Comments on: Comment of the Day: The Rent Isn’t Too Damn High http://swamplot.com/comment-of-the-day-the-rent-isnt-too-damn-high/2012-08-09/ Houston, Texas real estate development, home buying, landscape, and design Thu, 20 Jun 2013 08:55:31 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Apartments Houston http://swamplot.com/comment-of-the-day-the-rent-isnt-too-damn-high/2012-08-09/#comment-271457 Apartments Houston Thu, 16 Aug 2012 08:50:43 +0000 http://swamplot.com/?p=45643#comment-271457 People wants to live luxurious life at any cost. but they don't know what actually the luxury is, they think that having all the facilities in the apartments. People wants to live luxurious life at any cost. but they don’t know what actually the luxury is, they think that having all the facilities in the apartments.

]]> By: Mel Powers http://swamplot.com/comment-of-the-day-the-rent-isnt-too-damn-high/2012-08-09/#comment-270867 Mel Powers Tue, 14 Aug 2012 11:55:36 +0000 http://swamplot.com/?p=45643#comment-270867 Idiots, In 30 years you get all your money back, plus about three or four times the amount you paid for the piece. Idiots,

In 30 years you get all your money back, plus about three or four times the amount you paid for the piece.

]]> By: TheNiche http://swamplot.com/comment-of-the-day-the-rent-isnt-too-damn-high/2012-08-09/#comment-270129 TheNiche Sat, 11 Aug 2012 22:49:27 +0000 http://swamplot.com/?p=45643#comment-270129 @ Rodrigo: The lowest-income interviewee was hand-picked for the author from the Haitian community in Miami by a union. The interviewee only worked part-time. That sends up several red flags. That guy isn't typical; his case is the worst of the worst. I've hired people part-time for minimum wage in the past. They lived waaay better than I did (or do, even now, arguably). Their circumstances are not luxurious, but they've got time to enjoy themselves and to be human. They have girlfriends, wives, families, relationships that they can be proud of. OTOH, as an entrepreneur (which made me poorer than that Haitian, I kid you not), I had no time for myself or others, lived with roommates in a cramped apartment; as a decently-paid consultant, I still have no time for myself or others and live in an apartment that I might spend three or four nights a week in. But at least I'm well-respected...right? Maybe I'm not typical for my income bracket, either. But neither is a poor Haitian in Miami. @ Rodrigo: The lowest-income interviewee was hand-picked for the author from the Haitian community in Miami by a union. The interviewee only worked part-time. That sends up several red flags. That guy isn’t typical; his case is the worst of the worst.

I’ve hired people part-time for minimum wage in the past. They lived waaay better than I did (or do, even now, arguably). Their circumstances are not luxurious, but they’ve got time to enjoy themselves and to be human. They have girlfriends, wives, families, relationships that they can be proud of. OTOH, as an entrepreneur (which made me poorer than that Haitian, I kid you not), I had no time for myself or others, lived with roommates in a cramped apartment; as a decently-paid consultant, I still have no time for myself or others and live in an apartment that I might spend three or four nights a week in. But at least I’m well-respected…right?

Maybe I’m not typical for my income bracket, either. But neither is a poor Haitian in Miami.

]]> By: Rodrigo http://swamplot.com/comment-of-the-day-the-rent-isnt-too-damn-high/2012-08-09/#comment-270101 Rodrigo Sat, 11 Aug 2012 21:16:33 +0000 http://swamplot.com/?p=45643#comment-270101 @TheNiche: I'm sorry you felt your time was wasted. I didn't think of the interviews as cherrypicked; they're just one of many possible stories within that income bracket. @TheNiche: I’m sorry you felt your time was wasted. I didn’t think of the interviews as cherrypicked; they’re just one of many possible stories within that income bracket.

