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  #1121  
Old Posted Aug 23, 2022, 2:25 AM
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Klippenstein Klippenstein is offline
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Originally Posted by lio45 View Post
Ideal real estate acquisition for anyone who wants to make an addition to this forum's database




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212 Milam St - Entire City Block in Downtown Houston

1.45 Acres of Commercial Land in Houston, TX

JLL is pleased to offer Block 18 - 212 Milam, which is considered the best remaining development site in Houston’s CBD. Consisting of a full city block, the Property is located in an Opportunity Zone at the north end of Houston’s Central Business District with unobstructed views across north, west, and east Houston. The property is a premier CBD development opportunity with excellent ingress/egress. Its irreplaceable location will allow the future development on the site to be highly visible & a prominent addition to the downtown skyline.
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Wonder how much it would sell for. Things in Houston seem to be offered at ~2x the City's assessed value (in San Antonio, I've observed it's more like +40%-50%), so, ~$10M.

However, this lot is fairly unique, so maybe the owners are asking for something less attainable. Unique properties are often arbitrarily priced.
Well, Trammel Crow (a Dallas based firm) recently bought 2 blocks, equivalent to just over 2 acres total, in Chicago's Fulton Market District for $77 million.
https://chicago.urbanize.city/post/t...-and-315-n-may

If somebody wants it enough I could see that land going for 4x or 5x the assessed value.

I wonder what kind of considerations around the Donnellan Family Crypt have to be made for the foundation.
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  #1122  
Old Posted Aug 24, 2022, 6:04 PM
lio45 lio45 is online now
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If a Dallas firm pays $40M per block, then surely this one is worth about as much; that’s unfortunately out of my league. (As I grow older and less tolerant of shit, I’m more and more interested by the idea of swapping everything I own into a much smaller quantity of real estate of equivalent value; it’s a typical next step and I know others who’ve done just that.)

I’m still curious to give that realtor a call to get a ballpark figure just out of curiosity.

Is Houston in the same league as Chicago, real estate prices-wise? Of the two, I’d actually be more bearish (pun not intended!) on Chicago.
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  #1123  
Old Posted Aug 24, 2022, 6:09 PM
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(Just realized that being “bullish on Chicago” is a pun as well )
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  #1124  
Old Posted Aug 24, 2022, 6:15 PM
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Steely Dan Steely Dan is online now
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Originally Posted by Kngkyle View Post
Rent it out again. Ask $200/month more than you think you can get and you'll still have 3 applications in 48 hours. At least that's been my experience in the past 2 months here in Chicago.
well, that's what it looks like i'm gonna do with my "investment" property downtown.

we had it on the market to sell for weeks now, but only kept getting ludicrously low-ball offers from investors looking to scoop up deals in this higher interest rate market, and i came to my senses that it made no sense to try and cash out on it now.

so i told my agent to just get a tenant lined up for the next year, and with a fair market rate rent, it was scooped-up within hours. and with the new rent, i'll be +$400/month cash positive on it, so why not just keep it rather than taking a $20K - $30K hit.
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  #1125  
Old Posted Aug 24, 2022, 8:43 PM
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Originally Posted by lio45 View Post
If a Dallas firm pays $40M per block, then surely this one is worth about as much; that’s unfortunately out of my league. (As I grow older and less tolerant of shit, I’m more and more interested by the idea of swapping everything I own into a much smaller quantity of real estate of equivalent value; it’s a typical next step and I know others who’ve done just that.)

I’m still curious to give that realtor a call to get a ballpark figure just out of curiosity.

Is Houston in the same league as Chicago, real estate prices-wise? Of the two, I’d actually be more bearish (pun not intended!) on Chicago.
You might want to look at what Moody's has to say about it.

https://cre.moodysanalytics.com/insi...q2-absorption/

Quote:
Last quarter’s net absorption for Chicago finished highest in the country and it wasn’t even close. A good marker for demand, Chicago’s increase in occupied square footage of 2.4 million towered over second place Dallas at 0.9 million SF and completely obliterated the national trend (-8.4 million SF[2]). Even from a percentage of inventory basis, the market ranked in the top 10 of 82 primary markets, and was awarded the top “Gateway” market.
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  #1126  
Old Posted Aug 25, 2022, 1:32 AM
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Originally Posted by Klippenstein View Post
You might want to look at what Moody's has to say about it.

https://cre.moodysanalytics.com/insi...q2-absorption/
Thanks for that from Moody's



Its good to hear positive national press not harping as usual what the MSM posts.
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  #1127  
Old Posted Sep 2, 2022, 5:14 PM
dave8721 dave8721 is offline
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Just a little out of my price range.
https://therealdeal.com/miami/2022/0...r-record-107m/
Quote:
Adrienne Arsht’s Coconut Grove estate sells for record $107M
this one: https://www.google.com/maps/place/31...4!4d-80.207839
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  #1128  
Old Posted Sep 2, 2022, 7:03 PM
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The one I was looking at in downtown San Antonio has been under contract for a while already, hope it gets restored. (Not the Riverwalk one, the vacant Reyes bar on N Flores near Frost Tower.)

