I'm interested in that as well.Frio Cielo said:
Where in Bryan are the $165,000 nice or newer subdivisions?
Partnership to focus on housing affordability in College Station
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Last: 6 yr ago by Slocum on a mobile
Pulling the data from the MLS, there are 201 new builder homes (3+ br, 2+ ab) listed for sale in Bryan/College Station. Ten are below $200k, and 4 of those are below $180k. Looking for 3+br. 2+ba single family homes built between 2007 and 2016, there are 146 homes listed. Ten of those are below $200k, and none are $165 or lower.techno-ag said:I'm interested in that as well.Frio Cielo said:
Where in Bryan are the $165,000 nice or newer subdivisions?
I look forward to what may result from this partnership. I've lived in the area for many years now and have been working for one of our municipalities for most of the time I've been here. Now that I've got a family I've been looking at possibly buying, but it just doesn't seem realistic to look in town the way things are now.
We've been renting from private property owners (until this year - another story but not relevant) and that's worked for us, we may just continue to do so for the foreseeable future and look elsewhere when it's time to buy. Would be nice be able to live in the city I've worked for for almost 10 yrs.
We've been renting from private property owners (until this year - another story but not relevant) and that's worked for us, we may just continue to do so for the foreseeable future and look elsewhere when it's time to buy. Would be nice be able to live in the city I've worked for for almost 10 yrs.
rsa said:Pulling the data from the MLS, there are 201 new builder homes (3+ br, 2+ ab) listed for sale in Bryan/College Station. Ten are below $200k, and 4 of those are below $180k. Looking for 3+br. 2+ba single family homes built between 2007 and 2016, there are 146 homes listed. Ten of those are below $200k, and none are $165 or lower.techno-ag said:I'm interested in that as well.Frio Cielo said:
Where in Bryan are the $165,000 nice or newer subdivisions?
Yes, there are four new building homes for less than $165,000. All are in Northern Bryan. One is on Dale, two on Lincoln and the 4th is on N. Washington. None of the four locations would be considered in a "new or newer" subdivision.
The only four in the MLS under $200,000 that would be considered in a "new or newer" subdivision would be four homes on Elkhorn in north Bryan on a short one-street subdivision , Sierra Ridge Estates, of about ten homes. Most everything in the area are much older single family dwelling or manufactured homes. These four range from $182,000 to $199,900.
The two least costly homes that I would call newer, built 2013 or after, in the area in what I would call a nice larger subdivision is two in the new Edgewater subdivision, behind Autumn Lakes subdivision, and they cost around $204,000 to $207,000.
Essentially, at this time, we can assume there are few or no new builder homes in nice or newer subdivisions in BCS under $200,000 let alone $165,000.
Which requires requalification and a 2nd set of closing costs.
Well stated.Frio Cielo said:rsa said:Pulling the data from the MLS, there are 201 new builder homes (3+ br, 2+ ab) listed for sale in Bryan/College Station. Ten are below $200k, and 4 of those are below $180k. Looking for 3+br. 2+ba single family homes built between 2007 and 2016, there are 146 homes listed. Ten of those are below $200k, and none are $165 or lower.techno-ag said:I'm interested in that as well.Frio Cielo said:
Where in Bryan are the $165,000 nice or newer subdivisions?
Yes, there are four new building homes for less than $165,000. All are in Northern Bryan. One is on Dale, two on Lincoln and the 4th is on N. Washington. None of the four locations would be considered in a "new or newer" subdivision.
The only four in the MLS under $200,000 that would be considered in a "new or newer" subdivision would be four homes on Elkhorn in north Bryan on a short one-street subdivision , Sierra Ridge Estates, of about ten homes. Most everything in the area are much older single family dwelling or manufactured homes. These four range from $182,000 to $199,900.
The two least costly homes that I would call newer, built 2013 or after, in the area in what I would call a nice larger subdivision is two in the new Edgewater subdivision, behind Autumn Lakes subdivision, and they cost around $204,000 to $207,000.
