bostonhater Posted February 26, 2007 Share Posted February 26, 2007 (edited) I have been living in Galleria area for over 5 years now and me and my wife are looking to purchase a townhouse around this area. What I realized is north, west and east sides are extremely expensive whereas southern side which is mostly populated by low income residents are very cheap. It is like a mile away from Galleria mall and 1/5th of the price in Galleria. You walk less than a mile and price drops 1/5.So my question is howcome that area I mean where the Bayland park and its surrounding areas did not develop till this time. I do not see an organic expansion of Galleria which does not make sense. It is almost next to Galleria center at the cross sections of 59 and 610 next to Bellaire yet houses and land is ridiculously cheap.Across from Bayland Park on Elm street brand new tiny, small 2 bedroom townhouses are going for 400K, but on the other side of the park you can get it for much cheaper though there is no new development. Go figure... How come no developer ever purchased the cheap rental units occupied mostly by poorest people in town, tear it down and built a new one? Any ideas? Or am I missing something here? Edited February 26, 2007 by bostonhater Quote Link to comment Share on other sites More sharing options...
PureAuteur Posted March 16, 2007 Share Posted March 16, 2007 I think the area you refer to gets lumped into the Richmond strip. That area has been declining in value for a while now, which tells you something about what the Galleria area is. It's not a destination that people are competing to be close to, but rather inside of. Despite its location, it's surprisingly insulated, and it's just one of those things where you either live in it or you don't. It isn't affecting the property values of adjacent developments. Quote Link to comment Share on other sites More sharing options...
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