woolie Posted January 30, 2007 Share Posted January 30, 2007 Howdy folks,So, my parents have owned a duplex on a ~7,000sf lot, on the same block as the Mosaic, facing the bayou for about 30 years. I lived there during college, but now that I am in grad school and my gf is finishing up her CPA, the question of what to do with the property is open. There has been rapid development of the neighborhood, in particular the complete redevelopment of the Alta Lofts/MacGregor Apts/high dollar townhomes/$500k+ gated Hermann Lakes community on the immediate South side of Brays Bayou, and the construction of the Mosaic practically in the backyard, and also the large apartment development on the old Hermann park stables site. I have watched all of this go up, and it's just blown my mind.The question is really to go ahead and sell it now, or live in it a few more years to see the impact of the Mosaic and the (if it's ever built...) med complex on the large tract accross 288, as well as further expansion of the TMC.HCAD value is $200k, Zillow suggests $230k, and that's a great start, but if waiting a couple years would push it too $250 or higher, that'd be worth it. So, is the current speculative value already included in the suggested prices, or could it still rise significantly in the near-term. IMHO, the structure is worthless and would probably be demolished as soon as the lot was sold.The only thing I like about living at this location is proximity to the Med Ctr, where I work. Ten minutes by bike, along Hermann Park. Which is awesome. Downsides that could really affect value are high traffic noise due to ambulances and the freeway, limited access due to being on a cul-de-sac, and being directly adjacent to both a feeder road and major thoroughfare.... edit: stuff about my own house search removed because it's really a separate topic. topic should stick to future appreciation potential ... Link to comment Share on other sites More sharing options...
TheNiche Posted January 30, 2007 Share Posted January 30, 2007 HOLD!!!You've got an excellent investment there. There are in excess of six million square feet of new non-residential TMC construction. That is more than any other area of Houston. If you can stay put for about 2 to 3 years, you'll be seeing a rapid appreciation in value, driven by employment gains.In the mean time, that'll give you a chance to save up some of your own money so that when you're ready, you can move up to whatever kind of townhome you could want. Link to comment Share on other sites More sharing options...
musicman Posted January 31, 2007 Share Posted January 31, 2007 HOLD!!!You've got an excellent investment there. There are in excess of six million square feet of new non-residential TMC construction. That is more than any other area of Houston. If you can stay put for about 2 to 3 years, you'll be seeing a rapid appreciation in value, driven by employment gains.In the mean time, that'll give you a chance to save up some of your own money so that when you're ready, you can move up to whatever kind of townhome you could want.concur. the duplex is also built better than anything you'll buy new. i would consider making it single family if you need more space. Link to comment Share on other sites More sharing options...
woolie Posted January 31, 2007 Author Share Posted January 31, 2007 HOLD!!!Yeah, this is probably the best idea. I'm just so sick of living in a substandard structure, all I can think about is getting out and into our own place.concur. the duplex is also built better than anything you'll buy new.It would take a to-the-studs remodel, probably major repairs, and the traffic noise is still a major issue. Link to comment Share on other sites More sharing options...
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