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Old 07-11-2013, 10:47 PM
 
65 posts, read 113,217 times
Reputation: 73

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Why are houses in Heights so expensive these days? As an example, the house above is tax appraised at 300k. Valuation Estimates from various other sources

Eppraisal
$284,769
Low: $242,053
High: $327,484

Zillow
$295,390
Low: $212,681
High: $360,376

Can someone explain to me what is the market force in place here that's driving such an insane valuation? Are people just overpaying? Is there still any sense of rationality?

Last edited by Oildog; 07-12-2013 at 02:21 PM..
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Old 07-11-2013, 10:57 PM
 
Location: Houston, TX
17,029 posts, read 30,937,594 times
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Because both those sites are worthless.

The Heights is an area that has been refurnished in many areas, provides a neighborhood feel and is close to downtown or a reverse commute to the EC. Talk to a realtor to get comps on a property your interested in.
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Old 07-11-2013, 11:08 PM
 
1,728 posts, read 3,551,796 times
Reputation: 1056
Amazing really. You can buy 2 houses 10 mins from NYC with that money
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Old 07-12-2013, 06:28 AM
 
65 posts, read 113,217 times
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With that money, I could get myself a decent house (similar size) in Memorial Villages/West U/Bellaire/Meyerland, all of which imho much better neighborhood with better schools, lot size, and demographics.
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Old 07-12-2013, 06:56 AM
 
Location: Charleston Sc and Western NC
9,273 posts, read 26,505,712 times
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If you can find me a house in the Memorial Villages for under 700k,heck even appraised at your highest comparison of 360k, i'll be your BFF. Being next to the bowling alley doesn't count.

Edit: even your livable listing at 780 is 200k less than the cheapest Village house in 77024. Outside of the Villages in 77024, it does get less expensive.

Your Heights listing is by far nicer than a Briargrove house in the same price category.

Last edited by EasilyAmused; 07-12-2013 at 07:09 AM..
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Old 07-12-2013, 07:18 AM
 
1,835 posts, read 3,268,742 times
Reputation: 3789
Quote:
Originally Posted by EasilyAmused View Post
If you can find me a house in the Memorial Villages for under 700k,heck even appraised at your highest comparison of 360k, i'll be your BFF. Being next to the bowling alley doesn't count.

Edit: even your livable listing at 780 is 200k less than the cheapest Village house in 77024. Outside of the Villages in 77024, it does get less expensive.

Your Heights listing is by far nicer than a Briargrove house in the same price category.
There are homes that come up in Memorial all the time that are not just livable, but nice...Frostwood has them frequently, and they pend that day. 99% of them are going to be a corner house on Gessner, or the first two streets by the mall. The others are going to need to be torn down or remodeled in that price range.

HAR shows 16 current listings in 77024 south of I-10 zoned to the best schools memorial has to offer for under $700,000. You just need to compromise a little on other things.

As to the Heights being so desirable - its market driven. Zillow, and other estimates are terrible in Texas....their algorithm is based on disclosed sales prices from public records...Texas is a non-disclosure state. Thus, unless you report your sales price, there is no way for Zillow to get that information accurately. I recently sold my house in the Heights, and it went quick for top dollar.

Families are moving to the Heights for the short commutes and increased family time...Its also a trendy place to live, and there are quite a few environmental snobs that live there, touting their small house, prius, and short commutes, while they thumb their noses at those jerks who drive suburbans and commute from farhter out into town. The increasing quality of the homes, the and the improving demographic is driving the demand up rapidly, and the inventory is low. It took me 1 day to sell my house. Why? Because there were no comparable properties like it. It was in demand.
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Old 07-12-2013, 07:21 AM
 
1,835 posts, read 3,268,742 times
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Quote:
Originally Posted by GTRdad View Post
Amazing really. You can buy 2 houses 10 mins from NYC with that money
But you would have to live near NYC...I would rather live in the desert than anywhere near NYC
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Old 07-12-2013, 07:45 AM
 
Location: Houston, Texas
1,668 posts, read 4,709,054 times
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OP, vacant lots in the Memorial Villages start at the price of this Heights listing in the 700's.

What a super cute bungalow, I can see why it's pending

EA, the bowling alley kills me. Annoying to take 4 kids bowling, buy them sliders & cokes, and end up with a $125 bill. Plus I hate how they "remodeled" and for the exterior job they only painted over the ugly white rock exterior in a 1980's Nagle mauve.
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Old 07-12-2013, 07:46 AM
 
5,976 posts, read 15,278,843 times
Reputation: 6711
Default Hmmmm..

Quote:
Originally Posted by GTRdad View Post
Amazing really. You can buy 2 houses 10 mins from NYC with that money
What is NYC? Not 'New York City', is it?
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Old 07-12-2013, 07:55 AM
 
107 posts, read 161,616 times
Reputation: 162
Quote:
the improving demographic is driving the demand up rapidly...
Code word alert... code word alert
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