Kirby Lofts At 917 Main St.

[sevfiv]

We have a discussion about these a few threads down. So how much are the maintenance fees? Is it true there isn't any parking? Does it look like they will negotiate on the price at all?

someone mentioned .44/square foot

i saw some on HAR. they looked...alright

[bach]

The sign on the building still says:

Kirby Lofts on Main

65 Units

Now Leasing

713-752-0917

[lwood]

Does anyone know what's up at the Kirby Lofts on Main St? Was full after Katrina, but doesn't seem to be very occupied now. Especially compared to other downtown resid. props.

We toured the building yesterday. One bedroom units overlooking Main were in the low 200's for roughly 1,100 sq. ft. A corner two bedroom was in the 260's. The downside is that the building has no parking. Maintenance fee if 44 cents/sq. ft.

[The New Juniper]

Make sure your title insurance is solid. Lots of cobwebs in that closet i hear....

[bach]

It would help if the current owner, whoever that is, would come out/surface, give the public a little confidence that the place is going to work.

[Subdude]

Note two open Kirby Lofts topics merged.

[Daniepwils]

The owner is a bank in Ohio or something. The seem to want more money than listed. I basically told them they would not get it!

This is not New York... it is Houston, everyone has a car.

There is no parking for the building. Which still wouldn't be a problem really except most of the parking garages in downtown actually close in the evenings. So if you did "rent" a parking spot in one of those garages, your car would be stuck in the garage or you have the chance of being locked out of your garage after a certain hour.

Even then if you could live with that, trying to sell these down the road is going to be very hard.

[bach]

The owner is a bank in Ohio or something. The seem to want more money than listed. I basically told them they would not get it!

This is not New York... it is Houston, everyone has a car.

There is no parking for the building. Which still wouldn't be a problem really except most of the parking garages in downtown actually close in the evenings. So if you did "rent" a parking spot in one of those garages, your car would be stuck in the garage or you have the chance of being locked out of your garage after a certain hour.

Even then if you could live with that, trying to sell these down the road is going to be very hard.

Thanks for the update. Do you know what the price per square foot was, and if anyone else is buying?

[Daniepwils]

Thanks for the update. Do you know what the price per square foot was, and if anyone else is buying?

I don't know if there were anymore buyers. I don't think there are at the moment.

I do know that the one I looked at was 170.46 per sq.ft. (1730sqft). I think the smaller ones were 200+ per sq.ft.

[uhlaw09]

I don't know if there were anymore buyers. I don't think there are at the moment.

I do know that the one I looked at was 170.46 per sq.ft. (1730sqft). I think the smaller ones were 200+ per sq.ft.

Attended an open house for Kirby Lofts today. There are a ton of them that are unoccupied and for sale. Anyone have any thoughts about this place now?

I know about the no parking situation, etc. Also, the fees cover all utilities, including electricity. But this place seems like it would be really difficult to resell or lease.

[Daniepwils]

I know when we looked into these there were about 4 people who rented (before it was a rental building) who opted to buy their condo/loft. This was more than 9 months ago. I still check HAR from time to time and see almost all the same units for sell.

I wasn't impressed (no parking, no pool and the entrance area was surrounded by beggars waiting for people to walk out of CVS). I could see if this building was in Manhattan or San Fran, but this isn't something that is going to sell in Houston. You can get something much better across the street at Commerce Tower or even the new Park Place building going up near the new park.

Edited August 19, 2008 by editor

[uhlaw09]

I wasn't impressed (no parking, no pool and the entrance area was surrounded by beggars waiting for people to walk out of CVS). I could see if this building was in Manhattan or San Fran, but this isn't something that is going to sell in Houston. You can get something much better across the street at Commerce Tower or even the new Park Place building going up near the new park.

Anyone else have thoughts on the Kirby Lofts? One difference between these and Commerce Tower/Park Place is that there are pretty nice looking 1 BR's that are listed at around 95k-110k that aren't selling. That tells me that I could have a good shot at one for considerably lower than this.

