Fifth Ward Real Estate Developments - Your take (Houston, Waco: sale, renting)

[joe n.]

Well its reassuring I am not the only one seeing value here...hard to find land inside the loop close to downtown...

[ArtsyMarcy75]

Originally Posted by joe n.

Well its reassuring I am not the only one seeing value here...hard to find land inside the loop close to downtown...

You're not the only one actually, we have a rental house in the area which we bought last year and just purchased a few lots (my partner and I) because the prices went from dirt cheap to a good decent 25 to 50k in the areas closest to downtown, near Northside/Quitman. A friend of ours also purchased a home last year and is now leasing it for $950, no section 8. We have had no issues with break ins or any incidents so far in the past year since we bought our rental.

We are currently looking for a second rental home, but we have had issues finding a decent home to fix (unlike the Heights and East End there aren't many cute bungalows in the area but lots of empty lots) in the pocket that we like so that is why we bought the lots. We're thinking of perhaps moving some homes into the lots, but we are not certain as of yet. Out other option is to hold on to the lots and resell when the time is right because we aren't pressed for a quick return.

Do not discourage, because to be honest the new wave of people coming into the neighborhood are not parents with children (schools aren't that great) but singles or couples without children whose jobs are in or close to downtown. Besides with the Hardy Toll connector and Hardy Yards Plaza projects looming around the corner, the Fifth Ward is becoming interesting to some investors who have the capital and the ability to play the waiting game.

Also, it is hard not to notice the changes when I am too familiar with the area. I visited and had friends that live there while I was in college and believe me it was rough, I used to leave right before it got dark and now my partner and I find ourselves there quite often and well after dark. The changes are strikingly obvious to me, but then again I know the area.

Your best bet is to visit the neighborhood, checkout the Fifth Ward Community Redevelopment Corp, attend their meetings periodically and make notes, checkout what's being built and where and also keep tabs on crime reports, etc. Keep in mind that no area near downtown is safe from gentrification. The demand to live inside of the loop is simply too high and too many people who aren't originally from Houston are willing to venture into areas that most of us, as native Texans/Houstonians, would not even there to look at.

I too give it a good 5-10 years - more or less - to see massive changes. Good luck!

[hbcu]

problem is the "waiting game" in that area may outlive us..lol

[theone33]

That area is still bad. A few gated up town homes whos owners never explore the neighborhood wont change anything!

[ipuck]

About 20+ years ago i made the wrong turn at night and drove around 5th ward at night. It was some of the craziest things I ever seen and I have driven lot worse place before (downtown Detroit, Spanish Harlem 15 years ago, etc.).

I went by there last year before dark after driving by UH and nothing really changed. It is still ghetto.

There are still too many areas on the west side that can be developed before 5th ward will get redeveloped.

[ArtsyMarcy75]

Lol...relax folks, never said it was heaven on earth ;-)
Like I stated in my previous post the neighborhood isn't for the faint of heart but some won't mind it because it's proximity to downtown.

Believe me I felt the same way about most of the Wards...being from the burbs and all, but I am also a natural born pioneer. I like challenges (I have some real estate sitting pretty in Detroit as well) although I tend to play it safe 90% of the time.

As far as it being the same as 20 yrs ago ipuck, I personally say that the 80s and 90s was rougher, heck I am not sure how you made it out alive 20 years ago! You must have been speeding like a bat our of hell out of there lol. Thank God for GPS nowadays, saving you from making them wrong turns lol. Sorry had a visual and it was as funny as hell.

Good thing about the loop is easy access to nearly everywhere. I personally wouldn't trade living in the suburbs for anything but when it comes to investing I don't mind testing the waters. If nothing happens in 5 years or 10 I will cut my loses and move on. It's a gamble...and now I feel like going to Vegas for the weekend.

[blkgiraffe]

Originally Posted by ipuck

About 20+ years ago i made the wrong turn at night and drove around 5th ward at night. It was some of the craziest things I ever seen and I have driven lot worse place before (downtown Detroit, Spanish Harlem 15 years ago, etc.).

I went by there last year before dark after driving by UH and nothing really changed. It is still ghetto.

There are still too many areas on the west side that can be developed before 5th ward will get redeveloped.

Same thing happened to me!

I swear it was Halloween night and I got a little lost and decided to stop at the store and ask for directions. I was first solicited by a prostitute and then her pimp comes up to yank her up and tells her to "Come on! Get in the car!" and then a hummer pulls up behind their car, the driver jumps out the hummer with like a 10 inch blade and starts going off on the pimp and trying to attack him. Next thing I know like three other prostitutes jump out the back of the hummer yelling "No Daddy! He ain't worth it! He ain't worth it daddy!!"

I was so amazed by what was happening my girlfriend was in the car yelling 'Come on lets go! Get in the car!"

It was the craziest **** I've ever seen in my life LOL

[Failed Engineer]

I used to play basketball in the 5th ward all the time and I'm a suburb raised kid through and through. This was the early 90s. Granted I was never there after complete darkness, but it didn't seem that bad then. Playing basketball in Sugar Land behind the Sugar Mill (near the current Imperial development) was honestly way scarier. Way more guns and crazy people.

I also worked at KBR and we'd go eat soul food in the 5th, but at lunch time you'd see at least some other corporate people so also not unsafe.

As far as buying real estate, I'd have to think it's a pretty low risk long term good play. Cheap enough it won't tie up too much cash, and also probably able to sell it quickly for near where you pay in relatively short order. Maybe I'll go drive around.

[LocalPlanner]

There are two large development sites south of I-10 that are in the hands of potential developers - the old Halliburton site and the MDI site, which has had the environmental cleanup done (with private funds). Development of either site would have a significant transformative impact on the southwest corner of the 5th Ward.

[RedRat44]

5-10 years is not much time to gamble unless you hit your timing and location just right. Neighborhoods seem to "change overnight" but it's usually after a decade or two of accumulation by buyers before the visible run-up in price and appearance happens.
I'd stay south of I-10. There's also some real rough stuff over by the RR tracks/Elysian that is bound to rise.

East End north of Navigation is ripe too.There are townhomes going up near Ninfa's now so you might have to go further east to get a bargain.
View Details of the Perry Home you are interested in.
http://www.trulia.com/property/32113...uston-TX-77003

I was over by the Turning Basin/Hidalgo Park (north of Navigation, east of Marcario Garcia) yesterday and it has little hills, a walking trail and is a stone's throw from the Bayou along with historic port scenes. The current street scene is typical blighted barrio with mangy dogs roaming around but is tailor-made for an eventual dozing/hipster reclamation, although 5-10 years is unlikely.