On The Market

The massage condo: This $439,000 converted space comes with a special perk

Editor's Note: Houston, the surrounding areas and beyond are loaded with must-have houses and properties for sale in all shapes, sizes and price ranges. In this continuing series, CultureMap snoops through some of the best and gives you the lowdown on what's hot on the market.

A former fabulously fashioned Four Leaf Towers two-bedroom apartment now converted into a big one-bedroom unit with a study and views of the desirable Galleria area is up for sale with an asking price of $439,000. Talk about inspiration for the next owner!

Walk through
Enter condo 76E to a wide front hallway with highly textured wallpaper and oak floors laid in an intricate herringbone pattern. A stylish powder room is behind one door. The formal living room is just ahead, bathed in natural light from floor-to-ceiling windows with operable custom shutters.

Here, hardwood floors, mirrored wall and directional art lighting are just some of the designer details found throughout the 1,675-square-foot residence. The wet bar with undermount sink and travertine counter and backsplash is easily at hand, complete with ample storage for glasses. A secondary bedroom now serves as a study and is separated by French doors from the living room.

The dining room sits at the other end of the main living area, also a light and bright place to enjoy meals as the large windows extend the full length of the room. The chef's kitchen is easily at hand with granite counters, track lighting, black-and-white tile floors and, of course, state-of-the-art appliances. Generous drawer and cabinet space, along with wine racks overhead, provide plenty of storage. A closet in the hallway is lined with a specialty fabric designed to keep dishes and glasses spot-free and silver pieces tarnish-free.

More custom-shuttered windows bring light into the master bedroom. The master bath is complete with dual vanities, beveled mirrors, soaking tub and walk-in shower. Travertine floors and counters add to the elegant ambiance.

The third bath also is fashioned with travertine floors and counters and large beveled mirror, as well as a large storage closet. The walk-in shower has travertine tile from floor to ceiling.

Amenities
One parking space is designated for condo 76E. Residents also have access to the full-service lobby, separate saunas, whirlpools exercise and massage rooms for men and women, a large party room with a full-service kitchen and bar and a professionally landscaped recreational plaza and private park.

Square footage: 1,675

Asking price: $439,000

Listing agent: Hedley Karpas, Martha Turner Sotheby's International Realty

Generous drawer and cabinet space, along with wine racks overhead, provide for plenty of storage.

On the Market 5100 San Felipe No. 76E Four Leaf Towers April 2015

Photo courtesy of © TK Images

Generous drawer and cabinet space, along with wine racks overhead, provide for plenty of storage.

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rent report

New report reveals how many Texans are paying too much for rent

Photo by Francesca Tosolini on Unsplash

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Millions of Texas renters, both current residents and new arrivals, suffer from wallet whiplash.

A new report from the Texas Affiliation of Affordable Housing Providers shows 45 percent of the state’s renters spend more than 30 percent of their income on housing. Renters occupy more than 4.2 million Texas households, representing nearly half of the state’s residents.

Worse yet, 81 percent of extremely low-income households in Texas spend more than 50 percent of their income on housing, the report says. For that income group, Texas has a shortage of 864,000 affordable homes.

Thirty percent is the standard financial benchmark for spending too much income on rent, while 50 percent puts a renter in the “severely cost-burdened” bucket.

“To sustain growth and secure future prosperity, Texas will need more than 320,000 additional affordable homes [rented and owned] to address workforce housing affordability and meet the demands of a growing population,” says the report.

“Today, the state is creating thousands of new jobs,” the report adds, “but housing supply has not kept pace with demand, driving up housing costs and constraining continued economic growth.”

Not surprisingly, people who live in or move to three of Texas’ biggest metro areas get hit with the state’s highest apartment rental rates. Here’s Apartments.com’s list of the 10 most expensive places for renters in Texas, based on apartments whose average size ranges from 713 square feet in Austin to 771 square feet in Plano:

1. Frisco — $1,477 per month
2. Plano — $1,461 per month
3. Austin — $1,417 per month
4. Dallas — $1,413 per month
5. McKinney — $1,363 per month
6. Grand Prairie — $1,327 per month
7. Irving — $1,318 per month
8. Garland — $1,237 per month
9. Fort Worth — $1,217 per month
10. Houston — $1,183 per month

San Antonio boasts some of the lowest average rent among Texas’ 10 most affordable markets: $1,075 per month. Mesquite, a Dallas-Fort Worth suburb, also fits into that category, with average monthly rent of $1,052.

Earlier this month, Gov. Greg Abbott announced more than $114 million in grants to help develop or rehabilitate properties, providing more than 4,400 affordable rental units.

“As our state grows, we must ensure that Texans have access to the affordable housing they need to thrive,” Abbott says.

rent prices report apartments