Lender · San Antonio, TX · Member since 2016 · 102 posts · 45 votes
Would like to get people familiar with the area's take on properties east of N New Braunfels Ave on the East side of San Antonio. Right now it is a rough area. With all the activity in Dignowity I was wondering if it is migrating east and at what pace?
I am asking because I have an opportunity to pick up a house in this area for what I think is a good price.
Real Estate Agent · San Antonio, TX · Member since 2014 · 311 posts · 176 votes
9y
@Mike Garland I'm a believer in the east side, I think it has tons of potential, but be weary of the announced projects. Lone Star is at a halt now and there are other small developments announced a few years ago that haven't gone through.
The Pearl is a beautifully executed mixed use development done by a billionaire. I think some people throw around "the next Pearl" loosely. I'm excited about everything downtown and San Antonio in general, just be weary of the announced projects headlines and the hype. Make sure it makes sense in the right now, future is icing on the cake.
Rental Property Investor · Las Vegas, NV · Member since 2016 · 83 posts · 98 votes
7y
Hi @Jake Harris, a while ago you mentioned that you guys were waiting to hear about making the Essex Modern City area a quiet zone for trains. Would you mind sharing an update on that?
Investor · San Antonio, TX · Member since 2015 · 34 posts · 24 votes
7y
@Heather H. Engineering Study has been completed and made their recommended improvement plan, PEA (preliminary engineering assessment) is in the works with UP (Union Pacific) and expected in the next month or two. D1, D2 council support and reviewing for funding hearing in Aug I believe.
@Seth Teel What is your opinion now on the area east of New Braunfels and north of MLK? I have seen a lot of rehab and even more new construction throughout all of 2019 in the area. Looking at this coupled with the growing development around the AT&T Center (Red Berry Lofts/ Arena Vista Studios), I think it is only a matter of time before this area explodes in value. It's being closed in by gentrifying areas on all sides... Thoughts?
I am hesitant to agree to idea that the area will "explode" in value. We are already seeing 78202 & 78210 have an overabundance of for sale housing stock: 78202 @ 4.76 months of inventory and 78210 @ 5 months. This means sales are taking longer, prices are slowly plateauing, and there is simply no shortage in available property.
I am actually glad to see this happen. Many flippers were passing off garbage rehabs, and selling at crazy prices; this does nothing positive for long-term appreciation of the area. To piggy-back off @Tim Macy, not only do I expect to see a slowing in growth, I am hoping ii is a sustained slow-growth market in these areas. This will allow time for infrastructure to improve, crime to slow, and will displace less legacy property owners. This area will never be Dignowity Hill or Lavaca. Much of the housing stock doesn't have the quality or curb appeal of those areas, and years of blight have done a number both houses and infrastructure.
By no means am I speaking negatively of the area or trying to dissuade you from investing there, but I'd run your numbers conservatively and don't try to make a deal out something that's now. I think flippers that have already overpaid in this area are in for a rude awakening come sale time.
Rental Property Investor · Las Vegas, NV · Member since 2016 · 83 posts · 98 votes
7y
@Jake Harris How did it go with the railroad this summer, if you don't mind me asking? How's the project going? I saw on the news that Efraim Varga sold his stake to you guys. Any info you can share would be appreciated, thanks!
Kicking the dust off this post as it's been some time. The Eastside has come back down to earth since pandemic levels. I don't recall Arena View, so I'll have to check that out on one of my rides. With the talk of the Spurs wanting to move to a new arena downtown, it feels as though some of the air has gone out of the neighborhoods closet to the the stadium. Couple that with commercial properties that are vacant and dilapidated and the area has taken another punch. I'm personally invested in this area because I remember it growing up and when my friends were stationed at Ft. Sam. There are some good size lots to be had in the area and there is both rehab and infill. There is still a seedy element (I caught my soon to be neighbors stealing electricity and water from the house), but it's getting in line. Starting at North New Braunfels and going both East and West, I'd say it's still C+ to D neighborhoods.
The further East you head from N New Braunfels the better the area, and higher the rents & ARVs. Including sales around $500k (or higher) in Dignowity Hill as well as 78203 - the second fastest appreciating zip code in the state.
West of N. New Braunfels is still very spotty, and will be slow to appreciate. It's definitely leveled out post pandemic, but I doubt the Spurs talk of a possible downtown stadium has anything to do with it. That type of project takes years to design and construct. As of right now...there is no project.
Interesting.... I want to clarify what is being called East of N. New Bruanfels; is it the Dignowity Hill and Nevada street neighborhoods? I ask because I have seen some nice properties that direction, and consider that west of NNB. Heading towards Jefferson Heights & the Arena district and HWY 90/EI10, there is still a lot of property that has opportunity to say the least. In talking with neighbors and others in the neighborhood, a Spurs move from AT&T/Frost Bank Center would be a blow to the area. Folks renting out their rooms, houses, and apartments for games take a hit in the short term and there is a slew of investment in the neighborhoods that are within a 10 to 15 minute walk of the arena.