COMMENT OF THE DAY: THE ONLY NUMBER I NEED “For me, as someone who routinely buys, restores, and holds these types of property for the long term (including a property right across the street from this one that is roughly the same age / type of construction), the only thing that I consider when determining value (and this a pretty standard / typical metric) is CAP rate. Specifically, I use the CAP rate at current rents and expenses to determine what it is worth today . . . and I calculate a projected CAP rate after renovations to determine what it will be worth with higher rents. The CAP rate is just a simple calculation for the rate of return on your cash in the deal. If you are simply buying a property and continuing on as is, the CAP rate is the return (from cashflow) on your down payment. If you are planning to upgrade the property the CAP rate is the rate of return on your down payment + carrying and renovation costs . . . based on the new rents.” [Jared M., commenting on The End of Another Almost Afton Oaks Apartment Complex?]
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COMMENT OF THE DAY: OUTSIDE OF THE LOOP ON TRAFFIC “Nothing confuses a non-Houstonian like traffic reports in H-town: ‘There’s an accident on the east loop north at 225, traffic is backed all the way from the south loop east to the west loop south.’†[HEYZEUS, commenting on Comment of the Day: Isn’t East of 59 and 288 Inside the Loop Too?]
COMMENT OF THE DAY: ISN’T EAST OF 59 AND 288 INSIDE THE LOOP TOO? “. . . I tell people all the time, I live inside the loop, a few miles from DT. Everyone is all ‘oh, where do you live? in Montrose, the Heights, on Washington, museum district?’ I’m all like ‘um, no, over by UH’ then they’re all like ‘oh, UHD, so like Last Concert, that’s edgy!!!’ then I’m like, sigh ‘no, the real UH, there’s a fleet of taco trucks by my house, and that soccer stadium thingy.’ Then they just start running away.” [toasty, commenting on Houston: The Divided City]
COMMENT OF THE DAY: IS THIS A HOUSTON APARTMENT BUILDING BUBBLE? “. . . it certainly does seem like they are overbuilding. Only time will tell if that’s the case. If it is, it’s going to be a replay of 1982-3. The developers who got in the game early will have sold their complexes and moved on to the next hot market. The guys left holding complexes when the market crashes will lose their shirts. There won’t be a bailout. But a bunch of complexes will fall into bankruptcy. Rents will crash. Real estate values and tax revenue will plummet. Any semblance of maintenance, security, and tenant screening will fly out the window. Oh, and there might be a few half finished complexes that just sit there for a few years gathering graffiti and vagrants.” [ZAW, commenting on The Luxury Trackside Apartments Coming to Briar Hollow]
COMMENT OF THE DAY RUNNER-UP: LOOKING FOR A MULTI-DOME “I also remember how impressive it was to see the bare-steel framework during construction. So, the ‘strip it down to structural elements’ idea does resonate with me. In any case, most of the non-demolition proposals I’ve read about are for a single use facility of one kind or another. In contrast, I think our best hope for success is to remake it into a facility that serves different aspects of the public that have different interests. The dome’s footprint is big enough to accommodate a variety of multiple uses. I’ve tossed about ideas for some possibilities for different parts: hotel, golf driving range and/or putting greens, artificial ponds for fishing, tropical gardens (this might require the roof + AC), additional meeting-room and display space for conventions. These are just some thoughts, all of which have worked elsewhere, but may or may not work here. My main point is that we should be considering multiple uses, not just one that could sink the entire project’s success.” [Guido, commenting on Astrodome Stripped Bare by the Architects, Even]
COMMENT OF THE DAY: HOW TO MAKE A HOUSTON SUMMER THAT MUCH HOTTER “I thought it was crazy to schedule an outdoor music festival in summer, too, and then I went one year and found myself surrounded by 10,000 girls in barely-there bikinis, and realized that an outdoor summer festival in Houston is, in fact, a stroke of genius. (And the heat wasn’t bad at all that year — the second Summerfest, I believe.)” [Anse, commenting on The Montrose Bar Where Souls Will Be Exchanged for Cocktails?]
