Trophy Property
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Posts posted by Trophy Property
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Houston19514, I have no reason to lie. Go around looking at townhouses in Midtown that are for sale. There is a HUGE amount of flipping going on. It's actually creating a townhouse bubble, I think. As I said, there's an oversupply of townhouses already, and once a townhouse reaches a certain price point, most people are going to pass and just buy a single family home in an established neighborhood.
That's why I think Perry and the other builders do NOT price them higher. They know what the midtown market can bear, and that's townhouses for roughly $150,000 to $190,000. That's why they PRICE THEM that way. They know that midtown is still a risk.
So now you have all these greedy schmucks buying up townhouses pre-construction, and attempting to sell them for higher prices. And, many of them can't even be sold, but are instead for lease.
Dumb, dumb, dumb.
I'm going to wait it out for about a year. My guess is that the townhouse owners will realize that they can't get what they ask, and prices will fall quickly. Even if interest rates rise, which I'm sure they will, the lower cost mortgage will offset it.
I have not seen a lot of the flipping, but I do not pay much attention. I do check the HAR site about once a week and I see the same product. Many of these listings have been on there for 4-6 months.
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This looks great. Indeed, a lot is going in Uptown: this project, new development at Fashion Square, expansion of Uptown Park, a new high-rise hotel between Montebello and Villa d' Este and so on. Uptown is going to look a lot different a few years later.
Where exactly is this project going up? Is this the Wulfe project are we talking about two different projects. I am not sure the area can sustain two of these massive projects at the same time.
It is interesting to see all the residential growth in this area. The office product has suffered for year and rental rates lag behind most of the other sub markets in the city. I guess people would rather live in Uptown than work there.
Another interesting fact is that not a single office building has been built in the Galleria in 20 years. I believe Transco (Williams) was the last office tower completed. Maybe all this residential growth will lead to more office development. A few new buildings would really help fill in the "skyline" of uptown.
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Calm down everyone... that link took us to one listing for ONE of the units in the Edge complex. When one takes the 10 seconds required to look further, one finds that there are units listed starting at $144,500.
OK then, what is the size of the $150k unit. I would assume it would be 800-900 SF. Still not worth it to me. Of course I like space.
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RayLSU,
I agree. I live in MIdtown. I rent. I would love to buy. And can afford to. But at the end of the day, I'm not convinced. I love living in this area, but I'm not convinced that this is the spot that we think it is. Or, rather, I'm not convinced that OTHERS think that this is the spot (which, at the end of the day, is all that matters in real estate).
Having said that, I don't think we should "execute" the homeless people, as someone else suggested.
I just don't think the Houston condo/townhouse market is what we think it is.
I too live in Midtown. I bought my townhouse at a time when I was working nearby at the American General Center, was single, and was going out alot.
Fast forward two years. I am now living with my Fiance, work in the Galleria, and rarely hit the bars anymore. Living in Midtown is not the same for me. I think If I had been working in the Galleria and been living with someone when I was looking to buy I might have looked elsewhere. I love the area, but I also am concerned with the pace at which Perry and Urban Lofts have been developing.
I own a Perry, mainly because I could not afford anything in the higher price range, but I think they have really over built the area. I think slower development would be a better alternative in Midtown. With low interest rates, these builders are able to churn out the product way to fast and out pace the absorbtion.
I am terrified of the future. It is already hard enough for re-sales in the area. If interest rates spike we (midtown owners) may find ourselves with an over abundance of product and no willing buyers. If I were single and wanted to stay in the area I would be OK with waiting it out, but I do not want to raise a family in a 2150 SF Townhouse with no backyard. My fingers are crossed that I will not get caught in a bad period.
With all that said I am thinking of re-doing the kitchen. I must be a lunatic.
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$355,000? What happened to the "$150,000 and up" prices they quoted when they announced the thing?
Yeesh. And I was looking forward to it as a potential buyer. But I can only go to about $170,000 or so.
I was thinking the same thing. At $355k, the price is $240 per square foot. That is pretty darn high if you ask me. I am sure the maintenance fees will be at least $400-$500 a month. That makes principle, interest and HOA about $2100 per month (assuming 80% LTV at 5.5%). Escrow in your taxes and you are lucky to be right under $3000 per month. OUCH.
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The Park Shops are terrible. No one wants to battle traffic to go downtown so they can shop at a depressing, outdated mediocre mall. The whole point of downtown retail is to get away from the mall. It's all about the street. Cute little shops, outdoor dining, a little breeze are all why people want to shop in a downtown environment. In my opinion the owners of the Park Shops should convert the whole thing into a megaplex movie theater. It's already enclosed, let's take advantage of that....
The problem is that everyone on this board has these grand plans, but no clue about the amount of money and time these sort of changes take. Not to mention the risk that those involved take.
