Why was real estate in the West Loop so cheap up until ~8 years ago? (Houston: homes, buyer)

[HookTheBrotherUp]

@Localplanner, I agree with your post, and will add that once the federal government begins to tax by the mile rather than gasoline tax, you will see more people want to be closer to the centers of towns, wherever that may be. Even my wife and I once seriously considered purchasing a home way out in Pecan Hill south of Brookshire off 359, even though we worked in the Kirby area! It is a very country-ish, laid back area with a lot of horses, though we are not equestrians, or care for Country decorations, dress, or music! But the cost of gasoline every month was too great as recently as 5 years ago. In fact, we both used to fill up our vehicles almost twice a week to the tune of about $500-600 a month when we lived in Katy (we could not carpool because of the kids schedules, and one parent always needed to be able to leave in case of emergencies).

After we moved into the city, and only 4.5 miles from our work, we filled up only once a month, or about every five weeks! Ask yourself, the state and federal taxes are less, where are they going to make that up? It is with the computers in our vehicles. Its coming, just wait. I'm even sometimes embarrassed to admit to my Conservative friends, I have a Metro card! It is just too convenient to be able to take the bus to and from work. But mostly, I use Uber, everything is so close and about a $4-5 ride away from where we live.

The changes to Buffalo Bayou park, the riding trails, breweries, museums, zoo, nightlife, culture in downtown, sporting events via rail... heck, I even walk to and from concerts as I'm only 1.5 miles from the center of downtown.

Now you know why inside the loop is/is getting expensive!

[clutchcity]

Originally Posted by HookTheBrotherUp

I'm even sometimes embarrassed to admit to my Conservative friends, I have a Metro card!

Can you shed more light on what you mean by this? Do conservatives look down on the idea of the Metro? Or the fact that you’re mixing with “the poor colored people” while riding it?

[HookTheBrotherUp]

Originally Posted by clutchcity

Can you shed more light on what you mean by this? Do conservatives look down on the idea of the Metro? Or the fact that you’re mixing with “the poor colored people” while riding it?

Yes, many Conservatives, but not all, do not like riding a bus, or rail. Why? Who knows, ignorance I suppose, but your comments about poor, or colored people has some merit. That is my opinion, as a Conservative.

I was involved in the political process when I lived in Waller County, very RED county. I attended the precinct meetings, county and even state gatherings. They just hate rail, and bus. It may be the cost, I'm not sure, it would take too long to analyze it and pinpoint the reasons, but it is what it is. I was the same way, until I met my wife, and we traveled all over the world together, not nowhere more than in Europe, she's from Barcelona. I saw with my own eyes the benefits of rail, and public transportation because we had no choice to get around. If planned properly, it works, period.

[clutchcity]

Originally Posted by HookTheBrotherUp

Yes, many Conservatives, but not all, do not like riding a bus, or rail. Why? Who knows, ignorance I suppose, but your comments about poor, or colored people has some merit. That is my opinion, as a Conservative.

That’s interesting. Well I hope my new neighbors in Montrose aren’t less than thrilled that a brown skinned early 30’s person (me) just bought and moved into a single family home on their block. I don’t think I’ll have this problem in Montrose of all places, which is part of the reason I picked it over The Heights.

[HookTheBrotherUp]

Originally Posted by clutchcity

That’s interesting. Well I hope my new neighbors in Montrose aren’t less than thrilled that a brown skinned early 30’s person (me) just bought and moved into a single family home on their block. I don’t think I’ll have this problem in Montrose of all places, which is part of the reason I picked it over The Heights.

Ha... you will be fine. It has not changed me one bit, but everyone I socialize here with think I am a Liberal Latino. I sometimes feel guilty, especially when the daggers come out, but I politely listen and don't say, or react to anything I don't agree with, it does not bother me. People are actually very nice, or are they nice to me because they think I'm one of them?

[Dopo]

Originally Posted by jfre81

....who have no idea what to pay in a normal real estate market.

The result is Houston is now no longer that good of a value, for what you get (and I don't mean just your house and lot, but the environment you live in) unless you come from a place like that.

You can thank all the people that kept in proclaiming Houston
“The most affordable city in the country”

[Scientific]

Originally Posted by dkag

Very simple. Rates have been dropping/stayed very low since 2010 up to last December. Low rates make monthly payments cheaper which increases demand (increases number of people able to afford 275K house). Increased demand pushes house prices up. Has nothing to do with Californians... anything wrong with Houston it's those Californians.. As rates go up home prices will start dropping as people won't be able to afford a payment.

