Memorial Real Estate

[HedwigTramp]

If you are interested in appreciation, buy as much dirt "in the Memorial villages" that you can afford. Lot size will mean much more at a resale, and and fact you do NOT live in Houston is a strong selling point. I have steadily seen the Massive rebuilds move north thru-out Piney Point into Hedwig, and now has jumped I-10 (especially into Campbell Place).

I bought in Hedwig in 2001 with one priority...get as much dirt as I could afford. I bought a 3/4 acre lot and then "over-remodeled" a 1950's ranch. The location is excellent - end of a private road and a creek runs along the back and south side of my property (no flooding.

My "Dirt" is now worth 3 times what I paid for it. Unfortunately, my "over-remodeled" house will probably be leveled by whoever buys the land.

Another secret... When buying an investment in a gentrifying area (actually Memorial never significantly declined), buy on a street with the smaller homes/large lots. These will be the first to be attacked by the developers.

When I moved into my home, my street was appraised 20-30% less than the surrounding streets because of the older, smaller homes. Now I am surrounded by new 6-8 thousand foot houses that sold for 2+ million. The surrounding streets had very nice homes that made the lots too expensive for the builders.

[Yonkers]

Great advice, HedwigTramp. I so want to do that. Unfortunately my wife is focused on the house itself above the investment/appreciation. I know you guys can't help me there, but I do appreciate the advice.

I was hoping for a 50s ranch (mainly because that's all there is) that is already partially updated on the inside and that is on 20k sq ft lot. But my wife poo poo'd the ranch style housing, which leaves me with nothing else in Memorial to choose from. So I'm forced to go across I-10 but the lots there are all smaller. So I'm thinking of just buying a lot there and then building a house on top. It won't be as much of an investment but at least the wife will be happy with the house. Cause if momma ain't happy...

[KatieDidIt]

Great advice, HedwigTramp. I so want to do that. Unfortunately my wife is focused on the house itself above the investment/appreciation. I know you guys can't help me there, but I do appreciate the advice.

I was hoping for a 50s ranch (mainly because that's all there is) that is already partially updated on the inside and that is on 20k sq ft lot. But my wife poo poo'd the ranch style housing, which leaves me with nothing else in Memorial to choose from. So I'm forced to go across I-10 but the lots there are all smaller. So I'm thinking of just buying a lot there and then building a house on top. It won't be as much of an investment but at least the wife will be happy with the house. Cause if momma ain't happy...

Well, we wanted the bigger Memorial lot near the bayou as well. But coming back in, in 2007, it wasn't happening for under a million with a liveable house. I agree, the bigger the lot the better the return. That's why we went west into West Memorial. We ended up with 1/2 an acre in a subdivision named Yorkshire, next to Wilchester. A two story Georgian with 4000 sf. and a 3 car garage. It was more than liveable, but we gutted it anyway. So what if it's Stratford instead of Memorial HS. They are pretty much the same, both with social issues unique to themselves.

However, in the year we have bought, our purchase price has become tear down value in here. So we did ok. Not as well as we did in Tanglewood or as well as HedwigTramp has done, but I think triple appreciation value days are gone for a while.

PS- What's up with this house on LEgend Ln in 77024. I know the street's a little funky, but that's a darn good price for 1/2 and acre. http://search.har.com/engine/dispSearch.cf...mp;backButton=Y

Edited November 25, 2008 by KatieDidIt

[HedwigTramp]

PS- What's up with this house on Legend Ln in 77024. I know the street's a little funky, but that's a darn good price for 1/2 and acre. http://search.har.com/engine/dispSearch.cf...mp;backButton=Y

At $585K it is almost twice the appraised (HCAD) value. My concern is the large 10 acre commercial parcel off Memorial that has been for sale (for years) within a stone's throw (two lots). Since it is in Houston (vs the villages) there is no zoning, so who knows who your new neighbors would be.

And based on the pics, this house does not seem to qualify as a teardown (as advertised) unless there are serious structual problems or mold.

