condo versus older home (Houston, Center: real estate market, apartment, foreclosure)

[tv484]

I am a single female teacher. I can either buy a condo or an older home, but I don't know which would be a better investment. Should I buy a condo in the Galleria or Medical Center, or should I buy an older home in the 77009/77022. Which will rise in value when it is time to re-sell? Would it be safe for a single female to live in this area?

[tstone]

A teacher being able to buy a condo in the Galleria?

How much alimony are you receiving?

[tv484]

An inexpensive condo in the galleria is about 75K-85K, but a house is about 400K and up. I think your confused.

[EasilyAmused]

I just think owning "land" is better. I'd go with the house. 75-85k is even kinds low for the Galleria. Condos/ Townhouse in the Galleria have pretty much seen 0-5% appreciation over the past 10 years.

[tv484]

Yeah, I know that 75K is a cheap condo, but they are available if I you want a gargage etc you need at least 125K.

Where are the up and coming areas where you can still find land for cheap, but you don't have to sleep with a gun under your pillow?

[tstone]

Maybe I am confused.

I wouldn't buy anything to live in worth 75-85k, even 50 miles from the city.

[tv484]

2025 Augusta Dr 403, Houston, TX 77057

Decent area, hardwood, floors, washer/dryer, 1bd/1bath. Good for someone who is young and lives in the city if your older with 2 kids you should keep driving to town.

[tstone]

That's a tiny place. What does $161/mo maintenance cover?

[tv484]

Sad thing is that its bigger than my apartment. The only reason I'm looking at it is because I wonder if it would rise in value. Which someone said earlier it wouldn't. I'm Not sure what $161 covers. I'm guessing the lawn and the pool.

[modster]

I think single family homes are a better investment because townhomes and condos tend to be the first to suffer during downturns, and the last to recover.
You also have the competition from builders with those (in the areas you are considering).

I saw this during the 80's oil bust here, where the condo segment of the market took the hardest hit and now that we are experiencing some softening in the real estate market, in town at least, its the townhouses that are suffering the most it seems.

I keep telling people too, don't just limit your hunt to places like 77009, which is a nice enough area. Take a look at 77023 as well. If you can afford Idylwood or Houston Country Club Place, look at the crime stats and it is as good or better than just about anywhere else inside the loop.

As an example, here is a tired looking foreclosure, but great bones. Someone could turn this into a really cute house with a little effort. I knew a single lady that worked for UH that lived on that block and loved it. No problems. Constable Victor Trevino's son lives on that block too. I think some of the Nuns from Villa De Matel across the street also live right in there. It's a decent area and very affordable for the inner loop. There is affordable stuff in safe areas if people are willing to look.
6422 Pinehurst St, Houston, TX 77023