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Ivy Lofts: Condominium High-Rise At 2604 Leeland St.


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i know personally im in the market to buy a condo in downtown or closeby, but thats way to small. I think they'll have a harder time then they think selling these microunits in this economy. The target market is the college graduate who just landed a job and wants to pretend hes rich, and thats a tough demo to fill in this slump.

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It brings to my mind the brutalist communist housing we always saw in the 80s, but with a little less concrete.

 

Not in a bad way though, I really like it.

 

And then there's the ghostly apparition of the woman in the bathing suit, someone's celebrating Halloween.

 

This makes no sense at all....sorry. I'm just not seeing it. But hey can't fight what's your taste. It isn't anything like brutalism or communist block architecture.

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i know personally im in the market to buy a condo in downtown or closeby, but thats way to small. I think they'll have a harder time then they think selling these microunits in this economy. The target market is the college graduate who just landed a job and wants to pretend hes rich, and thats a tough demo to fill in this slump.

The units are very small, but M5259 in Uptown charges $1,700 a month for studio of similar size.

Some people like having smaller spaces to take care of. Let's say you don't really cook that often, and go out a lot, you could have nice views and amenities while not paying rent.

If I were single I would probably consider this, along with a storage unit, would be nice to not throw money away on rent.

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This makes no sense at all....sorry. I'm just not seeing it. But hey can't fight what's your taste. It isn't anything like brutalism or communist block architecture.

 

I'm not at all trained in architecture, my mind just sees what it wants to see, whether that's right or not, that's a different discussion. :)

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The units are very small, but M5259 in Uptown charges $1,700 a month for studio of similar size.

Some people like having smaller spaces to take care of. Let's say you don't really cook that often, and go out a lot, you could have nice views and amenities while not paying rent.

If I were single I would probably consider this, along with a storage unit, would be nice to not throw money away on rent.

 

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).

 

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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).

 

http://www.m5250galleriahouston.com/p/apartments/floorplans_9899/houston-tx-77056/m5250-9899#k=74925

 

Edit: go to page 5.

 

M5250 Is that BEAUTIFUL high-rise that went up next door to the JW Marriott in Uptown.

Edited by Montrose1100
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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.

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.

 

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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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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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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