]]> By: TheNiche http://swamplot.com/comment-of-the-day-the-rent-isnt-too-damn-high/2012-08-09/#comment-270073 TheNiche Sat, 11 Aug 2012 19:34:31 +0000 http://swamplot.com/?p=45643#comment-270073 @ Jon & Rodrigo: Reading that article was a waste of my time. I could write a totally antithetical article to that one provided I got to cherrypick my interviewees and the places they lived. @ Jon & Rodrigo: Reading that article was a waste of my time. I could write a totally antithetical article to that one provided I got to cherrypick my interviewees and the places they lived.

]]> By: TheNiche http://swamplot.com/comment-of-the-day-the-rent-isnt-too-damn-high/2012-08-09/#comment-270055 TheNiche Sat, 11 Aug 2012 18:03:16 +0000 http://swamplot.com/?p=45643#comment-270055 @ Patrick: So, aside from Ashby, there are only two other new apartment highrises going up that would be competition. And one of those will have already been leasing for a while by the time that Ashby delivers; the other one isn't in as awesome a neighborhood as Ashby. @ Patrick: So, aside from Ashby, there are only two other new apartment highrises going up that would be competition. And one of those will have already been leasing for a while by the time that Ashby delivers; the other one isn’t in as awesome a neighborhood as Ashby.

]]> By: robert http://swamplot.com/comment-of-the-day-the-rent-isnt-too-damn-high/2012-08-09/#comment-270027 robert Sat, 11 Aug 2012 16:33:04 +0000 http://swamplot.com/?p=45643#comment-270027 The third and fifth are rough but I think I would prefer to live in north side since its relatively hispanic. By the time I graduate the neighborhood will be in the early stages of gentrification, especially considering that the rail will be finished next year. You couldn't pay me to live in the third again, I did a stint living there and when i saw a man with his face wrapped with a bandana carrying an ak47, I got out as fast as I could. Riverside terrace is beautiful though. The third and fifth are rough but I think I would prefer to live in north side since its relatively hispanic. By the time I graduate the neighborhood will be in the early stages of gentrification, especially considering that the rail will be finished next year. You couldn’t pay me to live in the third again, I did a stint living there and when i saw a man with his face wrapped with a bandana carrying an ak47, I got out as fast as I could. Riverside terrace is beautiful though.

]]> By: ZAW http://swamplot.com/comment-of-the-day-the-rent-isnt-too-damn-high/2012-08-09/#comment-269769 ZAW Fri, 10 Aug 2012 21:26:22 +0000 http://swamplot.com/?p=45643#comment-269769 Spoonman: I think the math is already starting to work for some people. Remember the guy who was concerned that he had 30 days to vacate the Andover Richmond property in Montrose? The 3rd and 5th Wards may be a good option for tenants like him, - as older, more affordable properties continue to disappear from Montrose. Of course it's a while before anyone would drop $3,000 a month for an apartment in that area. . The New York Times had an article in January titled "So You're Priced Out, Now What?" They looked at neighborhoods, sometimes miles from each other, in very different price points, but that looked like each other. They had pictures of a street of gorgeous brownstones in Manhattan's Upper West Side; and an equally gorgeous street in more reasonable Prospect Heights Brooklyn. You'd swear they were side by side; not miles away. The same thing happens in Houston, and Montrose versus the 3rd and 5th Wards is starting to be like that. Spoonman: I think the math is already starting to work for some people. Remember the guy who was concerned that he had 30 days to vacate the Andover Richmond property in Montrose? The 3rd and 5th Wards may be a good option for tenants like him, – as older, more affordable properties continue to disappear from Montrose. Of course it’s a while before anyone would drop $3,000 a month for an apartment in that area.
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The New York Times had an article in January titled “So You’re Priced Out, Now What?” They looked at neighborhoods, sometimes miles from each other, in very different price points, but that looked like each other. They had pictures of a street of gorgeous brownstones in Manhattan’s Upper West Side; and an equally gorgeous street in more reasonable Prospect Heights Brooklyn. You’d swear they were side by side; not miles away. The same thing happens in Houston, and Montrose versus the 3rd and 5th Wards is starting to be like that.

