Urbannizer Posted March 27, 2015 Share Posted March 27, 2015 9 Quote Link to comment Share on other sites More sharing options...
Chi-Char-Hou-Dal Posted March 27, 2015 Share Posted March 27, 2015 I met Marlowe in an alley....and he touched me 7 Quote Link to comment Share on other sites More sharing options...
Nole23 Posted March 27, 2015 Share Posted March 27, 2015 Excuse my ignorance, how do condo developments work? Do they usually sell a certain amount of units before beginning construction or do they just start construction like apartments do and hope they sell? Happy Friday. Quote Link to comment Share on other sites More sharing options...
Nate99 Posted March 27, 2015 Share Posted March 27, 2015 Bogard. It's of a piece with Mr. Soul Glo, who is purportedly smarter than me. 1 Quote Link to comment Share on other sites More sharing options...
Howard Huge Posted March 27, 2015 Share Posted March 27, 2015 Marlowe looks like a womanizer and a gigolo. Marlowe treats women like objects. Quote Link to comment Share on other sites More sharing options...
Triton Posted March 27, 2015 Share Posted March 27, 2015 3 Quote Link to comment Share on other sites More sharing options...
Nate99 Posted March 27, 2015 Share Posted March 27, 2015 (edited) Which models go for $500k? That's 3br townhome in a good area money. EDIT: I see that is 1br "Connery" money with Mr. Marlowe. How many people making $150k want to plunk down that kind of scrape for a 1 br. condo? I guess we'll find out. Edited March 27, 2015 by Nate99 1 Quote Link to comment Share on other sites More sharing options...
cspwal Posted March 27, 2015 Share Posted March 27, 2015 Where are they getting an average rent of $2,800 from? Quote Link to comment Share on other sites More sharing options...
Triton Posted March 27, 2015 Share Posted March 27, 2015 Where are they getting an average rent of $2,800 from?Their dreams. Quote Link to comment Share on other sites More sharing options...
Nate99 Posted March 27, 2015 Share Posted March 27, 2015 Where are they getting an average rent of $2,800 from? Must be the average rent paid by people making $150k per year that have done no independent research on their housing options. Quote Link to comment Share on other sites More sharing options...
Houston19514 Posted March 27, 2015 Share Posted March 27, 2015 (edited) Where are they getting an average rent of $2,800 from? Not sure, but doesn't it sound about right for a roughly 1,000 square foot apartment with a comparable level of luxury/amenities? For example, according to their website, apartments at One Park Place start at $2,700 per month (and that's for 808 square feet). Edited March 27, 2015 by Houston19514 3 Quote Link to comment Share on other sites More sharing options...
Nate99 Posted March 27, 2015 Share Posted March 27, 2015 Not sure, but doesn't it sound about right for a roughly 1,000 square foot apartment with a comparable level of luxury/amenities? For example, according to their website, apartments at One Park Place start at $2,700 per month (and that's for 808 square feet). There were only a handful of buildings leasing 1br's in that range on HAR. OPP was one of them. Like I mentioned in the high-rise economics thread I stared on the other sub-forum, at the end of the day, you pay for location. Given all of the new stuff hitting the market over the next few years, it will be interesting to see how the rents shake out. Hardly anyone thought it was worth the investment to go after that market prior to the incentive. Like I said, we'll see who wants to pay that. How full is OPP, does anyone know? Quote Link to comment Share on other sites More sharing options...
toxtethogrady Posted March 27, 2015 Share Posted March 27, 2015 The average Class A luxury apartment in Houston is fetching about $2,800 a month for a unit the size of the Connery. I think 2929 is getting almost $4,000 a month for some of the 2-2s. However, the HOA assessments are insane (unless they pay for water, electric and trash). The number also leaves out the mortgage insurance, which I'm sure is $100-200 or up, unless you boost your down payment to 20%, or $100,000. So the net price may be a wash if you factor in the tax savings. We'll know for certain if some of the purchasers turn around and rent out their condos. Also, I would only recommend ARMs for those with strong constitutions. Anyone who remembers back to 2008 knows those are what wrecked the economy. Quote Link to comment Share on other sites More sharing options...
