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

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"Bedroom/Dining" - this actually kind of makes sense.  Usually when you're by yourself you don't eat the table all the time - especially if there's a breakfast bar in the kitchen.  So the bedroom can stay a bedroom most of the time except when you want to have a fancy dinner.

 

If I had this layout I'd have a little bistro set outside on the balcony for eating at a table.

 

Still seems like a little much for a 1 BR - but there is nothing like this price in downtown or midtown

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The target audience here is recent college graduates. Kids who have (typically) only lived at home, or in a dorm room with a RA. There are going to be so many random acts of sex someone's going to make a killing setting up a health clinic right across the street.

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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.

The restriction on the number of leased units is a Fannie/Freddie underwriting requirement. They want to ensure there will be a market for arm's length transactions in they acquire the property at foreclosure. The lender must also verify no one owner owns too many units, among a number of other requirements.

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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.

The unit appears to be on the penthouse level. There is prestige (and no upstairs neighbor) to be factored in.

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^^ Exactly. While I'm all for this development and hope that it works out, I just can't see someone paying $500k for an 800 SF unit when you can pay $450k for a 900 SF unit at the Marlowe in a far more desirable location. If there were units priced at $120k then you're point would be valid, but based on the prices we have seen so far, there are not going to be units priced that low.

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^^ Exactly. While I'm all for this development and hope that it works out, I just can't see someone paying $500k for an 800 SF unit when you can pay $450k for a 900 SF unit at the Marlowe in a far more desirable location. If there were units priced at $120k then you're point would be valid, but based on the prices we have seen so far, there are not going to be units priced that low.

 

The cheapest units listed so far are $119,900

 

http://www.har.com/2604-leeland--1033/sale_53422989

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This would be a much better project if it were located in Uptown/Kirby/RO. I don't get wanting to live in a cardboard box in the bad part of town.

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This would be a much better project if it were located in Uptown/Kirby/RO. I don't get wanting to live in a cardboard box in the bad part of town.

 

Well, yes, I suppose it would.  Just like my house would be better if it was in River Oaks.  But, just like my house would not be my house if it was in River Oaks, this project probably would not work with Uptown Kirby/RO land prices.

 

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This would be a much better project if it were located in Uptown/Kirby/RO. I don't get wanting to live in a cardboard box in the bad part of town.

While Eado isn't Uptown or Kirby, I wouldn't go as far to say it's in a "bad part of town". Honestly, I wouldn't live in such a project no matter where it was located in Houston.

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You call it a bad part of town, but it really isn't. at least not for what the people who will buy here are concerned with. As a hint, the people who will buy here couldn't care less about the school districts. I mean, the thought won't even cross their mind. They will think about how easy it is to hop on their bicycle and ride over to 8th wonder, or moon tower, or similar location. they probably won't even take grocery options into consideration. they'll consider how far they are from work, and how easy it is to reverse commute to wherever they need to go. they'll consider the less than a mile they have to walk/bike to get to any one of 3 different rail stops to be okay, and the closest one is .6 miles away on scott street and leeland. 

 

so yeah, the target audience doesn't want to live in the galleria area, kirby or RO. they want to live in areas exactly like this, which is the east end as of right now. and in 5-10 years when the area has grown up and becomes what montrose is now, they'll still want to be there because they will have grown with the area.

 

when they want to settle down and have a family, they'll have to sell and move on anyway (no matter the location). by that time, the area will more than likely be popular enough to sell one of these units for a tidy profit.

Edited by samagon
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This would be a much better project if it were located in Uptown/Kirby/RO. I don't get wanting to live in a cardboard box in the bad part of town.

 

Why do you think it's a "bad part of town" ?

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Why do you think it's a "bad part of town" ?

 

Looks terrible, roads are terrible, extremely sketchy, will take a long time to transition to something decent, if ever, etc. Townhouses over there are quite affordable, I don't understand why you wouldn't go that route vs this condo. If it were in a high land price area it would make a lot more sense since people would buy in to a smaller dwelling because it's the only way they can live in that area. This would be a nice addition to the River Oaks District area where the Arabella and Wilshire are going in.