]]> By: Peter http://swamplot.com/comment-of-the-day-the-rent-isnt-too-damn-high/2012-08-09/#comment-269713 Peter Fri, 10 Aug 2012 18:12:01 +0000 http://swamplot.com/?p=45643#comment-269713 Spoonman, http://www.youtube.com/watch?v=xlA9bNk3b5Q "That is the worst idea I've ever heard in my life, Tom." "Yes...this is horrible, this idea." To be fair to you, lots of people walk into downtown from the 5th ward side. They're called homeless dudes HEYO --- When I went looking for condos, I rarely found one with maintenance/HOA fees less than $500, and found a few pushing over a thousand, just for maintenance. Assuming these luxury apartments have similar amenities as the condos I was looking at, you can mentally deduct ~700-1200+ from the rent as you would have been paying that much in fees at a condo anyway. Spoonman, http://www.youtube.com/watch?v=xlA9bNk3b5Q

“That is the worst idea I’ve ever heard in my life, Tom.”

“Yes…this is horrible, this idea.”

To be fair to you, lots of people walk into downtown from the 5th ward side. They’re called homeless dudes HEYO

—

When I went looking for condos, I rarely found one with maintenance/HOA fees less than $500, and found a few pushing over a thousand, just for maintenance. Assuming these luxury apartments have similar amenities as the condos I was looking at, you can mentally deduct ~700-1200+ from the rent as you would have been paying that much in fees at a condo anyway.

]]> By: Spoonman. http://swamplot.com/comment-of-the-day-the-rent-isnt-too-damn-high/2012-08-09/#comment-269693 Spoonman. Fri, 10 Aug 2012 16:52:41 +0000 http://swamplot.com/?p=45643#comment-269693 I'm not saying I'd want to live in the Third or the Fifth either. But someday the math will start making sense for a group of people. I’m not saying I’d want to live in the Third or the Fifth either. But someday the math will start making sense for a group of people.

]]> By: Angostura http://swamplot.com/comment-of-the-day-the-rent-isnt-too-damn-high/2012-08-09/#comment-269653 Angostura Fri, 10 Aug 2012 15:05:30 +0000 http://swamplot.com/?p=45643#comment-269653 The competition for a $3000/mo apartment is a $400,000 townhouse, which, at 10% down has a PITI of ~$2400. Add on your maintenance and upkeep costs (plus the value of your time), and the difference is probably not that much. Now, assume you're not sure how long you'll be living in Houston (or in a particular neighborhood, or whether or not you'll move if you have kids, etc.): If you sell after three years, 6% commission on $400k over 36 months is $670/month, which makes the rented apartment look pretty attractive by comparison. If there's a market for $400k+ townhouses (and there apparently is) then there must be one for $3000/mo apartments, too. The competition for a $3000/mo apartment is a $400,000 townhouse, which, at 10% down has a PITI of ~$2400. Add on your maintenance and upkeep costs (plus the value of your time), and the difference is probably not that much.
Now, assume you’re not sure how long you’ll be living in Houston (or in a particular neighborhood, or whether or not you’ll move if you have kids, etc.): If you sell after three years, 6% commission on $400k over 36 months is $670/month, which makes the rented apartment look pretty attractive by comparison.
If there’s a market for $400k+ townhouses (and there apparently is) then there must be one for $3000/mo apartments, too.

]]> By: Rodrigo http://swamplot.com/comment-of-the-day-the-rent-isnt-too-damn-high/2012-08-09/#comment-269647 Rodrigo Fri, 10 Aug 2012 14:43:20 +0000 http://swamplot.com/?p=45643#comment-269647 @Spoonman: Anyone who can afford to live in Southampton is not going to be walking anywhere in the 3rd and 5th. The lofts at the edge of downtown look nice, but the area is way too gritty, and not in an "urban chic" sort of way. Also, I doubt many people in Houston have walking commutes more than two blocks long, what with our weather. @Spoonman: Anyone who can afford to live in Southampton is not going to be walking anywhere in the 3rd and 5th. The lofts at the edge of downtown look nice, but the area is way too gritty, and not in an “urban chic” sort of way. Also, I doubt many people in Houston have walking commutes more than two blocks long, what with our weather.

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