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Old 11-21-2011, 07:19 AM
 
Location: Houston, Texas
443 posts, read 1,346,320 times
Reputation: 591

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Apartments to multiply inside the loop - Houston Chronicle

Pretty interesting article, 3500 new "upscale" units under construction right now. No surprise, really. Rental market is very strong and there are lots of people make lots of money in Houston right now with oil ~$100/bbl. Also, many transplants and ex-pats working in the o&g industry don't necessarily want to buy here because they won't be here for more than a couple years but they have a lot of money to spend renting something nice.
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Old 11-21-2011, 08:16 AM
 
Location: Houston, Texas
1,668 posts, read 4,707,379 times
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Todays upscale apartments are tomorrows slums in this city.

This isn't good news, IMO.
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Old 11-21-2011, 08:22 AM
 
Location: Houston, Texas
443 posts, read 1,346,320 times
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Quote:
Originally Posted by LizzySWW View Post
Todays upscale apartments are tomorrows slums in this city.

This isn't good news, IMO.
I agree with you in Katy and the other commuter suburbs but if you look at the map of the proposed developments (it was in the physical paper yestserday but not online) these are being built in the most exclusive areas in Houston. I don't believe they will ever turn into slums in those areas.

There is a difference in a cracker jack $1100/month apartment in Katy that might turn to Section 8 in 5 years and a $2500/month luxury apartment in River Oaks/West U. I don't see "slumification" there.
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Old 11-21-2011, 08:25 AM
 
Location: The Lone Star State
8,030 posts, read 9,052,833 times
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Quote:
Originally Posted by irishlover View Post
I agree with you in Katy and the other commuter suburbs but if you look at the map of the proposed developments (it was in the physical paper yestserday but not online) these are being built in the most exclusive areas in Houston.
Isn't this what people used to think of the big apartments near the Galleria and Bellaire that were only supposed to stay more upscale renters, yet didn't (isn't it called Gulfton Ghetto now?)
I've seen Eldridge in the supposedly upscale Energy Corridor and way too many apartments in just a few blocks.... judging what Highway 6 there looks like, I'd be worried about the future there.
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Old 11-21-2011, 08:35 AM
 
Location: Houston, Texas
443 posts, read 1,346,320 times
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Quote:
Originally Posted by sxrckr View Post
Isn't this what people used to think of the big apartments near the Galleria and Bellaire that were only supposed to stay more upscale renters, yet didn't (isn't it called Gulfton Ghetto now?)
I've seen Eldridge in the supposedly upscale Energy Corridor and way too many apartments in just a few blocks.... judging what Highway 6 there looks like, I'd be worried about the future there.
Again, I know what your saying in those outer areas. But these are proposed in the inner core and they are nicer than anything that was built in the areas you describe.

I mean who knows what the future will hold. If Houston's economy can stay comparatively strong , I have a hard time seeing a $2500 apartment in River Oaks where there are 3 million dollar homes down the road turning into a "slum"
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Old 11-21-2011, 12:43 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,199,048 times
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The rental market grows about the same rate as Houston grows, in general. The problem is that when you add on 3500 upscale apartments into a market that probably only needs 1500 or 2000 - you have a large group leaving the previously "upscale" apartments for newer buildings. Then that previously "upscale" group of apartments starts sliding downward on their rental requirements/prices in order to attract renters to take their place.
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Old 11-21-2011, 04:20 PM
 
Location: The land of sugar... previously Houston and Austin
5,429 posts, read 14,842,829 times
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Quote:
Originally Posted by irishlover View Post
Again, I know what your saying in those outer areas.
Galleria and Bellaire are outer areas?
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Old 11-21-2011, 05:23 PM
 
Location: Westbury
3,283 posts, read 6,051,955 times
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Bellaire and the Galleria area have a different history than West U and River Oaks. It is a lot more mixed out here (socio-economic). West U and RO are a lot more isolated and inclosed IMO. with the world the way it is going people (with money and who are in need of jobs) are only going to be moving into cities not out. I don't see these developments being turned into slums. if they do then ALL OF US are in for some s*** because it'd all be going down

3,5000 does seem like a large number. but I was surprised to see washington ave go as it has. when they were doing all that building I was not thinking it'd end up well
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Old 11-21-2011, 05:33 PM
 
Location: Up on the moon laughing down on you
18,495 posts, read 32,953,051 times
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Quote:
Originally Posted by testmo View Post
3,5000 does seem like a large number.
don't forget this part in bold:

Quote:
More than 3,500 units in a dozen complexes are under construction primarily inside the 610 Loop and around the Galleria. Nearly 8,700 more are proposed

I agree with Lizzy and the others. I would much rather a flood of townhomes and other low land area consuming homes instead of apartments.

People don't take pride in what they own no matter how upscale
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Old 11-21-2011, 05:35 PM
 
Location: #
9,598 posts, read 16,566,362 times
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What I don't understand is whenever they build apartments in Houston, everyone predicts poverty for those apartments in the future. Is there really that much poverty to go around in this town?
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