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roads are terrible

 

if that is a sign of a bad part of town, i guess everything inside the loop is a bad part of town!

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"Affordable town homes"

Lol so the signs for new townhomes that I pass on the Purple Line that list "starting at the 600k's!" are for affordable townhomes...

 

You can get townhomes for well under 300K in that area. 

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There actually aren't that many sub $300K houses left on the market over there, and a reminder - these have a starting price under $200K!  For some people, $200K is stretching it to consider buying anything anytime soon.  Having the low starting price is important, and can lead to savings when you compare mortgage + HOA to renting.

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There are very few townhomes under 300k in the area. Most are going for $350k - $450k.

 

Not sure why one would classify the east end of downtown sketchy ....

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There are very few townhomes under 300k in the area. Most are going for $350k - $450k.

 

Not sure why one would classify the east end of downtown sketchy ....

It's definitely not River Oaks. Not the worst part of town though. I'd rather live there than somewhere down South I-45.

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Looks terrible, roads are terrible, extremely sketchy, will take a long time to transition to something decent, if ever, etc. Townhouses over there are quite affordable, I don't understand why you wouldn't go that route vs this condo. If it were in a high land price area it would make a lot more sense since people would buy in to a smaller dwelling because it's the only way they can live in that area. This would be a nice addition to the River Oaks District area where the Arabella and Wilshire are going in.

 

the most affordable townhouse in East Downtown is a 240k townhome that's pending/continuing to show on HAR.

 

I assume you understand the difference between the monthly mortgage payment for 140k and 240k?

 

If you want to buy anything within 1 mile of downtown for under 150k, you can get into a converted garden apartment, but (outside of living closer to kirby and RO) you get all the same negatives (and more), and none of the positives. Think about it. No real sound insulation between you and your neighbors, no pools, no gated parking, you'll get a numbered parking space under a carport, hope you don't like sleeping in on saturdays, inevitably the property management will hire the lawn crew to come do all the maintenance on saturday morning (as an added bonus, it will seem like they are just standing next to your window running the equipment). You have a common area with a washer and dryer, not in units. just the kind of place you can afford to buy and be close to RO.

 

You could look at 3rd ward for houses under 150k, but considering what you think of east end, I'd hate to hear your commentary on that area. On top of that, you're not getting central AC/Heat, you're not getting a garage to park your car in, you get a yard that you have to maintain, or pay someone to maintain.

 

So no, you can't do what you're suggesting and be close to downtown on a first job out of college budget. as I said in my post earlier, the people who are the target audience want to live in an area like the east end, they do not want to live in RO, it's that simple.

 

but then again, there's a 31 flavors in RO, so that's something.

Edited by samagon
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the most affordable townhouse in East Downtown is a 240k townhome that's pending/continuing to show on HAR.

I assume you understand the difference between the monthly mortgage payment for 140k and 240k?

If you want to buy anything within 1 mile of downtown for under 150k, you can get into a converted garden apartment, but (outside of living closer to kirby and RO) you get all the same negatives (and more), and none of the positives. Think about it. No real sound insulation between you and your neighbors, no pools, no gated parking, you'll get a numbered parking space under a carport, hope you don't like sleeping in on saturdays, inevitably the property management will hire the lawn crew to come do all the maintenance on saturday morning (as an added bonus, it will seem like they are just standing next to your window running the equipment). You have a common area with a washer and dryer, not in units. just the kind of place you can afford to buy and be close to RO.

You could look at 3rd ward for houses under 150k, but considering what you think of east end, I'd hate to hear your commentary on that area. On top of that, you're not getting central AC/Heat, you're not getting a garage to park your car in, you get a yard that you have to maintain, or pay someone to maintain.

So no, you can't do what you're suggesting and be close to downtown on a first job out of college budget. as I said in my post earlier, the people who are the target audience want to live in an area like the east end, they do not want to live in RO, it's that simple.

but then again, there's a 31 flavors in RO, so that's something.

