Live Oak Lofts Feedback Wanted

[edirp]

Looking for any and all feedback on the Live Oak Lofts (construction quality, etc.)

Why have they been so slow to sell?

Thanks in advance.

[travelguy_73]

I think pricing and a weak loft market are why the units are slow to sell. That, and lack of amenities in the immediate area. My person opinion is that it is a cool building with terrific windows, but there is pricing overlap with many of the downtown buildings (and lower-priced townhomes). I personally would rather have a slightly smaller place in the heart of downtown for the same money.

With the transient population in the area, I'm not sure I would want a first floor unit with those giant windows. I don't recall, but is the parking even covered?

You can see from this picture http://harpictures.marketlinx.com/MediaDis...hr1551095-6.jpg a loft project on Dowling that appears to be on hold. I think Live Oak is just a casualty of an overall soft loft market--Houston hasn't really embraced loft living in a major way yet.

ETA: A quick drive-by shows they have tandem covered above ground parking. And I neglected to mention there really are no views of downtown, a big negative in the area.

[gabe116]

I think pricing and a weak loft market are why the units are slow to sell. That, and lack of amenities in the immediate area. My person opinion is that it is a cool building with terrific windows, but there is pricing overlap with many of the downtown buildings (and lower-priced townhomes). I personally would rather have a slightly smaller place in the heart of downtown for the same money.

With the transient population in the area, I'm not sure I would want a first floor unit with those giant windows. I don't recall, but is the parking even covered?

You can see from this picture http://harpictures.marketlinx.com/MediaDis...hr1551095-6.jpg a loft project on Dowling that appears to be on hold. I think Live Oak is just a casualty of an overall soft loft market--Houston hasn't really embraced loft living in a major way yet.

ETA: A quick drive-by shows they have tandem covered above ground parking. And I neglected to mention there really are no views of downtown, a big negative in the area.

Im also interested in one of these places but the monthly maintenance fee seems a bit high. Does anyone know if the fee persqft. is too high compared to other similar locations? Im not too familiar with this area or lofts inner-workings for that matter.

[HoustonMidtown]

Looking for any and all feedback on the Live Oak Lofts (construction quality, etc.)

Why have they been so slow to sell?

Thanks in advance.

Every time I see the pics of their interior on HAR I want to buy one....but I want to stay in Midtown, Montrose....

The building looks very cool and the interior pics look good - Ive never actually been through one of the units though....they have definately been for sale for a long time, I would think you could get a good deal on one...

[hokieone]

They are really close to me and once I took the time to go through them. I think there are three reasons they have sold very slowly

- Houston is not yet sold on the loft concept

- they are overpriced

- no real marketing campaign

The woman that was showing the units said it was basically a couple of brothers that re-did the building. It is really cool inside and I really liked the units. I especially like the unit where the office is. Two stories with winding staircase, huge ceilings and a cool little terrace area on the second floor. A lot of nice touches in the building. However, the woman said that the owners were really not doing a lot to get the word out, or agressively sell them. She said it was almost a "if we sell one, great, we just liked redoing the building" type attitude. Strange.

The price per sq ft is high, especially for a developing area. I don't remember how much the Jackson Hill lofts were selling for, but I think on the east end, a lot of the loft type projects are really expensive for some reason. The Stanford I think is pretty high as well. Hopefully the Herrin project will be more reasonable and if they sell well, might make the other developers realize where the "sweet spot" is for pricing.

[Houston1stWordOnTheMoon]

Overpriced with high maintenance fees. Not good in Houston, and im thankful for that!

[gabe116]

Overpriced with high maintenance fees. Not good in Houston, and im thankful for that!

Huh? what do you mean?

[VicMan]

As for school information, in case you plan to have kids:

Here are the schools that the lofts will be zoned to:

* Dodson Elementary School (http://es.houstonisd.org/Dodsones/ )

* E.O. Smith Education Center (for Middle School) (http://ms.houstonisd.org/Smithms )

* Wheatley High School (http://hs.houstonisd.org/wheatleyhs/ )

Profiles:

* Dodson: http://dept.houstonisd.org/profiles/Dodson_es.pdf

* Smith: http://dept.houstonisd.org/profiles/Smith_EO_1thru8.pdf

* Wheatley: http://dept.houstonisd.org/profiles/Wheatley_HS.pdf

Also, keep in mind that students who went to Douglass Elementary School (http://dept.houstonisd.org/profiles/Douglass_ES.pdf) are now zoned to Dodson after Douglass closed last year.

