The Swamplot Price Adjuster needs your nominations! Found a property you think is poorly priced? Send an email to Swamplot, and be sure to include a link to the listing or photos. Tell us about the property, and explain why you think it deserves a price adjustment. Then tell us what you think a better price would be. Unless requested otherwise, all submissions to the Swamplot Price Adjuster will be kept anonymous.
Location: 7538 Inwood Dr., Charnwood
Details: 17,781-sq.-ft. lot
Price: $550,000
History: Sold for $503,000 in December 2007. Listed on HAR for 4 months now at the current price.
Says the reader who’s nominating this vacant homesite:
The lot is in Charnwood, a really nice subdivision, they keep things looking nice. When I bought in Charnwood (Inwood Dr), it was the lot size that appealed to us, it seems like all the lots are 15k sqft or more, which is very generous for the area (galleria/west Houston).
It is close to lots of great eating, shopping, schools too but still has a nice family feel too it. I really like it and more importantly it is way more better value than Briargrove (Charnwood has way bigger lots too) and Tanglewood (chi-ching $$$).
Also, there are quite a few new custom builds in the subdivision, that points to good strong house values for the future. . . .
This lot was “for sale by owner” for $500k for around a year . . .
So . . . what would be a better price for this chunk o’ land?
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There have been houses sold in this subdivision for less than this in the last 12 months.
Most houses in this subdivision that have sold recently are in the 500k – 600k range with house!
I think 350k-400k would be much more realistic.
What do you think?
Maybe they also listed with the head of HAR who obviously should stick to real estate outside the loop. Or outside of Houston.
Whoever these people listed with, they are as delusional as their realtor.
You have to wonder if HAR uses HCAD valuation increases to calculate comparable market value these days.
Sooner or later they will run out of stupid buyers. And then reality will hit.
All that open land is where houses use to be.
The Feds bought out many of these homes as part of the White Oak Bayou federal study and flood damage reduction project.
From kjb434:
All that open land is where houses use to be.
The Feds bought out many of these homes as part of the White Oak Bayou federal study and flood damage reduction project.
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????
This lot (singular) is nowhere near White Oak Bayou. It is near Buffalo Bayou, but not on it. Furthermore, it is completely surrounded by houses on all sides. So whatever reason there is no house there, I doubt if it has anything to do with flood control.
I can’t speak to the correctness of the price, but this house is in a charming little neighborhood that includes Briar Bend Park, the only public Buffalo Bayou access between Terry Hershey Park (which starts at the Beltway and goes out to Highway 6) and Memorial Park. That would be worth something to me…
Crap!
I kept reading Inwood. I was thinking Inwood Forest where my statement would be true (and the houses are much cheaper).
Maybe next time I should actually put the address in Google.
Purchased for $503,000 in dec 2007. Taxes of $10,679 a year + $250 in subdivision fees…
HCAD has it at $422,000. Making money in raw land is really tough. It amazes me how many people think it is easy. Even if you listed this at $400,000 I dont think a buyer comes anytime soon.
I love the listing’s grammatical oddity here: “This quiet cul-de-sac offers privacy & a retreat for your family. The generously sized corner lot (17,781 sq ft) could even (my emphasis) accommodate a very large one story home.”
Personally I prefer living in an actual enclosed building, rather than relying on local flora for my privacy.
And also, does the Agent imply that two story homes are not permissible?
I think a listing at 400K would be snapped up in a jiffy.
Hmm. Depending on the deed restrictions and/or prevailing lot rules for this neighborhood, it may be possible to subdivide this lot into two homesites. In that case, the owners should probably do that and list each for $350.
The current owner overpaid for the property in 2007 and it will take time for market conditions to support a value of $550K.
I doubt the deed restrictions will allow subdividing the lot. I’m actually surprised anyone would buy in Charnwood and then tear the house down. But, well, I guess out with the old and in with the new is everywhere although it looks as if a growing number of people are running out of money before they get around to building the new.
Or maybe they discovered that indeed the deed restrictions do not allow two story homes. Same as in Briargrove. Where even the new homes have to be “one and a half stories” with the half-story being “attic conversions” as they were called. I forget the story behind that one but it was interesting as I recall. Someone told me you can have two-stories on the back of the house but from the street, well, dormer windows only. And if you don’t like dormer windows, well, too bad. We may not have zoning but some of us do have deed restrictions that even the city cannot override. And don’t think for one minute a builder or two hasn’t attempted to do so in Briargrove.
As for HCAD value, well, HCAD has increased value this year. On what basis, who knows. Except that they can as Bill Clinton would put it.
They can list it for anything they want but I suspect they will be lucky to get $400,000 for the lot and that is only if they find a buyer with the money to build and those buyers are not real plentiful at the moment. Regardless of how many times HAR juggles the figures and tells everyone the market here is just great. Wonderful time to buy. If you’re nuts, perhaps it is.
It’s been awhile since I’ve been in Charnwood but if you look at the photos, there are at least two homes that appear to be at least “partial” two story homes. Part of the home is one story, part of the home is two-story. Charnwood may have what is called an architectural committee that approves everything. Because of the listing information, perhaps they have restricted the homes to one story. Of course the listing information is never reliable. As many buyers find out too late.