Houston19514 Posted March 27, 2015 Share Posted March 27, 2015 (edited) There were only a handful of buildings leasing 1br's in that range on HAR. OPP was one of them. Like I mentioned in the high-rise economics thread I stared on the other sub-forum, at the end of the day, you pay for location. Given all of the new stuff hitting the market over the next few years, it will be interesting to see how the rents shake out. Hardly anyone thought it was worth the investment to go after that market prior to the incentive. Like I said, we'll see who wants to pay that. How full is OPP, does anyone know? Not really sure what point you are trying to make. Did you find comparable buildings leasing comparable apartments for less than that range? A quick look around town (Sovereign, Museum Tower, Hanover Post Oak, etc.) makes the statement of $2,800 average rent appears to be a pretty fair estimate; perhaps even a little low-ish. At last report, I believe OPP was at about 95% occupancy. Edited March 27, 2015 by Houston19514 1 Quote Link to comment Share on other sites More sharing options...
toxtethogrady Posted March 29, 2015 Share Posted March 29, 2015 94% is the average for the entire Houston metro area, so OPP is right in line. Quote Link to comment Share on other sites More sharing options...
Urbannizer Posted March 29, 2015 Share Posted March 29, 2015 http://houston.culturemap.com/news/real-estate/03-28-15-sexy-marlowe-man-lures-condo-buyers-downtown-with-those-bedroom-eyes-1/ Estimated groundbreaking is set for June. 5 Quote Link to comment Share on other sites More sharing options...
UtterlyUrban Posted March 29, 2015 Share Posted March 29, 2015 (edited) Excuse my ignorance, how do condo developments work? Do they usually sell a certain amount of units before beginning construction or do they just start construction like apartments do and hope they sell?Happy Friday.It looks like your question was missed.New construction Condos need a certain amount of pre-sales to start construction. I forget the percentage but it is not an immaterial percent.From the Culture Map link above, this is another EB5 project (foreign nationals can buy a condo and get permanent resident status for doing so). Astoria Condos did the same thing.For a wealthy Chinese or Russian or Argentinian, $500k for US permanent residency can be a very good deal. I expect them to sell fairly quickly. Edited March 29, 2015 by UtterlyUrban 1 Quote Link to comment Share on other sites More sharing options...
UtterlyUrban Posted March 29, 2015 Share Posted March 29, 2015 It looks like your question was missed.New construction Condos need a certain amount of pre-sales to start construction. I forget the percentage but it is not an immaterial percent.From the Culture Map link above, this is another EB5 project (foreign nationals can buy a condo and get permanent resident status for doing so). Astoria Condos did the same thing.For a wealthy Chinese or Russian or Argentinian, $500k for US permanent residency can be a very good deal. I expect them to sell fairly quickly.EDITMy mistake: EB5 requires $1m investment, I think. $500k is for "depressed" Areas that I am sure Houston is not. Regardless, it's still a good deal as you and immediate family members all get green cards. Quote Link to comment Share on other sites More sharing options...
jackie21love Posted March 29, 2015 Share Posted March 29, 2015 EDITMy mistake: EB5 requires $1m investment, I think. $500k is for "depressed" Areas that I am sure Houston is not. Regardless, it's still a good deal as you and immediate family members all get green cards.I believe EB5 requires you to invest to build instead of buy it. Buying a condo doesn't grant you anything Quote Link to comment Share on other sites More sharing options...
UtterlyUrban Posted March 29, 2015 Share Posted March 29, 2015 (edited) I believe EB5 requires you to invest to build instead of buy it. Buying a condo doesn't grant you anythingI thought that too except I believe it now to be wrong.My current understanding is that If one buys a condo in a NEW building, that building will have new jobs for concierge, valet, maintenance, etc. I believe that the threshold is 10 jobs "created or preserved". It is my current understanding that new condo buildings can qualify for EB5 and "ownership/investment" is created by purchasing a unit.Can someone verify this as I am certainly no expert.Edit:It appears that we are both correct..... It seems that condo purchase PLUS equity in the construction is required if one believes this link: https://uniqueloftsnyc.com/buying-nyc-real-estate-for-a-green-card-eb-5-immigrant-investor-visa-and-its-future/ Edited March 29, 2015 by UtterlyUrban Quote Link to comment Share on other sites More sharing options...
