

Trying to make a ranch into a butt-ugly version of a McMansion and expecting people to want that was their main mistake......poor taste is never popular unless you're dealing with a herd of buyers who share that poor taste.....ick. The oversized-for-the-nabe reno is another classic error.

Good advice to avoid the same and I would add to linger in the house for awhile before starting the project as it really takes awhile to get a feel for what would be appropriate improvements, unless you've had a lot of experience and knowledge restoring historic homes.

[travelguy_73]

CONCUR! IMO the market is settling down some so the easy money will be harder to obtain.

Totally agree with that. We already have most of the funds, so it's just a matter of pacing ourselves and not spending frivolously.

Everyone's opinions so far have been terrific. Whichever direction we end up going, I feel confident that we will go in without rose-colored glasses on.

[travelguy_73]

Good advice to avoid the same and I would add to linger in the house for awhile before starting the project as it really takes awhile to get a feel for what would be appropriate improvements, unless you've had a lot of experience and knowledge restoring historic homes.

Yes, that is the plan. The first phase is exterior, which means window and trim repairs, new paint, and landscaping...maybe garage relacement. These things I know very well, and they have the added benefit of making you feel good when the inside is a work in progress.

Inside, refinishing the floors and painting the interior are the only priorities. The rest of the list will wait until we have a better idea of what really needs to go and what can be saved. I'm sure there will be some disagreements (e.g., I'm more inclined to keep the classic room sizes, he is more inclined to knock down walls), but that's part of the 'fun' of it, IMO.

[travelguy_73]

I have heard there has been a lot of resistance to gentrification in the RT area. Does anyone know if that has manifested itself into higher property crime rates?

[HoustonRealtor]

Riverside Terrace/S. Macgregor section would be a better bet than Eastwood.

Just remember not to go over board in your renovation. A case in point is the home I attached to this tread. The new owner more than doubled the size of the old home, and even try (unsuccessfully) to turn a 1950's ranch into a new style contemporary. This home has lingered on the market for months without a taker.

This home sold at $560,000 in Feb 2006 ($35,000 over asking price). It has been listed as a foreclosure since October 2006, starting at $399,900 and is now down to $274,900. It was pending from late July 2007 through late August 2007 but never closed.

[Dan the Man]

I like both neighborhoods - they are both in great locations with classic residential architecture that is still mostly intact. I feel that Riverside Terrace has a better location, and the housing stock is of better quality than Eastwood. That said, I agree with the above comments that gentrification of Eastwood is more likely in the near future. There are some really crummy rental properties in and around Riverside Terrace. This, along with political pressure, is currently hindering redevelopment in the area.

Are any parts of Riverside Terrace or Eastwood still deed restricted for single family only? This might be a factor to consider if you're planning to renovate, as townhome developments could surround you and quickly turn your renovated house into a "tear-down."

[spikey2]

The area of Riverside Terrace along S. Macgregor is deed restricted to single family only. Some of the many sections that make up Riverside Terrace have not maintained their restrictions and town homes and condos are going up. The political climate is very hostile to the new development. As a resident of the area our civic club meetings heat up each month at the mention of whats being built in the area.

[musicman]

The political climate is very hostile to the new development.

hostile in what way? i was in the area a week or so ago and did see signs (..it isn't for sale..) but also saw quite a few new townhomes/condos.

[rps324]

I like both neighborhoods - they are both in great locations with classic residential architecture that is still mostly intact. I feel that Riverside Terrace has a better location, and the housing stock is of better quality than Eastwood. That said, I agree with the above comments that gentrification of Eastwood is more likely in the near future. There are some really crummy rental properties in and around Riverside Terrace. This, along with political pressure, is currently hindering redevelopment in the area.

Are any parts of Riverside Terrace or Eastwood still deed restricted for single family only? This might be a factor to consider if you're planning to renovate, as townhome developments could surround you and quickly turn your renovated house into a "tear-down."

Eastwood is deed-restricted, much of Riverside is, some isn't.

