Considering buying a condo/loft [Advice Needed]

[Rock3t Man]

I am considering buying a home as opposed to renting an apartment. I currently live with my parents, so there is no hurry to purchase, however it would be nice to move out soon.

As the thread title reads, I am looking for a condo or loft. I am looking for a fixer-upper type place. Where I can get a nice deal between 150-200k. I have been searching near mid-town Houston and I have found some pretty nice mid-rise condos. I am not sure where to begin looking and I figured some people here know of a nice up and coming spot or area where the return on investment is pretty high. Any advice is needed. I am not sure where to start looking for when it comes to finding a Realtor.

Most important to me is that the place and area is relatively modern (I'm in my early 20's) and the area won't cause the property to decrease in value in the long term.

Thanks in Advance CF!

[coolweather]

har.com

if you need a realtor let me know.

[VanityHalfBlack]

It ain't a party if you don't invite Paulftk and hotballa to your house warming party, no??

[Rock3t Man]

har.com

if you need a realtor let me know.

Thanks coolweather, I have been browsing HAR.com for the past few weeks. I guess my knowledge of the areas I am looking into is very limited. I will definitely contact you for further info! Thanks again

[leroy]

Just don't try to return it by writing "return to sender" on the door if you don't like it.

[mrdave543]

Just be careful of older buildings (and new) and take into consideration high monthly maintenance fees as they can really add up

[Kim]

Also a realtor here, but not pressed. Willing to hook you with a Clutchfans discount if you want. Piece of advice is do your due diligence in researching the condo fees: what they include, increase history, % of payment in the building (this affects repair time for big projects).

[Jontro]

Isn't Olajuwon a realtor in Houston?

[cheke64]

150k is a ****load money for a condo. Are you a hipster?

[tinman]

Make sure you get a good inspector. Crap breaks all the time.
Absolutely check out the AC and hot water heater units.

[RV6]

150-200k should get you a really nice, recently built and finished, place. A fixer upper is closer to 70k. Unless you're used to homes that cost a quarter of a million dollars....

[eddiewinslow]

look at Tremont Tower, i lived there before i moved to the royalton. Im in my mid 20's like you, the condos are between 140-190K, its the mid rise across the street from Royal Oak on westheimer right near montrose. Awesome condos, they're newer, 2 story units, I was renting mine for $1,995/month and my neighbor had the same unit and was paying $2,300....got mine off HAR. Bottom line, they lease for wayyyyy more than they're worth just bc of the great location, so if you wanna lease it you'll get top dollar, check HAR

It's a cool building, very unique, and some cool characters that live there, the pool and gym are severely lacking so I moved out. The royalton is perfect for me, the unit is nowhere near as cool as the one I had at tremont and sadly I'm paying $2,700 now, but amenities like the great gym,pool,valet, and 24 hr concierge were big for me so I left. All in all if you value the condo more than the building features go for tremont tower, you won't regret it. I loved my year there, but my girlfriend wanted a nicer place

[astros99]

look at Tremont Tower, i lived there before i moved to the royalton. Im in my mid 20's like you, the condos are between 140-190K, its the mid rise across the street from Royal Oak on westheimer right near montrose. Awesome condos, they're newer, 2 story units, I was renting mine for $1,995/month and my neighbor had the same unit and was paying $2,300....got mine off HAR. Bottom line, they lease for wayyyyy more than they're worth just bc of the great location, so if you wanna lease it you'll get top dollar, check HAR

It's a cool building, very unique, and some cool characters that live there, the pool and gym are severely lacking so I moved out. The royalton is perfect for me, the unit is nowhere near as cool as the one I had at tremont and sadly I'm paying $2,700 now, but amenities like the great gym,pool,valet, and 24 hr concierge were big for me so I left. All in all if you value the condo more than the building features go for tremont tower, you won't regret it. I loved my year there, but my girlfriend wanted a nicer place


Googled "Tremont Tower", doesn't seem too convincing..

[wreck]

i was looking into a loft or condo and the main problem was the maintenance fees. they're pretty bad.

[jcantu]

I think the mosaic on almeda is pretty cool. Definitely not a fixer upper though

[R0ckets03]

i was looking into a loft or condo and the main problem was the maintenance fees. they're pretty bad.

yeah i dont know how anyone can justify buying a unit with high maintenance fees. my wife and i looked at a few before purchasing our home and some fees were about a third of the mortgage!

[RocketMan Tex]

There are some cool lofts in EaDo. With the Dynamo stadium opening, that neighborhood is starting to really get re-developed, and I would think property values will rise over there in the near future.

[REEKO_HTOWN]

I'm actually thinking about investing some cash in properties down Harrisburg. THe new rail will bring development down into Magnolia and I'm going to get in on it fast.

