Jackson Hill Flats At 320 Jackson Hill St.

[lookingforcondo]

Anyone have any opinions on the Jackson Hill Flats? I'm looking for a condo inside the loop and I really don't want to go higher than 170k if possible because I'm probably only going to be a here another year or so but my lease is due and taxes are killing me plus I hate wasting money in rent.

For the price, they appear pretty good and I like the location. Any red flags here that you all know of? Or any other suggestions in that range?

Thanks.

[jm1fd]

Anyone have any opinions on the Jackson Hill Flats? I'm looking for a condo inside the loop and I really don't want to go higher than 170k if possible because I'm probably only going to be a here another year or so but my lease is due and taxes are killing me plus I hate wasting money in rent.

For the price, they appear pretty good and I like the location. Any red flags here that you all know of? Or any other suggestions in that range?

You just need to keep renting if you're only going to be in it for a year. You're either going to waste money on rent, or you're going to waste money paying closing costs and commission to fluffy bunnys. You're not going to get enough appreciation in a year, espescially in a NEW construction condo where you can't do anything to add value to cover the expenses of buying.

If you're just hell bent on buying, find some terrible dump of a condo that you can get for under market, fix it up, and maybe....MAYBE make a little bit of profit on when you sell.

[lookingforcondo]

You just need to keep renting if you're only going to be in it for a year. You're either going to waste money on rent, or you're going to waste money paying closing costs and commission to fluffy bunnys. You're not going to get enough appreciation in a year, espescially in a NEW construction condo where you can't do anything to add value to cover the expenses of buying.

If you're just hell bent on buying, find some terrible dump of a condo that you can get for under market, fix it up, and maybe....MAYBE make a little bit of profit on when you sell.

Thanks for the feedback. Makes sense. I'm not the fixer-upper type unfortunately. I was even considering buying something and then renting it after I move. I considered buying something in the burbs but I'm single no kids and would have nothing to do out there. Any areas inside the loop that are appreciating that I could purchase reasonably cheap and then look to sell in a few years? Are inner-loop condos easy to rent?

Edited July 9, 2007 by lookingforcondo

[HoustonRealtor]

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.)

[Htowngirl]

Be careful of Jackson Hill... I LOVE the street, but there are parts of it pretty close to the bayou (in the flood zone)... might affect you or the resale potential. Those new Waterhill townhouses on Jackson Hill are in it.

[lookingforcondo]

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.)

Thanks for the advice. Does the same apply for housing outside the loop, say in Pearland?

[jm1fd]

Thanks for the advice. Does the same apply for housing outside the loop, say in Pearland?

Suburbia is even worse. There's TONS of empty land to build more houses on just up the road. The mindset of most buyers in suburbia is something like this....why buy an old used house when I can get a new one just up the road?

[HoustonRealtor]

Thanks for the advice. Does the same apply for housing outside the loop, say in Pearland?

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.