Change the park shops into a megaplex? Come on. There is the Angelica right across downtown and it does not pull in that much traffic. Why would you even suggest that. As for street level retail, who is that going to attract? I am all for street level retail areas like the Village, River Oaks Shopping Center, Town and Country (not the former enclosed mall) and the shopping along Westhiemer and Weslayan (I can not remember the name of that area)
The Park Shops offer an ammentity to the whole of Houston Center. They were developed nearly 2 decades ago (when the Real Estate Market was hopping I might add.) They are currently going through renovations and trust me when I say that the owners are making every effort possible to make them work. But leveling the building or completley changing the entire scope is not only cost prohibitive, but virtually impossible in the short term.
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Crescent does not own the Bayou Place and never has. Concering the pavillion, all the land around Houston Center was sold by Crescent to the city to build a big part. The Pavillion idea is DEAD. Trust me !!
Build a big Park. Sorry.
BTW, everyone seems to forget about the Park Shops (Houston Center). There is a pretty large enclosed mall in downtown and noboby seems to mention it when they are baulking about downtown having zero retail. I think the Main & Polk project would be great, but it is hard to make a bold move when the Park Shops have struggled for so long.
Off topic, but the new Strip House steak house in houston Center is awesome. Give it a try. A bit pricey, but worth it.
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I just found sometimes out. If Crescent Real Estate Equities(also the owner of bayou place) is in on this project, Pavillion at Houston Center that means it will never get built. For one, Crescent mention PHASE II on the bayou place, did it happen? No. It's been what, 2-3 years now since they talked about PHASE II of bayou place. This will be another bomber to downtown's vibrant entertainment sencery.
Crescent does not own the Bayou Place and never has. Concering the pavillion, all the land around Houston Center was sold by Crescent to the city to build a big part. The Pavillion idea is DEAD. Trust me !!
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I can see it happening and I really do not think it woudl take much to do. But I do recommend that they find a way to keep noise levels down thought. They could use a sound damping equipment.
I guess you are not aware of landscaping costs. The plan as you see it looks like a tremendous amount of work, money, and time. Blow the sucker up and build more parking. Sorry for the negativety.
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I screwed up. Just wanted to comment that they'll just raise the toll if it gets too congested. Since it's all electronic it will be easy to have variable pricing-they can charge more at peak times.
I've been using the Westpark to get to my office in the Sharpstown area from far West Houston. There's an exit right at Fondren. It's very convenient.
Both the Westpark and the FB Tollway's are awesome. I for one would be willing to pay to decrease my drive time. I was reading where the Hardy TR is going to be expanded all the way to downtown.
I could see in the future where there will be alternative tollways parallel to all the major highways. I think there will be a demand as the city continues to grow.
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Nope, thats a different toll way. I have also driven on Fort Bend Toll way from Sienna Plantation to BW8. It is indeed a very quick drive.
There is land on either side to expand. The Westpark tollway looks like it is stuck with 4 lanes (2 per side). If it takes off it might get congested real quick.
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Try and use Richmond from Midtown.
It moves better. The lights are timed better and there are fewer of them.
I truly believe that people who live in the midtown and montrose area and work in Uptown should just avoid the freeways because Richmond even with a lot of traffic is not that bad.
I take Richmond sometimes, but I find that I have to shoot over to Richmond and then back to Farview and that Montrose backs up. It might still be faster though. Thanks.
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I would like to take the route again and time it from one end to the other, start to finish, and take some photos along the way. I wish that I had my camera but it's a lesson to me to always bring it because you never know what you might find!
Polly,
I have driven from the Galleria area (Post Oak Central) to Sienna Plantation twice now during rush hour. I left my office at exaclty 5:30 and took Post Oak to 59 to BW8 to FB Tollway to Sienna Parkway and I was in Shipmen's Landing in 35 minutes both times. I was lucky that Post Oak was not backed up either day. It is a crapshoot and will add 15 minutes to 59 on a bad day. But that is not too bad from the Galleria if you ask me. My Fiance works Downtown and I think it would be more difficult for her to get to Sienna (although it is great out there).
The FB Tollway is great and once it is complted all the way to 610 it will be amazing for those residents you mentioned.
What is funny is that it takes me 20-30 mintues to get home from the Galleria to Midtown right now at that same time. There is no fast way to get there. Memorial does not work because everyone is getting on 610 to head North. 59 does not work because of the Spur construction. I have found the best way to get to Midtown in the afternoon is to take Westhiemer all the way. The lights are poorly timed and I sit at many lights. I think driving to Sienna is actually more peaceful.
With all that said, I think we are staying put in Midtown for a few more years. Until we have kids there is no real need for more space.
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I think it was Gary Pollard's Colonial House. Where he is now is anybody's guess.
I thought it was Michael Pollack. The guy went bankrupt, but I have no idea where he is. What ever happened to Tommy Vu? Remember that Joker?
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Over a year ago there was fire that wiped out Up to Date Cleaners on West Grey between Montrose and Taft. They have poked around for what seems an eternity and have finally started re-building.
