motocross Posted April 16, 2006 Share Posted April 16, 2006 I was recently leasing at Lofts on Post Oak until the Hanover Company sold the complex. Now I'm stuck at the Gables Augusta off Westheimer. Anyways, I have been thinking about building equity in a home instead of tossing my money away with leasing. I'll been looking at 3 story Townhomes in rice military off Washington. Has this area reached it's peak? Or is there some new up incoming areas like this in other parts of Houston? If so, where? I'm new to Houston and wanting to stay by the galleria area. Thanks for any info you can provide and love this site. Quote Link to comment Share on other sites More sharing options...
lwood Posted April 17, 2006 Share Posted April 17, 2006 I was recently leasing at Lofts on Post Oak until the Hanover Company sold the complex. Now I'm stuck at the Gables Augusta off Westheimer. Anyways, I have been thinking about building equity in a home instead of tossing my money away with leasing. I'll been looking at 3 story Townhomes in rice military off Washington. Has this area reached it's peak? Or is there some new up incoming areas like this in other parts of Houston? If so, where? I'm new to Houston and wanting to stay by the galleria area. Thanks for any info you can provide and love this site. South of Washington and north of Memorial is generally referred to as Rice Military or the West End. This area continues to be popular with new construction all around. Mir Azizi of Caspian Homes was the first to build in this area about 10 years ago. One of his first homes was priced at $179,000 if I remember correctly. With it's location between downtown and the Galleria (not to forget Memorial Park is in walking distance) the area will probably continue to grow in construction and price. Some Realtors refer to the area north of Washington as the West End but I'm not sure that's correct. North of Washington is cheaper but you have the train to contend with. As for other nearby areas, there are new townhomes on Yale in The Heights. Quote Link to comment Share on other sites More sharing options...
pachanga Posted May 12, 2006 Share Posted May 12, 2006 rice military is the best for several reasonslocation, feet above sea level, resale value.....imagine what will happen to the burbs when gas goes to $5 a gallon..... Quote Link to comment Share on other sites More sharing options...
TheNiche Posted May 13, 2006 Share Posted May 13, 2006 rice military is the best for several reasonslocation, feet above sea level, resale value.....imagine what will happen to the burbs when gas goes to $5 a gallon........they'll buy fewer Starbucks and other assorted luxury items before parring down the 'necessities', like good schools for their kids. People have this weird thing about kids...trumps logic.Besides, that'd be more likely to happen in most American cities. Here, we'd see so many new oil & gas and secondary-sector jobs of all income ranges that the negative impact from prices would be greatly offset. Most of our jobs aren't even inside the loop anyway. The energy corridor seems to be picking up a lot of them.It'd be kind of funny in a way if high oil & gas prices (environmentalists' dream) result in more jobs out west, resulting in more housing growth in the Katy prairie (environmentalists' nightmare). Quote Link to comment Share on other sites More sharing options...
jm1fd Posted May 13, 2006 Share Posted May 13, 2006 rice military is the best for several reasonslocation, feet above sea level, resale valueYou might want to rethink resale....average prices in RM WENT DOWN 5% in 2005. Quote Link to comment Share on other sites More sharing options...
shady 75 Posted May 13, 2006 Share Posted May 13, 2006 Let me just say that my wife and I strongly considered this area before she convinced me to change from townhome mode and we settled across the way in Woodland Heights. With the new shopping center with a Target and more restaurants opening on Washington I see big things happening on this street in the next 5-10 years.Truth is can you last it out. This area is prime for a boom. I think everyone is aware of that...this area, because of its prime location, is as sure a development as it gets. Here is the ringer though...with all of the new townhome construction in the area...and there is about to be a huge one right close to where that target is going to be off of Washington, you would need to wait until the area is built out to get your maximum value. Otherwise you would be competing with new townhomes when you resale....and in the townhome market, newer always wins, just ask people living in midtown. Niche is right about schools and that is why we went to Woodland Heights where the elementary school is, Travis has a vanguard program and is rated well, is very good for when we have children. If the middle school and hs are not up to par when they would be older we would have to consider private...but I don't know how that is possible seing how much money is coming into the area.Let me know if you have any questions. I have done extensive research on the area when we were shopping last year. Quote Link to comment Share on other sites More sharing options...
pachanga Posted May 13, 2006 Share Posted May 13, 2006 You might want to rethink resale....average prices in RM WENT DOWN 5% in 2005.what is your source? Quote Link to comment Share on other sites More sharing options...
shady 75 Posted May 13, 2006 Share Posted May 13, 2006 what is your source?I think he was using the Chronicle from last Sunday which was doing neighborhood real estate analysis around Houston. Quote Link to comment Share on other sites More sharing options...
pachanga Posted May 13, 2006 Share Posted May 13, 2006 I think he was using the Chronicle from last Sunday which was doing neighborhood real estate analysis around Houston. that info was not in the barnicle...or i missed it... Quote Link to comment Share on other sites More sharing options...
jm1fd Posted May 13, 2006 Share Posted May 13, 2006 what is your source?The Houston Chronicle Quote Link to comment Share on other sites More sharing options...
pachanga Posted May 13, 2006 Share Posted May 13, 2006 The Houston Chroniclewould you happen to have a link by chance? This goes against some of the research i have seen.. was this one of nancy sarnoff's features from a week or so back? Quote Link to comment Share on other sites More sharing options...
jm1fd Posted May 13, 2006 Share Posted May 13, 2006 would you happen to have a link by chance? This goes against some of the research i have seen.. was this one of nancy sarnoff's features from a week or so back?El Linko Quote Link to comment Share on other sites More sharing options...
cwrm4 Posted May 14, 2006 Share Posted May 14, 2006 Let me just say that my wife and I strongly considered this area before she convinced me to change from townhome mode and we settled across the way in Woodland Heights.I'm in a similar situation - I moved a little over a year ago from a 3-story Perry in Montrose to a 80 year old bungalow in Woodland Heights. (Just qualitatively speaking, I think Woodland Heights is a way better place to live than Rice Military, Midtown, or even Montrose.)I would caution anyone against buying a 3-story townhome...as I've said before on this forum, that market mimics the car market more than the "housing" market...people want the newest places, and there is no shortage of land or willing developers yet for townhomes. Used townhomes are just like used cars. If you really think you want one; try renting one for a while. You can often rent them for the same price as the mortgage payments would be.Most people I know that had "new" townhomes lost money (some a LOT) when they tried to sell, principally because the developers were selling equivalent new units for the same or even less money than they paid for theirs. Most people I know with townhomes took 6 months+ to sell; two bungalows on my block that were for sale this month both sold on the FIRST day on the market.And just because the place is new, doesn't mean it is maintenance-free. My little (restored) bungalow has had almost no problems, whereas my Perry townhome was an unqualified disaster. The builders can easily hide behind Texas law, so any type of "warranty" should be viewed with suspicion.The only real advantage to townhomes (in my opinion) is low maintenance yards (if there even is one). If you travel a lot, that can be a big plus. But take a good look at all the properties inside the loop first, including Heights bungalows as well as the old rancheros in Timbergrove, Braes Heights, and other neighborhoods. Quote Link to comment Share on other sites More sharing options...
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