jc281 Posted November 26, 2007 Share Posted November 26, 2007 Looking for some feedback on the current Houstonian condo market. I'd like to purchase 1BR/1BH in the coming months... looking galleria/ro/midtown areas, <~200k.Anyone have impressions/experiences in certain developments they could share?Also, with all these new developments coming, are there really any decent deals to be had? Link to comment Share on other sites More sharing options...
jb4647 Posted November 26, 2007 Share Posted November 26, 2007 Looking for some feedback on the current Houstonian condo market. I'd like to purchase 1BR/1BH in the coming months... looking galleria/ro/midtown areas, <~200k.Anyone have impressions/experiences in certain developments they could share?Also, with all these new developments coming, are there really any decent deals to be had?I just bought a condo this past April and the advice that I heard repeately was to stick with the 2BR at a minimum because they are easier to sell. While I don't have any statistics to back that up, I urged to do this by everyone I talked to. I'm using mine as a computer/guest room. If you have guests, you will be thankful for the second BH as well.All condos have maintence fees and I noticed, during my searches, that the high-rises w/elevators seem to be in the $500+ range for the fees. The condos that look like apartments have fees around $150-$300 a month. This is something you need to consider when doing your budgeting. For some reason HAR.com doesn't make the maintence fees visible. When I did my browsing, I sent each realtor an email asking what the fee was. Link to comment Share on other sites More sharing options...
jc281 Posted November 26, 2007 Author Share Posted November 26, 2007 I just bought a condo this past April and the advice that I heard repeately was to stick with the 2BR at a minimum because they are easier to sell. While I don't have any statistics to back that up, I urged to do this by everyone I talked to. I'm using mine as a computer/guest room. If you have guests, you will be thankful for the second BH as well.All condos have maintence fees and I noticed, during my searches, that the high-rises w/elevators seem to be in the $500+ range for the fees. The condos that look like apartments have fees around $150-$300 a month. This is something you need to consider when doing your budgeting. For some reason HAR.com doesn't make the maintence fees visible. When I did my browsing, I sent each realtor an email asking what the fee was.Thanks for the input!! 2BR would be nice, but as it stands I think I will have trouble finding something nice under 200. (I could be wrong?)Any other things to look out for? Which developments were you considering?I plan to actually go view some in person this weekend. Link to comment Share on other sites More sharing options...
Mr. Chenevert Posted November 26, 2007 Share Posted November 26, 2007 Ellie Lofts in Midtown is giving some good deals. I can put you in touch with a realtor that is pushing these units and can get you a good deal. Link to comment Share on other sites More sharing options...
Jax Posted November 26, 2007 Share Posted November 26, 2007 The new building under construction in Midtown called the Edge has a few units that are something like $160 or $180k (but only a few of them) and they are fairly big single bedrooms. I actually checked it out a few weeks ago. It was still under construction but the unit I saw was nice. The lady told me it was cheaper because it did not have a skyline view or something like that. I won't be able to buy anything until I graduate but it doesn't hurt to start looking early.I also noticed a small 2 bedroom townhouse on Wheeler near Wheeler Station that was under $200k the other day. Not too sure what it's like on the inside though. Link to comment Share on other sites More sharing options...
jc281 Posted November 26, 2007 Author Share Posted November 26, 2007 Cool, thanks for the replies so far.The more I think about, the less I think I could live in Midtown. Its just too far from my office. I found a place in River Oaks called The Renaissance(?) - Looks just like apts that are up for sale instead of rent. Not as hip as some of the newer lofts but fantastic location/area... any thoughts on this place? Link to comment Share on other sites More sharing options...
mls1202 Posted November 27, 2007 Share Posted November 27, 2007 I remember when The Renaissance was the cream of the crop of luxury apartments in Houston. Now, it just looks dated when compared to the other Class A luxury apartments that are available. I'm personally always wary of apartments that were converted to condos. Even with upgrades made to the kitchens and bathrooms, the sound proofing between units (especially between floors) is apartment-quality...meaning not good.That said, the Renaissance is in a good location--even if it is next to a car dealership. You'd be hard pressed to buy anything (including a telephone booth) that close to River Oaks in an affordable price range. Link to comment Share on other sites More sharing options...
HoustonRealtor Posted November 27, 2007 Share Posted November 27, 2007 Many units at The Renaissance sit on the market for quite while and has historically had a lot of foreclosures. The location is very good though. The Reata on Allen Parkway has the same issues.I took a buyer to the Ellie Lofts and he hated all the freeway noise.Everything active in MLS at The Edge is over $200k, but they may have other inventory. Their prices have gone up alot since Katrina, due to the increase of construction costs and materials. Many pre-construction buyers backed out due to the delays and higher prices.I agree that a 2BR is preferable and better for resale, but I understand that your budget may not allow it. Link to comment Share on other sites More sharing options...
Scott08 Posted November 27, 2007 Share Posted November 27, 2007 Condos scare me. Condo association homeowners insurance is not covered by the same regulations as single family and townhouses. After Katrina, new maps for potential "wind damage" areas were drawn up and some condo associations found their premiums going up almost tenfold. Of course taxes and insurance can and do go up for houses and townhomes too, but the arbitrary nature of the condo fees would keep me out of one. Link to comment Share on other sites More sharing options...
Htowngirl Posted November 27, 2007 Share Posted November 27, 2007 I heard this weekend from a real estate friend that The Lofts on Post Oak are going for drastically reduced prices... he said a 1BR/1B was going for $179K... the original price was $250K. Link to comment Share on other sites More sharing options...