I too looked at them during the open houses that are currently going on. There are a ton of them available that are all owned by a bank, and I'm doubtful that they're going to sell at the current pace. Despite them not selling, I think that I would really enjoy living there. With direct tunnel access, I could be in my office downtown in literally 5 minutes. Also, the lack of direct parking doesn't bother me too much. The fees for a somewhat low square-footage apartment are pretty low (for around 630, it is $270/month). 270/month inclusive of basic cable, electricity, water, and sewer is reasonable. Makes the $150/month for parking bearable.

Bottom line: I like the urban grit of downtown, and it will definitely be my kind of place in about a year from now with DG, HP, and OPP all open. Also, having Midtown a few stops away and never having to worry about driving home after drinking would be great.

All in all, I would love to live here if I could get a place that is discounted under the already low around $100k they're asking. However, I don't see them selling the condos that are for sale anytime soon (especially due to the lack of parking).

Thoughts? What are the perils of getting a very cheap condo in a development that isn't going to sell? Sounds like an awful idea, but I just don't know what happens to a condo development when none of its units will sell.

Edited August 19, 2008 by editor

[Daniepwils]

UhLaw do you plan on living there for 5+ years? You will have a hard time reselling any of these as they offer very little compared to other places in downtown. And as long as you don't care about riff-raff living in the same building as you. At these prices I assure you that will happen, especially with light rail right outside, it is only a matter of time if nothing is done that this place will become a mini-projects building, thus devaluing the property even more.

Most parking garages in the area don't allow you to access the garage after a certain time (you can get out after a certain time, but can't get back in until 5 or 6 the next morning). I am sure this can be arranged to accommodate those people though.

[TheNiche]

Thoughts? What are the perils of getting a very cheap condo in a development that isn't going to sell? Sounds like an awful idea, but I just don't know what happens to a condo development when none of its units will sell.

Just say no. If you really want to live there, ask about leasing.

If you buy there, you must accept that your vote on the HOA carries no weight at all. The bank has more than half the units and controls the HOA, and until they sell enough of them off, it is possible that they'll be looking to pawn off as many operating costs on minority owners as possible. That is Red Flag #1. If you buy a condo, breaking even on up-front expenses and amortization will take at least three to four years. If you aren't sure that you want to be there that long, don't buy a condo here (or anywhere). That's Red Flag #2. And if you do need to get out from under it, for instance because you changed jobs, or lost a job and need to downsize, don't count on being able to sell it immediately or at a price at which you aren't cutting a check to the bank. This is a big risk. It is a bankruptcy risk. It is Red Flag #3.

The only way I can imagine that this project will ever work for any investor is if the whole building is converted to a rental property. But it has been pitched to me with much-discounted pricing that way, and I won't touch it if only because it has Tracy's fingerprints all over it.

Edited June 10, 2008 by TheNiche

[Daniepwils]

This was a rental property at one time. Very nice for a rental property, however people were forced to use the valet service. So if you wanted your car you had to wait at least 15 minutes just to get it. (I had a friend live there and I have looked at apartment ratings sights, and they all say the same thing). The biggest problem I think was the lack of management when it was a rental property.

TheNiche, what do you know about Tracy? I have delt with him and don't care for some of his tactic's, although he does have a hot assistant.

[JustMefromLA]

I won't say much more about Tracy publicly that I haven't already.

I went to see these condos and they look good from my perspective. Only real drawback I saw was the parking. But no big deal for me. Another thing...I was told that another lender will charge more interest to finance a purchase here. Why is that? I was "recomended" to use the current bank which owns this property. Oh, why was almost every single property forclosed on? There are currently around 8 sold and another 8 or so under contract...total units are 44. So it's a very lonely building right now. Can someone post a little more history on this property?

[uhlaw09]

I went to see these condos and they look good from my perspective. Only real drawback I saw was the parking. But no big deal for me. Another thing...I was told that another lender will charge more interest to finance a purchase here. Why is that? I was "recomended" to use the current bank which owns this property. Oh, why was almost every single property forclosed on? There are currently around 8 sold and another 8 or so under contract...total units are 44. So it's a very lonely building right now. Can someone post a little more history on this property?