I use to use them for all my cleaning needs for years. Needless to say I was very suprised when I showed up one morning to get my cleaning and the place was gone. They had zero insurance and offered nothing for the clothing that was lost. Granted they lost their business, building and their livliehood so I did not make a big fuss over a few hundred worth of clothing, but I am wondering if they plan on offering anything to their long time customers who got screwed when the fired destroyed everything.
I was wondering if anyone else on this board also lost property and if they have heard anything from the owners or the attorney representing them.
What irks me is that the owner (big muscular guy) is driving around in a brand new 7 series BMW. Those are not cheap.
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I went there with my soon to be girlfriend at the time, now fiance a few months ago and there were probably 8 to 10 hispanic kids there when we got there. We had to help eachother under a chainlink fence and it was late and dark. The doors were boarded up, so we...ahem... helped them along... it was already cracked a little anyway- going inside a dark mostly empty building, there's tagging all over the walls. There was a room to the right full of what seemed to have been wooden/metal shelves, about 2-4 rooms full. And we went upstairs, through a lot of dangerously sharp debris, kicking beer bottles and condom wrappers out of the way- we were just in a large open room, it was eerie and most of the boys there didn't stay long... there was another building we could see from behind that one... right next to the Fire Department actually [which we saw firemen out there staring at us- which- seconds after leaving, cops drove into the hospital "parking area"- so it wouldda been the wrong place to be at the wrong time] the other building was hella boarded up- we wouldn'ta been able to get inside anyway- but it was mostly dangerous [i worried we'd probably be attacked or raped just being INSIDE] not scared so much of ghostly spirits, as I was the LIVING ones... Anyway, it took a LOT of effort to see a little bit of nothing... soo, there's your experience- you didn't miss much
So what would happen if you were caught in this building by the fuzz. Would they arrest you, write you a ticket, or just send you on your way. I would absolutely love to walk through the building, but I do not have the balls to tresspass and rape sounds like the makings of a bad day.
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that's the dominion post oak and it's apartments (as of now). they had planned on building condos but after 9/11 and lack of presales, they decided to go rental.
for additional info: Chronicle Story and Previous Thread and Website
Thanks for the feedback. I will check the info you submitted.
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Yes, the food has VASTLY improved since they first opened! The chips, queso, & salsa have even been upgraded - very yummy queso. My second favorite (first is Berryhill - Yum!).
Really is a neat place with a good crowd. Great place for HH.
If anyone remembers what the Wet Spot was before they would not be complaining about the food. When that spot was Dee's it was absolutely horrible with a pretty rough crowd.
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Man, the stories I could tell on the adventures my wife and I had in Midtown. The first thing we had stolen was a plant, and then our Christmas wreath. Damn Grinch bum. Too much stuff to mention.
I caught that Vietnamese drug addict in my garage a couple of times. He is skeleton skinny due the all the heroin he smokes. He would ride his bike and whisper at people. I know he stole my dust pan for sure. Caught him trying to take part of my weed eater once.
One day I saw him wandering around. About half an hour later, he speed out in front of me riding a $1000+ mountain bike (nice GT) and wearing a negligee and a helmet.
I drove up and said, "you stole that bike, you stupid @##$ as I honked at him".
He said "Eye Sawrrreee" as he rode off down McGowen to Third Ward to exchange it for and heroin.
It was surreal. I was LMAO at him.
And don't forget that black guy who wears the hat and jeans and smiles all the time. He's freaky deaky. It funny when you know the bums in your hood.
I guess I am a little closer to Montrose (I live at Morgan and Drew) but I have had zero problems with crime. There have been a few freaks ring my doorbell late in the evening, but for the most part I keep my doors locked and garage doors shut and I have no had no problems.
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Is it already built or is it about to start construction?
It has been under construction for nearly 18 months. It is almost completed. If you are driving down Post Oak from San Felipe you can see it right behind Post Oak Central (Stewart Title building). It is probably 20-25 stories and looks like the Montbello.
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not sure if you are taking about this but 2400 mccue is now condos. 2400 McCue Website it was built as high-end apartments and recently converted.
Nope, I am talking about a 20 or so story condo complex that is going up right across the street from 2400 McCue. I will try and get a name next time I drive by.
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I am new to this site and I have noticed a lot of talk about
Monaco
Riva
Orion
Shamrock
Kirby Condos
Redstone
I know where the Shamrock, Orion, and Redstone are going up, but where are the other three to be located.
With that said, they are building a new (smaller scale) condo building right behind Post Oak Central on McCue. Anyone know the price points on that building.
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BLVD Place Mixed-Use: 1700 Post Oak Blvd & Upcoming Development At 1800 Post Oak Blvd.
in Uptown and Galleria Area
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Bachanon, I totally agree. I work in Post Oak Central (three black Phillip Johnson buildings across from Magiano's). There are plenty of places to eat in the near vacinity of my office, but I never go because I do not want to drive and certainly do not feel like crossing Post Oak. A cross ramp over Post oak would be amazing.