Actually not a bad price. https://www.bizjournals.com/houston...end-s-former-houston-home-for.html#g/425628/1
That is an amazingly low price. If I were in the market I would be suspicious. Why are they discounting it that much? That is like a 75% off sale.
he had a newer modern house in the 2000s, I remember him doing a tour there. This house looks all right, but to be honest, it looks old and outdated, and the only thing the house has going for it is that it's Hakeem's old house.
Not too sure about that area but it being closer to Spring and the heavy downfall of that area, that could be the reason.
That is right around the corner from where I grew up. That area (close to cypress creek) got pretty messed up in Harvey. Price drop!
Pretty much this - looks like a money pit for remodeling costs to me but you know someone will buy it. Is this reflective of Houston luxury home pricing in the burbs these days? My house here in Austin is worth not too much less than that and is like 1/4 the size of that house and has none of the country club amenities.
Agreed - even if you had to put $100-200K in the house to remodel it, that house would be worth $4 million in a different neighborhood.
This house was built in 1983, so it's going to have low ceilings, a pretty outdated floor plan, and a whole host of issues that come along with a 30+ year old house. Combine that with the fact that the area outside of Northgate has not aged well, and it's a recipe for declining property values. Luxury homes in affluent suburbs like Sugar Land, Katy, Woodlands, etc. would go for at least triple the value.
Funny you should mention Sugar Land - my parents are from there and I have a lot of family living in those old homes near the Imperial Sugar Factory. Seeing all the development in that area over the years is mind blowing(I remember nothing being out there 35+ years ago) but what kills me is that the old homes in that area are still worth next to nothing(sometimes under 100k) while across the creek there will be luxury properties worth $500k-$750k. In Austin that normally means the neighboring properties(especially older ones) are bought and either updated/remodeled or are torn down entirely and new modern structures are put up in it's place however in Houston there appears to be no market for that type of gentrification - at least not in Sugar Land. I wonder if that is a Houston thing or more that I'm living in an Austin bubble where creaky old, poorly maintained homes built in the 50s can be bought for $500k, torn down, and modern crap built is built right on the old foundation making the house instantly a million dollar+ property....
What you describe is exactly what is going on in the Bellaire, TX market and across 59 in the upper Kirby area south of river oaks in 77027. (And parts of Meyerland area south of Bellaire). Oh- also South of memorial city mall. I've probably missed a few areas but Bellaire TX has been hot for this since our last Rockets championship to present. Except- the expensive old property (land Is the commodity - not structure) is torn down INCLUDING old foundation and a new modern home worth 1.5 million goes up next door to a 1950s home worth 500 grand.
Tell me about it.....I live in one of those properties across the creek, and I'm well aware of the disparity in property values in 77479/77498. And because of the soil make-up of Houston (and subsequent development/increase of impermeable surfaces), chances are if you have a property over 35 years old, you have structural damage to your foundation.....especially inside the loop.
