jm1fd Posted November 30, 2006 Share Posted November 30, 2006 http://search.har.com/engine/indexdetail.cfm?mlnum=3992984 Link to comment Share on other sites More sharing options...
VicMan Posted November 30, 2006 Share Posted November 30, 2006 This house is zoned to Houston ISD schools: Gregory-Lincoln for grades Kindergarten through 8, and Reagan High School for 9 through 12. Link to comment Share on other sites More sharing options...
TJones Posted November 30, 2006 Share Posted November 30, 2006 Well, you are right in the heart of "Crack Alley" that may have something to do with it. Link to comment Share on other sites More sharing options...
flipper Posted November 30, 2006 Share Posted November 30, 2006 They are tiny too. Are people really looking to "buy" places that small?flipper Link to comment Share on other sites More sharing options...
Pumapayam Posted November 30, 2006 Share Posted November 30, 2006 No, you are not crazy, but you cannot purchase it unless your combined family/individual income of $35K or less.If you make more, they will not sell you the house.It is there for low income house options for people who want to own a home.I will say this, once the original owner buys it and if that person sells it, it is fair game to anyone.Just the first owner has to be a low income qualifier.I am unsure if this is new or a resale. Link to comment Share on other sites More sharing options...
RedScare Posted November 30, 2006 Share Posted November 30, 2006 They are tiny too. Are people really looking to "buy" places that small?flipperI have several friends in these houses. On a flight attendant's salary, they are living in a stand alone house twice the size of an apartment, in the heart of Midtown, with a 2 car garage, and paying much less than the rent down the street.So, yes, there are people looking to buy these "small" places. As for the price, look at the location. Though the 4th Ward has been decimated, not all of the drug dealers and buyers have gotten the memo. Those interior lots are still pretty cheap. And, an 1180 sf two story home doesn't take up a lot of land.EDIT: Puma is correct. However, the buyer must live in the house and not sell within the first 10 years to keep the credit. If they sell sooner, some or all of the subsidy must be repaid. Link to comment Share on other sites More sharing options...
jm1fd Posted November 30, 2006 Author Share Posted November 30, 2006 They are tiny too. Are people really looking to "buy" places that small?I currently live in just under 800sqft. I think the size of the aforementioned property is great...although at that square footage I would want 2 bedrooms instead of 3. Link to comment Share on other sites More sharing options...
TJones Posted November 30, 2006 Share Posted November 30, 2006 Like Red was saying, I have some friends that live just down the street, closer to the elevated, they paid about $350k to $400k for their Condo Lofts. It's those Galvanized ones that you can see just off the Pierce elevated. I go over there to play Poker every now and then. It is quite the adventure leaving out of there at 3 or 4am. Link to comment Share on other sites More sharing options...
Pumapayam Posted November 30, 2006 Share Posted November 30, 2006 Like Red was saying, I have some friends that live just down the street, closer to the elevated, they paid about $350k to $400k for their Condo Lofts. It's those Galvanized ones that you can see just off the Pierce elevated. I go over there to play Poker every now and then. It is quite the adventure leaving out of there at 3 or 4am.Must be gun shots.I thought those homes started in $200K Link to comment Share on other sites More sharing options...
Guest danax Posted November 30, 2006 Share Posted November 30, 2006 EDIT: Puma is correct. However, the buyer must live in the house and not sell within the first 10 years to keep the credit. If they sell sooner, some or all of the subsidy must be repaid.I think the lien is forgiven after 5 years, if it's the City Of Houston one anyway. There were some similar ones in 4th Ward sold in '04 for $85-$94K. I heard one of those recently sold as a resale for $250K but I haven't verified that.It's taxpayer money and I have reservations about upending the natural economic order by artificially cherry-picking lower income borrowers and giving them instant equity. Is it fair to the guy in the $300K tin can around the block? Link to comment Share on other sites More sharing options...
rps324 Posted November 30, 2006 Share Posted November 30, 2006 I did a deal on one of those in 4th ward. Never again. All the previously mentioned stuff about income caps and such are true. There is grant money usually involved and it gets real complicated. I think it took from August to February to get the deal closed. Link to comment Share on other sites More sharing options...
