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3525 Sage Rd. Condos - Houston Galleria

1,701 Views | 4 Replies | Last: 7 yr ago by Deats99
E
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AG
Anyone have the scoop on this place?

There are a ton of listings at this complex, all very affordable (under $200K) with a low maintenance fees. Is it under any sort of law suit or is it that its an older condo next to multiple other condos in the galleria that explains the low cost?
jjdavis85
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AG
Lots of rentals in the complex. Its a mixture of nice condos with a heavy presence of investor grade units as well.Let me know if you're eyeing a specific one and I can pull any information that i can on it for you.
Jay@AgsReward.com
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AG
Condo's can be difficult to finance. Much different then a single family in that the project is underwritten just as hard if not harder then the borrower.

If there are a lot of units on the market it COULD be that there is an issue that is keeping would be buyers from being able to get a loan. As you pointed out lawsuit could be one of those reasons but there a lot more then just that including not enough cash reserves, not enough insurance,etc. Those are reasons that make it pretty hard to finance.

If there is more then 50% rentals in the complex that would be an issue if you are trying to buy the property as an investment as you cannot get conventional financing. You can get financing but the terms are not as good. No issue if you are looking for it primary residence if the 50% non owner is the only negative about the complex.

I have no knowledge of this particular condo project but the above could be a reason for a lot of listings.
Diggity
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AG
It's a nice building. I like it a lot better than the Mark next door. It was built in the 80's so I remember the ceilings feeling a little low. The remodeled the lobby not too long ago though, so it's very nice.

The units under 200K are tiny 1 bedrooms so I wouldn't think much of those. There's a couple nice 2 BR plans but the numnutz agent on one of them won't answer his phone and the other decent deal is tenant occupied for nearly a year.
SlackerAg
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I lived there before & lived it. Before there was only the Bristol next door, but now there are more high rises blocking the views.
Deats99
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AG
To tag onto Jay's note. This one screams association issues(unwarantable). With that said at the right price, loan options are available.
A good plan violently executed now is better than a perfect plan executed next week.
-George S Patton
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