Essentially, at this time, we can assume there are few or no new builder homes in nice or newer subdivisions in BCS under $200,000 let alone $165,000.
There are none
Land prices have double which makes it imposible to offer something at those prices unfortunately
Land prices have double which makes it imposible to offer something at those prices unfortunately
Homes are getting high.
jja79 said:
Which requires requalification and a 2nd set of closing costs.
Probably half of the refi's do not have any closing cost or minimal and don't normally require an appraisal. Both Quicken and Fidelity National have refi's with zero closing costs.
This is what I heard from a Realtor friend, too, when discussing affordable housing.andyv94 said:
There are none
Land prices have double which makes it imposible to offer something at those prices unfortunately
$230k is plenty affordable for middle class families IF you aren't paying for $1000 I-phones, $60k vehicles, Direct TV, credit cards, vacations, etc, etc. Ive always managed to put my family in a nice house and we've never come anywhere near $100k income as a family. We sacrificed not having the latest and greatest junk in exchange for living in a nice house in a safe area. People need to stop assuming that owning a home in a nice area is a right and be willing to sacrifice if that's what's important to them. If not, there are cheaper areas right around the corner.
Closing costs are either paid in cash, added to the loan balance with suffient equity or premium priced into the rate. One way or the other they're getting paid.
In my experience FHA is a valuable tool for some buyers, particularly entry level buyers but I'd say most first time buyers are going conventional with 20% down or piggyback financing using 80/10/10 or 80/15/5 to avoid mortgage insurance.
None of which addresses whether affordable housing is available.
In my experience FHA is a valuable tool for some buyers, particularly entry level buyers but I'd say most first time buyers are going conventional with 20% down or piggyback financing using 80/10/10 or 80/15/5 to avoid mortgage insurance.
None of which addresses whether affordable housing is available.
http://www.stylecraftbuilders.com/find-your-home/bryan-college-station/edgewater
For homes sub $200k you can see homes for example in Edgewater off Villa Maria across from Traditions behind Autumn Lake. Most first time buyers do use FHA loan with 3.5% down. Most builders in the first time buyer market pay all closing cost so buyer out of pocket cost is the down payment. The only way to get away from PMI is to put 20% down. That is on almost any loan including conventional. Any loan has pluses and minuses. The low down payment is ideal for buyers who don't yet have the equity.
For homes sub $200k you can see homes for example in Edgewater off Villa Maria across from Traditions behind Autumn Lake. Most first time buyers do use FHA loan with 3.5% down. Most builders in the first time buyer market pay all closing cost so buyer out of pocket cost is the down payment. The only way to get away from PMI is to put 20% down. That is on almost any loan including conventional. Any loan has pluses and minuses. The low down payment is ideal for buyers who don't yet have the equity.
You do not need 20% down to avoid mortgage insurance. You need to be working with a lender who understands how to structure the financing.
Not everyone's situation is the same. People don't assume things are a right just because they aspire to have something. The "it's not a right" argument is just dismissive. Anyone who is saving or looking to start the process of buying a house is already scaling back on expenditures. Clearly, the topic of this thread indicates that you may be in the minority on the opinion that 230k is "plenty affordable". Possible, yeah. Plenty affordable, not so much.CS78 said:
$230k is plenty affordable for middle class families IF you aren't paying for $1000 I-phones, $60k vehicles, Direct TV, credit cards, vacations, etc, etc. Ive always managed to put my family in a nice house and we've never come anywhere near $100k income as a family. We sacrificed not having the latest and greatest junk in exchange for living in a nice house in a safe area. People need to stop assuming that owning a home in a nice area is a right and be willing to sacrifice if that's what's important to them. If not, there are cheaper areas right around the corner.
All I'm saying is it doable for most families if they're willing to do what it takes. I've done it so I know it can be done. Most dual income families in this town are making at least 70k. Ditch the car notes and other monthly unnecessary luxuries and that should be no problem. Or one of the earners can step up and take on a second job if it's important enough. Or of course it's easier to just sit back and complain.
