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Old 11-01-2011, 04:05 PM
 
Location: Houston
2,187 posts, read 3,214,504 times
Reputation: 1551

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How can developers put up apartment after apartment without looking long term? The same issues that happened in the 80s constantly repeats itself but it seems nothing is done...

Fondren and Inwood Area (Antoine) are a perfect example...

There are some real nice homes that would rival ANY area in Houston but somehow loads and loads of apartments were built around them and cratered the home values overnight.

If they could do it all over again, I doubt residents would've allowed it as those apartments let anyone or anything live there and it borders a $200K custom home.

Was no one aware of the potential long term issues? I see tons and tons of apartments built off 1960 and 249, the Beltway, etc. and it looks like they are letting anyone in which basically kills the area.

If all you need is financing in Houston and find an area with no opposition, you can buy a license to destroy once-nice areas.
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Old 11-01-2011, 04:43 PM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,730,475 times
Reputation: 4190
Guess what, apartment developers do not care about your home value.
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Old 11-02-2011, 12:41 AM
 
385 posts, read 967,653 times
Reputation: 471
Quote:
Originally Posted by hbcu View Post
If all you need is financing in Houston and find an area with no opposition, you can buy a license to destroy once-nice areas.
where can I go to acquire such a license and how much does it cost?
I got BIG plans.
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Old 11-02-2011, 01:07 AM
 
55 posts, read 109,024 times
Reputation: 65
It's all about the money.
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Old 11-02-2011, 06:22 AM
 
2,277 posts, read 3,958,830 times
Reputation: 1920
Quote:
Originally Posted by chris_ut View Post
Guess what, apartment developers do not care about your home value.
nope, they don't. That's why I would only buy in a developed area without large lots that could be turned into apartments later.
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Old 11-02-2011, 08:12 AM
 
587 posts, read 1,134,548 times
Reputation: 578
Quote:
Originally Posted by hbcu View Post
How can developers put up apartment after apartment without looking long term? The same issues that happened in the 80s constantly repeats itself but it seems nothing is done...

Fondren and Inwood Area (Antoine) are a perfect example...

There are some real nice homes that would rival ANY area in Houston but somehow loads and loads of apartments were built around them and cratered the home values overnight.

If they could do it all over again, I doubt residents would've allowed it as those apartments let anyone or anything live there and it borders a $200K custom home.

Was no one aware of the potential long term issues? I see tons and tons of apartments built off 1960 and 249, the Beltway, etc. and it looks like they are letting anyone in which basically kills the area.

If all you need is financing in Houston and find an area with no opposition, you can buy a license to destroy once-nice areas.
it all depends there hbcu....most neighborhoods will band together to stop apartments from being built near them because they equate apartments with cheap rent, which in turn will bring down there home value....very similiar to how some people equate school test scores to home values, but thats another issue.

additionally, unless the apartment complex is going to be upscale, where the rents are going to cost just as much as a home without a yard, then you will not see too many fly by night apartments up in Katy, Richmond, the Woodlands or the more marquee areas of the city. Remember the uproar the Katy people made over the purposed income restricted apartments earlier this year?

For those apartments on fondren, antoine, beechnut and other areas, the owners have sold out and made a number of those units into section 8 type complexes...thats why there is so much rift raft around...a number of those places need to be vacated, torn down and left open space needs to be created in their places...
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Old 11-02-2011, 08:43 AM
 
Location: Where nothing ever grows. No rain or rivers flow, Texas
1,085 posts, read 1,580,342 times
Reputation: 468
subdivisions are just props in order to sell once useless land at a higher price. check out the fugliness happening at those nice neighborhoods on the westpark tollway past highway 6
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Old 11-02-2011, 08:50 AM
 
Location: Houston/Brenham
5,819 posts, read 7,228,136 times
Reputation: 12316
Quote:
Originally Posted by hbcu View Post
How can developers put up apartment after apartment without looking long term? The same issues that happened in the 80s constantly repeats itself but it seems nothing is done...
You are confusing two issues.

1) Apartment builders and common sense. The answer is YES. Almost all apartments are built with borrowed money, and they do an incredible amount of research before they build. They make sure the surrounding area can support more apts, the income levels match what they are building, growth potential, etc. Plus they look at the economy in general, and things like occupancy rates, rental rates, changes in these rates, etc.

That's why you often see mutliple complexes being built at the same time in the same area. The same research that convinced Builder A to build also convinced Builder B to build.

Apartment building & management can be a VERY profitable business, if you know what you are doing. It can also be very risky if you don't.

2) Property values. Apartment builders don't really care about property values unless it affects THEIR complex. Why should they? They build where it makes financial sense. If that causes a problem for surrounding areas, so be it. Without zoning, we have a free market.
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Old 11-02-2011, 11:42 AM
 
18,123 posts, read 25,266,042 times
Reputation: 16822
Quote:
Originally Posted by chris_ut View Post
Guess what, apartment developers do not care about your home value.
The only care about $$$$$
that's why we have "Evil big government" to pass laws to protect us.
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Old 11-02-2011, 12:05 PM
 
Location: Louisiana to Houston to Denver to NOVA
16,507 posts, read 26,282,773 times
Reputation: 13288
The use common sense, but they don't care about your home values. Look at the SW.
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