I've been contimplating te beginning of a blog for HeatherSOLDit.com for some time now but I couldn't wrap my head around what information I might be able to provide for my current and future clients. Then I realized that there are plenty of real estate topics that I could ramble on about and if nobody reads it - well that's fine too. It will give me an outlet for all of these brewing ideas, thoughts or rants.
One that has been percolating for some time now is the market for affordable high quality new construction. Currently you can buy a 1342 square foot house in Killeen for $99,900. Just under the $100K mark that lenders love to use as a cutoff for folks prequalifying. However that 1342 square foot home is very plain. Vinyl flooring, sod only in the front yard, laminate countertops, no bells and certainly no whistles.
I would like to see a development of townhomes in the area. Smaller duplex-style homes sold individually each with their own yard and fence. A little patio to sit out on and some tile flooring and upgrades. Small yards to take care of and a shared wall but affordable and higher quality housing than what is currently being offered on the market.
I recently represented a builder in the area who had built some FANTASTIC duplexes. Full sprinkler, sod, upgraded floors, large closets, patios, 2 car garage, attic storage. They were small but they were NICE. These are the kind of homes I'm talking about. Those duplexes would sell on the market for around $170-$190K each. Divide that by 2 and you're talking about a NICE little home with lots of upgrades for $85-$95K. I would buy a nice home like that.
Most people in this area don't think well of duplex areas though. For the most part renters in investment duplex areas have no pride of ownership. You don't see renters plant flowers or maintain the yards well. In order to avoid the neighborhood being over-run by rental units and unsavory neighbors a strick set of deed restrictions would need to be in place. No cars on blocks, no wild paint colors (so the other half of your duplex doesn't get painted a crazy color), no investor owners, etc. Development of the deed restrictions would be up to the developer.
I don't have the funds or the resources to develop a project like this but I'm just putting it out there. That's how I'll start this Blog. I'll pop out an idea that's been brewing in my frazzled mind for months and see what happens. I don't mind if some developer steals my idea and runs with it. I can't do it myself and I'd love to se someone else do it so I could sell those cute little houses to my clients.
I welcome any comments or ideas that you may have.