Under $200,000 loft market in downtown Houston

[Spartan]

http://www.urbanliving2000.com/houston_properties.htm

I just thought some people would be stunned by this. Here's a realty page that lists a huge number of lofts just in downtown Houston that one can purchase under $200,000. Many have 1-br units for around $150,000.

Houston definitely has a very advantageous economic scenario here. Higher incomes than in OKC, yet, much lower housing prices, and in particular, remarkably cheap urban housing prices. With existing amenities like LRT, Discovery Green, theatre district, etc.

Didn't know where else to put this thread, other than here..until a section for other cities is created.

[Questor]

Lots of people are moving to this area where I work, and everyone has been saying similar things... yes housing is cheaper in Oklahoma on average, but if you are looking for high-quality building materials, interesting loft developments or something in an area with lots to do, prices are actually quite high compared to many other places. I think it's a supply and demand thing... the supply of things like this in the more modest price bands isn't what it needs to be. (On a side note this is surprising but folks are saying the same thing about prices of food items in our grocery stores... way too high for what you get).

I really like some of those lofts in the link you posted. Several of them (like the St. Germain, the Bayou, Edge, East Side...) remind me of lofts we have here in OKC or will be going up soon. The ones I really like I don't believe we have anything like here in OKC... the Harrisburg, City Scene, Cosmopolitan, Catera, Metro, and the Fourth Ward condos. Sadly several of those remind me of recent developments that I have seen in Tulsa... do Tulsans simply have better taste than people in OKC? I am left with few other explanations.

[adaniel]

I really like some of those lofts in the link you posted. Several of them (like the St. Germain, the Bayou, Edge, East Side...) remind me of lofts we have here in OKC or will be going up soon. The ones I really like I don't believe we have anything like here in OKC... the Harrisburg, City Scene, Cosmopolitan, Catera, Metro, and the Fourth Ward condos. Sadly several of those remind me of recent developments that I have seen in Tulsa... do Tulsans simply have better taste than people in OKC? I am left with few other explanations.

Its one thing for Houston (population 6 million+) to have a stronger inventory of urban residences. Its quite another for Tulsa, along with Kansas City, Wichita and Little Rock (!!) to be just as far ahead.

Personally, I am currently looking to get into the market to try and buy something and it has left me so frustrated I am starting to question whether OKC is a place I want to stay long term. Just screwing around on Zillow and looking at different cities this weekend was downright depressing. Dallas's Oak Lawn and Uptown area, which are hardly affordable areas, had a huge inventory of condo's and townhomes under 200K (with several under $150K). Sure they didn't have stainless steel appliances, granite countertops, etc. But they were nearly all well maintained, most had at least 2 beds and 2 baths, attached garages, reasonable HOA fees. Perfect for a single young professional. I would be hard-pressed to buy that here in the suburbs. Within 3 miles of downtown OKC...forget it.

I too have no concrete explanation as to why OKC--with arguably one of the best downtowns of any city its size in the nation--has so little in the way of housing near its core. I think it will change in time, but I am only young once and I am getting tired of waiting. Do the folks at city hall even understand what's going on?

In the mean time so many things have been mentioned as possibilities or "in the pipeline." I would love to have a thread going on here that just keeps tabs on possible development news.