Pumapayam Posted November 30, 2006 Share Posted November 30, 2006 I did a deal on one of those in 4th ward. Never again. All the previously mentioned stuff about income caps and such are true. There is grant money usually involved and it gets real complicated. I think it took from August to February to get the deal closed.And yet, the stupid HAR ad conveniently leaves that information out. . .interesting. Link to comment Share on other sites More sharing options...
groovehouse Posted December 1, 2006 Share Posted December 1, 2006 Wow! I was looking at those too! They have several listed. I almost drove by them today. I'm currently living in about 500sq ft, so anything would be a step up, but with those restrictions, I might have to continue to wait. Link to comment Share on other sites More sharing options...
jm1fd Posted December 1, 2006 Author Share Posted December 1, 2006 And yet, the stupid HAR ad conveniently leaves that information out. . .interesting.Yeah...that listing would read something like:Cheap ass pile of crap built next to crack houses! Tons of corners cut by builder, and subsidised out the wazoo by hardworking taxpayers so your POOR dumb ass can have a house. Closing will take at least 6 months, we'll bury you under a mountain of paperwork. HURRY this one will go fast, but if you ever try to get rid of it fast the government is gonna come after yo' ass for thousands. Link to comment Share on other sites More sharing options...
rps324 Posted December 1, 2006 Share Posted December 1, 2006 Yeah...that listing would read something like:Cheap ass pile of crap built next to crack houses! Tons of corners cut by builder, and subsidised out the wazoo by hardworking taxpayers so your POOR dumb ass can have a house. Closing will take at least 6 months, we'll bury you under a mountain of paperwork. HURRY this one will go fast, but if you ever try to get rid of it fast the government is gonna come after yo' ass for thousands.I don't know that I would go that far, (although that is probably far more accurate than what is in the listing!). I suppose for people who just have to have new construction its fine. But things that cookie-cutter just aren't my cup of tea personally. It seems like the best thing it has going for it is that it is new. Once that wears off you have a hardi-plank box with less architectural interest than a Fleetwood double-wide trailer. I don't doubt its investment potential over the long term, but I expect there are penalties for selling within the first 10 years. To each his own but for a similiar price range I would rather fix up something in Shepherd Forest, Broadmoor, Westbury, Glenbrook, etc. I would just have to have something that was a little more interesting/unique/has some personality, something. Link to comment Share on other sites More sharing options...
KinkaidAlum Posted December 1, 2006 Share Posted December 1, 2006 I don't get it.I am all for helping the working "poor" out, but some developer got a sweetheart deal considering we tore down a large complex in that area to seemingly only turn around and build more subsidized housing...What's worse is that the old Allen Parkway Village was at least interesting. These crap boxes wont stand the test of time and by building so many... there goes the neighborhood. Link to comment Share on other sites More sharing options...
escapee Posted December 1, 2006 Share Posted December 1, 2006 Virginia Boggus -- The name of the realtor. Maybe it should be BOGUS !!!!! Link to comment Share on other sites More sharing options...
morerealestateinfo Posted December 5, 2006 Share Posted December 5, 2006 Wow guys...some of the posts are fairly harsh. I see why Houston has had problems growing into a more progressive place to call home....most of the citiesthat are admirable as far as development and quality of life all have some means of meshing more affordable housing alternatives with market rate housing and despite some of the posts here, this is what the city is attempting to do.As for the quality of the homes, I think many of you would be surprised to know that the same framers, electricians, plumbers and craftsmen overall that are working on these houses will complete these and then build your home in Memorial, Cottage Grove or the Heights so I am one of the mindset that believes that the quality of these are much closer in quality to many of the more expensive homes that some of us live in.All in all, for those who do purchase these, mid to long term they will be quite happy with their purchase as far as equity gains go. I have a friend who paid $200k for a 50 x 100 less than 4 blocks from these houses. Link to comment Share on other sites More sharing options...
Zapata Posted December 16, 2006 Share Posted December 16, 2006 Hello Team and Happy Holidays...!!!Has anyone check the new patio homes at Antioch Courts in Downtown (between Gray and Dallas)..??The exact location is the intersection of Ruthven St. and Bailey StThey seems to be very afordable ($92,000) but I do not like the area where they are located, is that why the price is so low...???I went today in the morning to check the area and lots of thugs wandering around, I'll love to live close to Downtown and this new patio homes seem to be a good deal but my wife uses a lot public transportation and walking from Grey St or Dallas St. to get to the new homes, means walking in the middle of the bad area...!! She is not the "fighter" type and I know she will be very scared.Why they are building nice residential places next to ghetos..???Anyone living in similar areas..???Thank you very much. Link to comment Share on other sites More sharing options...
