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Ivy Lofts, 28-Story Residential High-Rise East of Downtown

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You can get a ~750 sqft unit in Metro Midtown for $1300, and one in Post for $1500. I have no idea what M5259 is, but a studio at that cost in Houston seems crazy for me...

 

Also keep in mind, even at lower price points, we have no idea what the assessments/HOA will be. Could easily be $500-$1000/month that is being thrown away just like rent. Also will the charge to lease a parking spot? So that on top of mortgage/title fees, 6% realtor fees at some point, property tax, I would hope on some type of returns and have a good gut feeling that I could sell the place.

 

(Yes I am aware that there are also tax breaks that will offset some of that).

 

 

How much are condo fees usually? If we're talking about 500-750sf units there's no way they're charging 500-1000 per month, probably not even 250.

 

A (no money down) mortgage on a $100,000 home (including tax and insurance) is going to be under $800 a month. 

 

Condo fees take care of a lot of the stuff that is baked into the rental price. Pool maintenance, concierge, landscaping, trash pickup. There are things that don't get paid for by Condo fees, AC repair, etc, but that's why it's $800 for a mortgage, plus condo fees is going to be cheaper than an apartment. Oh, and the other bonus is that once you sign that 30 year fixed rate mortgage, it's a fixed payment every month, no change. You sign a lease for 12-18 months, when you re-sign they might decide you need to pay more. then you have to hire movers, that costs money, so you choose to pay the higher rent for another cycle, and then they jack the rent again. Soon enough, it's 5 years later, the guy that bought the condo is still paying $800 a month, and you're now paying $1800 for the same rental that was $1200 when you chose to keep renting instead of buy.

 

I'm not saying buying is the better option (I mean, it is), but it's not for some people.

 

Plan on moving to another town in the next 10 years? Rent. Can't keep $5000 available in some savings account for random breaking crap? Rent. Want to move every year/year and a half to a new place? Rent. Can't plan more than 1 week out from today? Rent.

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Thanks, I'm not as familiar with Uptown or the latest in the rental market. That building does look amazing, but keep in mind the smallest studio is 534 sqft. Someone quoted Ivy as having the smallest units at 300 sqft, which is an appreciable difference.

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How much are condo fees usually? If we're talking about 500-750sf units there's no way they're charging 500-1000 per month, probably not even 250.

 

...

 

I'm not saying buying is the better option (I mean, it is), but it's not for some people.

 

Plan on moving to another town in the next 10 years? Rent. Can't keep $5000 available in some savings account for random breaking crap? Rent. Want to move every year/year and a half to a new place? Rent. Can't plan more than 1 week out from today? Rent.

 

5001 Woodway which I happened to be looking at for other reasons has a monthly condo fee of $700 and it was built in 1975. I have no idea what amenities that comes with (i know there is a pool and two parking spaces), but I was blown away. And it was for a 1500 sqft two bedroom place and I don't know how many units they have total.

 

I don't disagree with anything else you stated, my point was its not as straight forward as: apartment=throwing away money vs condo=equity

Lots of other factors and fees to think about. 10 years is a no brainer in a normal market (buy vs rent), i just don't see the demographic for people wanting that size place in that location for the type of people that are settling down for 10 years.

 

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5001 Woodway which I happened to be looking at for other reasons has a monthly condo fee of $700 and it was built in 1975. I have no idea what amenities that comes with (i know there is a pool and two parking spaces), but I was blown away. And it was for a 1500 sqft two bedroom place and I don't know how many units they have total.

 

I don't disagree with anything else you stated, my point was its not as straight forward as: apartment=throwing away money vs condo=equity

Lots of other factors and fees to think about. 10 years is a no brainer in a normal market (buy vs rent), i just don't see the demographic for people wanting that size place in that location for the type of people that are settling down for 10 years.

 

 

$0.30 to $0.60/per sq ft per month is pretty much the range in Houston, depending on building age and amenities. Many older buildings don't have individual meters for power/water/cable so they're included in the HOA and paid as one large bill. $700 a month on 1500 sq ft in an old building is really quite reasonable. About a third to a half of what you pay in HOA fees will typically pay the insurance for the building, which is by far the largest expense. 

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Interesting thanks. I owned a condo and paid $200 for 1000 sqft that covered insurance/trash/grounds/water/parking. There was no pool or major amenities though.

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Interesting thanks. I owned a condo and paid $200 for 1000 sqft that covered insurance/trash/grounds/water/parking. There was no pool or major amenities though.

High rises are different..... They seem to cost more to run so the HOA is higher. $0.50 pSF is a good bet for a newer building but, place like the Four Leaf towers seem to be about $0.80.

I can see that the initial HOA assessment here will be about $0.50 and will likely increase proportionately (apart from inflation) as the building ages.

In a 300 sqft unit, that difference may not matter to much ..... But as unit sizes get bigger, it might.

