Home At 2200 Harvard St.

[Morrison]

Are you referring to the 4 attempts at historically correct new construction and thee modern construction residences, 6 of which are single family homes? I am glad to hear you think the 36 unit five story plus rooftop deck condos fit the scale my street. Your not-fact based opinion sure means a lot.

And, thanks for offering your not-fact based opinion in response to my comment about the general negativity and mean tone of many of the posts on the Heights boards.

[RedScare]

I thought you weren't going to debate me? I offered my opinion that the condos are not that much of stretch from the huge new builds on that street, and you come back to slam me. Sounds like debate to me. And a mean-spirited one on your end, as well. In my neck of the Heights, they so despised historically correct new construction and thee modern construction residences that they crammed a historic district down our throats.

 

But, what do I know? I live on a street with 40% large new builds, 10% apartments, 10% warehouses, and 20% massive remodels. Only 20%...including mine...kept largely the same footprint. Of course, the difference is that I don't piss and moan about what people build on my street. I figure it is their right to do so.

 

 

 

EDIT: By the way, your constant referral to the rooftop deck is hilarious. A deck is simply a roof built to support foot traffic. It doesn't add height to the building.  

[Morrison]

My comments are mean spirited? Please consult a dictionary. Seriously. You are arguing, I'm pointing out the flaws in your argument. I have no interest in "debating" you because (a.) I've cruised these boards long enough to know your bias and motivation, (b.) I'd never engage in battle with an unarmed man (feel free to take that as annoyed, veering toward mean spirited) and (c.) there is no debating you because that would assume you would be willing to listen to and consider an opposing viewpoint. You think a tree obscured five story plus sixth roof top deck surrounded by townhouses condo building apparently being erected in some imaginary location is appropriate for my street. Bully for you. I happen to think that the actually being built unobscured 5 story plus rooftop deck condo is seriously out of scale for my street. Bully for me.

Hurry up and respond.

[RedScare]

Enjoy your battle against an already permitted and rising condo. For other threads about tilting at windmills, might I direct you to the Walmart thread, the Ashby highrise thread, and the Yale Street apartments thread.

[Morrison]

Thank you for your comment. And kudos to you for having the balls to advertise your law firm on your posts. Keep up the good work.

[RedScare]

I am well known on this forum and at the courthouse for my tenacity. I am proud of it. It serves me...and my clients...well. I am amused at your insinuation that potential clients might want anything other than an aggressive attorney. I am not hired to play well with others.  

[Morrison]

Wow. You can't even recognize or acknowledge a compliment. Keep up the good work, either way.

[Marksmu]

Schools don't matter when you are in the 1 mil+ range.  If you are buying a house for that much and need public schools for the kids, you shouldn't be spending that much on a house.

 

You really have no idea what you are talking about do you?  Schools matter in all price ranges.  I know of no fewer than 10 people, myself included, who have recently left the heights, bought $1M+ houses based ENTIRELY on public schools.   Schools are the ONLY reason I just moved out of the Heights...Private School is exceptionally expensive....so much so that if you have 2 kids, you can easily spend $1M on a house for 18 years and come out way ahead financially as opposed to a $600K house and 14 years of private school....if you have 3 kids it is not even close.  Perhaps you have not done the math.  Perhaps you are not good at math...I don't know - but I do know that with the current private school tuition and it rises every year its cheaper to buy a nicer house in a better school district, then stay in the Heights and pay for private school.  To say that people who can afford a $1M house dont bat an eye at private school tuition is an absurdly incorrect generalization.  Its like saying all Democrats are mentally deficient.  Yes, many are -but certainly not all of them.

 

A $1.5M house using Memorial as an example vs a $600K house at the end of 14 years (Pre-K through12) will have multiple advantages (less crime not even being calculated)...My calculations show that the more expensive home in a better school district at similar interest rates will yield substantial savings AND that is assuming you can get your kid into the private schools....Its become increasingly difficult, even for the well connected wealthy elites to get into the good private schools....I know quite a few students with wealthy parents who did not get into the schools b/c their kids could not score well enough on the tests.