[KatieDidIt]

PS- What's up with this house on Legend Ln in 77024. I know the street's a little funky, but that's a darn good price for 1/2 and acre. http://search.har.com/engine/dispSearch.cf...mp;backButton=Y

At $585K it is almost twice the appraised (HCAD) value. My concern is the large 10 acre commercial parcel off Memorial that has been for sale (for years) within a stone's throw (two lots). Since it is in Houston (vs the villages) there is no zoning, so who knows who your new neighbors would be.

And based on the pics, this house does not seem to qualify as a teardown (as advertised) unless there are serious structual problems or mold.

Is it for sale? I know Methodist Hospital owns it, but wasn't aware it's for sale.

[HedwigTramp]

Is it for sale? I know Methodist Hospital owns it, but wasn't aware it's for sale.

I thought I remembered that lot having some of those permanent "For sale or lease" signs posted. I may be mistaken, and if so I appreciate the correction.

[KatieDidIt]

I thought I remembered that lot having some of those permanent "For sale or lease" signs posted. I may be mistaken, and if so I appreciate the correction.

I drive by there about 4 times a day and there hasn't been sign for a while. I think there was one maybe 7 or 8 years ago.

[banking214]

I have noticed that homes bounded by West of Gessner, Memorial to the North, Beltway to East, I 10 to the South getting expensive as well. I walked through a new contruction for $890,000 of off Bennignus a few weeks ago. I never thought homes would be almost $900,000. There is a home at the end of our street that has been on the market for 6 months at $2 million and another just listed for $2.8. I was shocked to see homes listed at that amount. I was looking at home with my parents for fun a few weeks ago, and we were mentioning that we could not find a home for under a million we liked. I mean, a million dollars not even getting you a home you like?

[HedwigTramp]

I have noticed that homes bounded by West of Gessner, Memorial to the North, Beltway to East, I 10 to the South getting expensive as well.

Huh??

I am confused..... what area are you describing? "West of Gessner, Memorial to the North, Beltway to East, I 10 to the South"

[banking214]

Huh??

I am confused..... what area are you describing? "West of Gessner, Memorial to the North, Beltway to East, I 10 to the South"

West Of Gessner, North Of Memorial, East of Beltway and South of 1 10.

The area where Memorial MS, Holly Spirit, T&C Center, Rice/Blockbuster shopping center is located.

Memorial Woods maybe?

[Yonkers]

West Of Gessner, North Of Memorial, East of Beltway and South of 1 10.

The area where Memorial MS, Holly Spirit, T&C Center, Rice/Blockbuster shopping center is located.

Memorial Woods maybe?

As prices in the actual villages get high enough to push people (like me) out further, I'm not surprised to see this. You can still get a good sized lot in this small area and it's still on the east side of Beltway. You can find $1+mil homes north of I-10 too so why not here.

I still have my fingers crossed to be able to get into Hunter's Creek/Bunker Hill/Hedwig Village. I really do want a lot at least 15k sq ft. That allows you have a 4000+ sq ft house that doesn't look like you're squeezing Yao Ming into a Prius.

[G-man]

I have steadily seen the Massive rebuilds move north thru-out Piney Point into Hedwig, and now has jumped I-10 (especially into Campbell Place).

I agree that Campbell Place is one of the better neighborhoods north of I-10 in which to buy a lot, as it has some of the larger lots in the area (the largest lots north of I-10 are actually in Rollingwood, but it's north of Long Point and thus zoned to different schools than areas further south and east; this also makes it cheaper). I was driving through Campbell place this morning and saw a couple of good lots for sale - here's one:

http://search.har.com/engine/dispSearch.cf...mp;backButton=Y

The thing is that Campbell Place and Brykerwoods (which also has larger lots) are fairly expensive and are now beginning to approach prices south of the freeway, with lots costing half a mil, and newer houses running 1.3 to 2+ million. That's one reason why Monarch Oaks/Glenmore Forest where Yonkers visited the house on Westview has been getting so much new development, even though the lots are smaller (and thus a bit cheaper). But with prices there now approaching a million, more people are getting priced out and development is now moving north of Long Point. I suppose it's jut a never ending cycle!

