There are some optimistic and pessimistic cases with the proposed complex and development that will ultimately take a decade or more to play out (see the Bulls and the Bear cases below). Consulting with the top Houston realtor can greatly benefit homebuyers.

Over the past few years, the median home sales of the Northside geo market area has been $160,000-$180,000 and land values are selling between $15-$30 per square foot.

Many of the current listings in the area are proposed townhomes, patio homes and single family homes in excess of $500,000.

Over the past decade, in no other part of Houston’s Inner Loop has a similar gentrification played out whereby individuals buying at “initial premier market rates” been able to achieve an investment rate of return that has equaled or exceeded Houston’s average real estate appreciation.

The question for new home buyers in Hardy Yards is this: is it different this time?

First, I think it’s important to consider the real estate developers who are undertaking the home projects.

There are several developers who are building a wide variety of residential projects. Some developers are targeting lower-income housing and some developers are targeting $500,000+ home projects.

In many cases, the developers are relatively newly created entities, so they don’t have long track records.

However, in some of the cases the principals of these development companies have attempted projects similar in concept that either did not get completed and/or the properties were repossessed by the bank.

It’s unknown if these developers, principals, or entities will be able to complete their projects on time, on budget, and with the expected community activities and facilities that are being promoted.

In my opinion, some of the parts of the proposed complex will be successful and some will have material challenges.

For any new construction options, please contact me for specific recommendations on how to protect yourself.

Ultimately, I think the question comes down to pricing.

If Hardy Yard homes for sale are priced comparably (both on a price per-square-footage basis and on a total price basis) to near-town Houston areas — like The Heights, EaDo, Midtown, Rice Military, Memorial, Montrose, Medical Center, Museum District that have “developed infrastructure nearby” — then I think the question to anyone looking at buying a Hardy Yard home for sale is, “Why would I take the risk that this complex is developed in the timeline, manner and quality that is being proposed unless I’m being compensated?”

There are some builders that are pricing as if these homes were in developed areas.  It would be hard for me to make a case that these would be strong investments.

Hardy Yards Maps and Location

Hardy Yards History

Early History & Decline

While the southern part of the Near Northside area/Hardy Yards is only located about 2,000 feet away from where the Allen brothers landed to “start the City of Houston,” the area really didn’t get much development until the 1880s-1890s.

Thanks to cotton and cattle, railroads brought huge economic growth for Houston (and Texas) in the late 19th century.

The Hardy Yards development was one of the major rail yards for Houston. Thanks to the close proximity, the Near Northside neighborhood experienced dramatic growth and developed into a working-class neighborhood, primarily filled with European immigrants who arrived by rail.

After World War II, railroad traffic declined and Houston started a massive suburban development.

As such, the Hardy Yards and surrounding areas fell into disrepair for several decades.

Resurrection

In 2008, Hurricane Ike ravaged the Bayou City.

Houston received over $260 million in federal relief funds after Hurricane Ike ravaged the Bayou City.

The city is spending part of these funds on real estate development projects.

One of the most ambitious of these projects is the redevelopment of Hardy Yards, a long-vacant railcar maintenance yard located in Houston’s Near Northside neighborhood, just a few hundred yards north of Downtown Houston.

Houston City Council approved the site as a Tax Increment Refinance Zone. In December, city council authorized a $14.5 million performance-based loan through the federal Community Black Grant Disaster Relief Program for rental housing projects.

Hardy Yards Houston Realtor – Paige Martin

As featured on Fox News in the Morning, Houston Business Journal and Houston Magazine, Paige Martin, a consistent Top Producing Broker-Associate and head of the Houston Properties Team, is ranked as one of the top residential real estate agents in the world.