 

Public Schools, $1.5M House (20% down 3% appreciation, 4% interest rate, term 14 years) **Payments based on 30 yr notes**

Total cost - appreciation = $-936,991 or $5577.33/month

Total Monthly Payments for $1.5 M House + public school $9342.27 (yr 1) -->$11067.53 (yr 14)

 

Private school $600K House (20% down, 3% appreciation, 4% interest Rate, Private school tuition, term 14 years **Payments based on 30 year notes**

Total Cost - appreciation = -$1,089,234 or $6483.54/mo

 

Total Monthly Payments for Heights + Public school are $6,556.91 (yr1)-->$8,045.34 (Yr 14)

 

Even assuming a 5% return year after  year on the difference in monthly payments, the more expensive house is a much better choice....  Then you still have all the advantages of mortgage interest being deductible (student interest is not) property tax payments are deductible (student interest is not) and real estate is a good investment when trying to shelter your money from inflation.

 

There are lots of factors, but a nice house + Private school costs more than an even more expensive house + public school.

[Angostura]

If you take property tax into consideration, the $1.5M house costs $5300 more per month than the $600k house, before taxes; probably $3-4000 after taxes. On a cash flow basis, it probably only makes sense after the 3rd kid.

 

Also, it's a lot easier to qualify for a mortgage on a $600k house, then stretch a little bit to pay private school tuition, than it is to qualify for a mortgage on a $1.5M house.

[s3mh]

You really have no idea what you are talking about do you?  Schools matter in all price ranges.  I know of no fewer than 10 people, myself included, who have recently left the heights, bought $1M+ houses based ENTIRELY on public schools.   Schools are the ONLY reason I just moved out of the Heights...Private School is exceptionally expensive....so much so that if you have 2 kids, you can easily spend $1M on a house for 18 years and come out way ahead financially as opposed to a $600K house and 14 years of private school....if you have 3 kids it is not even close.  Perhaps you have not done the math.  Perhaps you are not good at math...I don't know - but I do know that with the current private school tuition and it rises every year its cheaper to buy a nicer house in a better school district, then stay in the Heights and pay for private school.  To say that people who can afford a $1M house dont bat an eye at private school tuition is an absurdly incorrect generalization.  Its like saying all Democrats are mentally deficient.  Yes, many are -but certainly not all of them.

 

A $1.5M house using Memorial as an example vs a $600K house at the end of 14 years (Pre-K through12) will have multiple advantages (less crime not even being calculated)...My calculations show that the more expensive home in a better school district at similar interest rates will yield substantial savings AND that is assuming you can get your kid into the private schools....Its become increasingly difficult, even for the well connected wealthy elites to get into the good private schools....I know quite a few students with wealthy parents who did not get into the schools b/c their kids could not score well enough on the tests.

 

Public Schools, $1.5M House (20% down 3% appreciation, 4% interest rate, term 14 years) **Payments based on 30 yr notes**

Total cost - appreciation = $-936,991 or $5577.33/month

Total Monthly Payments for $1.5 M House + public school $9342.27 (yr 1) -->$11067.53 (yr 14)

 

Private school $600K House (20% down, 3% appreciation, 4% interest Rate, Private school tuition, term 14 years **Payments based on 30 year notes**

Total Cost - appreciation = -$1,089,234 or $6483.54/mo

 

Total Monthly Payments for Heights + Public school are $6,556.91 (yr1)-->$8,045.34 (Yr 14)

 

Even assuming a 5% return year after  year on the difference in monthly payments, the more expensive house is a much better choice....  Then you still have all the advantages of mortgage interest being deductible (student interest is not) property tax payments are deductible (student interest is not) and real estate is a good investment when trying to shelter your money from inflation.

 

There are lots of factors, but a nice house + Private school costs more than an even more expensive house + public school.

 

My point is that if you are spending such a huge premium on your residence, you should hardly feel $600k for schools.  If public schools do impact your budget that much, you shouldn't be spending 1 mil plus on a house. 