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http://www.bizjournals.com/houston/morning_call/2015/11/exclusive-new-details-revealed-for-first-micro.html

 

 

The units will feature luxury finishes, a balcony and transformable walls and furniture, such as Murphy and wall beds, a coffee table that turns into a desk, a bookshelf that disassembles into chairs or a mechanical dining room table that collapses into the floor.

 

“This will change the way Houstonians live,” said Brandon Vos, a Re/Max Inner Loop real estate agent and marketing director for Ivy Lofts. “This is a more efficient way to live. There’s no wasted space.”

 

Prices start from $119,000 for a 300-square-foot loft. The larger units — 700-square-foot units and above — will start at $375,000.

 

Ivy Lofts also will offer several building amenities, including a residents lounge, a rooftop courtyard and dog park, glass-walled fitness center and yoga room, and rooftop pool with a wet bar, in-water seats, sun-tanning ledge, barbecue grills and a view of downtown Houston. The building will feature eight floors of podium parking.

 

$400-$535 / sqft, plus HOA fees.... no thank you, not for me.

 

 

Novel Creative Development has started to redevelop a warehouse on the site into a 10,000-square-foot sales center with four completely furnished units. The $600,000 sales center is expected to open in April.

 

“This was important since this concept is so new to Houston,” said Jason Franklin, a Re/Max Inner Loop Realtor who is consulting on the project. “We didn’t want to leave anything to the imagination. We want people to test this.”

 

Re/Max Inner Loop, which is marketing and selling the units, expects to sell all 550 units within two months after the sales center opens. Novel Creative Developments plans to break ground on Ivy Lofts in June 2016, with delivery expected by the end of 2018.

 

Edited by AREJAY
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Anyone living in a condo now, how are the noise levels from your neighbors (above, below, next door)?

It's a cool concept but for the 700sq foot unit you could easily buy a three bedroom townhouse in the loop.

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wow.

 

Not sure how they will justify someone spending nearly $400,000 for less than 800sf when they can get their own townhome in the same area with their own private rooftop deck for the same money. 

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Anyone living in a condo now, how are the noise levels from your neighbors (above, below, next door)?

It's a cool concept but for the 700sq foot unit you could easily buy a three bedroom townhouse in the loop.

 

to quote fight club:

"Home was a condo on the fifteenth floor of a filing cabinet for widows and young professionals. The walls were solid concrete. A foot of concrete is important when your next-door neighbor lets their hearing aid go and have to watch game-shows at full volume. Or when a volcanic blast of debris that used to be your furniture and personal effects blows out of your floor-to-ceiling windows and sails flaming into the night. I suppose these things happen."

Edited by samagon
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Anyone living in a condo now, how are the noise levels from your neighbors (above, below, next door)?

 

I lived in a 3-story condo complex for 5 years, built in late 2007. I was on the top floor and never had any issues. At one point my neighbor was dating a girl that would wear heels around his place and i could hear her footsteps, but not that bad. The person below me never complained, though he was pretty chill and traveled a lot. The person below my aforementioned neighbor did complain about the loud footsteps.

 

With that many units I'm sure there will be drama between neighbors. I assume one major demographic will be younger people that go out and party, and there will be others that may not appreciate that.

 

Another unrelated thought - i wonder how many people will buy in as an investment (with high hopes on the east end) and sub out their units?

$100k mortgage runs you $500/mo + $150/mo HOA + $300/mo property tax. Could you rent out a 300 sqft studio in the east end for $1000/mo?

 

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theyre fkin crazy if they think they can sell the 700 sq for 375. Retarded. You can live at the rise lofts in midtown for that price and its a much better location

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I ran into the dude living upstairs in the parking lot one day. When I told him I could hear him and his friends playing video games at 4am, he was horrified. I said next time it happens, I'm knocking on the door with a bottle of vodka so I can join in. 

 

Fortunately for him, I'm also up at 4am, playing my geetar... LOL

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700 sq. ft. for $375k is tough to wrap my Houston head around.

 

The camping-esque space saving accoutrements are interesting, but come with a host of trade-offs that do not seem to have an accompanying price break in this case.

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Somebody needs to tell these people this is not NYC at least not yet and that in my opinion is not for a very LONG time when it comes to pricing for living in places such as these and no doubt for prices like that you can get much better like in the galleria area and other areas.

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The small units let them have a $100k price point (something that really isn't there in Downtown/Midtown/etc) but $300k for a small place is a bit hard to swallow.  You can get a townhouse or a condo for $300k - the Marlowe's condos are starting at $385k now!

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So, they are going to open a Sales Center in April, sell all 550 units in two months and break ground in June?

60 days. 550 units. ~ 10 units a day, every day, seven days a week.

Though I cannot see this happening, I wish them luck. Harkens back to the sales office at Levittown.

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So, they are going to open a Sales Center in April, sell all 550 units in two months and break ground in June?

