Buying a high rise? (Houston, Howe: sales, apartment, foreclosures)

[xyz310]

We are pretty set on that High rise thing. Too lazy/no enough time to take care of a house, plus the safety and convenience issue and we don't like long commutes.

This will also be our first home to buy. What is a good way to find a good Realtor? I am not asking to recommend anyone, I am asking how you go about finding a good realtor? Obviously ask friends and collegues, but the few people I know who own a home all live somewhere in the burbs and their realtors probably won't have experience with High rises... So, is there a website or something along those lines where realtors are rated/graded?

Thanks for any suggestions!

[westres1]

Be aware High Rise homes have BIG maint. fees many are over 1000 per month. You can hire a lawn service for alot less.
Look on HAR for a realtor.

[007 license to sell]

Originally Posted by xyz310

We are pretty set on that High rise thing. Too lazy/no enough time to take care of a house, plus the safety and convenience issue and we don't like long commutes.

This will also be our first home to buy. What is a good way to find a good Realtor? I am not asking to recommend anyone, I am asking how you go about finding a good realtor? Obviously ask friends and collegues, but the few people I know who own a home all live somewhere in the burbs and their realtors probably won't have experience with High rises... So, is there a website or something along those lines where realtors are rated/graded?

Thanks for any suggestions!

YOU can google realtors that specialize in highrises in your area. Your right you need a highrise specialists. Highrises is a whole different animal.
When you find a highrise realtor interview more than one. Ask key questions, like how much is the hoa's, HOA's run significantly higher than single family homes, depending where your at HOA's can run in the hundreds if not thousands a month.

They cover your valet, concierge, building maintenance, elevators, pools security guards if there is a guard gate. Insurance on the building and common area's, don't get this insurance mixed up with home owners that's different, you still have to have homeowners insurance for your own condo.

Also find out how much is in the HOA reserves, is there enough to cover any repairs like elevators,pools ect. If there isn't that could mean a hike in hoa's coming or that the hoa is about to go under.

Also what is the CCNR"S hoa rules,if you want to have a pet what is the pet regulations. Also is the hoa in default,with so many foreclosures allot of HOA's are going bankrupt or the HOA's have been raised to compensate for the others that haven't paid. How much of the building is owner occupied, it is less than 70% ower occupied most banks won't loan on them. Check with your bank and find out about getting pre-approved for a loan for a highrise, you may need allot down.

Ask your bank what is the guidelines for getting a loan for a highrise, allot of banks aren't loaning on highrises' right now in some parts of the US due to the high foreclosures.

I hope this info was helpful good luck in your searc

[AlexTx]

I recently noticed that HAR.com has user ratings for some realtors. It looks like they allow the realtor's previous customers to rate them and leave comments and feedback. However, very few realtors I see have a rating and I think that's because this is a new feature.

[desertsun41]

Are you really really really sure you can live in a human filing cabinet? Have you really lived that lifestyle for any period of time? Imagine coming home with groceries and having to make multiple trips from the car, through the smelly parking garage, through lobbys, up slow or sometimes not working elevators, and finally to your floor and a long walk down a hall to get to your room.

Then have to do it again till all your groceries are in your room. I say room because many of them are just that. One big room with a bathroom and bedroom divider. Oh but that balcony with the views huh? Ususally of the Interstate highway though. Or the railroad yards. Imagine moving your funiture by elevator and through the lobby as all the other cubicle dwellers study and judge your belongings which are open for all to see.

I really wish you would or could rent one for 6 months to a year before commiting your hard earned money into a losing investment. Like a couple posts above me said, banks are not lending easily on these human filing cabinets because they are a risk. Resale on anything is hard right now but resale on those high rise cubicles are stone dead.

[JL]

Isn't it also kinda difficult to sell one of these if you decide to move one day? The high maintenance fees should scare off alot of people, but then again, it is Houston and there are lots of people here with $.

[xyz310]

Thank you all for your replies. I do currently live in a rental highrise and really like it!

I don't have to park my car, the valet does that (although I can do it myself if I want to). They even bring up my groceries or other stuff if I want and also have those little hotel carts if I chose to do it myself. The elevators are fast and the hallway is not very long. The insulation is fantastic and I have yet to hear any of my neighbors. The view is great, which is also one of the features I like. And my apt has a decent size, about 1200 sqft. Just the right amount for two people.

I think most people who are interested in highrises do factor the HOA fees into their buying decision as do I. Some of them are outragous, I agree, and you can see apts in those building being even less expensive (e.g. 1400 Hermann).

[JL]

Hey,
If you're fine with it and have the $ to buy one, do it. Do whatever makes you happy and convenient for yourself. Obviously, alot of people like it too, since i see quite a bit of hi-rises being built over the past several years.

[jfre81]

Originally Posted by desertsun41

Imagine coming home with groceries and having to make multiple trips from the car, through the smelly parking garage, through lobbys, up slow or sometimes not working elevators, and finally to your floor and a long walk down a hall to get to your room.

I'd do the same thing I was doing when I was living in an upstairs apartment - go to the store more frequently and get less stuff every time. Just basically what I need that day or the next. If you have things close to you, it's not as big a hassle as it sounds.

High rise life isn't for everyone, but neither is urban life in general.

[Mr. Krinkle]

I used to live in a downtown loft and loved it. PM me if you have any questions about the downtown area. The maintenance fees can get high, but the sales prices are cheap now with some foreclosures.

I filled up my gas tank once every 6 weeks at the most.