 

Sure, you save lots of money when you get your kids into good public schools over private.  Duh.  But, there is absolutely no reason to have to spend 1.5 mil to get your kids into good public schools in the Houston area.  For 400-500k, you can get a huge house in Sugar Land zoned to Clements.  Same for the Woodlands.  The extra mil spent to get into Spring Branch/Memorial is a terrible excess if you do not have enough income to pay out 600k for private schools without feeling it. 

[Marksmu]

If you take property tax into consideration, the $1.5M house costs $5300 more per month than the $600k house, before taxes; probably $3-4000 after taxes. On a cash flow basis, it probably only makes sense after the 3rd kid.

 

Also, it's a lot easier to qualify for a mortgage on a $600k house, then stretch a little bit to pay private school tuition, than it is to qualify for a mortgage on a $1.5M house.

 

I will give you the qualifying for the mortgage bit but I did account for property taxes....in my monthly outlay that number was Total cost (including property taxes) subtracted from a sales price (3% appreciation yr/yr) 14 years down the road.  The actual monthly cost assuming a 3% increase in appreciation and property taxes for the two broke down as shown below...I also gave the Private school house investment income of 5% yr/yr on the difference in mortgage and property taxes to keep the playing fields as even as possible.

 

$1.5M actual monthly cost = $9342.27/month

$600K + Private School actual monthly cost = $6556.71./month.  (private school got the advantage of investing about $2800/mo *12 * 14) with compounding interest of 5%

 

At the end of the 14 year term you are free to move b/c schools dont matter anymore...when you do so, and you assume my conditions (20% down, 3% appreciation & Property tax increases, 30 year note, 14 years of payments, and investment of the difference of an annual return of 5%) then financially you are still better off with the bigger house....assuming you can afford the note.  The added advantage is the crime rate is probably closer to 15% of the Heights crime....the disadvantage is the drive.

[Marksmu]

My point is that if you are spending such a huge premium on your residence, you should hardly feel $600k for schools.  If public schools do impact your budget that much, you shouldn't be spending 1 mil plus on a house. 

 

Sure, you save lots of money when you get your kids into good public schools over private.  Duh.  But, there is absolutely no reason to have to spend 1.5 mil to get your kids into good public schools in the Houston area.  For 400-500k, you can get a huge house in Sugar Land zoned to Clements.  Same for the Woodlands.  The extra mil spent to get into Spring Branch/Memorial is a terrible excess if you do not have enough income to pay out 600k for private schools without feeling it. 

 

If you want good public schools in Houston inside the Beltway you are going to spend a lot of money on your house, or you are going to live in a dump on a very expensive piece of dirt, or fight the constant battle of getting into magnets, and getting your second child into the same one, and then driving to that magnet b/c its probably no where close to where you live...its a frustrating mess 

 

My calculations were basically competing properties.  A $1.5M house in the memorial area is going to be the equivalent of a $700K house in the Heights....closer to $1M in the small area zoned to Harvard....

 

Believe it or not people frequently stretch their housing budget to get into school districts.  $1.5 on a house is a pretty safe investment...it can fluctuate but in Houston it is historically very safe....That cant be said for all kinds of alternative uses for that same money....Your interest is deductible, your taxes are deductible...your coming out way ahead and you are getting a very good education...not only that your kids expectations are not those of ferrarris & gulf-streams....Ya the public schools in Memorial still have alot of money, but its not St. Johns, or St. Agnes money. 

 

As to your assertion of spending less and driving...in a dual income family it would be awful to live in the suburbs work in downtown and have both spouses spend the 1+ hr commuting instead of spending it with your kids.  There is a cost trade off to everything...I would rather spend 60% of disposable income on my house/schools than 30% and drive 1hr each way each day and have to hire someone to watch my kids b/c I am commuting.  Is it financially better?  Sure - a nanny is like $18/hr but there is no price on the time spent with my kids and I intend to maximize that time while also attempting to put my money somewhere that is historically safe and I feel confident my kids are surrounded by a good demographic.

 

I am the exact person you say does not exist.  Im closer to 50% of disposable on housing/school...which is high, but I see it as a very safe investment, one that is good for me, my family, and my children. 