I think Eastwood will change more drastically in the near future. You have the redevelopment of the warehouse district between it and downtown, the Harrisburg LRT or BRT or whatever it is going to be, and the proposed Lovett commercial at the old Stewart & Stevenson site.

[travelguy_73]

Eastwood is deed-restricted, much of Riverside is, some isn't.

I think Eastwood will change more drastically in the near future. You have the redevelopment of the warehouse district between it and downtown, the Harrisburg LRT or BRT or whatever it is going to be, and the proposed Lovett commercial at the old Stewart & Stevenson site.

Thanks for the reply, rps! Both homes we are looking at are no-go's at this point (RT house is more work that we want to tackle and we got the creeps from the neighbors. Eastwood seller is under water on it, and can't sell for anything resembling market price). *sigh*

There will be other homes on the market, just have to be patient and not get too emotional!

[Scharpe St Guy]

Travelguy,

I will second the thoughts of most on this forum. RT "Should" be the neighborhood to pick however I would not. The local area over there consists of some beautiful homes and large lot sizes which should dictate that this would be the smart choice but I don't believe it is. UH is going to do a lot of new construction over there which is going to help however the negative aspect is the crime over there and the disdain for new people entering certain people's hoods.

Eastwood would be the smart bet and the safe bet in my mind, with Houston Pavilions, Finger Highrise, downtown park, and very little opposition to builders building on the East Side this area is going to take off while the RT area is going to slowly but surely gentrify but no where as quick. I don't really care for some aspects of Constable Trevino's outlook on life but I will give him credit for keeping at least my neighborhood Broadmoor adjacent to Eastwood very very safe.

There are crime maps you can find online to compare both areas in regards to crime and crime type.

Good luck in your search.

Scharpe St Guy

[TheNiche]

Tough choice. Both neighborhoods will one day be very highly regarded. Location-wise, they're actually fairly similar. RT has better access to the Medical Center, but Eastwood has better access to downtown. And of course the universities have a lot of influence on each neighborhood. Since all employment/activity centers are growing, both neighborhoods are benefiting, and one would expect that it would be roughly proportional.

Long term, I think Eastwood has a slight edge. The warehouse district is an infilling slice of previously non-residential properties. There is a lot of vacant land, too, much of it configured in relatively larger parcels. This is going to be a major advantage because household and population growth can occur with greater ease. This is just the kind of growth pattern that will in time attract retailers.

Additionally, the Eastwood area and all of the neighborhoods immediately around it are out of any flood plain, whereas RT has to contend with one that creates the requirement for a great deal of additional insurance coverage.

**DISCLAIMER** I own property in and near Eastwood!

[travelguy_73]

Travelguy,

I will second the thoughts of most on this forum. RT "Should" be the neighborhood to pick however I would not. The local area over there consists of some beautiful homes and large lot sizes which should dictate that this would be the smart choice but I don't believe it is. UH is going to do a lot of new construction over there which is going to help however the negative aspect is the crime over there and the disdain for new people entering certain people's hoods.

Tough choice. Both neighborhoods will one day be very highly regarded. Location-wise, they're actually fairly similar. RT has better access to the Medical Center, but Eastwood has better access to downtown. And of course the universities have a lot of influence on each neighborhood. Since all employment/activity centers are growing, both neighborhoods are benefiting, and one would expect that it would be roughly proportional.

Thanks for your replies. Even though my friends in RT would disagree, after giving it a lot of thought, we tend to feel that RT isn't as friendly or welcoming as Eastwood. Of course if we found the right house there, on the right block, our tune might certainly change, LOL.

There is a house on Park that appears to be in the process of being renovated. I have left a couple of messages at the phone number on the sign ('Eastwood Partners'), but haven't received a callback yet. We aren't in a rush at all, but it is a bit frustrating that there isn't a lot on the market right now in Eastwood proper other than multi-family. Since we are either looking for something livable, but in need of renovation...or something completely renovated already, we should be able to find something pretty easily (*crosses fingers*).

