Residential in Deep Ellum?

[mike all together]

Hello all.

As I continue my all-over-the-place search for a home to buy (for the last year), I'm curious about Deep Ellum. Ebby doesn't really show any listings down there but I hear people randomly talk about lofts in Ellum.

Is there a plethora of pretty cheap (read: 100k or under?) residential loft space for sale down there and I just don't know where to look?

I was down there last night at Tomcats checking out Doug Stanhope and it got me curious about the area. It doesn't seem half as bad as the reputation it carries with people I've spoken with. Then again, it was a weeknight.

[jsoto3]

I'm only seeing one listing on MLS for an actual loft in the heart of Deep Ellum, listing for $255k:
http://www.texasmls.com/perl/mls-1.pl?agent=winans&ListingID=10810861

There are much cheaper lofts available at Live Oak Lofts, just outside of Deep Ellum proper, but the cheapest unit currently listed is $120k for 681 sqft. If you ever become interested in Live Oak Lofts, let me know and I can share more info, including floor plans.

[mike all together]

Thanks. Yeah, that was the only listing I saw, too. It's weird, everyone talks about all the vacant space down there... why isn't it being sold?

I was looking at Live Oak Lofts a while back.. they are out of my price range. I can't safely go over $100k. I want to be able to live slightly better than paycheck-to-paycheck. :)

There was a listing on there @ $115k for quite some time a while back, but still too steep. 'Tis a shame, too. I really like that building.

[LH_Newbie]

Nothing in DE, to my knowledge, anywhere near 5 digits. That's a tight budget for trying to be so close to the heart of the city.

[Lakewooder]

There is a real 'fixer upper' single family home which just came on the market in Junius Heights (not far from Ellum) -- I believe it's 6001 Worth. They are only asking $118 K.. this is the deal of the century around here...I don't know how bad it is inside and there's a lot of shrubbery so it's hard to see...but it's a nice corner lot.

If you could put up with a few inconveniences and take your time renovating you could make a killing on this one after a lot of work. Junius Heights just became a historic district and as more people learn about it, it will only go up...

[mike all together]

Thanks. That's actually listed at $95k in Ebby (http://www.ebby.com/details/-2506150.html). I gotta have a place to live in, though... not looking for something to flip. :)

[Hannibal Lecter]

Quite honestly, you're not going find anything near $100k in Deep Ellum proper. There are basically three kinds of non-rental housing in the neighborhood:

- Stand alone buildings. These are cheaper per SF, but tend to be very large, and thus very expensive.

- The condo building at 3026 Commerce (where I live). There are two units currently for sale, both over $200k:

http://www.ebby.com/cgi-bin/search?street=&mlsnum=&city=&zip=75226&proptype=CONDO&minprice=0&maxprice=500000&minbeds=1&bathrooms=1&sort=DESC&pool=%22%22&garage=0&stories=&acreage=&dayold=&Input=Submit+Query&lastrecord=0
http://www.ebby.com/cgi-bin/search?street=&mlsnum=&city=&zip=75226&proptype=SINGLE&minprice=0&maxprice=500000&minbeds=1&bathrooms=1&sort=DESC&pool=%22%22&garage=0&stories=&acreage=&dayold=&Input=Submit+Query&lastrecord=0

Another unit sold a few weeks back for around $185k, but it was a foreclosure and needed some work.

- New construction around Exposition Park. This is generally in the $300-$400k range.

Yes, prices have come down in the neighborhood, but the underlying land value alone will keep them well above $100k unless there's a total 1980's style crash again.