I want to diversify away from hurricanes so I’m looking at going back into TX real estate. (I had a duplex in Amarillo from 2015 to 2019; the experience went pretty well generally though I don’t regret trading it for one more house in coastal FL right before the big Covid-flation.)

Looking at stuff the typical person can afford, San Antonio and Houston have decent houses in the $100k-$150k range. Wow. That’s really affordable.
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  #1129  
Old Posted Sep 2, 2022, 7:05 PM
lio45 lio45 is online now
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Originally Posted by Klippenstein View Post
You might want to look at what Moody's has to say about it.

https://cre.moodysanalytics.com/insi...q2-absorption/
I love Chicago, my conservatism wasn’t wishful thinking at all
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  #1130  
Old Posted Sep 3, 2022, 12:09 AM
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Quote:
Originally Posted by lio45 View Post
The one I was looking at in downtown San Antonio has been under contract for a while already, hope it gets restored. (Not the Riverwalk one, the vacant Reyes bar on N Flores near Frost Tower.)

I want to diversify away from hurricanes so I’m looking at going back into TX real estate. (I had a duplex in Amarillo from 2015 to 2019; the experience went pretty well generally though I don’t regret trading it for one more house in coastal FL right before the big Covid-flation.)

Looking at stuff the typical person can afford, San Antonio and Houston have decent houses in the $100k-$150k range. Wow. That’s really affordable.
I'm not aware of any decent homes in the $100-$150K range in Houston or San Antonio. If there are, I want to know where they are so I can scoop up a bunch of them.
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  #1131  
Old Posted Sep 3, 2022, 1:19 AM
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Originally Posted by AviationGuy View Post
I'm not aware of any decent homes in the $100-$150K range in Houston or San Antonio. If there are, I want to know where they are so I can scoop up a bunch of them.
For example:

https://www.realtor.com/realestatean...?ex=2944888687

“Beautiful 3 bedroom home, needs a little TLC, great for investors! Currently tenant occupied. Close to highway 288 and 610 loop! Easy access to the Medical Center and Downtown Houston!”

Maybe we disagree on the definition of “decent”? That certainly qualifies, IMO.

If you want to scoop up a bunch of such houses, you’ll build yourself a decent little rental portfolio; it actually wouldn’t be a bad idea, if you ask me. Better than bitcoin or Apple/Tesla stock …
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  #1132  
Old Posted Sep 3, 2022, 5:53 PM
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From the Los Angeles Times:

‘Fast and Furious’ director Justin Lin sells Arts District loft for record $5.5 million


The four-story condo sits above Biscuit Company Lofts, a 1920s building that once served as Nabisco’s West Coast headquarters. (NeueFocus)

BY JACK FLEMMING | STAFF WRITER
AUG. 26, 2022 3:22 PM PT

Director Justin Lin just closed the priciest deal ever for a condo in downtown L.A.’s Arts District, selling his penthouse loft for $5.5 million.

It’s a defining sale for downtown L.A.’s luxury market, which took a hit during the pandemic as buyers worked remotely and abandoned vertical living in favor of single-family housing. The sale also ranks as downtown L.A.’s priciest condo deal outside the Ritz Carlton Residences at L.A. Live, where NBA players such as Kawhi Leonard and Lonzo Ball have bought homes to be close to Crypto.com Arena.

Lin, who’s best known for directing five films in the “Fast and Furious” franchise, bought the place a decade ago for $2.6 million from actor-director Vincent Gallo and used it as an office for his production company, Perfect Storm Entertainment. Records show he listed it for sale earlier this year at $7 million.

At 4,300 square feet, the four-story condo is bigger than most single-family homes. It sits atop the 7th floor of Biscuit Company Lofts, a 1925 building that once served as the West Coast headquarters of Nabisco.

Converted into a live-work space in 2007, the loft is a vibrant concoction of brick, wood and glass. Floating staircases slice through the open-concept space complete with two bedrooms and 2 1/2 bathrooms — including a primary suite that spans the entire third story.

