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The Sophie: Condominiums At 6017 Memorial Dr.


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On 11/16/2016 at 11:55 AM, jmitch94 said:

God how are there this many wealthy people in Houston? I'm glad they are here though. 

 

I'm sure some of these are owned by wealthy people from South and Central America.  My gf managed an apartment complex for a wealthy family from Mexico and they would stay at their condo when doing business and shopping in Houston.

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http://www.bizjournals.com/houston/news/2017/02/10/after-brisk-presales-luxury-condo-poised-to-break.html

 

A luxury condominium project is poised to break ground near Memorial Park this spring after preselling half of its units in less than six months.



 

Stolz Partners LLC plans to break ground on The Sophie at Bayou Bend by early May. The seven-story, 42-unit condo is set to rise on a nearly two-acre site at 6017 Memorial Drive, just west of Westcott Street and the Bayou Bend Collections and Gardens.

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On 2/10/2017 at 0:55 PM, Timoric said:

These type of developments look great. pretty striking though from an article I read today that something like 70 percent of Houston area rents are below $1K and a higher percentage have mortgages less than $1200, and about 3 percent can spend more than $2,000 per month. It seems like a tiny number of buyers can buy anything listed on HAIF these days.

While I have no doubt that you read this, I am struggling with the math.  Here is why.....

 

a $2,500 mortgage payment is about a $400,000 loan (rough math).  What income is needed for a $2500 loan payment?  Approximately $105k per year ( again, very rough math).  Google says that the "top 25% of income earners in Houston make at least $97k and the top 10% make at least $150k.

 

would it not follow then that least 20% or so of all income earners in Houston be able to afford a $2000 mortgage?    The only way the math you quote could be correct ("only 3% can afford a $2000 mortgage") is if folks in this income category have a LOT of consumer debt.  Or am I missing something?

 

also, while I don't have the stats, if only 3% of people in this town can afford a $2000 mortgage, it would also follow that only 3% of the homes would sell above a certain price point.  My gut tells me a lot more than 3% of the homes sold in this city sell for more than $400k. But, again, I could be wildly wrong as I have no stats (couldn't find any online)

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10 hours ago, MarathonMan said:

Drove by this site over the weekend.  Didn’t get a picture, but construction is under way.  They’re moving a lot of dirt!

 

Taken from the webcam above just now:

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