I don’t get the economics here. Highland High Rise LP owns 32 units and has, I guess, since 2010. Shouldn’t they be trying to sell them for less than $500/sf so they can start getting that $1037/mo?
ryan
Can someone help me understand the rationale in buying a condo and then paying $600+ (or $1000+ in this case) a month on condo fees? So you are paying mortgage, interest, property taxes, and condo fees …. seems to be a really steep commitment. Can’t you rent for much less? Or aren’t there any highrise rentals this chic?
mek ju
That’s a subtle way of hinting about the, um, professionals a bachelor will have access to nearby.
pantryboss
check out the “painting” above the bed !
Craig
The Supreme Court made a ruling?
Old School
People I know who are into the condo thing (few in Houston, many out East) like the idea of writing one check a month to cover everything outside of the walls of their unit instead of having to sweat having to write a big check to fix the AC, having to hire out landscaper, pool guy, security guard, paying fees to a private garage for parking and paying for and having to go offsite for a fitness club. Condo fees take care of everything in one not so low monthly payment. As long as the management company hired by the condo association does its job, it is a very trouble free way to live.
ryan
@Old School: so why not rent? Or are rental rates in this level of the market on par with this sort of total monthly payment on owning a condo? Say a $400K condo mortgaged with 20% down, mortgage, interest, prop tax, and condo fees … aren’t we talking over 3K a month?
doofus
@ryan- yeah, your math checks out. However, have you seen rental prices lately? $3,500 plus for a 2/2 isn’t uncommon in buildings that have all the perks of a typical for sale condo building. So, if the price is the same, wouldn’t you rather own at the end of the day?
Winer
What, what, what on earth is a picture of a women looking at wedding dresses supposed do to make me want to live there? That and a Neiman Marcus shopping bag? Oh sign me up NOW! I hate to tell them this too, but having a bunch of nothing but white models to represent your “typical” tenant mix, (young white gold-digger bride, old white guy golfer, happy middle aged white woman with good furniture and apparently better meds, cougar white woman working the valet, etc.) that little lily-snow mix is a fair housing lawsuit waiting to happen.
commonsense
Winer, why the whining, there’s no amount of political correctness that can cover up the realities of life.
Fair Housing prevents from discriminating against applicants but there’s nothing preventing a marketing campaign targeting core customer demographics.
jc
Just another episode of Say Yes to the Nest…
ryan
@doofus, no, i wasn’t aware of that, but that does explain things. As to buy vs rent, that’s a hard call in regards to the condo market. How well do they actually appreciate in Houston?
Winer
@commonsense, but yes, there have been many fair housing lawsuits filed over that very thing.
I don’t get the economics here. Highland High Rise LP owns 32 units and has, I guess, since 2010. Shouldn’t they be trying to sell them for less than $500/sf so they can start getting that $1037/mo?
Can someone help me understand the rationale in buying a condo and then paying $600+ (or $1000+ in this case) a month on condo fees? So you are paying mortgage, interest, property taxes, and condo fees …. seems to be a really steep commitment. Can’t you rent for much less? Or aren’t there any highrise rentals this chic?
That’s a subtle way of hinting about the, um, professionals a bachelor will have access to nearby.
check out the “painting” above the bed !
The Supreme Court made a ruling?
People I know who are into the condo thing (few in Houston, many out East) like the idea of writing one check a month to cover everything outside of the walls of their unit instead of having to sweat having to write a big check to fix the AC, having to hire out landscaper, pool guy, security guard, paying fees to a private garage for parking and paying for and having to go offsite for a fitness club. Condo fees take care of everything in one not so low monthly payment. As long as the management company hired by the condo association does its job, it is a very trouble free way to live.
@Old School: so why not rent? Or are rental rates in this level of the market on par with this sort of total monthly payment on owning a condo? Say a $400K condo mortgaged with 20% down, mortgage, interest, prop tax, and condo fees … aren’t we talking over 3K a month?
@ryan- yeah, your math checks out. However, have you seen rental prices lately? $3,500 plus for a 2/2 isn’t uncommon in buildings that have all the perks of a typical for sale condo building. So, if the price is the same, wouldn’t you rather own at the end of the day?
What, what, what on earth is a picture of a women looking at wedding dresses supposed do to make me want to live there? That and a Neiman Marcus shopping bag? Oh sign me up NOW! I hate to tell them this too, but having a bunch of nothing but white models to represent your “typical” tenant mix, (young white gold-digger bride, old white guy golfer, happy middle aged white woman with good furniture and apparently better meds, cougar white woman working the valet, etc.) that little lily-snow mix is a fair housing lawsuit waiting to happen.
Winer, why the whining, there’s no amount of political correctness that can cover up the realities of life.
Fair Housing prevents from discriminating against applicants but there’s nothing preventing a marketing campaign targeting core customer demographics.
Just another episode of Say Yes to the Nest…
@doofus, no, i wasn’t aware of that, but that does explain things. As to buy vs rent, that’s a hard call in regards to the condo market. How well do they actually appreciate in Houston?
@commonsense, but yes, there have been many fair housing lawsuits filed over that very thing.
http://fairhousing.forrent.com/advertising-and-social-media/fair-housing-best-practices-human-models