120 N Eastwood St - 21 new townhomes

[HoustonMidtown]

https://www.har.com/homedetail/0-sherman-st-houston-tx-77011/16576786

 

 

[Eadoton]

Mid 450k for that neighborhood. Gentrification in full effect. 

[004n063]

2 hours ago, Eadoton said:

Mid 450k for that neighborhood. Gentrification in full effect. 

That neighborhood has been gentrifying for at least 15 years. The fact that a whole townhouse still costs less than a quarter of what a two-bedroom apartment in Boston costs is evidence of the benefits of Houston's approach to housing, imo.

[Eadoton]

54 minutes ago, 004n063 said:

That neighborhood has been gentrifying for at least 15 years. The fact that a whole townhouse still costs less than a quarter of what a two-bedroom apartment in Boston costs is evidence of the benefits of Houston's approach to housing, imo.

No comparison. Houston(Texas) has land and lots of it. The surrounding houses and the people in it are not the ones that are buying nearly 500k townhomes. 

[004n063]

3 hours ago, Eadoton said:

No comparison. Houston(Texas) has land and lots of it. The surrounding houses and the people in it are not the ones that are buying nearly 500k townhomes. 

In the Heights and Montrose, new townhomes can fetch upwards of $800K, probably more. In EaDo, there are townhomes that aren't new that are still fetching well north of $600K.

These are brand new townhomes within walking distance of a rail line and a ten minute bike ride from the center of the country's fourth largest city. The prices here represent the value of those homes, plain and simple.

Now, obviously, there is a long legacy of neglect and disregard that led to Second Ward and a few other close-in neighborhoods being undervalued for so long. (Highway construction, redlining, streetcar discontinuation, etc.). 

But that doesn't change the fact that it's a neighborhood with tangible value, nor that large, brand-new homes with immediate access to the Harrisburg Trail and the Green Line have a lot of value.

Will their presence raise rental costs for current neighborhood residents? Ehh, it's murky. New density does create area value, which does eventually make its way into rental markets. But new density also eats into the demand that puts direct upward pressure on rents. In general, the effects of this kind of light-middle density do more to reduce rental inflation than they contribute to it.

And as to the buyers - I would bet that most if not all will be living there, and those who don't will be renting to people who do. In either case, that's tax money for the TIRZ, enrolllment for the schools, and customers for local businesses. 

[Eadoton]

1 hour ago, 004n063 said:

In the Heights and Montrose, new townhomes can fetch upwards of $800K, probably more. In EaDo, there are townhomes that aren't new that are still fetching well north of $600K.

These are brand new townhomes within walking distance of a rail line and a ten minute bike ride from the center of the country's fourth largest city. The prices here represent the value of those homes, plain and simple.

Now, obviously, there is a long legacy of neglect and disregard that led to Second Ward and a few other close-in neighborhoods being undervalued for so long. (Highway construction, redlining, streetcar discontinuation, etc.). 

But that doesn't change the fact that it's a neighborhood with tangible value, nor that large, brand-new homes with immediate access to the Harrisburg Trail and the Green Line have a lot of value.

Will their presence raise rental costs for current neighborhood residents? Ehh, it's murky. New density does create area value, which does eventually make its way into rental markets. But new density also eats into the demand that puts direct upward pressure on rents. In general, the effects of this kind of light-middle density do more to reduce rental inflation than they contribute to it.

And as to the buyers - I would bet that most if not all will be living there, and those who don't will be renting to people who do. In either case, that's tax money for the TIRZ, enrolllment for the schools, and customers for local businesses. 

I understand all of that. Those priced out of those afore mentioned areas are now here. 

My point was that it is a working class predominantly Hispanic neighborhood now with half a million dollar townhomes placed in the middle of it. A lot of changes are about to occur more rapidly. 
I’m not saying that as a negative thing. It is what it is. 

Edited May 13 by Eadoton

[hindesky]

[HoustonMidtown]

Is this what they call a zero lot line ?

 

[hindesky]

[HoustonMidtown]

 

[j00nasmariaa]

Hi,

Thanks for sharing this information.