You can finally exhale now; Im posting my housing thoughts. 😀 In all seriousness, I hope this information will be useful in helping everyone to plan their own searches.
First, I wanted to let you know my realtors thoughts on the market. While Im not so naïve as to trust every point she made, there were a few things in which I could see merit. I thought she was really experienced and fairquite a change from some of the pressuring bozos Ive dealt with in Austin. Current Condoland residents, please chime in with comparisions; youre really our best sources! Also, if you want to know which realtor I used, PM me.
Market Point #1: Dont bet on condo value to escalate as much as they have in the past ten years. If you look on last years thread, youll see some anecdotes from recent UTH graduates discussing condo values doubling in four years and other insane things. Yet if you drive around any area of Condoland today, youll see a solid level of construction. My realtor said that when she started focusing on properties in this area 15 years ago, there werent many condos aroundUTH housing and some other apartment complexes were the main properties. She said that once the Oilers left and Astros made it clear that they wanted a new downtown stadium, property values got pretty depressed. Then the demand for condos started rising from med students and other people working in the TMC. Since there was very little supply initially and a burgeoning demand, condo prices skyrocketed, but now that the supply of condos has caught up, prices are leveling out. Judging from the mega-construction that I saw and my realtors reasoning, I dont think you should consider buying a condo for anywhere near this level of investment. If you need to buy in order to establish residency, by all means, DO IT! If you prefer to buy because youve got the cash for a nice down-payment and dont want to waste rent money, likewise go for it. Im not considering a condo because I dont have the cash, dont want to deal with maintenance hassles, and dont want to be bogged down with a owning proparty since Im considering taking off a year to pursue an MPH between third and fourth years. In any case, if youre going to pursue this route just come in aware that market prices seem like theyre tapering.
Market Point #2: Dont expect big rent breaks. After reading last years thread and hearing some of the discounted rental rate that students were getting, I was pretty excited about just how much cheaper housing was going to be in Houston than Austin. Well, Katrina ruined that. In past years a lot of places ran very competitive specials in April-May, knocking up to $200/month off rent. Well last year, my realtor said that complexes (either in H-town as a whole or just that area, I cant remember) had been operating at 94% occupancy for a few years. After Katrina hit, occupancy in Condoland ascended to 98%. Even though a lot of residents are moving back to New Orleans, the increased occupancy wont make this as much of a buyers market in years past.
Market Point #3: Katrinas had other effects. This ones a little sad. You guys know that the Astrodome is very close to UTH Housing and a lot of the other complexes. You may also have heard that Houston crime rates increased sharply with the influx of Katrina refugees. According to my realtor, a lot of the complexes in Condoland have been hit the worst. I havent yet checked statistics on rent.com or other places yet (they may not even be so recently updated; anybody want to volunteer to try some research?), but its definitely something to keep in mind. Houston isnt like New York in the 80s, but its not the safest city either. Just keep safety in mind when choosing your place for next year; Ive definitely begun to value it higher than I do now in UTs North Campus.
Anyway, I visited seven places. My major concerns are proximity to the TMC or rail/frequency of shuttle runs (since Im a person that tends to run late), price (duh), safety (see above), and layout/architecture (since Im a bit of a design-snob). Aslo, all the complexes save one have a washer/dryer in every unit; four of my five years in college I lived with communal laundry facilities and Im not eager to return to such a situation. A brief run-down of each appears below:
UTH Housing (New Development on El Paseo): the leasing office was closed on Saturday, but a friend whos a current student let me drop by and see his place. Hes in a nice 1/1. The complex is very secure with a 24-hour guard station. The layout was okaymy only real peeve is that the sink is on a quasi-island with no overhead cabinets, which, I think, might make for a dearth of cabinet space. The rooms were adequately sized; since hes on the fourth floor, he actually had vaulted ceilings. The biggest benefits are that the complex is adjacent to the rec center, its shuttle runs more frequently than most (at peak time, every 9-12 minutes vs. 30 minutes), and the price. Im on the waitlist for a 1/1 at $600/monthI doubt youll be able to find another recently-constructed complex in Condoland at such a cheap price!
