Friday, November 20, 2009

The Surrender of Greenway Plaza: Morgan Stanley’s Great Houston Office Building Investment Flop

What do all these Houston office towers have in common?

That’s right — they’re all part of the vast Crescent Real Estate Equities empire, which at the peak of the market 2 years ago comprised 54 properties in all, stretching from Texas to the California coast. That’s when Morgan Stanley snatched up the whole thing for a mere $6.5 billion, thanks in part to a little $2 billion loan from Barclays Capital.

Today, Morgan Stanley announced it is giving up on the whole thing. Back to the bank all those properties go. All of them. (Okay, minus a few that were jettisoned along the way.)

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Houston Real Estate Market Doing Much, Much Better Than Last October

Swamplot’s chart-wielding analyst is back with a few comments on the Houston Association of Realtors’ latest report and media push:

Median and average home sales prices fell $7,200 from the prior month. This was including increased activity to get the $8,000 home buyer tax credit in under the wire! Now it is not fair to compare month to month numbers as seasonal factors are working against the housing market this month.

So we get some good spin from the realtors: “Home prices up 5%” “Sales up 13.8%” …this maps directly over to the mainstream press with no research: “Home sales rise for second month,” “Home prices up 5%,” “Sales up 13.8%” Homeowners in this town should be proud that such a hardworking PR machine still gins out great product!

Why would you call those year-over-year increases spin?

The realtors get to make a press release every month and every month something is a “record” and the press is under deadlines and it gets copied in verbatim. This is home prices up 5% and sales up 13.8% from HURRICANE IKE with no caveat in the headline going out to 200,000 print readers and as many web readers!  Not bad for a days work.

Oh, yeah. Forgot about that whole Ike thing. So what’s the market looking like really?

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A Chance To Relive All the Excitement That Was Royce Builders

   

Royce Builders alumni and victims: Do you miss all the intrigue that surrounded Royce’s implosion last year? KPRC Local 2 investigative reporter Amy Davis tells Swamplot she’s working on a story about Royce Homes and its various reincarnations. Got any news to pass on about former Royce subdivisions? If you have any information to share about Vestalia, WG Builders, or any other entities where former Royce higher-ups might have resurfaced, she’d like to talk to you. Just send her an email — she says you can remain anonymous! [Swamplot inbox; email]

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Daily Demolition Report: Ashville Trash

What we’re tearing down now:

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Thursday, November 19, 2009

Neighborhood Guessing Game Over: Hudson News

We have a winner for this week’s Neighborhood Guessing Game! Who won that membership in the Rice Design Alliance?

First, here’s where you guessed this home might be: Southampton (2 guesses), Bellaire (3 of you), Tanglewood, Champions (2), “off Memorial near the Tollway,” Baytown (2), “Gessner and Wilcrest area,” Pearland, Sugar Land, The Woodlands (2), Katy, Southampton, the Heights, Briar Forest, Downtown, Memorial, West University, Deer Park, League City, Clear Lake, Greatwood, Willowbrook, Spring, Champions, Kingwood, Midtown, Montrose, Rice Military, Camp Logan, Garden Oaks, Oak Forest, Timbergrove Manor (2), Upper Kirby, the Galleria, Afton Oaks, Gulfton, Spring Branch, Sharpstown, Alief, Braeburn, Tanglewilde, Westchase, Barker Cypress, Greenspoint, Cinco Ranch, EaDo, River Oaks (2), “Wards 1-6,” Riverside Terrace, Avondale, “just inside the Beltway, just off Memorial Dr.,” West Lane Place, “somewhere south of Richmond and west of Hillcroft,” “the Stoney Brook or Westbriar/Tanglewilde area,” Tealwood, and “the Memorial/Gessner area.”

The winner of a one-year individual membership in the RDA is mojo jojo, for pinpointing the home with this entry:

The decorations in this home point to outside the loop, around the beltway or beyond! The photos give very little indication to era, except for the kitchen. From the knob placement on the cabinets (I betcha that these cabinets original had yellow or green ceramics knobs), to the custom built vent apron over the island, this kitchen screams 70’s!!! . . .

What leads me to the location is the fact that the home has almost no yard, as seen in the many photos which show the ivy covered wall outside of every window. This leads me to the many townhome communities built in the 70’s and 80’s, around the Beltway.

My scientific calculations, lead me to believe that this home is just inside the Beltway, and just off Memorial Dr.

Congratulations, mojo jojo!

We’re also handing out an honorable mention to movocelot, for being kinda close too. Now just where is this place?

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Where We’re Headed for Next Week’s Group Photo Feature

   

Got plans with your camera or cameraphone for the weekend? How about taking it out to the corner of Bellaire Blvd. and Bissonnet St. and using it to take some pix for next week’s group photo feature? That little corner of Bellaire is our next assignment. (The deadline for the current assignment is midnight tonight!) We’ll have a map of the area for you to look at and more details tomorrow, after this week’s photo feature runs.

