Would you buy property to build a house near a ghetto?

[David]

I'd really like to move back into Houston from the suburbs but I still want a big garage like I have in the suburbs. Housing in Houston is very reasonable until you get into something in a good neighborhood inside the loop or in the Memorial area which would be the ideal choice but pretty far above my budget.

I'd like to build a house so it's the way I want it which is a large garage and small house. Ideally garage first floor and living area on the second and third floor. So small lot and not much yard to maintain. I figure a 5,000 sqft lot would be fine.

The problem is a lot like that in a decent inner city neighborhood is about $400k plus. Figure house cost on top of that and it gets way above my budget.

So I've been thinking about buying in a 'transitional' neighborhood where I could find a lot for about $100k. Then wait a year or two or more until others start building up around it.

The problem is that even as the neighborhood fills in with new houses the ghetto will still be only blocks away.

BTW, when I moved to the suburbs 15 years ago, those same lots that are $400k or more were only $100K, and the house I bought has hardly increased in value at all.

[chocolatelab]

no

[onlycafe]

living area on the third floor will afford you a high ground kill zone advantage....

[onewhippedpuppy]

Hell no. Nice house but I'm afraid to go out in the yard - no thanks.

[rusnak]

No. And it sounds like you should do the opposite, when buying a house, of what you think you should do from now on.

[pete3799]

No way.

[stomachmonkey]

No because by the time the area is gentrified you'll have one of the oldest homes that is custom built for a unique lifestyle / usage which will make it a tough sell so your property value may be grossly out of sync with the rest of the area.

Now if you intend to grow old and die there then you don't care so go for it.

Personally if you don't really care about a suburban "neighborhood" vibe look for a dual use zoned property in a light industrial / commercial area and convert the space.

[masraum]

David, I can't address your question exactly, but I can say that selling our house out there and moving into town was a fantastic move. We are currently in an apt, so no garage. I sold all of my tools and garage stuff which hurt.

[gprsh924]

Sure. I lived in a "transitional" area in Chicago for a year. Other than the landscape not being as pretty, I never felt a difference in safety vs the "nice" areas.

Having said that, my fiancé and I just bought less house in the nicer (Lincoln Park) area, when for the same money, we could have had another 800-1000sq ft in a less desire able area. But we got a great deal and once the renovations are done we should see almost immediate appreciation.

[patssle]

That's the thing about Houston. You can live out in the suburbs and own your own affordable and nice home. But you sell your soul...the culture is lacking, you have to drive to go anywhere, and the chain food sucks.

But if you want to live inside the loop you either rent, be rich, not be rich and own a shoebox, or buy a decent size in the not so greatest areas. But with any of those choices comes the luxuries and benefits of living inner loop.

It's a tough choice for sure.

[stomachmonkey]

I have no idea where these places are in relation to your desired location,they are just examples.

1919 Houston Ave, Houston, TX, 77007 - Street Retail Property - Off-Market on LoopNet.com

812 Old Genoa Red Bluff Rd, Houston, TX, 77034 - Manufacturing Property for Sale on LoopNet.com

This listing is for tract 23E. The tax account also includes residence Tract 23F, available for purchase separately with 1232 sf house + carport, storage building and add'l 14,000sf property, could be a perfect office for your business. No survey, buyer to verify all measurements. Private drive access easement provided.

[David]

This would be my retirement home since I like the city. I'd even put in an elevator shaft for future use if needed. It would be a pretty modern house matching what others build close to downtown. I also shoot for a view of the downtown skyline.

Houston has always been a bit weird with it's lack of zoning where you could have mansion only blocks from low rent apartments so probably a little different than other parts of the country.

[stomachmonkey]

Originally Posted by patssle

That's the thing about Houston. You can live out in the suburbs and own your own affordable and nice home. But you sell your soul...the culture is lacking, you have to drive to go anywhere, and the chain food sucks.

Sounds like you are talking about my area.

I tell myself all the time, the schools Scott, we are here for the schools, it won't be much longer then Austin here we come.

[David]

Originally Posted by stomachmonkey

I have no idea where these places are in relation to your desired location,they are just examples.

1919 Houston Ave, Houston, TX, 77007 - Street Retail Property - Off-Market on LoopNet.com

812 Old Genoa Red Bluff Rd, Houston, TX, 77034 - Manufacturing Property for Sale on LoopNet.com

This listing is for tract 23E. The tax account also includes residence Tract 23F, available for purchase separately with 1232 sf house + carport, storage building and add'l 14,000sf property, could be a perfect office for your business. No survey, buyer to verify all measurements. Private drive access easement provided.

The first listing has no price because it's probably several thousand a month. The second is not too far from where I live now but not as good a neighborhood.

As a matter of fact the second listing is in the same zip code as my work

I'd guess the first listing to be $1-2 million at least almost for the property alone.

[URY914]

Only if I had a house like The Omega Man.

(look it up if you don't know the movie)

"...At night, living atop a fortified apartment building equipped with an arsenal of weaponry, Neville is a prisoner in his own home."

[group911@aol.co]

Absolutely. I've always said to follow the gays to find the next up and coming area.
Building early in the edgy areas is the best way to maximize your investment potential and by being vocal in the neighborhood groups you can lead the area to a being a great place.

[GWN7]

Originally Posted by URY914

Only if I had a house like The Omega Man.

(look it up if you don't know the movie)

"...At night, living atop a fortified apartment building equipped with an arsenal of weaponry, Neville is a prisoner in his own home."

Exactly what I was thinking about after reading the OP's thread.

[HardDrive]

I would do it if its clearly headed in the right direction, and you're taking the long view. Just find the bad part of town where all the artists and gay folks are moving, and buy there. In 10 years it will be gentrified.

Hell, I lived in downtown Detroit when I was younger. Its a mixed bag. Having lived in a ghetto, I think the danger is somewhat over rated. But that said, you'll want to build a home thats easy to secure. Despite the headlines, most of the crime that goes on is people getting into your garage and stealing your air compressor, not violence.

[BeyGon]

Good chance things will get worse before they get better. Buy something else.
How much time to you have, why waste it there.

[Racerbvd]

Hell no!!!