$4 MILLION BUYS YOU THIS NORTH HOUSTON HOME AND 35 OTHERS KINDA LIKE IT 
This 2005-vintage 1,755-sq.-ft. home at 826 Bandon Ln. in Remington Ranch is just 2.8 percent of the residential wonderfulness you’ll get if you plunk down $4 million for a “package” of 36 homes in North Houston and Spring posted on MLS recently. That averages out to more than $110K each; The seller isn’t identified, but a company called Darland Partners, Ltd. owns a total of 24 properties (including this one) in Harris County; it paid $80,000 for the home pictured above in September of 2012. [HAR]
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Call me not surprised. I always wondered about that little patch of houses. This lot is probably bank repos from first-time homeowners who got in over their heads and had no clue about the amount of money and effort required to actually own and maintain a home, and pay taxes on it, and service the loan. Kinda lazy of the bank to try to unload them all at once, though.
Maybe not this particular property, but the rumors presently going around Spring/The Woodlands are that some out of state investors are buying up residential real estate in the area and trying to assemble multiple properties, that they can later sell as a group for rentals. All due to the influx of Exxon on the area coming soon. I think we’ll see more of this type of listing in the next several years.
These were probably FC’s bought at auction by the 3rd party.
@GoogleMaster I srsly doubt that the mortgage servicer/bank acquired them back is going to be selling them on the market considering it’s illegal for a bank to sell you a house; they have to go through the REO process and can only sell them individually.
I guess they (the 3rd party buyers) figured that renting out single family residences in HOA restricted nabs is not all that it’s cracked up to be or their demand got cannibalized by the all newer apartments since that’s the potential demographic for house renters. Or maybe they’re trying to sell to a landlord who wants to get into the game late and eat their lunch out of the toilet.
Remington Ranch was one of those inflatable ghettos that was filled up with lower/middle income buyers using subprime mortgages then blew up in ’08. It’ll take some creativity to keep this place from cycling into a festering sore for the remainder of this century.
Dana-X said what I was trying to imply without actually saying it.
I am a real estate appraiser and Remington Ranch is a KB home neighborhood and there were too many foreclosures to count when the crash came. This neighborhood is well known for that reason in the appraisal business.
Can we stop making the garage the prominent part of the front of the house? U-G-L-Y.