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Old 04-15-2018, 07:57 AM
 
Location: San Antonio, TX
381 posts, read 967,271 times
Reputation: 307

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The Ed Rachal Foundation has purchased the "Castle House" and HEB house on Ocean drive and are planning on tearing both homes down to build $1mil+ townhomes.

Is this a good business decision? Is there a big demand for $1mil+ townhomes on Ocean drive? On one hand, I look at real estate listings for Ocean drive all the time and houses for sale sit on the market for years. There doesn't seem to be much demand. However, I think a big issue with these homes is that they are extremely out-dated. Someone buying a home at these price points probably wants a newer home or at least a totally remodeled one.

But on the other hand, maybe wealthy people do want homes on Ocean drive but they would prefer a brand new home. There is brand new construction happening on Ocean drive currently. The only brand new home that I know of that took forever to sell/rent was that box with no landscaping closer to Cole Park.
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Old 04-17-2018, 08:27 AM
 
15,246 posts, read 17,632,035 times
Reputation: 25492
Quote:
Originally Posted by houstmom View Post
The Ed Rachal Foundation has purchased the "Castle House" and HEB house on Ocean drive and are planning on tearing both homes down to build $1mil+ townhomes.

Is this a good business decision? Is there a big demand for $1mil+ townhomes on Ocean drive? On one hand, I look at real estate listings for Ocean drive all the time and houses for sale sit on the market for years. There doesn't seem to be much demand. However, I think a big issue with these homes is that they are extremely out-dated. Someone buying a home at these price points probably wants a newer home or at least a totally remodeled one.

But on the other hand, maybe wealthy people do want homes on Ocean drive but they would prefer a brand new home. There is brand new construction happening on Ocean drive currently. The only brand new home that I know of that took forever to sell/rent was that box with no landscaping closer to Cole Park.
I'm not certain that house sold, because it also had a "for rent" sign on it and I see lots of cars in the driveway. And I'm not sure either about the million dollar townhomes. That seems very steep for CC real estate, even on Ocean Drive. I just checked and there are still homes for sale on Ocean Drive for less than $500,000. Even with renovations you'd still come in under a million dollars and you'd have an entire house.
It will be interesting to see what happens.
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Old 04-20-2018, 04:38 PM
 
549 posts, read 353,912 times
Reputation: 1110
The one between Jackson and Bayridge/Bayside was sold mid 800's and that has a giant lot. Corner of Oleander with downtown skyline view was on the market for 750k for years before it finally sold. Think the one that got torn down between oleander and Louisiana was in the million range and its huge with a back entrance. There's waterside lots that are in the 250-500 range that you could build a 2000-3000 ft. house on for less than a million all in. The Kush corner house sold pretty quickly(the one that had the rock yard thats now grass) and it wasn't anywhere near a million.

Spending 2.5 million for that house was crazy. At 1.2 acres it's like $45 a foot for land before the cost of the teardown. $1 million townhomes screams we overpaid for the real estate and have a hairbrained scheme to make it back by subdividing. There is demand for townhouses along Ocean just not million dollar ones. Saving on maintenance doesn't work when you are overpaying for the building. You can get 2000 sq.ft. at twin dolphins for half that. For raw land the lots in the S curve are asking 20-30 a foot depending on frontage and those haven't sold.
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Old 04-22-2018, 03:00 PM
 
Location: San Antonio, TX
381 posts, read 967,271 times
Reputation: 307
Speaking of the Twin Dolphins, there is a unit there for sale that has been on the market for almost 4 years. Another one for 941 days. Another for 199 days.

By the way, my family and I use to call the "Kush" house the Post Office house due to the rock yard, flag pole and boring exterior.
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Old 04-27-2018, 05:16 PM
 
Location: Bakersfield, Ca
1,955 posts, read 1,519,558 times
Reputation: 4365
Quote:
Originally Posted by houstmom View Post
The Ed Rachal Foundation has purchased the "Castle House" and HEB house on Ocean drive and are planning on tearing both homes down to build $1mil+ townhomes.

Is this a good business decision? Is there a big demand for $1mil+ townhomes on Ocean drive? On one hand, I look at real estate listings for Ocean drive all the time and houses for sale sit on the market for years. There doesn't seem to be much demand. However, I think a big issue with these homes is that they are extremely out-dated. Someone buying a home at these price points probably wants a newer home or at least a totally remodeled one.

But on the other hand, maybe wealthy people do want homes on Ocean drive but they would prefer a brand new home. There is brand new construction happening on Ocean drive currently. The only brand new home that I know of that took forever to sell/rent was that box with no landscaping closer to Cole Park.
OH NO !!! What the heck ??? That is my home town and I have loved that house since I was a child and I am 55 now . I have been gone for good ( I would come and go for decades ) for about 8 years but this is shocking news . I wish I could take any of those houses on Ocean .
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Old 04-28-2018, 01:36 PM
 
Location: Houston
2,462 posts, read 906,627 times
Reputation: 2152
Quote:
Originally Posted by houstmom View Post
Speaking of the Twin Dolphins, there is a unit there for sale that has been on the market for almost 4 years. Another one for 941 days. Another for 199 days.

By the way, my family and I use to call the "Kush" house the Post Office house due to the rock yard, flag pole and boring exterior.
I think that used to be Dr Cleo Garcia’s home back in the day. I remember going to a birthday party there once for one of her grandkids.
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Old 04-29-2018, 01:01 PM
 
549 posts, read 353,912 times
Reputation: 1110
Quote:
Originally Posted by Hopelesscause View Post
I think that used to be Dr Cleo Garcia’s home back in the day. I remember going to a birthday party there once for one of her grandkids.
That's the house on the other corner which I believe her granddaughter lives in now. Rock house was new construction about 10-15 years ago. Kinda seemed like an out of town retiree low/no maintenance house. Looks better now with grass.
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