They've dropped prices significantly since I visited last time about 3 weeks ago.

[Daniepwils]

I went to see these condos and they look good from my perspective. Only real drawback I saw was the parking. But no big deal for me. Another thing...I was told that another lender will charge more interest to finance a purchase here. Why is that? I was "recomended" to use the current bank which owns this property. Oh, why was almost every single property forclosed on? There are currently around 8 sold and another 8 or so under contract...total units are 44. So it's a very lonely building right now. Can someone post a little more history on this property?

It was a rental property for some time and tenants were forced to use the valet parking since there wasn't a garage. It hasn't really changed much since then, other than being basically empty. A year a go I went and looked at these when they were for sale and they only had 4 tenants (those 4 people had rented and opted to buy the apartment they were in). -- The reason they are all in foreclosure is because one bank owns most of them other than the penthouses I think and those are owned by another bank.

Real estate agents and banks always "recommend" that you use their mortgage companies, don't buy into that. ALWAYS SHOP AROUND for the best rate! If you get their quoted rate, go to your bank and see if they can't beat the other rate..

Do you plan on selling this property in the future? If you plan to live here the rest of your life then go ahead and buy it. But if you are ever going to resell it, you will have a very hard time in doing so. Everyone in Houston has a car (well everyone that can really afford to buy and maintain a house, this is even more so now due to gas prices rising along with everthing else) and one thing you will almost need is a garage.

[diggity]

I was told that another lender will charge more interest to finance a purchase here. Why is that?

with the owner occupancy rate as low as it is in the Kirby Lofts, I would be suprised if another lender would give you a loan at all

[TheNiche]

with the owner occupancy rate as low as it is in the Kirby Lofts, I would be suprised if another lender would give you a loan at all

That is a problem with Fannie Mae loans, but that doesn't mean that the private sector wouldn't be willing. It'll just be at a higher interest rate.

[midtownuser]

uhlaw09 - did you end up purchasing the property? why or why not?

[ryan3230]

Just closed on my place on Monday!!! I'm excited about living downtown and experiencing city life. I've been in Sugar Land all my life so looking foward to a big change. Everything's fine so far, the units are really nice, all it took was one swipe with a towel and the place was spotless, will be painting and replacing carpet, and a few minor details here there, lights, outlets, etc. cable worked right away and ran the water all day long to get the sulfur out, the water stayed hot from about 2pm to 11pm. The air conditioner blows freezing cold! good for Houston Heat. Used the workout room, its nice, kept clean and notice a few people throughout the day. Overall, I'd say it's a great buy, nice location Pavillions about 2-3 blocks to the south, Shops at HC 2 blocks to the East, Main Place 1 block north, Hines North 3 blocks north, theaters 6 blocks nW, Stadiums, convention center and hotels, OPP, DT, and Disc Green all are blocks east and there's a rail stop right outside the door. There's quite a bit of what I call bum activity right outside the door especiall a few weeks ago when we were looking at the place, not as much now, I've noticed a cop car parked on Walker right outside the Dollar Store. My guess is, once the Dollar Store goes, so will the bums and I'm sure the Dollar Store will get pushed out as retail goes in at the new Main & Walker Garage and hopefully in Main Place and once Pavillions open and hopefully someone will see the idea of retail on the first floor of the old Sakowitz Building to fruition. Downtown is looking up! Of course, the only downfall is parking. It might be able to catch a spot in front of the building, but there's only three. Hopefully the HOA can foreclose on some of these empty units and sale them to buy some spots. Give me a few months to work my muscle and we'll see what we can do

[SilverJK]

awesome. I see those every day and have thought heavily about it. I work just accross the rail. I agree that once the dollar store shuts down, the bums that just sit around will probably shift away a few streets, but the ones begging for change will still be around because that is where the handouts are. (unless new businesses push them out). On a sidenote, i've seen the redbull truck, and the mentos car as well as other groups there on your corner giving stuff away on many occasions. yay for guerilla marketing!