Also keep in mind that Wheatley High School will get a brand new campus built on the current school grounds. See http://www.houstonisd.org/HISDPortal/depar...4872301,00.html for information about the new building.

Also keep in mind that if you are not satisfied with any of the current zoned schools, you may apply to other Houston ISD schools. Houston ISD has school choice policies for a reason.

[lwood]

Overpriced with high maintenance fees. Not good in Houston, and im thankful for that!

I was told by a Heritage Properties sales person that the maintenance was 20 cents/sq. ft. This is low if it is correct. Have you heard another number?

[edirp]

The Live Oaks Lofts website lists it as 21 cents a square foot. I understand there is an additional assessment if you have a unit with a patio or deck.

MAINTENANCE FEE SCHEDULE

ITEM ANNUAL COST

A/C & Plumbing Repairs $1,200.00

Building & Lawn Maintenance $4,800.00

Cleaning Supplies/Equipment $1,200.00

Elevator Maintenance/Warranty $3,600.00

Elevator Telephone Monitoring $480.00

Fire Alarm Monitoring $1,200.00

Entry System Monitoring $1,200.00

Telephone 4x50x12 $2,400.00

Insurance $40,000.00

Legal Fees $1,200.00

Management ($) $12,000.00

Pest Control $1,200.00

Reserve @ 64,000 x .03 x 12 ($) $23,040.00

Trash Removal $6,000.00

Contract Labor $18,000.00

Window Cleaning (2x) $2,400.00

Water ($45 x 46 x 12) $24,840.00

Electric (Common Areas) 12 x 800 $9,600.00

Miscellaneous $6,000.00

Annual Budget $160,360.00

Monthly Budget $13,363.00

Cost per Sq. Ft. @ 63,752 $2.52

Monthly Cost per Sq. Ft. @ 63,752 $0.21

[jscarbor]

I was thinking about developing a small condo complex in this area, maybe 25 units. I really wanted to focus on smaller 1 bedroom units. Prices in the $140K well appointed range most with views. Its on some pretty major streets as far as east end is concerned but would have a nice big brick wall surround. Per sq foot it would be a high price but the sales price itself is low. Does this sound viable?

Maint fees would be as low as I can possible make them.

[Dream]

I was thinking about developing a small condo complex in this area, maybe 25 units. I really wanted to focus on smaller 1 bedroom units. Prices in the $140K well appointed range most with views. Its on some pretty major streets as far as east end is concerned but would have a nice big brick wall surround. Per sq foot it would be a high price but the sales price itself is low. Does this sound viable?

Maint fees would be as low as I can possible make them.

How are sales at the Herrin Building? I think they have a lot of 1 bedrooms in this price range and may be a way to guage the competiition. I assume they are struggling because I'm not hearing any sold out talk in the neighborhood. Tell me more about your development, is it closer to Scott or Dowling street? Will you redevelop an existing building or build from the ground up? The townhouses seem to sell pretty good in the neighborhood and builders are finding some success.

Did you sell all of your townhouses on St. Emanuel, I noticed a for rent sign the other day?

I'll tell you what may work in this area. Small studios for sale/rent to artists with a dedicated gallery space in the building for the artists to exhibit and sell their work. Keep in mind most artists are usually broke but rich people like to hang out with artists.

Good Luck,

Dream

[lwood]

Looking for any and all feedback on the Live Oak Lofts (construction quality, etc.)

Why have they been so slow to sell?

Thanks in advance.

The units at Live Oak Lofts were advertised for lease in this weekend's Chronicle. Many are no longer listed on har.com for sale. Those that are listed for sale look as though the prices were raised.

I think it's a great building but the market is telling them the prices are too high. Maybe all of the new construction in the area will help them get the dollars they need to make this project successful.

