Chinatown & First Ward (Houston, McKinney: for sale, real estate, foreclosures) - Texas (TX) - City-Data Forum

andrea_cat · 06-12-2008, 09:16 AM

Hi All,

We have begun the search for a townhouse-type property in the downtown/midtown area of Houston. We decided that the city has so much going on and so much to offer, we've just got be close to the action!

We've seen some very appealing townhomes in Chinatown and in the First ward, just north of Washington Street. They are both new, fantastic inside, and have amazing views of the downtown skyline -- what fun!

So as we're not Houston natives, we're wondering if either of these areas would be good places to live/good investments. We don't need to make a ton of dough when my husband is transferred in three years' time with his company and we have to sell the place (though that would be kind of cool!). Also, we both grew up in very rough, working-class, diverse areas when we were kids (me in Boston), so we're not bothered by that, in fact, it sort of makes us nostalgic. That being said, we'd rather not be in an area where we have to seriously contemplate installing bars over our windows.

So if you had to choose between the two, which would it be? And if anyone has any advice to share, we welcome it.

Many thanks!

Mr. Krinkle · 06-12-2008, 09:37 AM

The First and Sixth wards are becoming very popular and would be a very good investment. It's still a little rough looking area, but I imagine it will be a goldmine in years to come.

People refer to Chiniatown as the wharehouse district now. That area is up and coming as well, but's its mainly townhouses. I prefer the Washington and Houston Ave. area better because of it's character.

houstoner · 06-12-2008, 09:51 AM

I live just south of Washington Street in Old Sixth Ward so I'd choose the First Ward. It's an eclectic, bohemian area that is most definitely transitional, but if you're used to a little rough around the edges it would be a great choice. I have friends who live over there and they say it's great and they haven't had any problems with some of their less than savory neighbors. It's only a matter of time before the gentrification is complete, so now's probably a good time to get in. Are you looking at the townhomes along Houston Avenue?

As for Old Chinatown, I would imagine with proximity to downtown, the Warehouse District, and the East End, and the new rail line going in in a few years it would be a great investment.

You might also try looking just north of downtown. There will be a line going through it, too, and I've already seen some new condos/townhouses over there in unlikely places.

(Well, this is Houston; I guess no place is unlikely.

)

andrea_cat · 06-12-2008, 10:22 AM

When you say the area just north of downtown, do you mean the Heights and Garden Oaks areas?

Also, where can I find more information regarding the new transit/lightrail line? Is there a website that posts the future maps?

Thanks!

houstoner · 06-12-2008, 10:45 AM

Nope, I mean roughly across I-45 from Woodland Heights, heading back towards downtown before you get to I-10.

METRO Solutions

North Corridor
http://www.metrosolutions.org/posted/1068/NorthAlign_11x17_v102507_8_stations_pdf.190960.pdf (broken link)

East End Corridor
http://www.metrosolutions.org/posted/1068/EastEnd_Corridor_11x17_v061008.206128.pdf (broken link)

Phase 1
http://metrosolutions.org/posted/1068/5Corr_Board_Approv_30x40_v110607.181488.pdf (broken link)

Phase 2
http://metrosolutions.org/posted/1068/MS022108_Summary_.194783.jpg (broken link)

modster · 06-12-2008, 01:50 PM

Locations are either of those are good. I lived in the sixth ward for 5 years on Decatur, one block south of Washington and never had any problems.

The caveat I would give you is if you buy a new construction town home in these areas and sell it in three years, I predict you will LOSE money by the time you pay your brokerage fees and selling expenses.

I am out of tea leaves, and my crystal ball is on the blink, so take my predictions with a grain of salt. I do think, however, that if the market continues to soften the over-built (IMO) town home market will continue to be one of the first to suffer of the inside the loop housing choices.

If the market improves, and you bought "new," you still will have a 3 year old town house up for sale competing with brand new ones down the street with builders offering flat screen televisions and special financing. You will also be competing with re-sales. Right now there are a fair number of foreclosures that people are competing with also.

If you insist on buying a town house, get an existing re-sale, foreclosure, or something that is below market.

If you are only going to be there 3 years, I would caution you against being drawn in by "shiny objects" and really consider existing bungalows. In the short term I think these will do better. Ultimately you have to get what you like though. If a town home is what melts your butter, just try to get something below market or you could be bringing money to the closing table in three years.

andrea_cat · 06-12-2008, 03:40 PM

Modster, this is very good advice and I do appreciate it. We've been relying on HAR.com in our real estate search, and when we search in those particular neighborhoods and the Sixth Ward (where I'd love to find a place), all that comes up are townhomes. I'd love to live in a bungalow, but I don't see any on offer, unless you've got about 400K to spend in Montrose (wish I did!).

If you or anyone else knows of any alternative realty sites we should check out for bungalows, we'd really appreciate it if you'd share these. Thanks!

modster · 06-12-2008, 10:10 PM

make sure you are looking under the single family home section on HAR.

Bungalows in 6th ward and the Heights area, (77007, 77008 and parts of 09) have gotten pricey, but you can still get in for under $300k.

You can get more bang for your buck heading a few blocks east of the warehouse district into the Eastwood/Woodliegh area in 77023. Eastwood Civic Association and still be very close to downtown.

Housing buzz fuels move to Houston's East End | Chron.com - Houston Chronicle

chicagomama · 06-13-2008, 12:40 PM

These houses are gorgeous! But these aren't for sale, are they? I haven't seen them on har...

modster · 06-13-2008, 03:13 PM

Quote:

Originally Posted by chicagomama

These houses are gorgeous! But these aren't for sale, are they? I haven't seen them on har...

Not that I am aware of. I saw some of these on the home tours they have every Fall. Some of these were for sale over the last year or so.

I do know a guy in there that restores houses. He is finishing up one now that I walked through that is really great. Totally redone but keeping the character intact. I think it is around $250 - $260,000 range. He sells them himself a lot of times, so they don't always make HAR.