G

[banking214]

As prices in the actual villages get high enough to push people (like me) out further, I'm not surprised to see this. You can still get a good sized lot in this small area and it's still on the east side of Beltway. You can find $1+mil homes north of I-10 too so why not here.

I still have my fingers crossed to be able to get into Hunter's Creek/Bunker Hill/Hedwig Village. I really do want a lot at least 15k sq ft. That allows you have a 4000+ sq ft house that doesn't look like you're squeezing Yao Ming into a Prius.

I don't know the name of the neighborhood, but if you drive down Kimberley Lane and cross over Beltway 8, take a right on Brittmoore, then a left on Rummel Creek. This is a really pretty area with decent size lots and great trees. I think this area has the potential for nice appreciation.

[G-man]

I still have my fingers crossed to be able to get into Hunter's Creek/Bunker Hill/Hedwig Village. I really do want a lot at least 15k sq ft. That allows you have a 4000+ sq ft house that doesn't look like you're squeezing Yao Ming into a Prius.

I've noticed that there are a couple of places in the Villages south of I-10 that still do have somewhat reasonable prices for some reason. One of these is on Hunters Creek drive within Hunters Creek Village. You can still get houses on 20,000 sq ft lots there for between 500k-700k, such as this one:

http://search.har.com/engine/dispSearch.cf...mp;backButton=Y

I assume that this is because it fairly close to the freeway, but I've driven through there before and there didn't appear to be much noise. Anyone else have an idea as to why it's so much cheaper here. In any case, you might want to check it out.

G

[Yonkers]

I was driving through Campbell place this morning and saw a couple of good lots for sale - here's one:

http://search.har.com/engine/dispSearch.cf...mp;backButton=Y

May not be subdivided but horses allowed? LOL... that's an odd deed restriction.

[banking214]

May not be subdivided but horses allowed? LOL... that's an odd deed restriction.

Have a few frieds that lived on that street at one point. I never did like that fact that it did not connect to any streets to the south.

[Yonkers]

Have a few frieds that lived on that street at one point. I never did like that fact that it did not connect to any streets to the south.

Seems like a good location to me. You can hit Bingle or Campbell to go south to I-10 if you want. Other than that, not many people will be using that street for through traffic. Nice big lot but I couldn't afford half a mil and then throw another half a mil for a decent house on top.

Looking closer on Google Maps I would be more concerned with the commercial strips that are very close on either side of the property. What are you guys opinions on that?

I've noticed that there are a couple of places in the Villages south of I-10 that still do have somewhat reasonable prices for some reason. One of these is on Hunters Creek drive within Hunters Creek Village. You can still get houses on 20,000 sq ft lots there for between 500k-700k, such as this one:

http://search.har.com/engine/dispSearch.cf...mp;backButton=Y

I assume that this is because it fairly close to the freeway, but I've driven through there before and there didn't appear to be much noise. Anyone else have an idea as to why it's so much cheaper here. In any case, you might want to check it out.

G

Something like that is a hard sell for someone like me. Beyond being an investment, it would first and foremost have to be a house we want to live in. And while it looks like it's been updated nicely on the inside, it's only 2000 sq ft. And as a tear down it would be too expensive for me to be able to build up something else on the land.

So basically it's lot value only and the lot is close to the freeway. I'm sure someone will buy and build a McMansion on it though.

Edited November 26, 2008 by Yonkers

[G-man]

Seems like a good location to me. You can hit Bingle or Campbell to go south to I-10 if you want. Other than that, not many people will be using that street for through traffic. Nice big lot but I couldn't afford half a mil and then throw another half a mil for a decent house on top.

I agree Yonkers - I think they may have meant Hunters Creek Drive from the previous post, not Larston?

[Yonkers]

I agree Yonkers - I think they may have meant Hunters Creek Drive from the previous post, not Larston?

Oh, good point. That house on Hunter's Creek is awkward. It's part of Hunter's Creek but not quite... know what I mean? How would you even talk a walk in the neighborhood. There are about 3 streets you can hit and no way to hit a trail or something to get to the rest of Memorial without hitting the frontage road. There's no back end green belt that I can see from the map.