[uncertaintraveler]

I was thinking about developing a small condo complex in this area, maybe 25 units. I really wanted to focus on smaller 1 bedroom units. Prices in the $140K well appointed range most with views. Its on some pretty major streets as far as east end is concerned but would have a nice big brick wall surround. Per sq foot it would be a high price but the sales price itself is low. Does this sound viable?

Maint fees would be as low as I can possible make them.

I don't know for sure, but I have always heard that 1 bedroom condos are difficult resales, which might cause difficulties finding the initial buyers. It seems to me that if I had a 1 bedroom condo, the pool of available buyers is quite limited: single people, childless couples, or empty nesters. Maybe there are a few other segments of the population that are interested in a 1 bedroom, but I don't know who they would be. In contrast, though, a 1 bedroom study or a 2 bedroom gives you much more exposure to potential buyers and the additional bedroom or study doesn't really add all that much more to the cost of construction. My point is...why focus on 1 bedrooms when they are possibly one of the most difficult of floorplans to sell?

And...why would I care about the overall sales price being low when the cost per square foot is high? If all someone had was $140K to spend on a home, unless there is some really good or unique reason (like a view or incredible soundproofing), I don't think most people would pay $150 a square foot when a reasonably equivalent place going for $100 a square foot is available.

[lwood]

I don't know for sure, but I have always heard that 1 bedroom condos are difficult resales, which might cause difficulties finding the initial buyers. It seems to me that if I had a 1 bedroom condo, the pool of available buyers is quite limited: single people, childless couples, or empty nesters. Maybe there are a few other segments of the population that are interested in a 1 bedroom, but I don't know who they would be. In contrast, though, a 1 bedroom study or a 2 bedroom gives you much more exposure to potential buyers and the additional bedroom or study doesn't really add all that much more to the cost of construction. My point is...why focus on 1 bedrooms when they are possibly one of the most difficult of floorplans to sell?

And...why would I care about the overall sales price being low when the cost per square foot is high? If all someone had was $140K to spend on a home, unless there is some really good or unique reason (like a view or incredible soundproofing), I don't think most people would pay $150 a square foot when a reasonably equivalent place going for $100 a square foot is available.

Good point on the price per square foot. That's why I'm surprised that projects such as those on Jackson Hill and immediately west of downtown are selling for $200 per square foot or more. There is a market for that price range but I guess it depends on the location and the project. I recently read that Inner Loop Condos says their market is professional single females under the age of 35. In these new construction projects the larger units are the last to sell but I would think that's because they are pushing the $300,000 mark.

Mir Azizi's latest project, Herrin Lofts, is going for the first time buyer who wants to be near downtown. The small units start in the $140's. It will be interesting to see how well he does. He hasn't had an unsuccessful project yet.

[jscarbor]

For small units the price per foot goes way up, you have more kitchen and bath coverage than in a bigger unit plus HVAC, roof and other charges don't go down that much wth sq footage. Also there are common areas that might not be in a traditional home that cost but not computed into sq footage.

I looked up 1 bed available and sold on MLS and noticed the 1 bedrooms were selling great! The 2 beds in condos are actually a little tougher to sell because the price is such that they could afford a new town house.

[lwood]

Looking for any and all feedback on the Live Oak Lofts (construction quality, etc.)

Why have they been so slow to sell?

Thanks in advance.

Live Oak Lofts were taken off of har.com but are now re-listed at almost twice the price! I would assume they think the new construction in the area will help their building but I don't understand $300,000 to $500,000 units in that building.

Somebody educate me.

[Kirzania]

Live Oak Lofts, in my opinion was a big bust for the area.

I have a feeling they wanted so much because, when we were at the Open House (waaaay back when,) the broker told us they ended up pouring more money into the building than they intended. The elevator, for instance, was supposed to be the original elevator that was hand-operated. But they had to pay for inspectors to approve - and deny - it, then get someone to come in and... You get the idea.

My biggest complaint: No pantries (small door in a big wall, with tons of shelf space, but hard to put anything in there if the door isn't big enough.) IKEA (God love you) furnishings - down to the drawer pulls. NO WALLS. They charged you to put up a wall. Everything is open-air and no privacy, which is great if you never want company.

