Little White Oak Bayou meanders by the back of a property (and so do a couple of uh, hikers in the background of the top photo) located east of N. Main St. and about 3 sidewalk-lined blocks from the Metro rail station at Fulton St. Is the Northside property located in De Noyles, as indicated in the listing, or is it Booth North Main, as recorded by HCAD for all addresses on the block? The listing’s all-cap message is all about redeveloping the acre-plus lot of land, not the 1960 home that sits on it at the end of a long driveway (above). A month ago, the asking price dropped to $1.1 million. Since January (and in a previous listing dating back to September 2013) it had been sitting at $1.6 million. But even that was down a bit from someone’s expectations: In 2008, a six-month listing’s asking price kicked off at $2 million.
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There are only a couple peeks at the 4-bedroom ranch-style home on site, and they’re all of the exterior (above). The deep lot sits at a jog in the roadway and weighs in at 44,252 sq.-ft. in the listing. HCAD rings it up at a heftier 73,180 sq. ft., however, so which portion of the spread isn’t part of the deal? Here’s the tidy front yard, looking south to the backs of homes fronting the street beyond them:
The side view north takes in a couple adjacent wooden structures. Beyond them, the road peters out in a clearing near the bayou across from Hollywood Cemetery.
To the west, the back lot line has perimeter fencing:
On the other side of the chain link fence, grounds shift from grassy lawn to rustic ravines:
- 800 Booth St. [HAR]
Somebody has been smoking their own product, $1.1 million for that?!?!?!
Lot is only worth about $400k and since the house is total redo or tear down it is only worth $200k and the area is not great. Anything over $700k is way overpriced best thing to do is tear the house down and divide the lot into 4 or 5 smaller lots and build town homes on it. If this property were in Glen Vista close to Hobby airport it would only be worth $250k to $300k
HCAD has the land at $660k and, at least near us, they tend to underestimate on land values. $1.1M definitely seems high though.
I think A LOT of properties are overpriced. Just because the market went insane last year doesn’t mean this is how it’ll be forever. A home near me was listed at 430K. Sat for 3 months before it exchanged hands. New agent listed it at 399, and it sold for 370 with seller contributing 2.5K to closing costs. Without the seller’s contribution, that’s still 60K less than what they expected. It’s ridiculous. Agents need to get with the program and stop thinking that they’re going to get paid without doing any work.
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This part of town is still not great, rail or not. If I were to buy on the east side of 45, it’d be near Lindale Park. In fact, this agent has been the primary listing agent on the “new” development of “low income” housing called Avenue Place. (I looked at homes there when I was buying when there were only 8 or 10 built. It’s like Palm Springs, minus the MCMs lol.)
If this real estate agent were in the know, he’d list it as being in Tampico Heights and would probably get 1.2 mil.
Maybe the reason nobody is buying is because they know how to look at a FEMA map. The vast majority of that lot is in the floodplain, and some of it is even in the floodway. You can’t build a danged thing there unless it’s on stilts. It’s worthless land.
It’s of no benefit to a real estate agent to have a property that sits and sits and sits; they don’t get paid for that. ‘Most’ agents will properly research values and suggest an appropriate value to the seller. However, there are many times when the seller demands a high listing price. The agent usually will take the listing in the hope that eventually the seller will allow a reduction to a reasonable value, but, of course, the property has been on the market and lost any luster it might have had.
If you build a house or a few town homes on this lot the foundation needs to be a min of 7ft to 8ft above the ground if you build anything at ground level that would just be throwing money away
@DarbyMom I am not an agent, but there is no point in taking a listing that will not sell because the homeowners think their property is special (or have deluded themselves into thinking that they could get as much as they want). If I want to get paid, I’d take on listings that actually had a chance to sell.