By Ron Brown
Ever wonder where to go after the kids have left the house and you no longer need the big house in the Suburbs? Feel like having the freedom to travel and not having to worry about the house? Hate yard work? Always wanted to live in town with all the action? Tired of the daily commute?
A River Oaks area loft could be your answer for many reasons.
1. Location, location, location. The lofts in the Gotham, Renoir and Metropolis are all located within a 2 mile radius of one another. They are minutes from Downtown, Galleria and Memorial Park. All of these buildings are walking distance to great restaurants, the River Oaks Shopping Center, the River Oaks Movie Theater. Many of the units have excellent views of the Downtown Houston skyline or the treetops of River Oaks, which is almost like overlooking Central Park in New York City.
2. Price. The prices on these spacious units are now at a major low. Most of the buildings have added restrictions that they maintain a 70 % owner occupancy level which seems to be weeding out the investors. This is very helpful for those who plan on taking out a loan to purchase as the mortgage companies require a 70 % or better owner occupancy rate to be approved for a loan. Speaking of which, mortgage rates are a serious bargain. The last one I just sold, the buyer got a rate of 3.75 % on a 15 year fixed. Let’s see, low prices and low rates…how much better can it get?
3. Extremely low maintenance fees. These buildings are no frills keeping that monthly maintenance fee to a minimum. An owner can expect to spend 2 or 3 times more per month for the similar square footage on a full service building with valet parking and 24 hour concierge services. Those extra salaries do add up and we know they rarely ever go down. The restricted access is very appealing to those who travel and are just looking to lock-and-leave.
4. Flexibility of floor plans. Most of the units have walls on the interior of the unit that can be added or removed for increased versatility of rooms and their uses. For example, closet space can be easily added. Turn a room into a bedroom by adding a door and a wall. Change it to a studio by leaving it open. How about an exercise room, study or media room? Plant an herb garden on your balcony or add a barbecue grill. The possibilities are endless.
Whether you are downsizing, looking for a great location or always wanted a cool space with a great view, now is a great time to purchase that loft in the prestigious River Oaks area. Relax and enjoy the good life these great properties have to offer.