COMMENT OF THE DAY: THE NEW TALLER TOWNHOMES THAT FELL OVER NEXT DOOR “Just to add a little clarification here. I live in one of the already existing structures there. They have been there since 2008 and have fared quite well during storms since being constructed. The ones that collapsed had started being built about 5 or 6 weeks ago. They were being built by completely different builders. There were two frames up. Each were four stories tall. The crazy thing was how tall they were. The second story on the new construction was taller than the third story of the ones that had already been there. They were however a completely different design than the already existing ones. In any event the weather wasn’t that bad. I was awake when they collapsed and actually saw the second one fall after the first hit it. Scary. Regardless of wind sheathing, that should not have happened. Someone could have been seriously injured or worse.” [Mike, commenting on The Heights Blvd. Townhomes That Collapsed Overnight]
COMMENT OF THE DAY RUNNER-UP: DOWNTOWN’S HORSE PEE PROBLEM “If the streets smell like pee it is because of the horse cops. Seriously, walking down Main Street is like walking through a barn, and it isn’t the fault of the homeless — it is the dang horses. Why do we need horse cops anyways? Can’t cops get around on bike, or scooter, or something that doesn’t leave piles of poop in the middle of the street?” [Evan7257, commenting on Bringing the Streets Downtown Right into the Lobbies]
COMMENT OF THE DAY: STAKES IN THE NEIGHBORHOOD “I always have fun explaining to out of town guests what those signs are. For my benefit, I hope they stay up for a while longer, at least until the building is finished and their predictions come to pass. As an aside, I do feel bad for the lawn people who have to mow around them each week . . . they are unsung heroes in this drama.” [JD, commenting on The Last Stand of the Ashby Highrise Impediment Apartments]
COMMENT OF THE DAY: MY CENTRAL SQUARE DORM DREAM “When I was at school at UH-D, I would take the rail up to campus everyday and see those two buildings there. To best contribute to the urban fabric, I often would imagine that someone would redevelop them as dorms, and the block that is between it and the rail line could be repurposed as a plaza with a few cafes that would link the building to the rail. The private dorms could serve UH-D, HCC Central, South Texas Law, the medical schools, and even UH and TSU once the University line is complete. Having students commute from the various schools to this central location would add vibrancy to the area and could bring about good academic fellowship. Not sure of the economic feasibility, but it would wildly popular (if the dorm fees were reasonable). Since it’s college kids, renovations need only consist of low cost furnishings, concrete floors, bare ceilings, and maybe a gym and cafeteria. Gotta dream big.” [VMel, commenting on New Owners of Central Square Plaza Want To Make Something of It]
COMMENT OF THE DAY: HOW TO KILL REDEVELOPMENT PROPOSALS FOR THE ASTRODOME — WITHOUT EVEN TRYING “So, a private group (Astros) comes to the County and gets tons of public funding to build the Astrodome. But, now, if a private group has a great idea to repurpose the Astrodome, they cannot suggest that it be paid for with any public funds or let the tax payers consider their ideas for use with public funds. Only the great wise elders of the County Commissioners who have sat on their hands for over a decade on this issue can propose a solution for the Astrodome that involves the use of public funds. The ballot measure had better have a ‘none of the above’ option.” [Old School, commenting on Headlines: League City’s Red-Light Cameras Go Dark; ‘Guerrilla Gardeners’ Bombard Midtown with Wildflowers; previously on Swamplot]
COMMENT OF THE DAY: BURY ME AT HOLE 18 “I’ll tell ya, country clubs and cemeteries [are the] biggest wasters of prime real estate. My partial solution: Combine the two! All you have to do is build a couple of extra holes (a 20 or 21 hole golf course) so you can close a hole or two when a hole is ‘needed’ to welcome a new permanent resident. Markers (flush to the ground, of course) can double as distance markers. (‘It used to be an 8 iron from ole Ted to the green for me, but now it seems to be a 7′). Perpetual maintenance? No problem! Additional revenue for the facility? No doubt! Just remember where you heard it first.” [Al, commenting on Homebuilders Playing Through Old Katy Golf Course]
COMMENT OF THE DAY: CAN’T FACEPALM “No palm trees please!! Why do people still think it’s a good idea to plant them in a non-tropical, urban location? They provide little to no shade, take forever to grow, and aren’t particularly pretty.” [John, commenting on A New South Downtown ‘Garden District’ of Really Wide Sidewalks]
COMMENT OF THE DAY RUNNER-UP: CAMERAS ON THE STREET, BEFORE AND AFTER BOSTON “Before Boston, my attitute on red light cameras was (1) there is no expectation of privacy on the roads, in your cars or otherwise in public, (2) no person is actually monitoring these cameras, you paranoid freaks and (3) only those who were breaking the law had anything to worry about. After Boston my attitude is the same plus (4) WE NEED MORE CAMERAS and for tapes to be saved at least thirty days to aid law enforcement!” [mel, commenting on Headlines: Challenging Keystone Pipeline Challenge; Watching ExxonMobil Campus Grow]
COMMENT OF THE DAY: REAL ESTATE LISTING PHOTOS WITH THAT LITTLE EXTRA SOMETHING “I know exactly how this house must smell. And I love it.” [Miz Brooke Smith, commenting on A Woodsy, Bayou-Side Meadowbrook Home]