[DonnyMost]

look at Tremont Tower, i lived there before i moved to the royalton. Im in my mid 20's like you, the condos are between 140-190K, its the mid rise across the street from Royal Oak on westheimer right near montrose. Awesome condos, they're newer, 2 story units, I was renting mine for $1,995/month and my neighbor had the same unit and was paying $2,300....got mine off HAR. Bottom line, they lease for wayyyyy more than they're worth just bc of the great location, so if you wanna lease it you'll get top dollar, check HAR

It's a cool building, very unique, and some cool characters that live there, the pool and gym are severely lacking so I moved out. The royalton is perfect for me, the unit is nowhere near as cool as the one I had at tremont and sadly I'm paying $2,700 now, but amenities like the great gym,pool,valet, and 24 hr concierge were big for me so I left. All in all if you value the condo more than the building features go for tremont tower, you won't regret it. I loved my year there, but my girlfriend wanted a nicer place

Wasn't Tremont Tower the disaster building that got condemned like a billion times because the architects were idiots?

OP, there's hardly any "fixer upper" condos you're going to find in the 150-200K range. And either way, I'd advise against "fixeruppering" anything right now. The concept of flipping property is kind of dead right now. Just watch the market and buy strategically. I got a great deal on mine that way (took about 10 months searching), and while I may not turn a profit on it, I'm surely going to be able to get what I paid.

If you're interested in something a little less expensive that you might be able to "make nice" and turn over in 3-5 years, try 1441 East Street over on Washington.

If you're set on Midtown, these look to be in your price range, btw. http://www.travislofts.com/ I used to live nearby, and they had a hell of a time finishing this place up after the housing crash. The prices on them have dropped like 50-75% over the past 2 years, so they're getting pretty desperate to move them.

[cheke64]

I'm actually thinking about investing some cash in properties down Harrisburg. THe new rail will bring development down into Magnolia and I'm going to get in on it fast.

Ghetto magnolia is my roots. It is frozen in time over there. Houses on bricks.

[TreeRollins]

Isn't Olajuwon a realtor in Houston?

More of a real estate investor.

[RocketMan Tex]

I'm actually thinking about investing some cash in properties down Harrisburg. THe new rail will bring development down into Magnolia and I'm going to get in on it fast.

Indeed. That entire Eastwood neighborhood is going to get popular all over again when that stretch of light rail opens.

[eddiewinslow]

Yes Tremont was awful back in the day but it was totally redone....awesome location,awesome 2 story units all under 200k....steep maintenance of $600/month but in comparison the royal ton is a smaller unit that cost 50% more and it's 2 miles away.....so if u like amenity free life Tremont was really cool when I lived there

[eddiewinslow]

More of a real estate investor.

He owns like 50 Denny's we have the same service agent at Mercedes greenway and that's what I was told

[jank1434]

http://bbs.clutchfans.net/showthread.php?t=215896

The people there are great. You're welcome.

[pouhe]

HOA fees in Houston tend be fairly high, and a less expensive unit might just be an investment property in what's basically an un-managed, low-end apartment complex. A crappy ranch house out of the loop might be a better deal.

[Kim]

Condo fees are supposed to serve a purpose. They pay for the amenities, possibly a door person, maintenance of common grounds, and insurance for the outside of the property. Sometimes they include all utilities. Each building will be slightly different, but if managed properly, maintenance fees should help retain property values.

The main problems with them are that even though you might have a say as an owner in the maintenance fees, the universal rule is that they tend to go up at a higher rate than inflation. Your building's amentities might not be getting any better to make you feel justified for paying such increases.

Another major problem is that sometimes not enough owners pay their fees and fixes get delayed. This was common after hurricane Ike. There were many condo buildings that had to put off repairs to damaged roofs and walls because the funds were short. So be aware of that and try to check out the history of each building.

Here are some decent ones that I can think off the top of my head.

http://search.har.com/engine/2000-Bagby-St-9423-Houston-77002-8592_HAR81696844.htm
Heart of Midtown and the building inventory always sells or leases fast. It might be out of your price range though, but the amenities are top notch...more about buying a lifestyle than a property.

http://search.har.com/engine/1601-W-Webster-4-Houston-70019_HAR97603724.htm
Midtown area and right across the street from West Webster Dog Park, which was renovated a couple of years ago. Sutton-Gillete area is full of young professionals and people straight out of college. The dog park / normal park is a great place to meet people and acts as the centerpiece of the neighborhood. The loft is right there, with great sightlines of downtown, but also might be out of price range even after a good negotiation.

http://search.har.com/engine/1010-Rosine-St-106-Houston-77019-3867_HAR47345448.htm
In between River Oaks and Midtown, diagnal from the new Whole Foods. Nice area with quick access to Buffalo Bayou Park and Memorial Park. More of a condo than a loft feel because the ceilings aren't soaring and it's not double leveled open, but still very nice. This one is more in your price range.

http://search.har.com/engine/3614-Montrose-Houston-TX-77006_HAR63549574.htm
This is an older building with many options at and below your price range. The fees here also pay for your utility bills and it's pretty much on the St. Thomas University campus, so the location is strong.

http://search.har.com/engine/5925-Almeda-Rd-12106-Houston-77004-7677_HAR99541700.htm
Another lifestlye type buy. This place always has inventory, so I'm not sure if its investment pontential. Hell, Houston is pretty bad for investment potential in condos/lofts anyways...this isn't Manhattan...there's still so much space.

