escapee Posted August 25, 2005 Share Posted August 25, 2005 Cool site. Anybody have any suggestions about how to market a business/residential property on Studewood? Our realtor says it hasn't sold because of the awful road construction. We had our software store/internet sales business and our residence there for 6 years before moving up to NE Texas. What with the price of gasoline these days, this property should be perfect for a "cottage industry" type business. I know Landry's has bought the property a half block north, Berryhill's is around the corner on 11th, there are new drinkeries going in on 6th St/White Oak. With all this going on, is anybody selling anything on Studewood between 6th and 11th? Any help would be most appreciated. The listing can be found at http://www.har.com/search/idx/doSearch.cfm. Quote Link to comment Share on other sites More sharing options...
rps324 Posted August 25, 2005 Share Posted August 25, 2005 I showed a house facing Studewood recently. I don't know if this is the same one since the link doesn't work for me. Nice house that showed well, but for residential purposes, facing Studewood in the midst of all that commercial was a real deal killer. First question, are there any deed restrictions that apply to that property? Are you sure?If there aren't, then I would market the property aggressively for commercial. Have your agent place the house on commgate. Switch your marketing focus to promoting it as a commercial property that someone might want to live in, instead of (or in addition to) marketing it as just a nice home that you might also be able to use for some commercial purposes. There is a difference. If it is restricted, then you probably got a good deal on it when you bought it because it faced a busy street. Bargain in, bargain out. You will have to cut the price significantly to make it attractive to buyers. I doubt very seriously anyone is going to pay in the same ballpark to face Studewood as they would to be on one of the quieter quaint side streets. Heights buyers tend to be into the whole cottage ambiance, and facing studewood near one of Tilman's developments is not exactly what they are looking for. If it is restricted & you are stuck marketing it for residential purposes only, you will probably have to price it where it appeals to people who otherwise might not be able to afford anything livable in that location, but will accept the traffic just to get into an area they thought they couldn't afford. Out of curiosity, what attracted you to the house in the first place? Why didn't you choose something on a quieter street when you bought? Quote Link to comment Share on other sites More sharing options...
escapee Posted August 26, 2005 Author Share Posted August 26, 2005 It's 1024 Studewood where we had our fledgling business. For us it was a perfect spot: storefront, living quarters, warehouse, low lawn manintenance. We were able to keep a new business afloat by combining office/residential rent. I already lived there when I had a ladies' resale shop. Then when my SO, now my husband, and I decided to open the software company, it just made sense to buy it. That property has been commercial since the 50's. It was a TV repair shop, piano store, antique store, etc. If you go to www.coldwellbankermob.com then type in the address, it will come up as this house. What realty company are you with? Quote Link to comment Share on other sites More sharing options...
RedScare Posted August 26, 2005 Share Posted August 26, 2005 Ah, I know that property well. I live down the street and walk my dog past there often. You won't get the best offers on that lot until Studewood construction is complete. Some people can envision what the new street will look like, but most people will only see the present .Once complete, Studewood traffic will return and prospective buyers will see the value of the lot. You should only have to wait another 4-6 months, if you can hold on that long. With 11th Street Cafe across the street, the Taco store at 11th, and the new restaurant across the street at 10th, that area will become attractive as a commercial area. Quote Link to comment Share on other sites More sharing options...
HeightsGuy Posted August 26, 2005 Share Posted August 26, 2005 I agree with RPS here. I personally like the space and can see past most things, but to the average home buyer (I have to say home buyer since you have it listed as single family) the place looks like a dump. It's the heart of the Heights, the land itself should sell for $200k+. To me, you would probably get the same asking price if you demo-ed the structure and listed it as a residential lot. On the other hand, if you want to continue down the same path, you should think about dropping a few thousand into paint. Quote Link to comment Share on other sites More sharing options...
rps324 Posted August 26, 2005 Share Posted August 26, 2005 This is a different property than the one I had showed. It looks like parking may be an issue for it with some commercial buyers. I would definitely push this more as commercial than residential. I don't do commercial so those on the board that do are better versed in it & can probably guide you with more accuracy. See if your agent will pay for or can gain access to the membership needed to get the property on the commercial site. I think that is your answer. In the meantime, I would make sure the front is weed-free and straight and clean as you can manage with all the construction, possibly put a large sign or banner of some sort in the window marketing it for sale, (it can't hurt). Quote Link to comment Share on other sites More sharing options...
escapee Posted August 26, 2005 Author Share Posted August 26, 2005 I really appreciate the feedback. We are up in NE Texas, so it makes it hard to get things done. Our realtor said a coupla months ago that he would find someone to clean up the yard and haul away the trash and brush that accumulate, but he didn't. So, we'll probably have to come in Labor Day weekend and labor to do maintenance. BTW, the place is right next door to the picture framing place. If he decides to sell his 3 lotswhen he retires, then ours put with it could make a really big chunk of property. That could be something to consider if someone were interested in our place. That area seems to be booming. Anyway, I'm sure glad I found this site. Such diverse topics and interesting postings. Even the idiots who respond have a certain elan. lol. I like to throw in a fancy word or two now and then. Don't hardly ever hear no high-falutin' talk like them there words up here in NE Texas. Have a good weekend, y'all. Try to stay cool. Quote Link to comment Share on other sites More sharing options...
escapee Posted September 26, 2005 Author Share Posted September 26, 2005 Whew! Glad to see that Houston got thru Rita so well. How did the Heights do? We have cancelled our contract with our realtor. Going to try to rent the place ourselves. Maybe a lease/purchase. Does this sound like a good idea to you? Being so far away can make it difficult, but we have family there to help out. Feedback is appreciated. Quote Link to comment Share on other sites More sharing options...
sevfiv Posted September 26, 2005 Share Posted September 26, 2005 what would be some of the terms of a lease-to-buy arrangement? (monthly $, etc) Quote Link to comment Share on other sites More sharing options...
escapee Posted September 26, 2005 Author Share Posted September 26, 2005 what would be some of the terms of a lease-to-buy arrangement? (monthly $, etc)It's a store/front with living quarters (2/3 bedroom, large living/dining room or office, kitchen, bath) wraparound covered carport, 3 room warehouse with washer/dryer connections (perfect spot for a hot tub!), central A/H. We had a software store there for 6 years. If you would email me directly at lynng@sunnylandsoftware.com, we can discuss this more specifically. Quote Link to comment Share on other sites More sharing options...
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