Porchman Posted February 14, 2008 Share Posted February 14, 2008 Eight of the twenty units in this building (on Memorial, just east of the Park) are in foreclosure. Anybody know what's going on? Link to comment Share on other sites More sharing options...
HoustonRealtor Posted February 15, 2008 Share Posted February 15, 2008 I would venture to say that a fair number of them were poor investments. Many of them sold for considerably more than than what they are listed at today. Buyers were likely optimistic about making a profit based on the location.I feel sorry for those that actually bought them as a personal residence and are living there today. Link to comment Share on other sites More sharing options...
sttombiz Posted February 18, 2008 Share Posted February 18, 2008 why do you feel sorry for them? Link to comment Share on other sites More sharing options...
HoustonRealtor Posted February 18, 2008 Share Posted February 18, 2008 why do you feel sorry for them?They are victims of all of the foreclosures in the building. For many of them, the values have dropped considerably since they purchased. Link to comment Share on other sites More sharing options...
rbarz Posted February 18, 2008 Share Posted February 18, 2008 I went and looked at two of the units and many of the doors inside the units on the east side of the building could not be opened. I was wondering if there were some foundation problems and many of the owners just let their units go instead of pay a massive fee to have the building fixed. Some of the units are getting close to excellent deals, but I wouldn't buy anything in the building without knowing what is going on... Sometimes I wish banks had to have disclosures. Link to comment Share on other sites More sharing options...
Porchman Posted February 19, 2008 Author Share Posted February 19, 2008 They are victims of all of the foreclosures in the building. For many of them, the values have dropped considerably since they purchased.It would be scary, indeed.I went and looked at two of the units and many of the doors inside the units on the east side of the building could not be opened.Some of the units are getting close to excellent deals, but I wouldn't buy anything in the building without knowing what is going on... Sometimes I wish banks had to have disclosures.Wow, even more scary. The Property Group developed this property. Anybody familiar with them/their developments? Link to comment Share on other sites More sharing options...
missmsry Posted February 19, 2008 Share Posted February 19, 2008 They are victims of all of the foreclosures in the building. For many of them, the values have dropped considerably since they purchased.As someone who bought a house in Katy in 1984, just as the price of oil plummeted, and whose house lost 50% of its value due to the many foreclosures that went to auction (thanks to ARMs), I feel their pain. It took me close to 12 years before it appreciated enough to sell for what I owed and I still took $4,000 to the table.Luckily, they are in a much better location. Link to comment Share on other sites More sharing options...
native_Houstonian Posted May 29, 2008 Share Posted May 29, 2008 As someone who bought a house in Katy in 1984, just as the price of oil plummeted, and whose house lost 50% of its value due to the many foreclosures that went to auction (thanks to ARMs), I feel their pain. It took me close to 12 years before it appreciated enough to sell for what I owed and I still took $4,000 to the table.Luckily, they are in a much better location.Any info on this building? There are still 7 units in foreclosure in this building, according to the HAR website. Is this another Tremont Towers in the making? Link to comment Share on other sites More sharing options...
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