[SilverJK]

even if you send your kids to private school, you would prefer the neighboring children to be going to a good public school, as some of those will likely be your children's playmates.

[TGM]

even if you send your kids to private school, you would prefer the neighboring children to be going to a good public school, as some of those will likely be your children's playmates.

What if you don't have kids and you've been tossing money down that rat-hole known as HISD for the past 15 years? Greater good? No I don't think so. It's hard to advocate that when most of what I see coming out of HISD does not meet the standard of half-arsed, much less great. (yeah that was a little harsh, so be it)

I'd like to see something similar to the over-65 exemption for those homeowners without kids.

Even better, how about sending over the industrial arts students as I've got a few things that need to be done around the house. Then and only then will I ever have the faintest amount of hope recouping the years of wasted tax dollars. That or vouchers. I'll stop kvetching if they adopt the voucher system.

[s3mh]

If you want good public schools in Houston inside the Beltway you are going to spend a lot of money on your house, or you are going to live in a dump on a very expensive piece of dirt, or fight the constant battle of getting into magnets, and getting your second child into the same one, and then driving to that magnet b/c its probably no where close to where you live...its a frustrating mess 

 

My calculations were basically competing properties.  A $1.5M house in the memorial area is going to be the equivalent of a $700K house in the Heights....closer to $1M in the small area zoned to Harvard....

 

Believe it or not people frequently stretch their housing budget to get into school districts.  $1.5 on a house is a pretty safe investment...it can fluctuate but in Houston it is historically very safe....That cant be said for all kinds of alternative uses for that same money....Your interest is deductible, your taxes are deductible...your coming out way ahead and you are getting a very good education...not only that your kids expectations are not those of ferrarris & gulf-streams....Ya the public schools in Memorial still have alot of money, but its not St. Johns, or St. Agnes money. 

 

As to your assertion of spending less and driving...in a dual income family it would be awful to live in the suburbs work in downtown and have both spouses spend the 1+ hr commuting instead of spending it with your kids.  There is a cost trade off to everything...I would rather spend 60% of disposable income on my house/schools than 30% and drive 1hr each way each day and have to hire someone to watch my kids b/c I am commuting.  Is it financially better?  Sure - a nanny is like $18/hr but there is no price on the time spent with my kids and I intend to maximize that time while also attempting to put my money somewhere that is historically safe and I feel confident my kids are surrounded by a good demographic.

 

I am the exact person you say does not exist.  Im closer to 50% of disposable on housing/school...which is high, but I see it as a very safe investment, one that is good for me, my family, and my children. 

 

You do not have to spend anywhere close to 1.5 mil to get into decent public schools inside beltway 8.  There are lots of houses in the 400-500k range down around Braeswood that are either zoned to Bellaire or Lamar.  And Sugar Land is only a few miles further out than the Memorial Area.  The time saved living in the Memorial area v. Sugar Land is nominal considering the huge difference in pricing for homes.  Sure, it is a world of difference between Cypress and Memorial.  But, Sugar Land might add 10-15 min on your commute v. Memorial.  Hardly worth 1 mil in housing costs.

 

Housing isn't a bad place to put your money, especially if you have liabilities in your work (homestead provides 100% exemption from judgment creditors).  But, housing is illiquid and you cannot reduce the amount you invest each month.  You are stuck with your mortgage no matter what happens.  That may be a problem if things get tough or if you have a big investment opportunity but are stuck putting too much of your money in your house.  Which goes back to my original point.  If you are buying a house for 1.5 mil in Houston, you should not even feel the expense of private school.  If you do, you are buying too much house. 

[SilverJK]

Regardless of if you feel the pinch of private school... you still care about the public schools where you are moving too. 

[DianeTX]

Drove by the Morrison location this weekend and was stunned at how bad a fit it is for the property and the neighborhood. 

 

Don't quite understand all the nasty debating on this site, sure seems like some folks have a lot more free time with all the nastiness going on.  Makes one wonder how they pay the bill cause they certain don't seem to be working.