COMMENT OF THE DAY: THE $1 MILLION PROBLEM WITH RIVER OAKS MID-CENTURY MODERNS “River Oaks MCMs *always* go for lot value and get torn down. Sentimental owners think they should get a premium for the good architecture but it never happens. If they really care about the building they should price it at 900k and put a no teardown easement on it. Instead, they will lower the price by 100k every 3 months and 3 years from now it will be a Tuscan villa. (As a point of comparison, 59 Tiel Way, a Kamrath beauty which had a much larger, insanely off the hook lot, bigger, nicer, renovated house, was similarly priced – for 3 years he lowered the price slowly, and eventually was offering it on Ebay for 950 minus commission. No one bit and now, sadly, it is a clay lot that will likely sell in the mid 800s). Another comparitor is the MCM on North BLvd, also priced like this, slowly reduced for 3 years, now at 899k until the listing expired again. People like to admire MCM architecture but they don’t like to pay $1M for it. In Houston, at least.” [CAHBF, commenting on 1960 Preserved: River Oaks Mod Box Jumps into the Market]
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I totally agree. To 5% of the people MCM’s are treasure, to 95% of the people it’s trash, therefore it’s priced accordingly.
So sad. That Tiel Way house was absolutely incredible. I would have bought it had I had the money. One day when I’m rich I’ll get the floor plan and build it myself. One day.
There’s another million dollar factor that is killing the mods–people who dig MCM self-identify as being “very into Design”.
When it comes time to put down some real money, they look at all the mods available in the 1 million and up range, and then after much gnashing of teeth they spend 2-3 times what they thought they were going to spend to hire an architect and build their own.
As much as I hate to agree, CAHBF is probably right. Within 2 blocks of this house are several traditional houses, same lot size, in the 900s (and they aren’t selling at that price). This house is gorgeous but even I would think twice in the 900s. It will require updating (that kitchen is unacceptable) and then you’re into it for over 1M. I’d be worried about ever being able to sell it. UNless River Oaks suddenly stops attracting oil exec housewives and starts drawing from the gay and our hipster subset.
and/or, not and our
I see HCAD gives it a market value of 1.2MM (and a hearing to appeal that is scheduled). Is 1.2MM lot value here?
Other than HCAD and Zillow’s “Zestimate” (which generally seems biased toward the low side), is there any other public data one can use to determine a fair offer on a home? Or do you just hire an appraiser?
*note – this guy likes MCM houses*
They say if buildings, hoors (sp), and policians hang around long enough, they get respectable.
They say if buildings, hoors (sp), and policians hang around long enough, they get respectable.
I disagree. That’s only applicable to whores and buildings.