You are a real estate consultant in Houston working with a young doctor transferring from Los Angeles to the Texas Medical Center. This doctor has completed his residency training (he has his MD degree in surgery) in Los Angeles (he made $50,000 as a resident) and will start at the UT School of Medicine in the surgery department. He is 31 years old and he is married. His wife currently teaches in the Los Angeles Community College District and she plans to work in community college teaching in the Houston area. They have mutually decided that they want to live with five miles of the medical center. They love the arts and they live big city living.
The doctor and his wife have saved a total of $20,000 over the years but his salary at UT will be in excess of $250,000 per year. They would like to purchase a property in the $250,000 to $400,000 range -- it can be new or used. Financing such a request will not be a problem.Your task is to find three (3) properties to present, explain the tax values of each property and detail the pros and cons of each selection.
General Information About Client(s)
General information about the client would lend one to believe that the nature of each of their work loads, a new surgeon and a professor would limit their ability to do any major renovation work on a home in the near future, though their collective income could mitigate this concern they are still more likely to choose something in their mid-high price point that has only cosmetic needs. Their price point and location as well as their desire to live the big city life would also lend one to believe they might be more inclined to like a low maintenance property, possibly a condo or single family home in a community that provides collaborative care for grounds. The couple would also likely lean toward a more modern style structure or one that possibly reflects the popular LA Spanish styles in the area they are coming from. Having both been students for protracted lengths of time they might also like to look at properties in areas where access to the arts and cultural offerings are present but where the idea of student "apartment" living is downplayed. For these reasons I have chosen three varied properties within the 5-mile radius of the Texas Medical Center. Below I will detail each of these three recently listed properties, their tax values, retail values and the pros and cons of each property as applied to the needs of the clients. After reviewing these properties with the clients in person I may also add additional properties to their viewing list, as more specific information about styles, areas and desires are availed through an interview and through viewings. With the information given, these are the three properties I selected to view with the clients.
2303 HUTCHINS ST, Houston, TX 77004
Located in Greater Third Ward Neighborhood
List Price $335,000 Listed 03/25/11 Beds 3 Full Baths 3 Partial Baths 1 Property Type CONDO/TH Sq. Ft.2,246 $/Sq. Ft.$149 Lot Size 1,568 Sq. Ft. Year Built 2007 Source Houston Realtors Information Service, Inc. MLS #69071464 Views 4
"Watch fireworks & entertain on full terrace overlooking beautiful Houston CityScape! Gleaming hardwoods/granite/slate/stainless appliances/fridge/dishwasher/sink w/GAS range. Watch city come alive after dark from your balcony/main living area. Generous master w/double sinks & lg walk-in. 3 bedrooms - each with private bathroom. Half-bath for guests on 2nd level living area. Gas for grill and electrical outlet for utility on terrace. Gated community!"
Tax assessed value is 235,712 2010 tax on the property was $5,949.91. This condo has been appraised for 2011 but the property tax will remain at or around this amount for 2011. Suggestion that mortgage include tax and insurance deductions.
The property built in 2007 has modern amenities and modern fixtures. Though the finishes might seem a little dark the property has many windows and a relatively open floor plan for a condo with great finishings with granite, hard wood in shared spaces and fresh paint throughout.
Pros and Cons
The biggest pro-for this property are the outstanding views of the cityscape off the beautifully tiled outdoor terrace.
This property is also close to the Houston Community College central…