There’s plenty of exterior space as well, as multiple terraces and lounges combine for 3,600 square feet outside. The building, which was named a Historic Cultural Monument in 2007, adds amenities such as a concierge, garden terrace and swimming pool.

Lin’s brother, Jimmy Lin of One True Loan, held the listing with Justin Alexander and Tab Howard of Compass. Michael Robleto, also with Compass, represented the buyer, who remains unclear.

A native of Taiwan, Lin earned a film degree from UCLA before going on to direct movies such as “Better Luck Tomorrow” and “Star Trek Beyond.” He most recently directed 2021’s “F9” and is serving as a writer and producer for the next entry in the franchise, “Fast X.”


The 1920s building. (NeueFocus)


The kitchen. (NeueFocus)


The office. (NeueFocus)


The bedroom. (NeueFocus)


The patio. (NeueFocus)


The view. (NeueFocus)

Link: https://www.latimes.com/business/rea...or-5-5-million
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  #1133  
Old Posted Sep 5, 2022, 12:32 AM
DCReid DCReid is online now
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In Less Than a Decade, You Won’t Be Able To Afford a Home in These Cities

Crazy article. I don't know how they got these crazy home price projections!

https://www.yahoo.com/finance/news/l...160121247.html
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  #1134  
Old Posted Sep 5, 2022, 5:36 AM
jmecklenborg jmecklenborg is offline
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Originally Posted by DCReid View Post
Crazy article. I don't know how they got these crazy home price projections!

https://www.yahoo.com/finance/news/l...160121247.html

Correct - they ran a picture of Nashville with Nashville prices in the Cookeville section.

Cookeville (and Crossville - also mentioned) are too far from Nashville for super-commuters. Neither of them are particularly scenic. They don't have airports. They don't have passenger rail service. Why would these places grow?

Knoxville, which has a MSA of about 800,000, has seen significant housing appreciation despite mild population growth. The small house my brother bought in 2015 for $135,000 is now valued at just under $350,000.

Meanwhile, Nashville-area homes prices are irrational. The home my parents bought for $330,000 in 1996 and sold in 2015 for $580,000 was valued by Zillow at $1.9 million at the May 2022 peak. Zillow now values it at $1.6 million.

So just $300,000 in appreciation for 20 years, then $1+ million in seven.

Last edited by jmecklenborg; Sep 6, 2022 at 4:28 AM.
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  #1135  
Old Posted Sep 6, 2022, 12:49 AM
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Price per square foot is the best metric for gauging un/affordability, which is all relative anyway and depends on what kind of housing you're in the market for, how much you can spend, how much you're willing to spend, and a host of other factors.

But how much real estate you can get for your money is generally the litmus test for SFHs. For instance, you find stately looking homes on decent- to large-size lots in prime parts of Westchester and Fairfield Counties for at least half of what the LA equivalent would be, let alone the Bay Area. Yes, you might be paying $25-50K annually in property taxes, but you'd have to own that home for 40-50 years before reaching the cost of what you would've paid for that home in prime CA. That you can get a 4,800-SF home on 1-acre for $2 million in Harrison, NY is something that just doesn't exist here. And because it's Harrison, you save thousands of dollars a year in gas and private school tuition.
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  #1136  
Old Posted Sep 6, 2022, 9:27 PM
Gantz Gantz is offline
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Originally Posted by Quixote View Post
Price per square foot is the best metric for gauging un/affordability, which is all relative anyway and depends on what kind of housing you're in the market for, how much you can spend, how much you're willing to spend, and a host of other factors.

But how much real estate you can get for your money is generally the litmus test for SFHs. For instance, you find stately looking homes on decent- to large-size lots in prime parts of Westchester and Fairfield Counties for at least half of what the LA equivalent would be, let alone the Bay Area. Yes, you might be paying $25-50K annually in property taxes, but you'd have to own that home for 40-50 years before reaching the cost of what you would've paid for that home in prime CA. That you can get a 4,800-SF home on 1-acre for $2 million in Harrison, NY is something that just doesn't exist here. And because it's Harrison, you save thousands of dollars a year in gas and private school tuition.
Its not that simple. You can't get a mortgage on your property taxes.
An extra $25K in property taxes is probably equivalent to a ~$1mil in property value.
But in general, I agree, NYC suburbs are not that expensive compared to CA. You can even get properties for like $100K within an hour or two driving distance from the city, which is unheard of in LA or Bay area.
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