Good to be home, guys.

[sevfiv]

i kind of like the open kitchen, but the storage seems limited. i have a lot of pots and pans!

the cabinet on the right-hand side looks like a water-heater closet

welcome back, kirzania...long time no see!

[Kirzania]

Open Kitchen

... is the result of no walls.

The "pantry" there open up into the ceiling. The walls aren't floor-to-ceiling, they stop about 3 feet beforehand to expose the ductwork and lights.

[atomic]

Spoke w/ Sellers today, all remaining units are under contract. No other info beyond that they have closed on some already, but not many. Some investment group is buying the lot of them. I don't like the sound of that. And if I was one of the individual owners I'd be pissed. Lots of HOA's have limits as to how many units can be tennant occupied. If it turns into a big rental property I don't see that being very good for the area. Too many of those Perrys are unoccupied now. Owned by amature investors that confuse the East Side w/ Downtown Miami. My office-mate had 2 listed by a seller that had gotten them pre-const and now have been completed for almost a year. Empty and asking more than you could by them from Perry.

Have noticed recent activity over at East Side Lofts??? Anyone know anything?

Also-Herrin, when will they be ready?

[musicman]

Have noticed recent activity over at East Side Lofts??? Anyone know anything?

Also-Herrin, when will they be ready?

Are the East Side Lofts the ones at the corner of Polk and Dowling? i saw they were pulling off the fake stucco for some reason. Maybe leaking already...

[travelguy_73]

Are the East Side Lofts the ones at the corner of Polk and Dowling? i saw they were pulling off the fake stucco for some reason. Maybe leaking already...

I went past there a couple of weeks ago and I swear they are replacing the stucco with brick. I say that because the north wall appears to have brick where there wasn't any before. I will try to run by for a look later and take a picture.

[Lofty Ambitions]

Regarding the Herrin Lofts' anticipated completion date . . .

I heard recently that some units might be ready as early as September, though from driving past the building two weeks ago, it looked like there's still much interior work that needs to be completed.

Do any of you know who/which developer is behind the East Side loft project?

[lwood]

Looking for any and all feedback on the Live Oak Lofts (construction quality, etc.)

Why have they been so slow to sell?

Thanks in advance.

I asked the listing agent what was going on with this property. The remaining units were recently sold to an investment group who is in turn marketing them to out of state investors on the east and west coast. They say that they are selling well to those investors and at the current selling rate they should be sold out by the end of the summer.

[flipper]

I asked the listing agent what was going on with this property. The remaining units were recently sold to an investment group who is in turn marketing them to out of state investors on the east and west coast. They say that they are selling well to those investors and at the current selling rate they should be sold out by the end of the summer.

It worries me when I hear about left and right coast spec investors "investing" in the Houston market.

flipper

[TheNiche]

It worries me when I hear about left and right coast spec investors "investing" in the Houston market.

flipper

No kidding. But the word is out. Opportunities have dried up on their end, but ours is a robust market. Its a good time to be a bird dog for capital lenders.

I'd hate to have bought a presale in that project, only to find myself surrounded with apartment dwellers.

[lwood]

No kidding. But the word is out. Opportunities have dried up on their end, but ours is a robust market. Its a good time to be a bird dog for capital lenders.

I'd hate to have bought a presale in that project, only to find myself surrounded with apartment dwellers.

The local market has already established that they won't pay the prices. I guess that means the investor would have to sell to another out of state investor if he wants to get out. Otherwise it's now a lease building. Good luck on getting enough lease money to cover that investment.

It is a great building but it's hard to justify the original prices, much less the new ones.

[slowloe]

I went past there a couple of weeks ago and I swear they are replacing the stucco with brick. I say that because the north wall appears to have brick where there wasn't any before. I will try to run by for a look later and take a picture.

We're thinking of buying one of the dowling & polk townhomes. does anyone know anything about these? did the builder go out of business? why so many foreclosures? what's the deal with the fake stucco in this post? all i've seen is brick. on hcad it looks like east side lofts were supposed to be in the burned and broken building right across polk on dowling.