[Daniepwils]

Just closed on my place on Monday!!! I'm excited about living downtown and experiencing city life. I've been in Sugar Land all my life so looking foward to a big change. Everything's fine so far, the units are really nice, all it took was one swipe with a towel and the place was spotless, will be painting and replacing carpet, and a few minor details here there, lights, outlets, etc. cable worked right away and ran the water all day long to get the sulfur out, the water stayed hot from about 2pm to 11pm. The air conditioner blows freezing cold! good for Houston Heat. Used the workout room, its nice, kept clean and notice a few people throughout the day. Overall, I'd say it's a great buy, nice location Pavillions about 2-3 blocks to the south, Shops at HC 2 blocks to the East, Main Place 1 block north, Hines North 3 blocks north, theaters 6 blocks nW, Stadiums, convention center and hotels, OPP, DT, and Disc Green all are blocks east and there's a rail stop right outside the door. There's quite a bit of what I call bum activity right outside the door especiall a few weeks ago when we were looking at the place, not as much now, I've noticed a cop car parked on Walker right outside the Dollar Store. My guess is, once the Dollar Store goes, so will the bums and I'm sure the Dollar Store will get pushed out as retail goes in at the new Main & Walker Garage and hopefully in Main Place and once Pavillions open and hopefully someone will see the idea of retail on the first floor of the old Sakowitz Building to fruition. Downtown is looking up! Of course, the only downfall is parking. It might be able to catch a spot in front of the building, but there's only three. Hopefully the HOA can foreclose on some of these empty units and sale them to buy some spots. Give me a few months to work my muscle and we'll see what we can do

Something about this post just doesn't sit well with me. Did you really buy a place here? or are you working for the realtor?

[ryan3230]

Something about this post just doesn't sit well with me. Did you really buy a place here? or are you working for the realtor?

I really bought a place. Of course my posts are going to be a bit biased, it is my home now. I know it's not perfect, and I would tell anyone thinking about it to look at this as being here at least 5 years and to seriously consider getting a parking spot. But I don't work for the realtor, they're great guys, but my ultimate concern is filling up the building and yes that happens to be in line with the realtors. But wouldn't that be your goal if you had just purchased here? If you have any fears or concerns about this place, ask me about them and I'll tell you the truth. But overall I just wanted people to know that there are folks besides the realtors who believe in this place and see the value in it and see the great location it has and the potential it has.

[MNGal]

I really bought a place. Of course my posts are going to be a bit biased, it is my home now. I know it's not perfect, and I would tell anyone thinking about it to look at this as being here at least 5 years and to seriously consider getting a parking spot. But I don't work for the realtor, they're great guys, but my ultimate concern is filling up the building and yes that happens to be in line with the realtors. But wouldn't that be your goal if you had just purchased here? If you have any fears or concerns about this place, ask me about them and I'll tell you the truth. But overall I just wanted people to know that there are folks besides the realtors who believe in this place and see the value in it and see the great location it has and the potential it has.

Hi - I'm from Minnesota and planning to move to Houston in January -- I've noticed a bunch of listings for these units on har.com, but it's hard to tell from the photos the quality of the finishes in the units. The millwork in the kitchens/bathrooms all look like cheap veneers (can you confirm/deny?), and the drywall looks like it could use some sanding and repatching.

How is the sound attenuation between units? I noticed it was a loft, so my guess is the sound carries pretty readily through the concrete slab, unless they installed a good subfloor, which I doubt...and reading through the thread it appears it was formerly an apartment complex -- how good are the party walls? Can you even tell yet? Do you have enough neighbors that you could anyone making sound to judge against?

I'm really interested because of location (bums don't scare me too much if there is a locked main entry). How do the public spaces look compared to the photos on har.com?

[ryan3230]

Hi - I'm from Minnesota and planning to move to Houston in January -- I've noticed a bunch of listings for these units on har.com, but it's hard to tell from the photos the quality of the finishes in the units. The millwork in the kitchens/bathrooms all look like cheap veneers (can you confirm/deny?), and the drywall looks like it could use some sanding and repatching.