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Comment of the Day: The Market Has Spoken

   

“TO ANYONE WHO CARES - THE HOUSE HAS SOLD FOR $415K. NOT quite what we were hoping, but clearly the original poster, who claimed this should be priced in the mid 300Ks, is rather mistaken.” [Justin, commenting on Swamplot Price Adjuster: Your Cherryhurst Neighbors]

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Meanwhile, Way Out There in Texas City

A reader wants to know if this home on a cul-de-sac in Texas City’s Northside neighborhood is too far out to work as a subject of Swamplot’s weekly Neighborhood Guessing Game.

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This Time, for the Developers

   

Two proposals out of Mayor White’s office earlier this year — one to pay down the consumer debt of homebuyers, the other to give $5,000 bonuses to Realtors representing buyers in 8 revitalization areas — didn’t get very far. But City Council approved the latest version yesterday: $620,000 in construction subsidies from the TIRZ Affordable Housing Fund for 10 homes — 4 in Trinity Gardens and 6 in the Fourth Ward. The participating builders and CDCs are to be chosen by the city’s Housing and Community Development Director. “The developers may sell the homes after they are used for at least a year as models, but the net proceeds must be reinvested in the same community.” [Houston Chronicle, via Swamplot inbox; details on page 200 here (PDF)]

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Daily Demolition Report: Gone by the Wayside

More houses give up their ghosts. Track them here:

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Wednesday, November 18, 2009

Montrose Giant Mushrooms: Still Adjusting to the Local Climate

Sprouted in the patio behind the Art League Houston building at 1953 Montrose, home of the Inversion Coffee House: 3 giant mushrooms, built out of rebar, soil, and moss by artists Nicola Parente and Divya Murthy.

And how are they doing? Not so well, reports the Chronicle’s Molly Glentzer:

One is planted with herbs; one is planted with Texas natives; and the third is planted with non-native ornamentals. They’ve pretty much been left to survive or thrive on their own through next year, and the artists are perhaps expecting that only the native-planted mushroom will survive.

Just one catch. When we looked on Saturday, they all needed water.

Nothing lives in a black plastic pot for long without a little help from the gardener. And biodegradable brown pots would’ve been more environmentally friendly — not to mention better-looking.

Inside the Art League building: the second part of the installation, which Parente and Murthy put together from debris they collected from the surrounding eight-block area.

Photos: Nicola Parente (top); Aaron Courtland (bottom)

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After the Arsons: A Photo Tour of the Heights Fires

Now that a suspect for at least one of the recent Heights-area arsons is in custody, blogger Fred Eats Houston feels a bit more comfortable sharing his photos of some local burn victims.

There have been 18 “suspicious” fires in the Heights area since mid-August. Here are 2 views of a playhouse on Ashland St., part of one of the first structures to burn:

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Comment of the Day: Demo Addicts

   

“I read the demolition report nearly every day, hoping to see our neighborhood’s crack houses on the list; but way too often I see gorgeous houses like the one here being wasted instead. Depressing.” [Jen Mathis, commenting on Daily Demolition Report: Herod’s Fall]

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How’s That Corner of Harrisburg and Wayside Looking?

Hey, all you East Enders: What kind of photos would you like to see in this Friday’s upcoming group feature? Our location this week is the intersection of Harrisburg Blvd. and Wayside Dr. And there’s still plenty of room for your contributions.

Even if you’re not from that part of town, it’s easy to participate: Just snap some pix of anything within 500 ft. of that intersection — with your cameraphone, even — and upload them to the Swamplot Flickr pool. (You can use the map above as a guide.) Tag your photos with “Harrisburg & Wayside,” and make sure your account doesn’t block other users from creating galleries. What you see is what we’ll get!

The deadline is Thursday at midnight. We’ll run with what’s come in on Friday.

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History in the Making

   

A whole lotta railroad action next to the site of the planned Crawford Stations on the East End line, between Minute Maid Park and Discovery Green — but will this train be rolling?: “If a series of deals go through, the city would be able to create a ’super block’ previously eyed for a new hotel, redevelop Avenida De Las Americas and move two historic houses and a railroad engine to create a small historic area on the eastern side of downtown. The train would complement the homes and proposed heritage center — which would be paid for with privately raised funds — and underscore the importance of locomotives in Houston’s history in facilities across the street from the former Union Station. . . . But the plans also call for an unusual process to sell land to a wealthy, well-connected real estate investor and former council member, and force the city to move the historic homes.. . . Several City Council members raised questions about the initial step in the process, which the council will consider today, to appoint an independent appraiser to name a price for the land on Avenida De Las Americas, between Capitol and Rusk. If the city sees the price as favorable and decides to sell, it would then be up to Louis Macey, who owns a far larger piece of land that abuts the area, to buy. . . . Andy Icken, deputy director of the city’s Department of Public Works and Engineering, said the city needs to relocate the homes before the Metropolitan Transit Authority begins building light rail lines along Capitol and Rusk. . . . The city has chosen to sell the houses through a process normally used with abandonments because it is likely to get more money that way, he said. By itself the land’s potential may be limited, but if an appraiser can consider its value in the context of other downtown land — which is possible in this case because Macey is the adjacent landowner — it is almost certain to fetch a higher price, he said.” [Houston Chronicle]

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