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Urbannizer

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

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I really don't see anyone spending this much money while Houston's economy is in its current situation.

You could say the same thing for the apartments these customers will be in if they don't buy.

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"Ductless a/c" systems?

So, is that a fancy name for a "window unit"? The kind of stuff that they have in places like suburban Marriott Courtyard's and Hampton inns? I find those things quite noisy --- never found one that didn't rattle and hum or just be very loud. Is that what they mean by "ductless a/c"? Or, is there some other type of system out there?

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"Ductless a/c" systems?

So, is that a fancy name for a "window unit"? The kind of stuff that they have in places like suburban Marriott Courtyard's and Hampton inns? I find those things quite noisy --- never found one that didn't rattle and hum or just be very loud. Is that what they mean by "ductless a/c"? Or, is there some other type of system out there?

 

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Wait.

So every unit in Ivy is going to have an "outside" compressor box like the one pictured here? Where will it go? On the balcony? And the condensate from the inside unit will drained outside to the balcony too and drip down the building? Perhaps they will build gathering pipes and drain it for several units?

How loud are this outside compressors? are they as loud as the typical single-family home compressor?

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I was wondering the same thing.  The ones I have seen on high rises in other countries are bolted onto the building right outside the unit.  My guess is that these will be on the balconies, but that wouldn't seem logical given they are trying to efficiently use every square inch of space.

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I have an RSVP to attend their "VIP Reservation Event" next Saturday (Jan 30)

 

The invitation states unit reservations require a $250 refundable escrow deposit

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I was wondering the same thing. The ones I have seen on high rises in other countries are bolted onto the building right outside the unit. My guess is that these will be on the balconies, but that wouldn't seem logical given they are trying to efficiently use every square inch of space.

How does this "ductless a/c" provide heat? Is the heating system separate?

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I was wondering the same thing.  The ones I have seen on high rises in other countries are bolted onto the building right outside the unit.  My guess is that these will be on the balconies, but that wouldn't seem logical given they are trying to efficiently use every square inch of space.

 

Agree.  These are more common overseas in units that are more compact than what we have in Houston but they can be an eye sore from the outside.  Very curious as to how they plan on making this part of what looks like a sleek complex.

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I have an RSVP to attend their "VIP Reservation Event" next Saturday (Jan 30)

 

The invitation states unit reservations require a $250 refundable escrow deposit

 

Received this as well.

 

24239866769_66f5895c53_b.jpg

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Agree. These are more common overseas in units that are more compact than what we have in Houston but they can be an eye sore from the outside. Very curious as to how they plan on making this part of what looks like a sleek complex.

I have looked at the renderings. Some of them have very clear "views" of balconies. NONE of them show the "outside compressor thing" that was shown in the video above. Are we sure that this is the type of system that Ivy will have?

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I'd imagine, with ductless (in a regular home at least), you have 1 compressor, and however many room units it can support. so why wouldn't they do the same thing here? So one big compressor that could support however many units.

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"College Students"

Ahahahahahahahahahahahahahahahaha yeah ok

 

Next to empty nesters looking to downsize and/or work on their beer funnel technique.

 

There will be some that can afford it, no doubt, but they are on the "my dad sent me here hoping something useful will stick" plan.

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Posted to Facebook today from a realtor:

Ivy Lofts (conveniently located in the EaDo area) is officially on the market and currently taking reservations for Phase I!!! It's the first micro style condo to hit the city of Houston and it is going to be a major game changer to the housing community. This opportunity is a perfect investment for anyone wanting to live downtown including (but not limited to) college students, working professionals and empty nesters looking to downsize.

 

Actually, for some college students or college student groups, this could be very appealing.  Were a school like TSU to jump in on a development like this and buy up some units, that could get the project moving pretty quickly.  

 

On a personal note, I would love to live in a space like this.  

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There are quite a few UH students that live in the Mosaic/Montage on Alameda St. The Alta Lofts is a popular UH joint too.

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I have looked at the renderings. Some of them have very clear "views" of balconies. NONE of them show the "outside compressor thing" that was shown in the video above. Are we sure that this is the type of system that Ivy will have?

