Vertical living offers appeal for some relocation buyers
As recovery efforts begin in Houston following Hurricane Harvey, many displaced residents are being forced to make critical decisions about their future housing plans. Will they be able to repair and return to their homes, or will they have to seek alternative options?
Even those who didn’t flood, are acutely aware of the potential risk in certain areas, and might rethink their current location.
Likewise, anyone who is relocating to Houston in the near future will have lots of questions for their Realtors about the recent flooding, and which neighborhoods and areas were affected. As such, location will be more important than ever before.
Equally so, the type of housing will also be an important consideration for many newcomers. And, if it fits their lifestyle and budget, they will likely be attracted to high-rise living, which offers an abundance of luxury amenities, in an urban location within the city.
In a recent interview, real estate developer Randall Davis said that he expects there to be an uptick in traffic at his current projects, Marlowe and Arabella.
“People can only go through so much flooding in their homes, before they just throw up their hands and say they’ve had enough,” Davis said. “I don’t believe people with kids in school are candidates to move into a high-rise condominium. However, a lot of empty-nesters, who are our main clients, sit on the fence, and this kind of thing can push them over the fence.”
He said that the people relocating to Houston who will be working downtown or in the Medical Center are the primary clients for Marlowe, which is located downtown.
“People who are relocating here have thousands of apartments to choose from in downtown and in the Medical Center, but there is only one new high-rise condominium, and that’s Marlowe. Rents are very high even though there has been some softening lately, but you can own a condominium at Marlowe for virtually the same amount of money as you can rent, and you get the tax write-off. So, that’s why Marlow is a good choice four people transferring from out of town,” Davis said.
He also pointed to the fact that there is a limited inventory of high-rise condominiums in Houston as compared to other cities. Coupled with the displacement of so many people in the aftermath of the flooding, he urges anyone who is considering a high-rise condominium to act quickly.
Mike Bloom Jr, broker/owner of Mike Bloom Properties, said that in light of recent events, that many buyers relocating to Houston seem to be apprehensive about being on the ground, and have been inquiring about high-rise living.
At the same time, he said that the flooding has opened up the opportunity for some redevelopment in Houston that he thinks will include more vertical options.
“As a result of the recent floods, I think Houston is definitely going to become more vertical, and some highly coveted tracts of land will be prime candidates for redevelopment,” Bloom said. “Some properties have become functionally obsolete, such as old condominiums and apartments, and because of the flooding, they are now ripe for redevelopment. Forward-thinking developers will see the potential in acquiring the tracts in the close-in urban core.”
He added that this would have a positive impact for relocating buyers in the future.
“When people are moving to Houston, they don’t understand that there’s not going to be a large homogeneous masterplanned neighborhood in the urban core of the city, but now, that’s at least a possibility with some of these coveted tracks coming available, which might give rise to new subdivisions or vertical residential towers,” Bloom said.
Bloom, who also provides architectural consulting services for builders and developers, said that he expects the continued construction of new high-rise condominiums that will enhance the Houston skyline.
“I also think that architecture in the vertical format is going to be forever changed in Houston. Post-flood, the trend is going to be multi-level parking structures below the residences, to protect even the lower floors from potential damage. A good example of this is Marlowe,” Bloom said. “Houston has always had a very vertical skyline, and I see some more iconic buildings coming in our future.”
As for people who are considering highrise properties now, Bloom said that it’s important for them to know that they will not be immune to damage due to a weather event.
High-rises can suffer water penetration, and broken glass, but he said that the new codes are very stringent for hurricane and wind tolerances. BY MICHELLE SANDLIN
Michelle Sandlin is an award-winning writer, journalist and global mobility industry expert. Her work is frequently featured in Worldwide ERC’s Mobility magazine, and in various business and industry related publications and corporate blogs. Follow her on Facebook: www.facebook.com/TheMichelleSandlin and on Twitter: @MichelleSandlin. Also visit “On the Move” at blog.chron.com/onthemove.