purchasing condo/loft downtown/southtown

[BenjaminNicholas]

Since it sounds like you've got the money to make the purchase, it really depends on if it will be a primary residence and what sort of 'living experience' you're looking for. Sure, people have already mentioned the price difference in relation to square footage, but that doesn't really matter... The feeling you get in Stone Oak is seriously different that what you'd get in Southtown or Downtown proper.

Added, it's getting tougher to find a condo project that's available for sale rather than rent: So many places have decided to go rental due to the market tanking. Whatever you decide to do, make sure you're HAPPY with where you are versus looking at it strictly as 'how much money am I going to get out of this.' The days of a quick flip/investment are pretty much over (for awhile, at least). Concentrate on where you'd be most comfortable.

I just toured a penthouse at the new St Benedicts lofts on South Alamo. Great finish-out. Incredible views and lots of floor-to-ceiling windows. While it's not a 'for sale' property anymore, the rents are competitive in price.

I've heard mixed things about The Broadway (on Broadway in 09): The only facts I have to offer is that 6 close friends of mine had money in deposit and ended up getting what they could back. I was told what they promised and what would be delivered were two very different things. I've done a walk-thru of the property and, aside from an abysmal location, it's got a decent finish-out. I predict that most of the building will go high-end rental just to make sure they meet their monthly nut.

As for the direction of Southtown/Downtown, it continues to grow. New eateries, bars, nightspots, breakfast joints, etc are popping up on a monthly basis. I like that they're mainly of the home-grown variety. Also, you might want to look into what's available on SoFlo (South Flores Street). I heard that a couple of units just opened up (for sale) at Camp Street Lofts. Gorgeous place. I rented there for 6 months. Fantastic building. Very secure.


Good luck!




BN

[rgb123]

thanks....lots of the points made here are things I'm thinking....so I'm on the right track.

Continuing to rent is a very tempting prospect...

I do think the area will continue to grow and it's a risk to buy there now. But could be a very worthwhile risk.....because if I stay in Texas it is what I would want right now, and when I'm ready for a house I could likely rent it out or sell it. Most likely rent I thinking, not sure how big a hassle that would be.

thanks for the input. Im not the most savvy person on these matters but it seems like I've gauged the situation fairly accurately!

[SoFloliving]

I made the move to Southtown last year, purchased a condo and LOVE it! And you're right about the rental...I have other friends who bought condos and have a waiting list for renters. In the end, you won't make a ton of money if you expect to flip it in a year, but it can be a great investment for the long haul. It's awesome having the entire King William section of the riverwalk basically to yourself, and you can walk to anything downtown. In my opinion, living downtown/southtown is the best kept secret. Good luck!

[Randy.G.Majek]

Highly recommend. Look at Artisan Park. We live there and love it. Very convenient, excellent neighbors, and well priced for downtown living.