Real estate recommendations for physician relocation to Houston

Houston Real Estate Search

Prompt:

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.

Property #1

2303 HUTCHINS ST, Houston, TX 77004

Located in Greater Third Ward Neighborhood

Listing Information

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 Information

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

Pros

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 campus 1.2 miles (5min)

8-10 minute drive to Texas Medical Center (3.7 miles)

Easy access off street parking

Mid Range listing Price

HOH fees include exterior and grounds maintenance and limited access gates

Cons

Dark finishings

Kitchen and bathroom cabinets need updating

HOH fees

Property #2

1414 ROSEDALE, Houston, TX 77004

Located in Houston's Famed Museum District Neighborhood

Listing Information

List Price $379,000 Listed 03/25/11 Beds 3 Full Baths 3 Partial Baths 1 Property Type SFR Sq. Ft. 2,445 $/Sq. Ft. $155 Lot Size 1,499 Sq. Ft. Year Built 2006 Source Houston Realtors Information Service, Inc. MLS #79495934 Views1

"Immaculate and pristine recent construction in lovely gated community close to downtown and the medical center. Blessed with functional and flowing floor plan, amenities include *gleaming hardwoods *open living area perfect for entertaining *gas log fireplace in living *designer finishes thruout *cook's kitchen with Brookhaven cabinetry and top of the line ss appliances *master bedrm w 2 walk-in closets and luxurious bath *roof terrace plus standing seam aluminum roof. "

1.3 miles (5 min) from the Huston Community College main campus

The location in Houston's famed museum district is a highly sought after area within walking distance to a great many regional points of artistic interest and close to the downtown attractions.

Easy access off street parking

Cons

Views do not compare to the previous listing and though it is a single family dwelling its is very close to its nearest neighbors, i.e. feet from the neighbors and has therefore limited light and views from side windows, that is made up for by front/back and terrace views.

High HOH fees include security and gate maintenance exterior and grounds maintenance is unknown

Property #3

2520 ROBINHOOD ST #609, Houston, TX 77005

Listing Information

List Price $324,900 Listed 03/26/11 Beds2 Full Baths2 Partial Baths1 Property TypeCONDO/TH Sq. Ft.1,614 $/Sq. Ft.$201 Lot SizeN/A Year Built2000 SourceHouston Realtors Information Service, Inc. MLS #64265288 Views3

"Style, comfort & convenience! Extremely enticing two-story home with sweeping views of downtown & the medical center and a great location (very close to fabulous rice village). Interior features; open floor plan, 2-story entry, hardwoods, high ceilings, granite countertops, neutral colors, window coverings, oversized custom closet in main bath, spa tub & separate shower, zoned hvac system, spectacular east views, 2 on-site storage units (a bonus) and a large covered balcony. See this one now!"

Tax Information

Tax information tax appraised value of $209, 875, 2010 taxes paid $4,084.04. This is the smallest unit to be viewed and therefore has the lowest tax value, as well as the lowest taxes due per year. The tax assessment is also lower because the property has no land and is instead in a large high rise. The assessment value is therefore in line with the property location and many amenities and options are shared with neighbors.

Pros and Cons

Pros

Mid-Low Range listing price

Outstanding layout neutral colors and modern finishings. Very nice looking property inside and on terrace.

Great views of city and medical center.

In high rise complex, with many shared amenities

Many additional amenities associated with HOH including building and grounds, cable, concierge, limited access entry, recreation facilities, off-street shared parking, trash, water and sewer, secured storage in parking facility for unit.

Close to Medical Center 2.2 miles (7 min)

Close to Houston Community College central campus 3.5 miles (11 min)

Cons

Will have an overall lower value and may have some difficulty reselling property as it is such a shared space unit and has a limited buyers market.

Smaller galley style kitchen