Aggieland
Sponsored By

Partnership to focus on housing affordability in College Station

Captn_Ag05
How long do you want to ignore this user?
L
AG
Per KBTX

Quote:

Oldham Goodwin Development is pleased to announce its partnership with Stylecraft Builders, to develop approximately 73 lots exclusively for Stylecraft on 19 acres in the most northwest section of Creek Meadows in College Station.


http://www.kbtx.com/content/news/Oldham-Goodwin-Development-teams-up-with-Stylecraft-Builders---449597033.html
AggiePlaya
How long do you want to ignore this user?
H
AG
They will meet the need of a highly underserved market segment
SARATOGA
How long do you want to ignore this user?
L
73 houses on 19 acres. I think those are called "Apartments"
BQ_90
How long do you want to ignore this user?
L
AG
So basically they'll be bought up by parents of Aggies then resold when their kid graduates
Oogway
How long do you want to ignore this user?
A
BQ_90 said:

So basically they'll be bought up by parents of Aggies then resold when their kid graduates
Ya know, I'm not so sure about that? There are other options for housing for students that are plentiful and a lot closer to campus and its bus service, amenities, etc. More parents that want to own are going for the townhome, condo options too. Some parents may do as you suggest, but I wouldn't be surprised to see these more family occupied based on the location and schools.
AggieAces06
How long do you want to ignore this user?
L
AG
SARATOGA said:

73 houses on 19 acres. I think those are called "Apartments"


It's about 1/4 acre lots, which is the same as most lots in castle gate. Unless they are squeezing them in smaller to add a park area.
Esteban du Plantier
How long do you want to ignore this user?
L
AggieAces06 said:

SARATOGA said:

73 houses on 19 acres. I think those are called "Apartments"


It's about 1/4 acre lots, which is the same as most lots in castle gate. Unless they are squeezing them in smaller to add a park area.


Remember, that likely includes roads, drainage, utilities, etc., so you're losing a half dozen acres or so.
duffelpud
How long do you want to ignore this user?
L
AG
I read the thread title and hoped it was about lowering property taxes. Boy was I disappointed!
"What's this button do?"
techno-ag
How long do you want to ignore this user?
L
AG
There are some others like this in CS, it's not the first. Good news, affordable housing is a real need in our community.
FlyRod
How long do you want to ignore this user?
rsa
How long do you want to ignore this user?
A
AG
BQ_90 said:

So basically they'll be bought up by parents of Aggies then resold when their kid graduates
Could be. Or the builders do like a few others (Cat Hollow area, for example) and set the deed restrictions to prohibit by-the-room rentals, and allow no more than 2 unrelated occupants.
CS78
How long do you want to ignore this user?
H
Great news considering that was one of the spots they were trying to do apartments on not long ago.

"Affordable housing" is usually code for government subsidized. Will these just be lower end homes sold on the open market or is there more going on here?
Muzzleblast
How long do you want to ignore this user?
A
CS78 said:

Great news considering that was one of the spots they were trying to do apartments on not long ago.

"Affordable housing" is usually code for government subsidized. Will these just be lower end homes sold on the open market or is there more going on here?
I'd love to get the answer to this one. Affordable in govspeak has always meant we'll confiscate money from the productive and shift it to the unproductive thereby creating a "hood" in your town.

Never good for property owners nearby.
aggiepaintrain
How long do you want to ignore this user?
L
AG
more rentals!!!
Awesome
Frio Cielo
How long do you want to ignore this user?
A
Esteban du Plantier said:

AggieAces06 said:

SARATOGA said:

73 houses on 19 acres. I think those are called "Apartments"


It's about 1/4 acre lots, which is the same as most lots in castle gate. Unless they are squeezing them in smaller to add a park area.


Remember, that likely includes roads, drainage, utilities, etc., so you're losing a half dozen acres or so.


Considering infrastructure and the requirement of geen space, the lots are going to be about 0.16 acres. If the homes are significant in square footage, they will basically be townhomes with minimiun setbacks.
BQ_90
How long do you want to ignore this user?
L
AG
Frio Cielo said:

Esteban du Plantier said:

AggieAces06 said:

SARATOGA said:

C73 houses on 19 acres. I think those are called "Apartments"


It's about 1/4 acre lots, which is the same as most lots in castle gate. Unless they are squeezing them in smaller to add a park area.


Remember, that likely includes roads, drainage, utilities, etc., so you're losing a half dozen acres or so.


Considering infrastructure and the requirement of geen space, the lots are going to be about 0.16 acres. If the homes are significant in square footage, they will basically be townhomes with minimiun setbacks.
Like I said student housing or investment property
Oogway
How long do you want to ignore this user?
A
If the lots are around .14 to .16 in size, I think they would be of a similar size to the homes on Spring Garden Dr (east of Shenandoah). Not the townhomes, but the houses on lots that is.
TellMeMore
How long do you want to ignore this user?
V
CoCS is desperate for affordable housing. The last thing they want to some group making the government aware they have no place to live in CS because prices are too high. Riding to the rescue Stylecraft and O/G. Both have made a ton of money here and now, with some deed restrictions affordable housing could happen in CS. Three years ago there was not a solution. i want to be optimistic that the housing is used for the intended purpose. No to say they won't be future slums.
techno-ag
How long do you want to ignore this user?
L
AG
TellMeMore said:

CoCS is desperate for affordable housing. The last thing they want to some group making the government aware they have no place to live in CS because prices are too high. Riding to the rescue Stylecraft and O/G. Both have made a ton of money here and now, with some deed restrictions affordable housing could happen in CS. Three years ago there was not a solution. i want to be optimistic that the housing is used for the intended purpose. No to say they won't be future slums.
I would'nt say that. The Stylecraft neighborhood off Fitch & Southern Trace has held up well. The other one I see off Fitch looks good too.
Frio Cielo
How long do you want to ignore this user?
A
Has any new subdivisions built in the past in College Station turned into slums?
AgGunNut
How long do you want to ignore this user?
H
AG
The subdivision off Southern Trace is by far mostly student rentals and are pretty run down. I've been in several for work. They're pretty trashy.
Frio Cielo
How long do you want to ignore this user?
A
Since they were built around 2006, I have been in probably 15 to 20 of those properties and now drive through there weekly.. I would say that many of the interiors have been road hard by students for ten years and have needs for updating but I would not call them slums or a slum area. The exteriors are most all well maintained.