 

My best guess would be that they're planning to hide them behind the railing screens.  If you look closely, the balcony is divided into the usable part and a tiny sliver about the size of the compressor unit.

 

https://scontent-dfw1-1.xx.fbcdn.net/hphotos-xpl1/v/t1.0-9/12509109_743751085757007_6077075368207744219_n.jpg?oh=13b12d2816298bd7056a691cc6853102&oe=57492F8C

 

https://scontent-dfw1-1.xx.fbcdn.net/hphotos-xpt1/v/t1.0-9/12509089_743751115757004_7891471367653622488_n.jpg?oh=0cc8e62198d1cb40879344561124874b&oe=571137B4

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My lord! You are likely quite right! I can see what you mean and I totally missed it!

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Went to the "VIP Reservation Event" yesterday

 

They did a quick presentation showing the various floor plans and then did Q&A.  People could reserve units for $250.  There was a morning event which was apparently much larger than the 2:00pm event.  There were about 30 units reserved when I left with quite a few people still talking to agents.  

 

Ground breaking will be in August

 

Completion estimated August 2018 (I wonder if he misspoke on this, 2 yrs seems a long time?)

 

HOA fees will include ATT Digital Life home automation (remote light, doors, alarm, AC etc)

 

Sales center will open in March

 

 

SexGwT4.jpg

Edited by HoustonMidtown
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http://www.bizjournals.com/houston/news/2016/02/02/houstons-first-micro-unit-condo-project-attracts.html

 

 

 

In late January, the Houston-based developer held its first major sales event, which attracted more than 100 people. Re/Max Inner Loop, which is handling the marketing and sales for the project, said it secured sales reservations for 65 units inside The Ivy Lofts during the four-hour event. The brokerage plans to host another sales event later this month.

 

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After talking to one of the ReMax realtor's associated with this, I'm really surprised at how, well..."affordable" these condo's are; at least, the smallest "Tokyo" condo is. HOA fees are incredibly low, around $119 thanks to the amount of units available. After the mandatory 20% down payment has been factored in (10% up front, 10% as construction progresses), the price is about the same as paying for a mid-end apartment. 

 

I think the only issue people will have with this is putting down the up front costs for a project that hasn't even broken ground yet. Although, I assume this isn't a radical concept for many of these new condo towers. I assume all the funds will be reimbursed if the project doesn't move forward?

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Sneak peek: Inside Houston's first micro-unit condos

 

Looking at the picture gallery, I can't tell how the furniture is supposed to be changing at all besides the dinning table appearing for dinner.

 

Also that's a lot of people in a small space for a dinner party.

 

Morning: 

01-morning.jpg

 

Afternoon:

02-mid-afternoon.jpg

 

Dinner time (note the magically appearing table and the bookshelf that turned into a bar)

03-dinner.jpg

 

 

Late night dance party

04-night.jpg

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I love how they have to include a interracial couple for the simple sake of not discriminating.

Also those pictures show the best angle on the units, other pictures show it completely different.

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I love how they have to include a interracial couple for the simple sake of not discriminating.

Besides being just a pretty hot take, racist, and flat out ignorant, I'll bite.

How about you remember Houston is the world's most diverse city in the world, mkay? So what does that mean? Yep, you guessed it, it's pretty diverse! Who would've guessed it?!!!!

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 I assume all the funds will be reimbursed if the project doesn't move forward?

 

 

I have wondered that as well. Does anyone know the exact procedure if a building got canned after people "bought" units? 

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I would like to think it's refunded, but it's still technically an investment right? Although you are purchasing a good, rather than investing into the process that will make that good into reality. So maybe the investors lose money but the potential buyers don't?

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Also that's a lot of people in a small space for a dinner party.

 

 

A friend of mine had an one-bedroom apt around the same size (though he'd have a few more ppl over for a party). It's easier for everyone to socialize with one another.

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Ivy Lofts should complete in 2018. Meanwhile, Novel Creative Development is confidently eyeing its next micro-unit developments. Lisa tells us the team is planning two more micro-condo projects at the Med Center and the Galleria.