jdbaker Posted December 16, 2006 Share Posted December 16, 2006 Why they are building nice residential places next to ghetos..???Anyone living in similar areas..???Thank you very much.Welcome to urban life. The reason they're building residential in the Ghetto is because of the premium location and extremely low land prices, as compared to more gentrified areas. In short, because most cannot afford to live in centrally located, fully gentrified neighborhods. And, a little less personal safety is a small price to pay in exchange for avoiding freeways, which are far from safe in their own right. Don't leave anything in your car, lock your doors at night, and keep your eyes open and you'll be fine, probably. Link to comment Share on other sites More sharing options...
rps324 Posted December 16, 2006 Share Posted December 16, 2006 the prices are artifically low because they are moderate income and you cannot make over a certain amount to buy one. We had another discussion thread on some on here.I sold one once, it was affiliated with HOH or something like that, (Housing Opportunities of Houston maybe?), I have tried very hard to forget the whole ordeal.You have to live in the place for a set number of years or you have to pay back the concessions/grants, whatever you want to call it, that keep the prices so low. I wish I could remember more of the specifics but as usual I only remember enough to be dangerous. It was a nightmare transaction, I remember that. It took several months to get it closed, but, the buyer was a leasing agent at an apartment complex who was not making a lot of money. He was able to purchase a very nice 3 bedroom new construction in the 4th ward for $92,000. They aren't low price b/c of any location issues. After all, it hasn't stopped urban lofts from charging what they charge, and I am sure the new Camden property that opens up will not have cheap rent either. Link to comment Share on other sites More sharing options...
VicMan Posted December 16, 2006 Share Posted December 16, 2006 The homes, by the way, are zoned to the following Houston ISD schools:* Gregory-Lincoln Education Center for Kindergarten through 8* Reagan High School for 9 through 12 Link to comment Share on other sites More sharing options...
jdbaker Posted December 16, 2006 Share Posted December 16, 2006 They aren't low price b/c of any location issues. After all, it hasn't stopped urban lofts from charging what they charge, and I am sure the new Camden property that opens up will not have cheap rent either.Susbsidy aside, I would still argue that they're lower at least in part due to the location issue. Land in this area can still be had for +-20psf. That's a lot cheaper than anything else that's comparably close-in, on that side of town. Washington Ave, the Sixth Ward, Montrose, and etc. are all considerably more expensive. I don't think you would see subsidized townhomes at these prices in the neighborhoods that I've mention. Link to comment Share on other sites More sharing options...
rps324 Posted December 16, 2006 Share Posted December 16, 2006 Avenue CDC has done subsidized housing in 6th ward before. The organizations that are behind these are mostly churches that were originally based in that community. I don't think the urban loft townhomes are significantly reduced there. Link to comment Share on other sites More sharing options...
editor Posted December 16, 2006 Share Posted December 16, 2006 If you're buying for the long term, they may not be a bad investment. They're cheap. The location is great. And I would be very surprised if they didn't appreciate rapidly. That area can only get better, and is getting better year-to-year. If you're buying to stay 10-15 years or more I think it's probably a good investment. If you're the sort of person who buys to flip or get out in 3-5 years, then it's probably not for you. Link to comment Share on other sites More sharing options...
TheNiche Posted December 16, 2006 Share Posted December 16, 2006 If you're buying for the long term, they may not be a bad investment. They're cheap. The location is great. And I would be very surprised if they didn't appreciate rapidly. That area can only get better, and is getting better year-to-year. If you're buying to stay 10-15 years or more I think it's probably a good investment. If you're the sort of person who buys to flip or get out in 3-5 years, then it's probably not for you.This is another case where the potential for appreciation is tempered by risk. I've found in trying to plan my life that I never get much further than two years without a significant course correction. I think that for a lot of people, especially throughout their 20's, that is pretty typical.I would qualify for one of these, for instance, but what if I got a job offer in another city? I wouldn't be able to rent it out and couldn't sell it without a substantial penalty. That's an example where there's a big opportunity cost. On the other side of the spectrum of luck, what would happen if I lost a job or a venture of mine went belly-up, and I needed to sell in order to convert any accumulated equity to cash and then downsize to reduce housing expenses, all to prevent bankruptcy? My investment in this kind of housing could be considerably less liquid and would hit me with a lump-sum financial penalty at just the time that I'd like not to have one. Link to comment Share on other sites More sharing options...
Guest danax Posted December 17, 2006 Share Posted December 17, 2006 These two topics have been merged as they're about the same place/same subjects. Link to comment Share on other sites More sharing options...
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