[KatieDidIt]

Oh, good point. That house on Hunter's Creek is awkward. It's part of Hunter's Creek but not quite... know what I mean? How would you even talk a walk in the neighborhood. There are about 3 streets you can hit and no way to hit a trail or something to get to the rest of Memorial without hitting the frontage road. There's no back end green belt that I can see from the map.

Problem with Hunters Creek Drive is that you can only access from the feeder. If you miss it you have to go all the way around and try again.

[Yonkers]

Problem with Hunters Creek Drive is that you can only access from the feeder. If you miss it you have to go all the way around and try again.

Looks like you do get a second chance with Hickory Hollow St, no?

[celiene]

Hi all,

It would be "too bad" if they tore that Hunter's Creek house down.......especially since it seems well maintained, at least in the pictures (older, smaller homes in Mc Mansion nabes don't look bad........ smaller, older, "UN-maintained" homes look bad in Mc Mansion nabes.......... because un-maintained homes look just plain bad anywhere )

Now, if there are foundation problems ( some are tough to fix, others are not) or serious mold issues---well, that would be one thing.....

With more aging baby boomers heading into retirement years, and not needing the "status Mc Mansion" anymore, homes like this offer a nice

option----close to city life with a lttle peace and quiet when you return home ( ahh, if the road noise from I-10 isn't a problem)

Plus it is one story--might be a little small for some folks--though ( only in Texas is 2K sq ft. considered a tiny home)

Close to the bayou though--is this area "prone" to flooding ?

I know some areas along the bayou are.........................

[Scott08]

Hi all,

It would be "too bad" if they tore that Hunter's Creek house down.......especially since it seems well maintained, at least in the pictures (older, smaller homes in Mc Mansion nabes don't look bad........ smaller, older, "UN-maintained" homes look bad in Mc Mansion nabes.......... because un-maintained homes look just plain bad anywhere )

Now, if there are foundation problems ( some are tough to fix, others are not) or serious mold issues---well, that would be one thing.....

With more aging baby boomers heading into retirement years, and not needing the "status Mc Mansion" anymore, homes like this offer a nice

option----close to city life with a lttle peace and quiet when you return home ( ahh, if the road noise from I-10 isn't a problem)

Plus it is one story--might be a little small for some folks--though ( only in Texas is 2K sq ft. considered a tiny home)

Close to the bayou though--is this area "prone" to flooding ?

I know some areas along the bayou are.........................

Plus one. That is a beautiful midcentury modern that has been tastefully updated and looks like it has nice grounds. I think the OP (or at least his wife) wants a McMansion so I would suggest looking for a cheaper lot and then building to your heart's content. I hope someone chooses to buy the Hunter's Creek home to live in.

[HedwigTramp]

Hi all,

It would be "too bad" if they tore that Hunter's Creek house down.......especially since it seems well maintained, at least in the pictures (older, smaller homes in Mc Mansion nabes don't look bad........ smaller, older, "UN-maintained" homes look bad in Mc Mansion nabes.......... because un-maintained homes look just plain bad anywhere )

Now, if there are foundation problems ( some are tough to fix, others are not) or serious mold issues---well, that would be one thing.....

With more aging baby boomers heading into retirement years, and not needing the "status Mc Mansion" anymore, homes like this offer a nice

option----close to city life with a lttle peace and quiet when you return home ( ahh, if the road noise from I-10 isn't a problem)

Plus it is one story--might be a little small for some folks--though ( only in Texas is 2K sq ft. considered a tiny home)

Close to the bayou though--is this area "prone" to flooding ?

I know some areas along the bayou are.........................

It does not flood.

IMO.... The house is toast (sad...pictures are beautiful). But a 2,100 sf house on a 20,000 sf lot with a land-only value (HCAD) just under $450K), in a prime neighborhood is a Major mismatch. Unless George Washington spent the night in the house, it will be in a dumpster 2 months after resale.

The owners over-remodeled... I did the same thing.