More Options:
http://search.har.com/engine/3501-Chenevert-St-9-Houston-77004-4199_HAR13207312.htm

I can add to the list later, but mainly, when you go house hunting, you got to figure out what your priorities are. Do you want a loft because you like building amentities, are searching for a particular lifestlye, don't like to cut grass, or feel like it's a good starter type ownership? Do you want to be near restaurants and bars, like within walking distance? Do you want young people, old people, or in between in your building? Get your priorties jotted down and it will help you immensely in finding the right property.

Good luck.

[RV6]

I'm actually thinking about investing some cash in properties down Harrisburg. THe new rail will bring development down into Magnolia and I'm going to get in on it fast.

I think the time to buy has passed, with the rail over half done, you're going to have people selling high.

[Ras137]

I doubt it is what you are looking for, but Ethan's Glen (in the Memorial area) is the most beautiful condominium complex I've ever been to. I had a friend that lived there a few years back and going to his condo was always so nice (very serene). He did have a party once and the clubhouse there (that you can reserve for parties) is really something special.

[Ziggy]

Don't pay that much for anything with a recurring monthly HOA fee that goes up every single year for the rest of your life...

For that price get a house. I saw this one - http://search.har.com/engine/3020-Caroline-Houston-TX-77004_HAR78522236.htm for example.

Its tough to get a good ROI if you want rent the house out in the future when the HOA fee keeps going up.

[pouhe]

Condo fees are supposed to serve a purpose. They pay for the amenities, possibly a door person, maintenance of common grounds, and insurance for the outside of the property. Sometimes they include all utilities. Each building will be slightly different, but if managed properly, maintenance fees should help retain property values.

The main problems with them are that even though you might have a say as an owner in the maintenance fees, the universal rule is that they tend to go up at a higher rate than inflation. Your building's amentities might not be getting any better to make you feel justified for paying such increases.

Another major problem is that sometimes not enough owners pay their fees and fixes get delayed. This was common after hurricane Ike. There were many condo buildings that had to put off repairs to damaged roofs and walls because the funds were short. So be aware of that and try to check out the history of each building.

Here are some decent ones that I can think off the top of my head.

http://search.har.com/engine/2000-Bagby-St-9423-Houston-77002-8592_HAR81696844.htm
Heart of Midtown and the building inventory always sells or leases fast. It might be out of your price range though, but the amenities are top notch...more about buying a lifestyle than a property.

http://search.har.com/engine/1601-W-Webster-4-Houston-70019_HAR97603724.htm
Midtown area and right across the street from West Webster Dog Park, which was renovated a couple of years ago. Sutton-Gillete area is full of young professionals and people straight out of college. The dog park / normal park is a great place to meet people and acts as the centerpiece of the neighborhood. The loft is right there, with great sightlines of downtown, but also might be out of price range even after a good negotiation.

http://search.har.com/engine/1010-Rosine-St-106-Houston-77019-3867_HAR47345448.htm
In between River Oaks and Midtown, diagnal from the new Whole Foods. Nice area with quick access to Buffalo Bayou Park and Memorial Park. More of a condo than a loft feel because the ceilings aren't soaring and it's not double leveled open, but still very nice. This one is more in your price range.

http://search.har.com/engine/3614-Montrose-Houston-TX-77006_HAR63549574.htm
This is an older building with many options at and below your price range. The fees here also pay for your utility bills and it's pretty much on the St. Thomas University campus, so the location is strong.

http://search.har.com/engine/5925-Almeda-Rd-12106-Houston-77004-7677_HAR99541700.htm
Another lifestlye type buy. This place always has inventory, so I'm not sure if its investment pontential. Hell, Houston is pretty bad for investment potential in condos/lofts anyways...this isn't Manhattan...there's still so much space.

More Options:
http://search.har.com/engine/3501-Chenevert-St-9-Houston-77004-4199_HAR13207312.htm

I can add to the list later, but mainly, when you go house hunting, you got to figure out what your priorities are. Do you want a loft because you like building amentities, are searching for a particular lifestlye, don't like to cut grass, or feel like it's a good starter type ownership? Do you want to be near restaurants and bars, like within walking distance? Do you want young people, old people, or in between in your building? Get your priorties jotted down and it will help you immensely in finding the right property.

Good luck.

Any info about condo developments and FHA approval? I've only purchased a couple of times, but I guess both times with my desired price range or presumed credit standing, that was the ultimate financing route; and it seemed to narrow the list of properties or make me a little more dependent on the realtor for property searches.