If it weren't affordable then the market wouldn't support it and prices would come down. Plenty of families willing to do what it takes. Some of them with high incomes but definitely not all.
For anyone wanting sub $200k, keep an eye on Westfield Village. Steady supply of $180-190k houses hit the market there. They tend to sell fast but if you're ready, you can get one pretty easily. It's one of those icky style craft neighborhoods that everyone loves to rag on but I lived there for years and thought it was great. Or if you need more space, there's plenty of 2-stories in the sub $200k range that sit on the market for weeks and sometimes months at a time. There are options.
If it weren't affordable then the market wouldn't support it and prices would come down. Plenty of families willing to do what it takes. Some of them with high incomes but definitely not all.
For anyone wanting sub $200k, keep an eye on Westfield Village. Steady supply of $180-190k houses hit the market there. They tend to sell fast but if you're ready, you can get one pretty easily. It's one of those icky style craft neighborhoods that everyone loves to rag on but I lived there for years and thought it was great. Or if you need more space, there's plenty of 2-stories in the sub $200k range that sit on the market for weeks and sometimes months at a time. There are options.
When people stop defining affordable by what they have in their personal pockets maybe a change in definition will happen.
The home that is affordable to a family of 3 may not be affordable to a single, elderly man.
The home that is affordable to a family of 3 may not be affordable to a single, elderly man.
Lots of good discussion on this thread. Points and counterpoints.
Couple of random interjections from someone who has lived in town for a long long time, worked at the University and worked privately, rented and lived in apartments, saved for a house and bought and sold property a few times in this town.......
When Sonoma and Westfield Village were first completed they were sold at the $140k - $150k price point. They were constructed for 60k - 80k. Stylecraft made a fortune. We had rampant appreciation and never experienced the 2007-2009 housing crisis in town here with respect to value (only in loan type contraction). Sonoma and Westfield Village houses selling for 200k - 230k now is either comical or sad depending on your perspective.
A young college educated couple "just starting out" couple for example both working for the University would be making between 80k and 120k per year. But perspectives have changed. The millennials expect things now whereas in actuality....
Living in an apartment for a couple years to save money is a reasonable expectation, as is...
Older model cars, and phones, and not taking yearly vacations, and not having daily starbucks etc...
Gone are the years of one-income households. Both people must work now.
And we just assume kids ?
And now we just assume a health crisis ?
The point is that wealth building generally (and should) take years of practical decisions stacking on top of themselves.
(No chance I'm buying a phone for $1000, even now. And I'm currently surveying flood vehicles parked south of town for my next car - really who needs carpet in a car?)
I digress.
Couple of random interjections from someone who has lived in town for a long long time, worked at the University and worked privately, rented and lived in apartments, saved for a house and bought and sold property a few times in this town.......
When Sonoma and Westfield Village were first completed they were sold at the $140k - $150k price point. They were constructed for 60k - 80k. Stylecraft made a fortune. We had rampant appreciation and never experienced the 2007-2009 housing crisis in town here with respect to value (only in loan type contraction). Sonoma and Westfield Village houses selling for 200k - 230k now is either comical or sad depending on your perspective.
A young college educated couple "just starting out" couple for example both working for the University would be making between 80k and 120k per year. But perspectives have changed. The millennials expect things now whereas in actuality....
Living in an apartment for a couple years to save money is a reasonable expectation, as is...
Older model cars, and phones, and not taking yearly vacations, and not having daily starbucks etc...
Gone are the years of one-income households. Both people must work now.
And we just assume kids ?
And now we just assume a health crisis ?
The point is that wealth building generally (and should) take years of practical decisions stacking on top of themselves.
(No chance I'm buying a phone for $1000, even now. And I'm currently surveying flood vehicles parked south of town for my next car - really who needs carpet in a car?)
I digress.