 

https://www.bisnow.com/houston/news/commercial-real-estate/ivy-lofts-debut-micro-condos-in-houston-55437

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If the payments + HOA fees were low enough, they would be good investments to purchase and rent out UH students for $800-$1000. 30 Year mortgage on a $120,000 unit (assuming $20k down) is about $500.

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If the payments + HOA fees were low enough, they would be good investments to purchase and rent out UH students for $800-$1000. 30 Year mortgage on a $120,000 unit (assuming $20k down) is about $500.

 

They are limiting rentals to 25% of the building according to the presentation last weekend.

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How can you allow only some owners to rent their units?

Condos I live in only allow a certain mixture of owner lived vs. renters or it affects our ability to get loans for repairs, too many renters and the banks question the ability to repay loans. 

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$613 a square foot. Many houses in River Oaks don't reach that level. You can get a pretty nice place in Montrose for less than half the price per square foot.

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$613 a square foot. Many houses in River Oaks don't reach that level. You can get a pretty nice place in Montrose for less than half the price per square foot.

 

Except that you can't - if you are just starting out in the world and can only afford in the $120k range to buy.  There is nothing in River Oaks or Montrose that small.  I think that one of the angles on these micro-lofts that we seem to all be overlooking is that while they cost more on a per-square-foot basis than in many markets, they are small enough so that single-income people early in their career can actually afford to buy them.  

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You're also paying for a share of common amenities. Nonetheless, on a per square foot basis 600 a square foot is more than most Ricer Oaks condos and even the new, River Oaks Highrise.

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Except that you can't - if you are just starting out in the world and can only afford in the $120k range to buy.  There is nothing in River Oaks or Montrose that small.  I think that one of the angles on these micro-lofts that we seem to all be overlooking is that while they cost more on a per-square-foot basis than in many markets, they are small enough so that single-income people early in their career can actually afford to buy them.  

Except that yes you can. The price on the unit referenced is $536k. You can get places all over Montrose for that price. No, you can't get River Oaks but you can get Montrose.

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Except that you can't - if you are just starting out in the world and can only afford in the $120k range to buy.  There is nothing in River Oaks or Montrose that small.  I think that one of the angles on these micro-lofts that we seem to all be overlooking is that while they cost more on a per-square-foot basis than in many markets, they are small enough so that single-income people early in their career can actually afford to buy them.  

 

 

Edited by Ryanbergeron83

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How can you allow only some owners to rent their units?

Many, if not All condo associations have this rule. I am told it is a mortgage underwriting rule. I.e. Mortgages underwritten by Fanny, Freddie, whomever, need to have this requirement in place.

Condos have a "leasing permit" process. You apply with your HOA and if their are permits, you get issued one. You rent your place. If their are no permits, you technically can't. As permits are issued they will be valid for as long as the unit is leased and expire, say, if the unit is unleased for, say, 90 days. When the permit expires, it will go to anyone waiting in line and if you still want a permit, you go to the end of the line.... So permits are only good for a year or two.... Then they expire and go to the next in line.

I have owned 4 condos in my life and all of them have worked in something "kinda like" this process.

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Except that you can't - if you are just starting out in the world and can only afford in the $120k range to buy. There is nothing in River Oaks or Montrose that small. I think that one of the angles on these micro-lofts that we seem to all be overlooking is that while they cost more on a per-square-foot basis than in many markets, they are small enough so that single-income people early in their career can actually afford to buy them.

.??

The referenced price is over $500k. You can buy a bigger unit at the Marlowe or commerce towers for that price

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Except that you can't - if you are just starting out in the world and can only afford in the $120k range to buy.  There is nothing in River Oaks or Montrose that small.  I think that one of the angles on these micro-lofts that we seem to all be overlooking is that while they cost more on a per-square-foot basis than in many markets, they are small enough so that single-income people early in their career can actually afford to buy them.  

 

 

This one is more to your point. It does appear to bring a new, lower price point into the neighborhood. It's also a lot cheaper per square foot. Although at $379 per sq. ft. it's still very high for Houston.  The larger units don't make sense at all to me. This one at least might make sense to some people. I still wouldn't buy one though. 

 

http://www.har.com/2604-leeland-1126/sale_8569453

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