toxtethogrady Posted March 29, 2015 Share Posted March 29, 2015 There are moves in Congress to limit the EB-5s, so there could be a land rush for any remaining opportunities before the law changes. Houston needs to get some of the action that New York and Miami are getting. But I suspect that is a function of how well the city is known overseas. Quote Link to comment Share on other sites More sharing options...
cloud713 Posted March 29, 2015 Share Posted March 29, 2015 There are moves in Congress to limit the EB-5s, so there could be a land rush for any remaining opportunities before the law changes.Houston needs to get some of the action that New York and Miami are getting. But I suspect that is a function of how well the city is known overseas.Time for an overseas marketing campaign to lure some of the rich folk to invest in Houston.. Hit up some of the BRICS nations, and other up and comers where lots of people are turning from rags to riches every day.. 1 Quote Link to comment Share on other sites More sharing options...
Houston19514 Posted March 29, 2015 Share Posted March 29, 2015 (edited) I thought that too except I believe it now to be wrong.My current understanding is that If one buys a condo in a NEW building, that building will have new jobs for concierge, valet, maintenance, etc. I believe that the threshold is 10 jobs "created or preserved". It is my current understanding that new condo buildings can qualify for EB5 and "ownership/investment" is created by purchasing a unit.Can someone verify this as I am certainly no expert.Edit:It appears that we are both correct..... It seems that condo purchase PLUS equity in the construction is required if one believes this link: https://uniqueloftsnyc.com/buying-nyc-real-estate-for-a-green-card-eb-5-immigrant-investor-visa-and-its-future/ With respect to the author of the linked article, taking legal or investment advice from a real estate broker is never a good idea. Of course, there is nothing stopping an EB-5 investor from also purchasing a condo in a building in which they have invested, doing so does not qualify them for an EB-5 visa. The EB-5 investment ($500,000 or $1 Million, as the case may be) must be "fully at risk". Guarantees of return of any capital to the investor are strictly prohibited, this also includes any “in kind” redemption such as a house, condo, etc. and if any guarantees are given they negate the “at risk” requirement. The entire capital must be at risk. Under the at risk provision contained in the law all the EB-5 capital must be employed for job creation and therefore reserve accounts are also not allowed as funds in reserve are deemed to have no job creation association. Note: Many rumors as to what is qualified are out in the public domain and they are false. Buying a house, buying land or investing such that the investor receives a condo are all prohibited. Edited March 29, 2015 by Houston19514 Quote Link to comment Share on other sites More sharing options...
Urbannizer Posted April 2, 2015 Share Posted April 2, 2015 Sales center opened yesterday, anyone mind going in for pics and new info? Quote Link to comment Share on other sites More sharing options...
BigFootsSocks Posted April 2, 2015 Share Posted April 2, 2015 I'm not white enough to go inside 2 Quote Link to comment Share on other sites More sharing options...
jt16 Posted April 2, 2015 Share Posted April 2, 2015 I'm not white enough to go inside Say what you want, but I'm not RICH enough to go inside Quote Link to comment Share on other sites More sharing options...
nate4l1f3 Posted April 2, 2015 Share Posted April 2, 2015 So, where are all the rich white people on this board??! Quote Link to comment Share on other sites More sharing options...
Howard Huge Posted April 2, 2015 Share Posted April 2, 2015 So, where are all the rich white people on this board??!According to a poll taken on this board, about 75-80% of the posters fit into this category. Quote Link to comment Share on other sites More sharing options...
jgriff Posted April 2, 2015 Share Posted April 2, 2015 I'm extremely white and not very poor. I don't think I'm in the target market for this place though. Seems more like a 1st generation American type place. 1 Quote Link to comment Share on other sites More sharing options...
swtsig Posted April 2, 2015 Share Posted April 2, 2015 Sales center opened yesterday, anyone mind going in for pics and new info? they did some drone work for this - haven't seen it yet, don't think it's on the website at the moment but should be soon. Quote Link to comment Share on other sites More sharing options...
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