Buying expensive. Home in west university (Bellaire, Kirby: real estate market, renting, houses)

[feibax]

I am looking for feedback, we have been renting in west university for almost 3 years , really want to buy a house there Close to job n great schools, both of us are physicians, the homes in west univ are very expensive, but in the last 3-4 moths the market there has really heated up , I think even 100-200k overpriced, I really loved a home which is 1.275million, but now an having second thoughts , it's not that we can't afford , but some people are telling us if the economy goes down even a little bit we could easily loose a lot of money n yet the interest rates are low n we are desperate to have a home n not move out of west university , will appreciate sincere feed backs

[Nick_tx]

Home values are spiking everywhere.

[crbcrbrgv]

Originally Posted by feibax

I am looking for feedback, we have been renting in west university for almost 3 years , really want to buy a house there Close to job n great schools, both of us are physicians, the homes in west univ are very expensive, but in the last 3-4 moths the market there has really heated up , I think even 100-200k overpriced, I really loved a home which is 1.275million, but now an having second thoughts , it's not that we can't afford , but some people are telling us if the economy goes down even a little bit we could easily loose a lot of money n yet the interest rates are low n we are desperate to have a home n not move out of west university , will appreciate sincere feed backs

You will lose your a$$ if you buy overpriced in West U, more than likely.

My brother, who is much older than me has lived here forever. He heard the same thing in the 80's. "Buy in this hot place! Buy in that hot place! This time, the industries won't bust!"

Get a good, honest broker. You can even find a great one here (CD).

[14Bricks]

Buy a house because you really like the neighborhood, not because you're trying to make money off of it.

[Houston321]

The worst 3 words I hear as a real estate professional: "My friend said" "People told us"

[EasilyAmused]

I would look across Bellaire BlVd at Braes Heights or Ayshire. Better High school, slightly lower cost, more breathing space.

West U is so congested and the street parking is out of control. I get closterphobia everytime I drive through there. Lamar isn't that great of a high school unless you are in upper levels..and still...

[Mellowdude]

Originally Posted by 14Bricks

Buy a house because you really like the neighborhood, not because you're trying to make money off of it.

^^
This

[Mellowdude]

Originally Posted by Nick_tx

Home values are spiking everywhere.

Yep, the "speculators" are at it, again

[KatieKennedy]

We bought in West U twenty years ago at a little over $100 per square foot. Now the value of our land alone is more than we paid for the house and land back then. The close in location of West U means that it will always be very desirable for folks commuting to the med center and downtown. They say in the real estate business it is all about location, location, location. There were some slow times in the West U real estate market during the 2008 recession and the years immediately following it, but that was an aberration. The market is really hot again, and the builders are back to building spec houses. You can still find some houses below $1 million if you look carefully in the chimney section or the areas closer to Kirby and Holcombe. The elementary school is great.

[Jack Lance]

Originally Posted by KatieKennedy

We bought in West U twenty years ago at a little over $100 per square foot. Now the value of our land alone is more than we paid for the house and land back then. The close in location of West U means that it will always be very desirable for folks commuting to the med center and downtown. They say in the real estate business it is all about location, location, location. There were some slow times in the West U real estate market during the 2008 recession and the years immediately following it, but that was an aberration. The market is really hot again, and the builders are back to building spec houses. You can still find some houses below $1 million if you look carefully in the chimney section or the areas closer to Kirby and Holcombe. The elementary school is great.

The further west you go in West U the greater value you will find. There are still some smaller properties that haven't been built to the max west of Weslayan (which is a mis-spelled street name btw) maybe even Community Dr. if you don't mind train tracks behind your house. Buy one of those and think about remodling...!