So suffice to say, we don't need more "affordable" housing in town....
We need a generation of people who DON"T EXPECT:
A house in Bentwood
A Yukon and Sierra Denali in the driveway
A BBQ pit and $2000 a week tailgate party
$1000 dollar iphones
$200 a week CrossFit & Hot Yoga Classes
Starbucks everyday and Republic every weekend
Vacays to Fiji
A lakehouse at Conroe
A ski boat
And 3 kids in daycare (at $1500 per month)
At age 24 ?!?!?!
We need a generation of people who DON"T EXPECT:
A house in Bentwood
A Yukon and Sierra Denali in the driveway
A BBQ pit and $2000 a week tailgate party
$1000 dollar iphones
$200 a week CrossFit & Hot Yoga Classes
Starbucks everyday and Republic every weekend
Vacays to Fiji
A lakehouse at Conroe
A ski boat
And 3 kids in daycare (at $1500 per month)
At age 24 ?!?!?!
I agree with your sentiment, Saratoga. That is something our family has discussed when raising our children.
One thing about the apartments though; the trend to the rent by the room complexes makes it more expensive for singletons/couples. So, the glut of apartments right now may actually help a couple by keeping some rents low and allowing a couple time to build a nest egg to buy or find an investor of an older home willing to sell. That can lead to revitalization which is a plus. That can also reduce some of the infrastructure needs further out which is also a plus. I will be interested to see how quickly the apartments over by Arrington fill up and what the demographic is.
One thing about the apartments though; the trend to the rent by the room complexes makes it more expensive for singletons/couples. So, the glut of apartments right now may actually help a couple by keeping some rents low and allowing a couple time to build a nest egg to buy or find an investor of an older home willing to sell. That can lead to revitalization which is a plus. That can also reduce some of the infrastructure needs further out which is also a plus. I will be interested to see how quickly the apartments over by Arrington fill up and what the demographic is.
SARATOGA said:
So suffice to say, we don't need more "affordable" housing in town....
We need a generation of people who DON"T EXPECT:
A house in Bentwood
A Yukon and Sierra Denali in the driveway
A BBQ pit and $2000 a week tailgate party
$1000 dollar iphones
$200 a week CrossFit & Hot Yoga Classes
Starbucks everyday and Republic every weekend
Vacays to Fiji
A lakehouse at Conroe
A ski boat
And 3 kids in daycare (at $1500 per month)
At age 24 ?!?!?!
I'm wondering what 24 yr olds you're talking to?
Don't mix up young professionals, working class families, with your idea of a college student in town. Those folks, especially the ones still relying on their parents, probably are indeed the type waiting for that new $1k phone, getting starbucks every day or whatever because they can.
I don't know any 24yr old young professional or young family who is currently trying to save up for a down payment on a place doing any of those things. And I know quite a number of folks who fall in or around this age group/demographic.
People just love to assume, this is Texags after all!
It's alright, meaningful discussion on this topic has ended and so has my participation in this particular thread. We're just gonna keep making up situations and applying it the topic at hand to justify our own opinions. Yay.
A good strategy starting out is and always has been buying a starter home and letting equity, elbow grease, and appreciation compound a few years. Then sell and put the equity in a nicer home in a nicer neighborhood.
Some millenials may have unrealistic expectations, but this method generally works.
Some millenials may have unrealistic expectations, but this method generally works.
SARATOGA said:
When Sonoma and Westfield Village were first completed they were sold at the $140k - $150k price point. They were constructed for 60k - 80k. Stylecraft made a fortune.
What year would this have been in?
And what size are these houses?
The year was 2007. Sonoma was brand new and Westfield Village was a couple years old.
1300-1600 square feet.
Tons of people lured in with granite countertops, stainless steel appliances, and Stylecraft paying up to $3000 of people's closing costs.
1300-1600 square feet.
Tons of people lured in with granite countertops, stainless steel appliances, and Stylecraft paying up to $3000 of people's closing costs.