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Old 11-11-2010, 08:45 AM
 
Location: Katy, TX (via Boston, MA)
17 posts, read 32,169 times
Reputation: 24
Default New Apartments - Katy area

I am not necessarily opposed to the construction of new apartment complexes, but at what point is there an over abundance?

Some of the new complexes to which I am referring to:
Vista Grand Parkway Apartments (Katy FT Bend Rd @ Cobia Dr)
Villas at Grand Parkway (Katy FT Bend Rd @ Roesner Rd, right across the street from Vista)
Legends Apartments (S. Mason Road @ S. Fry Road)
Grand Palms Apartments (Katy Gaston Rd @ 1093)

I am fully aware of the growth in Katy, but is there such a demand for apartment buildings as the general housing market is very affordable, and continues to expand west? I am sure that the expansion of the Westpark Tollway/1093 and continued growth along FM 1463 will eventually lead to more apartment complexes, thus devaluing the rental prices of the existing apartments.

Maybe I am incorrect, and that the market for apartment living is increasing due to the fact that parents want to send their kids to Katy ISD schools without the huge tax bills?

Anyone else have any thoughts regarding this subject matter?
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Old 11-11-2010, 08:56 AM
 
10,176 posts, read 10,127,109 times
Reputation: 2124
You know what? I think one should encourage such growth. I mean look at it apartments are densed residential areas that don't take up a lot of land. People think they bring in low income people, but if you do the math rent for apartments can equal out to a rent of a nice house. Hey, these people who find the western area desirable need somewhere to stay, right?
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Old 11-11-2010, 09:13 AM
 
Location: Katy,TX.
2,719 posts, read 4,161,188 times
Reputation: 1994
Quote:
Originally Posted by Texas_Engineer View Post
the market for apartment living is increasing due to the fact that parents want to send their kids to Katy ISD schools without the huge tax bills?

Anyone else have any thoughts regarding this subject matter?
Can't blame them for knowing how to buck the system.
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Old 11-11-2010, 09:38 AM
 
Location: Katy, TX (via Boston, MA)
17 posts, read 32,169 times
Reputation: 24
Quote:
Originally Posted by A&M Bulldawg View Post
You know what? I think one should encourage such growth. I mean look at it apartments are densed residential areas that don't take up a lot of land. People think they bring in low income people, but if you do the math rent for apartments can equal out to a rent of a nice house. Hey, these people who find the western area desirable need somewhere to stay, right?
If the rent of an apartment can equal out to the rent of a nice house, then why not invest in a house? Typically most renters down here have a high turnover rate, in that they either relocate to a new complext or purchase a house within a few years. The housing market continues to expand (Cinco SW, Cross Creek, Pine Mill, Cardiff Ranch, Silver Ranch and Firethorne) in the Katy area, but developers are not selling homes as fast as they were a few years ago. If they are not selling home in a very affordable market, how is adding more apartment buildings to the area going to be a logical investment?

For those that want to avoid paying the high taxes to send their kids to Katy ISD schools, then maybe the school district should have a small tax rate on people who live in the apartments. It could help reduce the tax rate to those who own homes.
That would never happen of course, but it should be considered.
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Old 11-11-2010, 03:10 PM
 
Location: The Greater Houston Metro Area
7,131 posts, read 7,443,131 times
Reputation: 8179
It concerns me, too. Adding apartments has never been good for an area.

Apartment developers have always over-built and then complained about low occupancy rates and then dropped rent and standards. It's a bad cycle.
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Old 11-12-2010, 01:20 PM
 
10,176 posts, read 10,127,109 times
Reputation: 2124
I didn't know that. Can't argue with a realtor on that one. Either way, developers will still probably find the Katy area apartment friendly.
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Old 12-06-2010, 10:01 AM
 
1 posts, read 6,726 times
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We were Katy home owners until last year and are now Katy renters. We sold our house because we wanted to down size, not because of any other reason. Recently we've contemplated purchasing a smaller home (under 1600sq) in Katy however find the resale market, and new construction to be not as luxurious as some of the current SouthWest Katy apartments.

We also find that mortgage pmt, taxes, insurance, HOA fees, plus additional home maintenance to be more then the apartments. We are receiving more bang for our buck by renting, we have no maintenance. The pool cleaned, yard maintained, free work out area, nice grounds etc.

Also, we don't look at the Katy home market as an investment due to the fact that so many new homes go up at cheaper then existing homes. We'll continue to rent and look forward to new apartment communities to compete with existing.
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Old 12-06-2010, 10:13 AM
 
Location: Houston (Memorial) and Western NC
8,874 posts, read 14,913,315 times
Reputation: 4013
I think apartments will fill in the new economy. Like said above, property taxes, HOA Fees,homeowners insurance, Muds, and the costs of maintaining a home make a luxury apartment cheaper.

While a low interest rate mortgage is fantastic, the above far outweigh the advantages lately.
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Old 12-06-2010, 01:21 PM
 
Location: Katy, TX (via Boston, MA)
17 posts, read 32,169 times
Reputation: 24
I agree that the buying a home in the Katy area is not much of an investment when compared nationally. There is so much growth right now that the supply of availabe homes, both new and existing, is flooding the market place.
The only true increase in property values that I have observed while living in the area is due to home owners initially purchasing the home at a reduced price. Most typically found with inventory homes that developers are trying to move so they can focus on the next phase or section.

I think apartment living can be a great alternative to owning a home if one does not have children. Why spend 6k-12k a year in taxes for schooling and MUD, when that money can essentially pay for 6-12 months of rent in a year.
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Old 12-06-2010, 06:13 PM
 
Location: Katy,TX.
2,719 posts, read 4,161,188 times
Reputation: 1994
Quote:
Originally Posted by Texas_Engineer View Post
I think apartment living can be a great alternative to owning a home if one does not have children. Why spend 6k-12k a year in taxes for schooling and MUD, when that money can essentially pay for 6-12 months of rent in a year.
I also think it's a great alternative in getting KISD schooling at a fraction of the cost.
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