[musicman]

was in RT yesterday and a lady i met @ jury duty asked me to come over and see one of the houses they inherited. it was absolutely amazing. all original, old curved staircase, original light fixtures, wide mouldings in the living/dining room. i have to keep her from gutting it. the furniture in there was all amazing too.

[rps324]

Thanks for your replies. Even though my friends in RT would disagree, after giving it a lot of thought, we tend to feel that RT isn't as friendly or welcoming as Eastwood. Of course if we found the right house there, on the right block, our tune might certainly change, LOL.

There is a house on Park that appears to be in the process of being renovated. I have left a couple of messages at the phone number on the sign ('Eastwood Partners'), but haven't received a callback yet. We aren't in a rush at all, but it is a bit frustrating that there isn't a lot on the market right now in Eastwood proper other than multi-family. Since we are either looking for something livable, but in need of renovation...or something completely renovated already, we should be able to find something pretty easily (*crosses fingers*).

Inventory is pretty poor right now. If I could duplicate the listings I had on Walker and McKinney, I could sell them 3 times over. I have buyers in your same boat. There just isn't the "right" property or properties on the market. I am having this issue with both Eastwood and Glenbrook buyers right now.

[Natty]

Riverside Terrace would be my choice hands down. Love the proximity to everything, the lot sizes, the trees,the people.

Both areas have different demographics. Depends who you are comfortable living next too. Bottom line, how comfortable are you being in the minority? You might not base your decisions on demographics but others do and this might affect how easy it will be to resale the property.

[Scharpe St Guy]

Personally my wife and I are in the minority here in Broadmoor, however the big difference between the East Side (Eastwood/Broadmoor/Idylwood/etc..) and Riverside Terrace is that the majority here don't mind or bother the minority. I have owned a few homes here and one over near Riverside Terrace and reaction to at least a caucasion entering the area does not involve a welcome mat.

I find it funny that individuals over there near and in Riverside Terrace wear shirts and hats proclaiming save our homes or this is our neighborhood when not that many years ago that area was Jewish not African American.

I won't argue with anyone though by saying that the area around there should be better on all counts but the resentment held by at least a few of the majority make it difficult for the minority. Be prepared for constant sirens from Ambulances/Police and even Fire trucks over there compared to this side.

Good luck,

Scharpe St Guy

[Vertigo58]

Once again...

Location, location, location!

and Broadmoor is your best bet for quick access in and out for all the right reasons. Eastwood is fine but getting very expensive and its too close to scuzzy Eastwood Park and local sleazeaphites. Rail is on its way to Harrisburg so I would go the other direction. There has been alot of talk about Harrisburg booming but if you are into seeing candles melt or snail races in slow motion that is light years away. You and I will be collecting SS before we see any upscale attractions. Long time residents in the immediate area are simply too poor to even consider entering some thing new and innovative. Take a drive in the area and judge for yourself. Be sure pass by Telephone & Dumble intersection and see the constant flow of those rich/society people coming to the area via the Mex Autobuse station (sarcasm). Think about high taxes too. The nicer the homes the higher you pay.

Homes around Austin HS are very cheap. Get em now. Over in Sunnyland some go for as little as $50,000.00 (speak to the individual) not listings. Many considered teardowns but its the land and location that matters.

Bon appetite! Love the neighbor!

[LMG]

was in RT yesterday and a lady i met @ jury duty asked me to come over and see one of the houses they inherited. it was absolutely amazing. all original, old curved staircase, original light fixtures, wide mouldings in the living/dining room. i have to keep her from gutting it. the furniture in there was all amazing too.

Wow,how cool is that? To get to see all of that.

[flipper]

Riverside terrace has been "about to turn" for the last ten years.

The only place I'd buy a house in there is on Parkwood.

That being said, If I was looking for a return on my money in ~20 years I'd definetly buy some stuff in there and sit on it.

flipper