How is the sound attenuation between units? I noticed it was a loft, so my guess is the sound carries pretty readily through the concrete slab, unless they installed a good subfloor, which I doubt...and reading through the thread it appears it was formerly an apartment complex -- how good are the party walls? Can you even tell yet? Do you have enough neighbors that you could anyone making sound to judge against?

I'm really interested because of location (bums don't scare me too much if there is a locked main entry). How do the public spaces look compared to the photos on har.com?

I really like the finishes and the more I'm there the more impressed I am with them, then again this is my first place so I'm not as picky. But in walking through these units and walking through say the Mosaic in Hermann Park, I definitely notice a drop off in quality. The cabinets definitely feel cheaper, flimsy, the countertops are tiled instead of slab and the appliances are standard GE, not the GE Profile that I notice everyone has. In the bathrooms my Dad says its Marble, but I'd like to confirm that with a professional first. The walls could use a little touch up here and there, in my opinion nothing major, probably a weekend project. Definitely new paint. I don't have enough neighbors to tell if the walls really drown out sound, I do have someone next to me and we share a wall, but I think he's only there Mon-Fri, if that, I've only ran into him once and the only thing I've ever heard from his unit is the washing machine, and even then I had to have my ac unit and tv off. My unit is right outside the weightroom and I've never heard anyone in there, don't think people use it that much, I've seen someone in there three times maybe. I can say that in my unit, if I go to the 2nd bedroom and try to yell to someone in the kitchen, there's no chance they hear me until I enter the kitchen. The sound only carries in the kitchen/living room where there is hardwood floors, which are really nice, they have a real natural look and feel to them. I'd say overall you get a lot of value considering the price.

I think the lobby isn't shown well on har.com, but its not that big a difference when you walk in. There's really not much to it, just some chairs a coffee table, the Porter's office and that's it. But it's decent, definitely makes a great impression on visitors. The location is great, I can walk about 3 blocks to all the bars/clubs on main street and yet I'm far enough away that I don't have to hear the music/people. It's about 10 blocks to the Astros Game, 4-5 blocks to the new park and will be 3 blocks to the Pavilions. And there's two locked entry ways so I always feel secure. And I just found out that if you contract a parking spot with the 1001 mckinney garage, you can have 24 hr access to it through the tunnel!

[lwood]

Hi - I'm from Minnesota and planning to move to Houston in January -- I've noticed a bunch of listings for these units on har.com, but it's hard to tell from the photos the quality of the finishes in the units. The millwork in the kitchens/bathrooms all look like cheap veneers (can you confirm/deny?), and the drywall looks like it could use some sanding and repatching.

How is the sound attenuation between units? I noticed it was a loft, so my guess is the sound carries pretty readily through the concrete slab, unless they installed a good subfloor, which I doubt...and reading through the thread it appears it was formerly an apartment complex -- how good are the party walls? Can you even tell yet? Do you have enough neighbors that you could anyone making sound to judge against?

I'm really interested because of location (bums don't scare me too much if there is a locked main entry). How do the public spaces look compared to the photos on har.com?

No parking. Resale?

[ryan3230]

No damage to report here at the Kirby Lofts! Stayed here through the storm, never lost power and thankfully didn't loose any windows. Had some very light leaks around the tops of the windows but nothing more than a few drops. Told management and they came right over to check it out. They'll probably just have to recaulk around the windows or make sure everything is sealed up tight.

As far as the experience, it was interesting, even scary at times. The sounds of windows breaking, things falling out of buildings sounded like explosions. The aluminum blinds scraping the ground as they blew in the wind sounded like something out of a horror movie. Afterwards, there's glass all over the streets for blocks and a couple of trees and signs bent to the ground.

[gsutiger2]

I just left from there - I am considering giving downtown living a try (only if my home can lease for a good price). Well, I felt they were fine. They are definately not glamorous but there not bad. Good price if you want to get into downtown. Layouts are pretty nice as well.

Again my issue . . .Parking. No parking and only one entrance in. They have contracted though with garages VERY near with a reasonalbe fee.