Lol I swear the maintenance man doesn't want me to sleep past 8 am on the weekends.

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the most affordable townhouse in East Downtown is a 240k townhome that's pending/continuing to show on HAR.

 

I assume you understand the difference between the monthly mortgage payment for 140k and 240k?

 

If you want to buy anything within 1 mile of downtown for under 150k, you can get into a converted garden apartment, but (outside of living closer to kirby and RO) you get all the same negatives (and more), and none of the positives. Think about it. No real sound insulation between you and your neighbors, no pools, no gated parking, you'll get a numbered parking space under a carport, hope you don't like sleeping in on saturdays, inevitably the property management will hire the lawn crew to come do all the maintenance on saturday morning (as an added bonus, it will seem like they are just standing next to your window running the equipment). You have a common area with a washer and dryer, not in units. just the kind of place you can afford to buy and be close to RO.

 

You could look at 3rd ward for houses under 150k, but considering what you think of east end, I'd hate to hear your commentary on that area. On top of that, you're not getting central AC/Heat, you're not getting a garage to park your car in, you get a yard that you have to maintain, or pay someone to maintain.

 

So no, you can't do what you're suggesting and be close to downtown on a first job out of college budget. as I said in my post earlier, the people who are the target audience want to live in an area like the east end, they do not want to live in RO, it's that simple.

 

but then again, there's a 31 flavors in RO, so that's something.

 

Well, one positive would be living in something larger than 350 sqft. 

I assume you understand the difference between 350 sqft and 1200 sqft? Buy the townhouse and rent a room out to a buddy to more than cover the difference in mortgages. 

Edited by AREJAY
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Well, one positive would be living in something larger than 350 sqft. 

I assume you understand the difference between 350 sqft and 1200 sqft? Buy the townhouse and rent a room out to a buddy to more than cover the difference in mortgages. 

 

a lender isn't going to accept 'room rental' as secondary income next to the 60k salary of someone straight out of college. (and that's generous considering the average starting salary for someone out of college is around $45k).

Edited by samagon
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a lender isn't going to accept 'room rental' as secondary income next to the 60k salary of someone straight out of college. (and that's generous considering the average starting salary for someone out of college is around $45k).

Well, can't argue with that, you've got a point there. I was assuming that the prospective buyer would be able to afford, and get financing, for either.

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Another VIP sales event being held this Saturday due to high interest.

Good!

Because the last I read, the realtor handling these transactions was quoted a few months ago (it's quite a few pages back) as saying that they 550 units would all sell within two months of going up for sale. They have a few more weeks left.

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This might be the airbnb building. ..lol

If it was, there would only be 200 units in it!

(Assuming that you are referring to their "culling" of NYC listings prior to publishing data to New York State).

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My problem with this development has always been the location.  If it was in downtown, or on that light rail line (as in the train passed in front of the building and you stare down at the station from your loft) then I would already have a deposit down.  As is, I find it hard to justify buying the small space where I'd still have to walk 1/2 a mile to the train or drive to places.  It is the most affordable places for sale in downtown, but still - this would have been perfect where the Days Inn is, or even across the street from the new high school.  I hope that this is just the first of a few of these developments, and one will go in downtown, and the med center.

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4 minutes ago, cspwal said:

My problem with this development has always been the location.  If it was in downtown, or on that light rail line (as in the train passed in front of the building and you stare down at the station from your loft) then I would already have a deposit down.  As is, I find it hard to justify buying the small space where I'd still have to walk 1/2 a mile to the train or drive to places.  It is the most affordable places for sale in downtown, but still - this would have been perfect where the Days Inn is, or even across the street from the new high school.  I hope that this is just the first of a few of these developments, and one will go in downtown, and the med center.

The developer most likely got a reasonable price for the property.  You cannot walk 1/2 a mile?  Get a bike.