TheNiche Posted November 27, 2007 Share Posted November 27, 2007 I heard this weekend from a real estate friend that The Lofts on Post Oak are going for drastically reduced prices... he said a 1BR/1B was going for $179K... the original price was $250K.The lowest price I could find on HAR for a sold unit was $188,900; it went pending on the same day it was listed. The lowest priced unit currently listed is $194,900. And these were the smaller floorplans. Link to comment Share on other sites More sharing options...
jb4647 Posted November 27, 2007 Share Posted November 27, 2007 I'd give a shout out to "The Weslayan." on the 5100-5200 block of Weslayan @ 59. Great inner-loop location and quite as a church cemetary! I've been there since April and love the unit and location. One of its best features is the coverage garage parking. It's nice to be able to get in/out of your car without being in the elements. The location is great because it's one block from West U and a couple from Bellaire. This area will never go ghetto. Link to comment Share on other sites More sharing options...
Scharpe St Guy Posted November 27, 2007 Share Posted November 27, 2007 I'm about to list a property there, 2 bedroom, 2 bath, no price yet but appears it will be approx $154,900 asking price. Second floor with two assigned spaces outside (not covered). Zoned to good schools, nice and quiet as you said. Hope it lists and sells quick!All the best,Scharpe St Guy----Edit----JB,My bad, it is actually Hampton Oaks Condo with an address of 4000 Purdue some of those units have garages some have outside assigned parking. My apologies.Scharpe St Guy Where are there outside spaces? The only areas to park are on the street and there is no signage for assigned parking? Was just curious as I've lived there since April and know of no assigned parking other than in the underground garage.----Edit----I'd give a shout out to "The Weslayan." on the 5100-5200 block of Weslayan @ 59. Great inner-loop location and quite as a church cemetary! I've been there since April and love the unit and location. One of its best features is the coverage garage parking. It's nice to be able to get in/out of your car without being in the elements. The location is great because it's one block from West U and a couple from Bellaire. This area will never go ghetto. Link to comment Share on other sites More sharing options...
lwood Posted November 27, 2007 Share Posted November 27, 2007 Looking for some feedback on the current Houstonian condo market. I'd like to purchase 1BR/1BH in the coming months... looking galleria/ro/midtown areas, <~200k.Anyone have impressions/experiences in certain developments they could share?Also, with all these new developments coming, are there really any decent deals to be had?You don't mention if you prefer a high rise building or a mid rise. It's a matter of preference. One is stick construction and the other is not. A one bedroom at The Spires on Holcombe recently sold for 205,000. The maintenance fee of roughly $410 seems a little high until you consider it covers the insurance on the structure, cost of the AC (except the fan because it's a chilled water system), common areas, alarm, concierge, grounds, etc. Har does show the maintenance fees in the listings for high rise units. You should definitely ask for specifics on what the maintenance fees cover regardless of which type of condo you go with. I would ask for a copy of the financials early on, also. I'd give a shout out to "The Weslayan." on the 5100-5200 block of Weslayan @ 59. Great inner-loop location and quite as a church cemetary! I've been there since April and love the unit and location. One of its best features is the coverage garage parking. It's nice to be able to get in/out of your car without being in the elements. The location is great because it's one block from West U and a couple from Bellaire. This area will never go ghetto.A few years ago The Weslayan had problems with the balconies wanting to become detached from the structure. I think their solution was to run posts to hold the balconies up. You can see that repair from the street. Link to comment Share on other sites More sharing options...
jb4647 Posted November 27, 2007 Share Posted November 27, 2007 A few years ago The Weslayan had problems with the balconies wanting to become detached from the structure. I think their solution was to run posts to hold the balconies up. You can see that repair from the street.Our balconies are in better shape now. We have undergone some much needed rapairs to these 25 year-old buildings. We just had new roofs put on them this past fall and some of us went ahead and got new AC compressors (I replaced my whole unit). Link to comment Share on other sites More sharing options...
sowanome Posted November 28, 2007 Share Posted November 28, 2007 Looking for some feedback on the current Houstonian condo market. I'd like to purchase 1BR/1BH in the coming months... looking galleria/ro/midtown areas, <~200k.Anyone have impressions/experiences in certain developments they could share?Also, with all these new developments coming, are there really any decent deals to be had?I am an investor and I have gotten really lucky (with knowing inside info on potential real estate developments prior to it hitting the public market) so if you want to stay in that range of less than $200k and quickly build up equity in 2 to 3 years, here are some town home/condo links for you. Keep this in mind, all of these areas will be in within walking/biking distance of Regent Square and The River Oaks Shopping Center (Hint: Invest your $$ where other major investors are going. Who's going to invest more than $50 million to a losing project that's attached to a Stable Community like River OAks? Also keep in mind that Developers can't tamper with Park Space (i.e. MEmorial Park), and the Smaller units usually appreciate the quickest! Last but not least, LOCATION, LOCATION, LOCATION....... A street name or a community name is usually worth more than the cost of building materials!!!I hate to give these away, but Here you go (Your property will appreciate by at least 25% in less than 3 years): http://search.har.com/engine/dispSearch.cf...mp;backButton=Yhttp://search.har.com/engine/dispSearch.cf...mp;backButton=Yhttp://search.har.com/engine/dispSearch.cf...mp;backButton=Yhttp://search.har.com/engine/dispSearch.cf...mp;backButton=Y Link to comment Share on other sites More sharing options...
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