Slums to me can be identified by multiple homes in an area with cars in the yard or driveway on blocks, boarded or abandoned homes, homes showing significant lack of exterior maintenance such as paint needs, shingles missing, siding, soffit or fascia wood hanging off the structure, porch supports unmaintained, Abnormal items in the front yard such as appliances, tires, batteries, old un-registered vehicle or boats, vines growing up fences or the side of the structure, landscaping and lawn not maintained., etc., etc.

A slum area is like pornography, it's hard to define it completely, but you know it when you see it.
I don't see any of that in Southern Trace.

techno-ag
How long do you want to ignore this user?
L
AG
AgGunNut said:

The subdivision off Southern Trace is by far mostly student rentals and are pretty run down. I've been in several for work. They're pretty trashy.
As Frio said, the neighborhood is nice and maintained. Any student rental is going to suffer some wear and tear, regardless of the neighborhood.
FlyRod
How long do you want to ignore this user?
L
crbongos
How long do you want to ignore this user?
V
AG
This will not be for students, or any government involved programs. It's single family homes that have been built in other phases of Creek Meadows. Similar to Sonoma Subdivision off Fitch and many others in B-CS. Designed for new homes priced in the $230k+ range. Hard to helieve that's the "new affordable", huh?
FlyRod
How long do you want to ignore this user?
L
Wow. I've said this in other threads, but we have a little problem: people want growth, and growth is coming, but all those employees of new businesses, especially in service, have to live somewhere. Pretty sure they won't be buying $230,000+ houses.

I guess there's always the so-called apartment glut...
Slingshot73
How long do you want to ignore this user?
R
I thought affordable housing would be and should be $125,000 to $175,000. Trying to figure out how $235,000 and up is affordable housing.
Frio Cielo
How long do you want to ignore this user?
A
Slingshot73 said:

I thought affordable housing would be and should be $125,000 to $175,000. Trying to figure out how $235,000 and up is affordable housing.



I agree; $235,000 is hardly affordable to single persons or young marrieds. At 4% interest rate and 10% DP, the payment would be around $1,750/month not counting maintenance and normal home expenses. Most would have a problem coming up with $23,000 for the down payment. It would take both persons working to afford it and vehicles and other living expenses. Children come and its a whole new ballgame. One person loses their job or gets sick for a while they are toast financially.

Owning a home is not a right but it sure appears to be getting out of reach for many persons in this area.


crbongos
How long do you want to ignore this user?
V
AG
Most first time homes are bought with FHA mortgage which only requires 3.5% down payment (around $8,250 for $235,000 purchase price). New Townhomes can be bought in CS in the low $200k range in Bryan there are 2-3 nice/newer subdivisions where single family homes do start in the $165k+ price range.
runawaytrain
How long do you want to ignore this user?
P
Maybe instead of building low priced homes, maybe the focus should be on bringing in higher paying jobs...
Oogway
How long do you want to ignore this user?
A
This is just my opinion and admittedly, I have'nt a background in this area but being the internet and all...

One thing that has troubled me a bit is the difficulty for light industrial or other business owners in the non retail sector to have places where they are welcomed and encouraged for the income, taxes, etc they bring to the community.

I see pockets here and there; Graham Rd or even parts of Longmire come to mind, but mostly I see what has happened to the little complex west of the tracks near Cain. Those businesses are being surrounded by townhomes and apartments and although they provide a buffer between the businesses and other residences, also create problems for access to those businesses. I always thought a rail corridor was perfect for business as seldom do people wish to live so near to trains, but Wellborn being a 'gateway' to campus may have some folks trying to gentrify a highway and drive away the very members of the community that are here year in and year out providing jobs and employment that support the highs and lows of the retail economy.

I don't know that this helps people afford a home in College Station, but it might be something to consider.
Frio Cielo
How long do you want to ignore this user?
A
crbongos said:

Most first time homes are bought with FHA mortgage which only requires 3.5% down payment (around $8,250 for $235,000 purchase price). New Townhomes can be bought in CS in the low $200k range in Bryan there are 2-3 nice/newer subdivisions where single family homes do start in the $165k+ price range.


It's true that many first time homebuyers are using FHA 3.5% down payment programs but two issues with that is one, the monthly payment will approach $2,000 a month or more and two, it will be more years to be able to drop the PMI requirement. With closing costs, your cost to close will still be $10,000 or more. Also, if you roll some closing costs into the loan, the monthly payment goes up even more.

Where in Bryan are the $165,000 nice or newer subdivisions?

Frio Cielo
How long do you want to ignore this user?
A
Double post
jja79
How long do you want to ignore this user?
L
AG
Mortgage insurance is for the life of an FHA loan. Closing costs cannot be rolled into the loan. Seller can contribute up to 6% toward closing costs and prepaids.
Frio Cielo
How long do you want to ignore this user?
A
True, but a lot of people with FHA loans have Refied with conventional mortgages after the meet the PMI drop percentage.
Page 1 of 2
 
×
Verify your student status
See Membership Benefits >