museum chick Posted May 25, 2005 Share Posted May 25, 2005 I am considering an investment property around Crawford and Elgin, in the Third Ward area. It looks like they are already starting to build townhomes but there are still many rundown homes and apartments. I appreciate any info you can give me. Quote Link to comment Share on other sites More sharing options...
MidtownCoog Posted May 25, 2005 Share Posted May 25, 2005 That area is now called Midtown. The townhomes started in 1998 or so. I am afraid that "rental properties" are killing this area.We need tennants who want to live there. Even some of the people who own townhomes still act like renters.That's my 2 cents. Quote Link to comment Share on other sites More sharing options...
midtownguy Posted May 25, 2005 Share Posted May 25, 2005 Midtown Coog, I've said it before and I'll say it again: I'm still not sure how the $1,000 rents in my building are killing midtown. Not everyone can afford that. And, I know someone who bought a townhouse in midtown, and she certainly doesn't "act like a renter" (whatever that means). She keeps her place up, worries about the neighborhood, is a good citizen, etc. JUST LIKE EVERY OTHER OWNER. Speaking of which: how does a renter "act" anyway? Quote Link to comment Share on other sites More sharing options...
MidtownCoog Posted May 25, 2005 Share Posted May 25, 2005 I am talking about the other side of the tracks (Main).Do you ever drive over there? You notice this investment property wannabe thinks its Third Ward.Now on the other side of Main where you live, it's fine. It's the tale of two Midtowns. Quote Link to comment Share on other sites More sharing options...
MidtownCoog Posted May 25, 2005 Share Posted May 25, 2005 Acting like a renter = not caring about your property.Check out the metal townhomes on Chenevert. Very sad. Quote Link to comment Share on other sites More sharing options...
midtownguy Posted May 25, 2005 Share Posted May 25, 2005 Ah, gotcha. Now I see your point. Yeah, I've been over there a lot. That part of midtown is rough, but i see improvements. It's developing slower, but it's getting there.IN fact, the friend I spoke about bought a townhouse on that side of main, and that area is improving quickly. Quote Link to comment Share on other sites More sharing options...
Globalarb Posted May 25, 2005 Share Posted May 25, 2005 Development takes time. It's got some rough areas on the east side, but it's getting a lot better. I've lived here for a year, and the improvements are very visible. Chenevert itself is transforming quite a bit. Give it a few years, the area's not going to crater. Quote Link to comment Share on other sites More sharing options...
MidtownCoog Posted May 25, 2005 Share Posted May 25, 2005 No, it won't crater at all.But we moved to Midtown in 1999 and things were REALLY rolling.It seems to have slowed down quite a bit compared to back then. Quote Link to comment Share on other sites More sharing options...
museum chick Posted May 25, 2005 Author Share Posted May 25, 2005 yes, I found out this area (Holman/Crawford) is now considered Midtown but years ago it was part of Third ward. When my husband and i went to see the property, we attempted to talk to a neighbor that was outside but he wasn't sober We are new at this real estate investing deal and just want to get input from people that live in the area. Thank you all for the info, pls keep the discussion open. Quote Link to comment Share on other sites More sharing options...
Original Timmy Chan's Posted May 26, 2005 Share Posted May 26, 2005 I think that area has unlimited potential. You're not exactly pioneering the area with all the new development going on around Elizabeth Baldwin Park. It's within easy walking distance of light rail (about 6 blocks). There are a lot of positives in that area. I wouldn't be concerned that development is taking place slowly. In fact, that's the BEST WAY! I think rapid development, like the 4th Ward/Midtown area experienced, can have unfortunate consequences. I think Midtown suffered from developers buying up and clearing entire blocks of the neighborhood and covering them with one uniform product. I think the area would have looked better with more variety...say a "patchwork" of new townhomes intermingled with older renovated homes and maybe a few small apartment buildings. I live south of the 3rd Ward. Our neighborhood has been a blue-collar neighborhood since it was built in the 40's...but due to location and the low price of land, it's sloooowly starting to bring itself up the ladder. I'm glad to see new development coming slowly. We're seeing a few individual lots being cleared and new homes being built. We're also seeing investors come in and renovate some homes to resell. Some homeowners have been spurred to renovate and spruce up their own homes. As a result, the neighborhood as a whole appears to be getring a facelift, but it's not a wholesale change. The neighborhood still has the same feel, just better.The whole "3rd Ward is not for sale" movement is not anti-development in my opinion. They just don't want Perry Homes coming in and buying up entire blocks and changing the makeup of the neighborhood in a wholesale manner. There's a lot of good in the 3rd Ward. There's a lot of not-so-good too...but in my opinion, it's a great community. I don't want to see it disappear and become just a generic community, or a copy of the suburbs. I think too much of that happened in Midtown. The best thing for the area is for small individual investors who actually care about their finished product to come in and redevelop or improve SLOWLY!Good luck! Quote Link to comment Share on other sites More sharing options...
museum chick Posted May 26, 2005 Author Share Posted May 26, 2005 Thanks Timmy for this information. I have a question for you since you seem to know the area very well, there are some old apartments at the corner of Holman and Mosley. It looks like they were built in 1938 (per HCAD) It is a small complex but it is very dirty and rundown. This is our main concern because the bungalow we are looking at is right behind them, I think it is called Holman Apartments. Do you know if there are plans to restore this building? Is this low income housing? Do you know the story of the building? Sorry for all the questions, I am glad to get information from a long time resident of the area. Quote Link to comment Share on other sites More sharing options...
jm1fd Posted May 27, 2005 Share Posted May 27, 2005 I have a question for you since you seem to know the area very well, there are some old apartments at the corner of Holman and Mosley. It looks like they were built in 1938 (per HCAD) It is a small complex but it is very dirty and rundown. <{POST_SNAPBACK}>You can bend over and kiss your butt goodbye on that note. Trashy apartments are always the last thing in any area to turn around. You have to sink BIG bucks to refurbish a whole complex, and nobody wants to spend all that money unless they know they're going to get a return, so they wait until gentrification is pretty much a sure bet....because after all, it costs the same to refurbish wether the 'hood is trashy or not. Or they just smash it flat and start over. I wouldn't touch anything within a 2 block radius of a trashy apartment complex with a 10 foot pole. Also, that area is really close to the freeway....again, not exactly a good bet. Keep looking, unless you know 100% for sure that you could sell this property within a week for a profit. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.