60 days. 550 units. ~ 10 units a day, every day, seven days a week.

Though I cannot see this happening, I wish them luck. Harkens back to the sales office at Levittown

 

I can't imagine a developer being overly optimistic. I'm pretty sure that never has happened.

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22583125038_4945141eb6_o.jpg

 

I like this render better - looks really nice.  I see how they'll sell these - no one wants to buy a tiny condo, but people will want to buy "The Tokyo" or the "The Barcelona"  I could even see with decorating the interior with nightlife scenes, landscapes, etc of the appropriate city.

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I agree, now that I see the interior renderings I'm reminded of my time in Tokyo.  The units are small, but every square inch of space is designed with a purpose.  And a bed is one of the most useless spaces in a home when you're not in it.  My only hope is that the doorways are higher than the Japanese standard, as that was a constant pain in the forehead.

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It's a cool concept now, but don't projects like these usually end up becoming garbage in 20-30 years?

 

I don't know what our city will look like then, but I agree with terra, it should be in Downtown or Midtown. The block is surrounded by low-rise density. It's odd. Cool concept, but odd.

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I think this would do much better in downtown. This needs to be in a walkable area with mass transit. 

 

 

This is 10 (not particularly pleasant) blocks from the nearest light rail station. It's hard to get much further from light rail than this and still be in EaDo.

 

That said, CoH will require them to put in 700 or so parking spaces no matter how walkable the neighborhood is.

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It will take a lot of development around this building to make it worthwhile. If i were going to live in a place like this, i would want to be able to walk to restaurants, bars, a grocery store, shops, etc... There's really nothing out here. Im well aware that this will change, but why not build this in prime location. 

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It will take a lot of development around this building to make it worthwhile. If i were going to live in a place like this, i would want to be able to walk to restaurants, bars, a grocery store, shops, etc... There's really nothing out here. Im well aware that this will change, but why not build this in prime location. 

 

Because prime locations cost a lot more money.

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Because prime locations cost a lot more money.

 

Which is exactly the reason micro-units would be a lot more desirable in such a location. 

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It will still cost more? If they have the same amount of units at the same price then they wont make as much.  

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It will still cost more? If they have the same amount of units at the same price then they wont make as much.

If they *sell* the same number of units at the same price they won't make as much. But if they sell no units or don't even get it built because of the location, they make significantly less than if they invested in a desirable location.

Edited by Alec
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"Desirable location" is all relative. I've lived in the area for 10 years and plan on reinvesting in it simply because of the potential the neighborhood has.  The person interested in this type of property is more willing to bet on a less established part of town. In my opinion, there are plenty of people looking for something like this, whether it be for their primary home or as a rental unit.

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no way are people going to buy micro units in a area where theres nothing walkable and you have to drive everywhere. if this was in midtown it would be such a massive success. this is going to flop.

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Many restaurants and bars, that already exist or are in the works sit just 3-6 blocks away. Only 2-3 blocks away, plans for a massive grocery store are in the works. The hike/bike trail is only a few blocks East. A lot is planned for this area that I believe will yield good results for this type of development.

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3-6 blocks in houston weather isnt a joke. and its more like 6-7 blocks if you want to get to the good part of east downtown. this should be in downtown or closer to the light rail bottom line.

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A building this large with this many tenants, all with cabin fever, will spur development in the immediate vicinity too. Imagine if another large residential development were to spring up here...an eado/downtown circulator wouldn't be too fetched. At least at rush hour.

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For the money they are charging, they might even have their own little bus, like a hotel does, that basically just shuttles back and forth to the closest rail station every 15 minutes.

 

And while we're talking about amenities they should offer, a bike room, each person gets a little space to park a bike, maybe even an onsite service to maintain owners bikes.

 

 

Many restaurants and bars, that already exist or are in the works sit just 3-6 blocks away. Only 2-3 blocks away, plans for a massive grocery store are in the works. The hike/bike trail is only a few blocks East. A lot is planned for this area that I believe will yield good results for this type of development.

 

 

Please tell me more about this massive grocery store 2-3 blocks away? This is the first I'm hearing of it.

Edited by samagon

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For the money they are charging, they might even have their own little bus, like a hotel does, that basically just shuttles back and forth to the closest rail station every 15 minutes.

And while we're talking about amenities they should offer, a bike room, each person gets a little space to park a bike, maybe even an onsite service to maintain owners bikes.

Please tell me more about this massive grocery store 2-3 blocks away? This is the first I'm hearing of it.

The bike storage/maintenance is starting to become more common I believe. About time..

Is this near the fabled East End streetcar route? Speaking of.. Is that proposal completely dead or is it moving forward behind the scenes?

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I'm just thinking about the reality of storing a bike in a 400sf unit. sure you can hang it on the wall, that's your only option. Looking at those renderings of the units, even wall space is going to be hard to use. and then you have to get it up there.

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