There are parts of the 5th that are reasonably close to downtown Houston, but there's so much crappy housing, including a fairly large component of Section 8 apartments, that redevelopment of the area is going to be very slow in coming. I had the option to assume ownership of a 5,000 square foot lot on Market Street in the 5th, but it was only a couple of blocks from Section 8 and also had outstanding leins on it because the family that had owned it had just been allowing the City to mow it and occasionally haul off dumped trash for many years. It wasn't worth the trouble. There are plenty of lots and abandoned houses in similar situations, and worse, as well.
The Niche - in your post you pointed out many of the supposed problems or issues of the area however I think there are some other pools of thought out there on the area...
despite your not thinking it was worth the time to take that lot on Market, there are some large savvy investors who have been quietly buying up every large piece of land they can get their hands on in 5th Ward. Frank Liu - Intown Homes, Perry Homes, and Juliet to name a few.
Having lived there myself, its reputation is much worse than what the actual experience is like; I personally purchased a lot in Jun. of 05' for $8500 (50x100) and present market value is $18-21k; over 100% in a year or so, that is great by anyones standards....
True the commercial development & retail is non-existent but so is the case with all of innercity Houston to some degree and that is so because we do not have enough people living in our cities core to support the development.
I agree with many of your thoughts on the plan they/city proposed however one thing I think all Houstonians will have to come to grips with is a more dense inner city and that unfortunately is not a home situated on a lot with a 25ft setback and a detached garage, that sounds all nice and pretty but the reality of the matter is most urban friendly cities have a much more dense urban corridor and like you stated the constituents of that area can't afford houses like the plan calls for so in essence the plan they have crafted is one that will eventually displace them.
All in all...my whole point is to simply bring light to the opportunities present in this area as I think many people don't see it but change has already began for this area; after all what community will be most impacted by the Buffalo Bayou partnership...5th Ward...
Fifth Ward Urban Redevelopment Plan
in Fifth Ward
Posted · Edited by texasrealestatedeveloper
The Niche - in your post you pointed out many of the supposed problems or issues of the area however I think there are some other pools of thought out there on the area...
despite your not thinking it was worth the time to take that lot on Market, there are some large savvy investors who have been quietly buying up every large piece of land they can get their hands on in 5th Ward. Frank Liu - Intown Homes, Perry Homes, and Juliet to name a few.
Having lived there myself, its reputation is much worse than what the actual experience is like; I personally purchased a lot in Jun. of 05' for $8500 (50x100) and present market value is $18-21k; over 100% in a year or so, that is great by anyones standards....
True the commercial development & retail is non-existent but so is the case with all of innercity Houston to some degree and that is so because we do not have enough people living in our cities core to support the development.
I agree with many of your thoughts on the plan they/city proposed however one thing I think all Houstonians will have to come to grips with is a more dense inner city and that unfortunately is not a home situated on a lot with a 25ft setback and a detached garage, that sounds all nice and pretty but the reality of the matter is most urban friendly cities have a much more dense urban corridor and like you stated the constituents of that area can't afford houses like the plan calls for so in essence the plan they have crafted is one that will eventually displace them.
All in all...my whole point is to simply bring light to the opportunities present in this area as I think many people don't see it but change has already began for this area; after all what community will be most impacted by the Buffalo Bayou partnership...5th Ward...