How much do homes in the inner loop cost (in safe parts)? (Houston: to rent, condo)

[moxiezbug]

How much would a 3 bd/2 bath in a safe part of the inner loop cost? I don't care about having huge houses, just a decent one in a decent place of town close to work. I might be moving to Houston or Dallas after I get my MST. Thanks.

[travelguy_73]

As houses inside the loop tend to be older, there is going to be a wide range of prices that match the wide range of conditions (new construction mostly limits you to townhomes unless you have $500k + to spend). You could probably pay as little as $150k for clean, but outdated, in a safe more transitional neighborhood, all the way up into the $500k in a swankier inner loop neighborhood.

A couple of examples:
on the inexpensive side: 4425 Leeland St, Houston, TX 77023

on the pricey side:
2303 Bartlett, Houston, TX 77098

This is in general; I'm sure exceptions apply.

[moxiezbug]

Originally Posted by travelguy_73

As houses inside the loop tend to be older, there is going to be a wide range of prices that match the wide range of conditions (new construction mostly limits you to townhomes unless you have $500k + to spend). You could probably pay as little as $150k for clean, but outdated, in a safe more transitional neighborhood, all the way up into the $500k in a swankier inner loop neighborhood.

A couple of examples:
on the inexpensive side: 4425 Leeland St, Houston, TX 77023

on the pricey side:
2303 Bartlett, Houston, TX 77098

This is in general; I'm sure exceptions apply.

How old is "outdated"? Also, what is a transitional neighborhood. BTW, both homes look gorgeous, and I like the first one better. Don't need a huge house. Thanks so much for your help

[travelguy_73]

Originally Posted by moxiezbug

How old is "outdated"? Also, what is a transitional neighborhood. BTW, both homes look gorgeous, and I like the first one better. Don't need a huge house. Thanks so much for your help

IMO, outdated homes aren't from a particular era, as they can be early 1900's all the way to the 1980's. It means either original or poorly remodeled (not true to the style of the house). In either case, at some point money will need to be spent to modernize the house. It could be as simple as refinishing floors, painting, and new landscpaing, or as much as new plumbing/electrical, kitchen, and bath.

As for transitional neighborhoods, everyone has their opinion of what transitional is. Houston's lack of zoning puts upper class neighborhoods right next to working class or poor neighborhoods. It's actually cool once you get used to it because there is more of a melting pot. For me, transitional means that there are very nice, completely renovated homes in near vacinity to original (or worse) homes. You might say these neighborhoods are being gentrified.

The first house I showed you is in Eastwood, and is typical of a home that is very livable, but could use some $$$ to modernize it. The second example is in Upper Kirby, a fully gentrified neighborhood where homes in that price range are move-in ready and rarely need anything more than personal touches.

Dallas prices will probably be a little higher, but I don't know how much. I think a transitional area in Dallas with good housing stock is Oak Cliff.

[moxiezbug]

Also, that is me planning for kids. If I am still single, is it wise to just buy a 1br/bath townhouse for 69K first, then upgrade later, or should I wait a couple of years, then buy the 3br? Any advice? Thanks.

[travelguy_73]

Originally Posted by moxiezbug

Also, that is me planning for kids. If I am still single, is it wise to just buy a 1br/bath townhouse for 69K first, then upgrade later, or should I wait a couple of years, then buy the 3br? Any advice? Thanks.

Townhomes are a tougher sell in Houston. They tend not to appreciate and are seen as more of a commodity as there are so many on the market inside the loop that it is hard to differentiate one from another on anything other than price. I cannot think of a nice part of the inner loop where you could find a nice, safe condo for under $100k. It would definitely be in an older complex, which isn't in itself a bad thing, but the maintenance fees would be a deal killer.

I would wait and buy the house. You should come out ahead. Renting in inner loop Houston isn't a financial burden, and you will usualy be able to rent in a nicer area than you can afford to buy (ex: you can rent a duplex in Upper Kirby for $1200 a month, but it would cost you $350k or (much) more to buy anything in that area that is livable).

[moxiezbug]

Originally Posted by travelguy_73

Townhomes are a tougher sell in Houston. They tend not to appreciate and are seen as more of a commodity as there are so many on the market inside the loop that it is hard to differentiate one from another on anything other than price. I cannot think of a nice part of the inner loop where you could find a nice, safe condo for under $100k. It would definitely be in an older complex, which isn't in itself a bad thing, but the maintenance fees would be a deal killer.

I would wait and buy the house. You should come out ahead. Renting in inner loop Houston isn't a financial burden, and you will usualy be able to rent in a nicer area than you can afford to buy (ex: you can rent a duplex in Upper Kirby for $1200 a month, but it would cost you $350k or (much) more to buy anything in that area that is livable).

Thanks so much for your help! Are you a native Texan?

[modster]

Originally Posted by moxiezbug

How much would a 3 bd/2 bath in a safe part of the inner loop cost? I don't care about having huge houses, just a decent one in a decent place of town close to work. I might be moving to Houston or Dallas after I get my MST. Thanks.

A three bedroom/2 bath in the less transitional areas inside the loop could cost quite a bit.

A 3/2 in the Heights would probably run you a minimum of $250,000 for a fixer upper & could easily exceed $750,000 for a newer mocktorian.

Lazybrook and Timbergrove might offer some choices around that same price range.

South of Buffalo Bayou you get into Montrose, where 3/2's would start somewhere in the $300's. River Oaks to the west would be 7 digits & once you get around Rice U/West U/Southgate, it will take a minimum of $500k.

South of Braes Bayou you could find an original one without any updates for under $300k. But those areas are still pretty expensive.

In the east end, most of the bungalows in Eastwood & Idylwood are 2 bedrooms, so a 3/2 would be a little harder to find, but less expensive than points west.

[jfre81]

East End now, Near North Side and Third Ward in about 5-10 years. Otherwise, you're going to be paying a fair chunk of money as modster explained.

By the way - where would work be?

[moxiezbug]

Originally Posted by jfre81

East End now, Near North Side and Third Ward in about 5-10 years. Otherwise, you're going to be paying a fair chunk of money as modster explained.

By the way - where would work be?

I would be working in one of the Big 4 accounting firms, and I've heard they are downtown. I am looking for a safe place 20 minutes away from work because I have heard of the terrible commute time in Houston.