Market Conditions in 77045>Question Details

chchiyen, Home Buyer in Houston, TX

Would you purchase new property near Hiram Clarke?

Asked by chchiyen, Houston, TX Wed Nov 21, 2012

I have noticed some new homes being built off of Hiram Clarke and W Airport (close to S Main). I have researched crime close-by. It was average- about the same as many places in houston. My question is if I purchase a big home in this location as a long term investment, does anyone think the value will go up eventually? I expect that the value will drop drastically for a long time before it ever appreciates. Any chance the area will ever be attractive due to proximity to Medical Center and access to freeways (610, S main). Also, in the event I cannot live in the home, would it be difficult to find someone to rent from me.
When I have driven through the area at night, it is always quiet. There are some OLD apartments near by, but even the crime index on those was average. The apartments jjust seem like eye-sores more than anything...

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No. I personally would not purchase a home in any new unestablished neighborhood because there are too many unknowns concerning future values. It depends on what kind of people end up moving in the neighborhood. It depends on how the neighborhood is kept up with. It depends on how many homes end up in forecloure. It depends on whether the schools currently zoned to the neighborhood improves or deteriates. It depends on whether the crime rate continues to be average, decreases or increases. It depdends on what other construction ends up next to the neighborhood. The list goes on.

If you are concerned with future property values, then it's best to invest in a well established neighborhood, There are no guarantees when it comes to home buying, but your chances are better in a well established neighborhood, However, just like any other investment, as the risk taker, only you can decide what kind of risks you are willing to take.

Nadine Cius
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1 vote Thank Flag Link Wed Nov 21, 2012
With undeveloped areas, there are many variables. As for price changes, anywhere you go is risky. Just like the stock market, the less risky and more established an area is, the less profit to be made. As for leasing it, an house can be leased fast at the right price. So the question in turn is, how much would you need to lease it for a profit or to break even? The other thing is to be mindful of the area. I know there is an active train track in the area. Make sure it is cannot be heard from the home. There are a lot of variables and we have some facts to offer, but we also have many opinions. Which ever Realtor you choose to help you, make sure he differentiates between his opinion and facts. If you need anymore assistance, please visit us at http://www.TerraNostrarealty.com and we would be more than happy to assist you. Good luck!
0 votes Thank Flag Link Wed Nov 21, 2012
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