HoustonRealtor

Unfortunately, the previous listing, at $270,000, specifically stated that it was priced at lot value only. From two listings ago, in 2005: I think it's sealed bid because the city owns it. I think they have to sell it that way to ensure that everything is fair and legitimate. Otherwise an insider might get a real sweet deal on it.

JHC, here are some photos of your old house. They are from an MLS listing. The house is currently a rental. It leased for $900 in April 2007. Here is the listing info: Just minutes from the Texas Medical Center, downtown, and University of Houston. Convenient to bus lines. Hardwood floors, living, den, large back yard and spacious kitchen

I'm not sure, but I don't think it's an estate. I think that the property is just owned by a trust, and where there is a trust, there is a trustee.

Some pics from when it was sold in 2001. Listed at $995,000 and sold for $956,250.

Not much, but a few pics below from a previous listing

It looks to me as though the previous owner was looking to make a fortune and kept the asking price well out of the reach of most home buyers. Here is the history from MLS, each time with a different listing agent: 3/26/02 to 7/13/02 - $780,000 asking price 9/17/02 to 11/22/02 - $659,000 asking price 2/18/03 to 6/30/03 - $629,000 asking price 7/19/03 to 6/30/04 - $589,000 asking price, sold for $515,000

I overlooked some info previously, so here are updated details. Each one represents a new listing in MLS. 10/18/05 - 4/14/06 (179 days): $350,000, reduced to $339,000, reduced again to $328,900 4/30/06 - 5/25/06 (28 days): $345,000 6/5/06 - 9/7/06 (94 days): $344,900, reduced to $339,900 9/11/06 - 11/19/06 (70 days): $339,000 11/20/06 - 2/14/07 (86 days): $339,000, reduced to $329,900 2/14/07 - present (153 days): $329,900 So, according to the days above (as calculated by MLS), the home has been on the market for 610 days, with a couple small gaps between listings. It has never changed to pending during that time. Even if there isn't anything wrong with it, everyone probably assumes that there is a problem because of how long it's been sitting around. If I were looking, I would skip it and move on. However, you are the potential buyer...not me.

He's re-using pics from a previous lisitng. Many agents go in, right-click on pics, save them and re-upload them in MLS. Some of the lower resolution pics, and the ones that don't go to full-size when you click on them are from a previous listing. This home has been for sale since 9/11/06. First with Suzanne Anderson Properties for 70 days and now with Keller Williams for 237 days. Any home that has sat on the market for 300+ days in our current market has done so for a reason - location, condition, price, floorplan, etc.

Atlas redeveloped the Oak Lane Apartments at 2700 Revere. They are now Oak Lane Condominiums. The Oak Lane project was never as successful as he had hoped, so he never did Phase II (across the street at 2701 Revere). Phase I was first listed in April 2005 and had some units ready for sale by summer, but they still haven't sold them 2 years later. I thought that he had sold the project to concentrate on 2727 Kirby, but the condos are listed by the same company that is listing 2727 Kirby. That company also has the same address as MDA Holdings. So, perhaps he still had some involvement in Oak Lane.

Definitely. If there is new construction around, you will be at a disadvantage. It's hard to compete with the incentives that builders offer buyers - from outdoor kitchens and swimming pools to big price reductions and closing cost assistance.

Although I don't like being referred to as a real-whore, I guess I have been called worse. Apparently JM1FD hasn't had the pleasure of working with a Realtor that actually looks out for his/her client's best interest. With that being said, I agree with everything else that JM1FD had to say. One year is nowhere near enough time to make money in the Houston market if you are looking at new construction. Inner loop condos can be easy to rent, but many people want to buy with as little money down as possible. The problem with that is that when you add your mortgage and maintenance fee together, it makes is more difficult to cover your monthly outlay. And no one wants to pay more in rent just to cover your expenses. If you plan on putting money down and will have a lower payment, it will be easier to do, but you still won't likely be able to sell it and cover all expenses AND make a nice profit for several years in most cases. You will be competing with new construction condos in innner loop areas for many years to come. If you aren't in this for the long run, I say rent and move on. (Now see, I'm no fluffy bunny. I gave my honest opinion and it had nothing to do with whether or not I may be able to make some money on the deal today or at any time in the future. I don't want to see someone make a costly real estate mistake.)

The listing was terminated and the property was re-listed under Country Homes / Acreage. Here is the new listing: www.har.com/2149005

I think it's always been residential, but it's big enough to be a dorm. Maybe someone will make it into some type of rehab facility. There are plenty of bedrooms.

12thManFan, I think you are referring to Rodeo Palms, which has a custom section with dozens of (poorly maintained) lots, but only about 4 homes. A new one was recently started, which is odd considering that the section almost looks abandoned. When it finally builds out, it may be nice, but I wouldn't invest $500k+ in what appears to be a dud right now. However, that is not where the 2 ridiculously large homes are. Both are on County Road 59. One is currently on the market at $3.7M (reduced from $5M)for 31,696 square feet. That will get you 13 bedrooms, 15 full bath + 6 half-baths, and a 7-car garage (all according to the listing). For the curious, it can be seen at www.har.com/7531757. Take note of the drop ceiling throughout. How fancy!!! HA HA HA! The home is owned by Dr. Ulysses Watkins. The property next door is owned by Family Care Medical Clinic, which Dr. Watkins is affiliated with and likely owns. This home is over 60,000 square feet. It is said to have 20 bedrooms and a 13-car garage.