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Nicer parts of houston that flooded-value question

2,787 Views | 9 Replies | Last: 6 yr ago by 88jrt06
pdawg10384
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Anyone have thoughts on what will happen to values in the Bellaire/West U in the 100 year floodplain whose streets flooded? What about newer houses on those streets that are up off the ground and of course didn't flood because they are 4 feet off the ground?

One thought of course is values would drop because they flooded, or the street flooded.

But if they are in the 100 year flood plain, shouldn't that already be reflected in the value?

Any chance the value of the houses off the ground could go up? Inventory in these areas I assume will drop due to the flood.
DallasAggie0
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In the short term I can see a bump in value for the elevated homes. Longer term it will be difficult to say until we can see how much the lot values drop, IMO.
Diggity
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I think Bellaire/West U will be fine.

Meyerland is going to take a huge hit. Plenty of opportunity for those who have the cash to buy up lots that will come up in the coming months.
The Original AG 76
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Diggity said:

I think Bellaire/West U will be fine.

Meyerland is going to take a huge hit. Plenty of opportunity for those who have the cash to buy up lots that will come up in the coming months.
buy them up and do what ? The issue is that no one will underwrite anything on a flooded out lot. There is just no reason to rebuild there. You spend the large amount to elevate a home on water for the view etc..Meyerland isn't exactly a " view". With the ultra magnifying glass effect that we will see here regarding floods I think that mortgage underwriters will be very careful for years to come.
Diggity
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It doesn't cost that much to elevate homes out of the floodplain. Builders have been doing it there for years and will continue to do so.
88jrt06
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The Original AG 76 said:

Diggity said:

I think Bellaire/West U will be fine.

Meyerland is going to take a huge hit. Plenty of opportunity for those who have the cash to buy up lots that will come up in the coming months.
buy them up and do what ? The issue is that no one will underwrite anything on a flooded out lot. There is just no reason to rebuild there. You spend the large amount to elevate a home on water for the view etc..Meyerland isn't exactly a " view". With the ultra magnifying glass effect that we will see here regarding floods I think that mortgage underwriters will be very careful for years to come.
Well, it should be obvious that he's ONLY talking about elevated lots.
As to the "view" comment, suggest you "view" a plain old map.
If you work in Greenway, Downtown, or Med Ctr., you'll figure it out. Follow commercial sf and it's inevitable: Meyerland will very, very slowly become a quite expensive neighborhood located on Loop 610. To put it another way, you can flood in Bellaire/WU periodically because of the bad decision to stick with groundwater pumping, which has created a bowl-effect. So, pick your poison: $1.5-2 for a very nice home in WU, a bit less in Bellaire, and a bit less than that in Meyerland. Again, back to plain old map: Med Ctr ->WU->Bellaire->Meyerland. Inevitable, but slow rebuild with funky looking NOLA architecture. BTW, Bellaire sits adjacent to Brays AND Meyerland. (This example ignores the outstanding proximity to Uptown, 3rd largest downtown in Texas, which just hammers the point home).
88jrt06
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One other note:

I'm downstream from Meyerland, Bellaire. Project Brays has made it to Buffalo Speedway, except for the bridge-raisings. IOW, the project is between me (37"+ of rain) and WU/Bellaire/Meyerland. I'll wait for the experts, but the huge capacity increase may well have saved my home. The cavalry is coming; no panacea, but luckily, a few thousand of us++ were on the right side of Project Brays. I firmly believe that while keeping in mind that the official 51 inches was unprecedented.

I'll save the rant over the unnecessary 8-year delay of this project for another time.
JSKolache
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Keep an eye out for FEMA backed buyouts in repeated flood areas
AgLiving06
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I saw the raised McMansion on Cartegena is under contract.

Assuming that house did not flood, it's a prime example of what could happen do that street.
Cody 91
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Not true. There are 12 houses on our street in Bellaire. All 7 old houses flooded; all 5 new ones had no water. It's just a matter of how high you built. And it wasn't a matter of feet, but inches of difference in the elevations.

All 7 of those flooded lots will be bought and built up higher. People are already knocking doors to see who is selling. West U fared quite a bit better.
88jrt06
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Cody 91 said:

Not true. There are 12 houses on our street in Bellaire. All 7 old houses flooded; all 5 new ones had no water. It's just a matter of how high you built. And it wasn't a matter of feet, but inches of difference in the elevations.

All 7 of those flooded lots will be bought and built up higher. People are already knocking doors to see who is selling. West U fared quite a bit better.


I remember a post from 2012 where he was accurate.
Ignore.
Bellaire HS grad and former resident here.
Really sorry about your street.
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