Lanesborough: really like this place. Its one of only three complexes on the rail. The rooms were very airy, with lots of windows. Depending on the unit, you could be almost directly on top of the shuttle (good for running to class, bad for noise). Also, its literally like 300 yards from UTHs new MMI building, so walking/biking to class would be totally possible. The exercise facility was very spacious and, best of all to me, contains a racquetball court. The only major downside was the landscapingthere werent a lot of trees, so the aesthetics werent as good as they could have been and electric rates might be a little high.
Greenbriar: situated across the street from the Lanesborough. The staff was uber-friendly and kind. The rooms were a little darker and had fewer windows than the Lanesborough, but were still very cozy. The landscaping around the pool was beautiful and the exercise facility was also great. The layouts are also bit more versatile than at the Lanesborough: in the 1/1, the breakfast nook near the kitchen could be arranged into an awesome study space; if youre married/committed, they have some plans with a loft that could be converted into a nice study room; etc.
Archstone Medical Center: the final complex on the rail. Located directly across from the AstroConvention Center (or whatever its called). The rooms were a little too secluded and dark for my tastesI felt like I would be living in a hobbit hole! However, the rates here are cheaper than at the Lanesborough or Greenbriar. The grounds were nice and the exercise facilities were again fine.
Archstone Brompton Courts: a bit more to the west. Originally built as a condo complex in the early 80s, the units here were converted into apartments because they had problems selling. Since they were designed for the condo market, virtually every unit has unique size and layout. Furthermore, many of the first-floor units were flooded during Allison in 2001 and have been rebuilt with more amenities, so its really hard to generalize about them. I toured several units, and the basic differences are that: first floor units all have a built-in washer-dryer, new carpeting, better appliances, and nicer countertops; second and third floor units have communal washer/dryer rooms, and generally older everything else, although some have slightly refurbished countertops, etc. Prices vary by both the level of rebuilding/refurbishing and size, but seemed slightly lower than or comparable to Archstone Medical Center. The hassle of picking out a single unit here kind of turned me off, but if youre willing to investigate and compare, I bet you can find a gem. The complex also has a little general store on its groundsvery cute and European.
Alta Lofts: the odd ball of my visits, its located on the east side of Hermann Park. Very high ceilings, beautiful kitchen with awesome marble counter-tops, very open and airy loft floor-plan. The unit that I toured (the smallest and only one anywhere near or financial aid price range had an annoyingly small marble desk built into the wall. The amenities are out of this world, including a concierge and dry-cleaning service. However, I didnt like the concept of being so far away from the action (the TMC, Rice Village, some relatives I have who live in Braeswood). They do have a bi-hourly shuttle, which makes it possible for students to live here.
Kirby Place: didnt actually tour here, but I stayed with a two friends for my Baylor interview. I loved their 2/2: the layout was really smart; the kitchen was large, but not isolated from the rest of the rooms; the complex nestles nicely inside the surrounding area; and, although I didnt view them, my friends always rave about the exercise facilities. The downsides are the price (the 1/1s are outside the range of our fin aid budget) and possibly parking (for a 2/2 you only get one internal garage spot, but you can park another car within the complex alongside some of the curbing). But really, the latter doesnt seem to be that much of a problem. My friends alternate parking spots monthly and I was always able to find parking near the curb during the two days I stayed there.
Conclusion: Im already on the waitlist for El Paseo, and will probably choose between it and either the Lanesborough or Greenbriar. Im also likely interested in a roommate, but want to wait for a few more decisions from other schools. If I end up rooming with someone, Id probably prefer the Lanesborough or Greenbriar as theyre closer to the med center and a bit more luxurious; if I rent solo Ill probably lean more toward El Paseo because of price.
Hope this helps y'all!