http://www.zillow.com/homedetails/170-W-Breezy-Way-The-Woodlands-TX-77380/96584639_zpid/

Sharing this in hopes of having some fun Aggie neighbors. The home looks out to Lake Woodlands across the street.

Wow...that is crazy expensive.

Diggity said:

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Jesus. Are people really paying that much for a townhome in the woodlands?

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In East Shore, yes. The rest of The Woodlands, no.

MAS444 said:

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Wow...that is crazy. I expected it to at least be really nice inside. Looks like a run of the mill apartment.

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IIRC, those are David Weekley homes, and that particular house was built during "phase II" of that development. IMO they really started cutting back on finishes around 2013 when the market up here really took off. I've not been impressed by anything recent they've built. I looked at some townhouses in that same development in fall 2012, and the quality was much better (but still fell short of what I expected, considering the price per sq ft).

It definitely looks like a David Weekley home.

Makes sense. Weekley gets a pretty huge bump per sqft with their townhomes here based on name alone.

Diggity said:

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Makes sense. Weekley gets a pretty huge bump per sqft with their townhomes here based on name alone.

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Oh, they get that same bump up here on single family homes, too. As do Darling and Coventry. I would say Darling and Coventry charge an even bigger name "premium" than Weekley does. It's not unusual to see Darling SFHs go for $200/sq ft, although, their price on spec homes has come down a little, depending on inventory in a specific neighborhood.

no kidding. how do the seller's even stand for that?

looking at his past listings, I would doubt it. The rest are of similar quality.

95% of his business is rentals.

It's also not a direct view of the water from the house. You have to look around/past a very large condo building.

True, but it looks like you can see the water from the second and third floors. If so, I wouldn't expect to get paid without including those shots in a photo package.

There are a lot of rentals in East Shore. I wouldn't be surprised if this gets purchased by investors and is immediately listed as a rental.

The same plan next door just rented for $3,700. With PITI + a $280 monthly HOA, there's no way for an investor to cash flow that place.

Diggity said:

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The same plan next door just rented for $3,700. With PITI + a $280 monthly HOA, there's no way for an investor to cash flow that place.

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I completely agree with you. Except that scenario describes a whole lot of rentals here in The Woodlands. The only thing I can figure is people are paying cash, sitting on the property for 1-2 years, and then listing it for $30-$50k more than what they paid. I've actually seen that happen on quite a few houses, but they are typically in the $350-$400k range. This happens a lot in my neighborhood, as I've seen plenty of houses that are less than 5 years old listed as "never lived in" or "lightly lived in".

Diggity said:

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Sounds like rich Latins parking money.

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Exactly

That place is white bread bland. $600k for that? No thanks.

Tell them to take notes on 222 breeze way's photos.

just happened back on this thread. Property was listed for $690K at the time of the OP.

Nine months later it sold for $530K.