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It's a walkable distance, but if it's getting added at the front end to every trip, and then the back end to every trip, it makes it harder to compete, at least in my head, with townhouses in midtown (also 1/2 a mile from the light rail, though 3x the cost)

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It would be great if they've standardized the design enough that, like Skyhouse, they can plop multiple copies of it down quickly and (relatively) inexpensively.

Of course, Skyhouse gets away with that partially by separating the parking garage and letting that change shape depending on the site, but blocks in and near downtown are similar enough in size, and there are plenty of entirely vacant blocks, that I could imagine this developer making it work if they were thoughtful with the original design.

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53 minutes ago, cspwal said:

My problem with this development has always been the location.  If it was in downtown, or on that light rail line (as in the train passed in front of the building and you stare down at the station from your loft) then I would already have a deposit down.  As is, I find it hard to justify buying the small space where I'd still have to walk 1/2 a mile to the train or drive to places.  It is the most affordable places for sale in downtown, but still - this would have been perfect where the Days Inn is, or even across the street from the new high school.  I hope that this is just the first of a few of these developments, and one will go in downtown, and the med center.

Why couldn't you just take the bus and transfer? Any rail system is simply a compliment to its bus system. I'm sure you could still use public transportation and not have to use your car.

 

The good thing about the location is it will force development in this area even more. So while I agree that this would be nice downtown, I think in order to speed up the process this is what's needed.

Edited by j_cuevas713
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5 hours ago, HoustonMidtown said:

 

I forgot to add, we talked with one of the builders/developers and he said they spent over $1 million on the models/sales office building, which will be torn down in August when they break ground.

 

I can confirm. I live only a block away and they have been spending a LOT of money on this temporary building. 

 

And concerning the fact that it is not in downtown is not that important. Like I said I live one block from this and I have no trouble getting to stuff. EaDo is not some barren waste land, there is plenty of stuff to do there with out have to go to downtown which is only a half mile away anyway.  

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Jmitch94.  I agree with your sentiments above.  For clarity though, while it is about a half mile into downtown from your location, it is more like a mile to discovery green and 1-3/4 miles to market square.  Still totally walkable on any given day - hot, cold, rain, sunny.  No big deal, I agree.

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On 4/7/2016 at 9:30 AM, j_cuevas713 said:

Why couldn't you just take the bus and transfer? Any rail system is simply a compliment to its bus system. I'm sure you could still use public transportation and not have to use your car.

 

The good thing about the location is it will force development in this area even more. So while I agree that this would be nice downtown, I think in order to speed up the process this is what's needed.

 

Only a slight problem with the complimentary bus system is there is no bus that goes down Leeland. You have to walk up to Polk and potentially wait 30 minutes (assuming the bus isn't running late). May as well walk to the train. Heck, you could crawl and get to the train faster than waiting on the bus.

 

Development is coming with or without Ivy, Ivy is sure going to move the needle in a serious way though. I think being on Leeland may (in the long term) be a hindrance though.

 

Leeland, Harrisburg and Navigation are going to be the only streets that can get you from inside downtown to the other side of Scott without having to eventually get onto one of those 3 streets. To the east McKinney is going to be closed due to a railroad quiet zone. To the West Polk is going to be closed for the freeway. If East Downtown and the east end in general ever gets as popular as Montrose, Leeland is going to have a lot of traffic. 

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Having lot's of traffic could be a good thing, at least for a dense project like this - it increases the likely hood of commercial being near by, makes it more attractive for a new bus route, and a high rise is less traffic noise sensitive than houses or a mid rise

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The view from where I live. The grey building in the bottom right is the Ivy Lofts block and the current sales/demo building. You can also see the presence that 609 is going to have. This picture does not do justice to how big 609 looks in real life. 

 

IMG_0197.JPG

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38 minutes ago, EllenOlenska said:

If the apartments were five and a half times bigger it would have a Frasier type balcony view.

Well for 5 and a half times the price of the smallest unit you could get those views in a spacious condo at 3333 Allen Parkway (Royalton).

Edited by Montrose1100
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