Also you can't compare prices in 2010 in the middle of the downturn that followed housing bubble of 2008 to now.

You can't predict that. No one can predict how the market will react to higher rates, if people who have the cash to buy won't care either way. Those same folks that are coming off the equity of their homes, will still be able to buy in these areas. The "Texas Miracle" was an oil boom that softened the blow of the recession. And because our housing wasn't anywhere near as inflated as the most expensive parts of the country, we were naive to how much these people would come here and drive up our market.

its exaggerated to point the finger at Californians, but the fact remains. The Houston Metro added almost 900k people in a ten year span by the last estimates I read. And even before the recession, these parts of town were no where near these highs. The "cheap" label is disappearing, but as long as transplants come feeling the bargain, native Houstonians are getting left out quick.

Whether or not this growth is good, I dont know. But at the rate this city is growing, it will become harder and harder for native Houstonians to keep up with the rate of appreciation the market has seen. I feel for anyone who had their eyes set on a Heights or Montrose home 5 years ago out of school, only to have the market just run right past you.

[snackdog]

A few stats on Houston SFH price changes the last five years by zip
ZIP AREA 2013 2018 change
77006 montrose 370 519 40%
77056 uptown 684 901 32%
77018 gardnoaks 257 413 61%
77498 sugar land 144 218 51%
77094 eldridge 291 366 26%

Garden Oaks and Sugarland have actually risen a lot more than Montrose.

[KerrTown]

Originally Posted by HookTheBrotherUp

Yes, many Conservatives, but not all, do not like riding a bus, or rail. Why? Who knows, ignorance I suppose, but your comments about poor, or colored people has some merit. That is my opinion, as a Conservative.

I was involved in the political process when I lived in Waller County, very RED county. I attended the precinct meetings, county and even state gatherings. They just hate rail, and bus. It may be the cost, I'm not sure, it would take too long to analyze it and pinpoint the reasons, but it is what it is. I was the same way, until I met my wife, and we traveled all over the world together, not nowhere more than in Europe, she's from Barcelona. I saw with my own eyes the benefits of rail, and public transportation because we had no choice to get around. If planned properly, it works, period.

You may have been through the Canal du Midi and the others around Aquitaine. The Confederate Constitution prohibited internal improvements (such as building roads or railroads) by the Confederacy.

Article 1, Section 8.3
To regulate commerce with foreign nations, and among the several States, and with the Indian tribes; but neither this, nor any other clause contained in the constitution, shall ever be construed to delegate the power to Congress to appropriate money for any internal improvement intended to facilitate commerce; except for the purpose of furnishing lights, beacons, and buoys, and other aids to navigation upon the coasts, and the improvement of harbors and the removing of obstructions in river navigation, in all which cases, such duties shall be laid on the navigation facilitated thereby, as may be necessary to pay the costs and expenses thereof.

After World War 2, public transport was demolished all over the South and replaced by highways. The highways are the new harbors and Intracoastal Waterway, while bus and rail are prohibited internal improvements in the Southern mindset.

Originally Posted by Scientific

The "Texas Miracle" was an oil boom that softened the blow of the recession. And because our housing wasn't anywhere near as inflated as the most expensive parts of the country, we were naive to how much these people would come here and drive up our market.

its exaggerated to point the finger at Californians, but the fact remains. The Houston Metro added almost 900k people in a ten year span by the last estimates I read. And even before the recession, these parts of town were no where near these highs. The "cheap" label is disappearing, but as long as transplants come feeling the bargain, native Houstonians are getting left out quick.

The asynchronous Texas economy was the saving grace. Texans did not realize the depth of the 2008 Recession due to the oil boom. Now that both the U.S. and Texas economies have synchronized, the next recession/depression will not be softened.

The 2008 Recession drove Californians to Texas in search for cheaper housing due to being on the cusp of homelessness. People were losing jobs and investments and thought that they could use the California equity to start a new life in Texas and other cheaper states. I saw a British documentary on YouTube back then about a tent city popping up in Riverside or San Bernardino full of foreclosed homeowners.

The inflated prices for those able to cash out of California just in time fueled the ridiculous prices by Texas standards for desirable areas. The purchasing parity between California and Texas at that time was unbelievably rigged in the transplants' favor. Now all of Texas is feeling the inflation.

[DejaBlue]

I don't know. But I DO know that this right here....https://www.har.com/mapsearch?nid=434#g44396558 and this here https://www.har.com/700-kipling-street/sale_19893498 makes NO sense.


$525,000 and $749,000 and not renovated? Please. 1 bathroom? double please.