COMMENT OF THE DAY: WHAT HAPPENED AT 301 STUDEWOOD 
“Tried to get Parks Board to purchase for years but they wouldnt go above $200k. They upped their offer to $600k in September of 2010, while property was under contract with restaurant group out of Austin which has 12 operating establishments in Texas.
Up against about the 8th round of foreclosure with a hard money lender who wasnt satisfied with his usurious rates of 21%+ per annum over three years and under pressure, lender ended up taking the property — taking a parks board offer and walking away with another $60k+ on top. Restaurant group pissed, owner still picking up pieces/dealing with lawsuits that should have been avoided. Restaurant group needed 30 more days, Parks would have taken 60. Lender would give no more time for either.
Should have filed for bankruptcy to stall the foreclosure and let deal transact but family was on last leg….after paying about $60-75k over 9 months to avoid repeated postings for foreclosure, as well as the ridiculous interest rates over the previous two years.
Lender also decided against paying the commission he promised for bringing the Parks Board deal. Real swell guy.
My apologies for the eyesore signs, maybe I will go reface them and at least get free advertising out of the deal.
Parks Board has no plans yet but turned down two offers in January from a Developer with backing out of the Mayors office. Demonstration housing. First offer they turned down was $800k, not sure about second offer but I can confirm it was turned down as well.
In regards to Parks, I had made some traction with GHORBA for an off-road bike park like they have in Austin, The topography, etc. would be rather perfect for that. Not sure where everyone is on the deal but I dont believe it is Parks highest priority at the moment. I will check in with everyone and let you know.” [JE, commenting on This is Woods. Park Is Not Available Right Now. May I Help You?] Photo: LoopNet
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Buying and Selling
THE RING OF CHEVRON 
Today’s the day Chevron is expected to close on the purchase of the 50-story former Enron headquarters building it’s already leasing at 1400 Smith St. downtown, which the oil company is buying from Brookfield Office Properties for an estimated $380 million. Already in Chevron’s hands: the second, César Pelli-designed Enron building at 1500 Louisiana, the parking lot and small building across the street from it. The company still plans to buy the lot down the street at 1600 Louisiana at the end of this year, once the YMCA finishes tearing down its building there. [Houston Chronicle; previously on Swamplot] Photo: Jonathan McIntosh [license]
WILL SKANSKA KNOCK DOWN THE HOUSTON CLUB? 
A source tells Nancy Sarnoff that Swedish construction firm Skanska, which has the Houston Club Building at 811 Rusk under contract, may tear down the 1948 downtown building and build an office tower in its place. A couple of clues: the closing of the building’s ground-floor Hunan Downtown restaurant and the “Closed for Cleaning” sign posted in the window of the Travis St. Burger King. The Houston Club’s lease on 4 floors of the 18-floor building doesn’t expire for another 4 years, though. The building’s previous owner, a limited partnership controlled by Cameron Management, gave up the property to its lender last September after declaring bankruptcy a few months earlier. [Houston Chronicle; previously on Swamplot] Photo: Silberman Properties
COMMENT OF THE DAY: THE VIRGINIANS ARE COMING! ” . . . the article doesn’t say they are not moving people from other areas of the country. It says they have not decided. I have personally seen internal memos that tell their employees they are consolidating Houston campuses before they consider moving other offices around the country to this campus and that it would be 2015 before that would happen. I don’t think it is a stretch to read into this that they will be moving other areas of the country to this campus. As a Realtor I can tell you that people from their Fairfax campus have already begun buying homes in The Woodlands … somebody is pretty confident of being moved if they are doing that. I’m guessing they’re trying to avoid employees in those areas leaving (rather than move) before XOM is ready for them to.” [David Hageman, commenting on Welcome to the Land of ExxonMobil: A Tour of the Company’s New North Houston Campus]
MIDRISE APARTMENTS, BEHIND THE WATERWALL The developers behind the flopped Turnberry Tower Houston gave up on plans for their Uptown 34-story plumber-friendly luxury condo project 3 years ago, but waited until last month to sell off the 3-acre site at the corner of Hidalgo and McCue, between the Waterwall Park and the Galleria. The new owner, Hines, says it plans to start construction early next year on 300 units in a 6-to-8-story apartment complex there. [Houston Chronicle; previously on Swamplot]
COMMENT OF THE DAY: THE TRENDSETTING LESS FORTUNATE “I have a few friends moving to Houston who are going to live in the ’burbs – not because they’re into racial purity and strip malls but because that’s where they can actually afford to buy a home. The less fashionable an area becomes, the more affordable it is to people of modest means, which typically means the sneerers look a bit snobbish. Which suddenly turns the formerly unfashionable area fashionable (I believe the vogue term right now is “authenticâ€), and the sneering and budgeting just reverses itself. Laughing at the people who have tight budgets but aren’t poor enough to actually be considered poor is an old means to paint a veneer onto one’s classism, and it’s often couched in the argument over whether surbubanites or midtowners are morally and culturally superior. It’s utterly ridiculous, but it’ll never stop.” [Sihaya, commenting on ExxonMobil Fesses Up to Its Employees About That New North Houston Campus It’s Been Building]
HEIGHTS-AREA RECYCLING CENTER GOING TO THE CLEANERS 
Up for a vote in this morning’s city council meeting: The sale of the First Ward recycling center at 3602 Center St. to the owners of a neighboring property for $2.01 million. Under the agreement, the city would lease back the 1-acre lot near the corner of Washington Ave. and Heights Blvd. for 18 months from Admiral Linen Service — for free. A plan to set up a new area recycling facility on Spring St. was halted 2 years ago. Update, 1:20 pm: Voting on the issue has been postponed until next week. [Houston Politics; previously on Swamplot] Photo: Alexander W.
COMMENT OF THE DAY: HE-MAN, YOU HAVE THE POWER TO SAVE THESE TURRETS! “This house will more than likely be torn down. It’s a shame, really, because it’s one of the most unique structures in town, but the list of people who, a) could afford the $300K price tag, and b) would want to live in a house that looks like Castle Grayskull, is probably pretty short.” [Stormy Blanco, commenting on Wichita St. Mystery House Goes on the Market Today: Your First Peek Inside]
After the Orange Show, the Beer Can House, and the Third Ward home of the Flower Man, probably no Houston home has accumulated more outsider-art street cred than Charles Fondow’s decades-long transformation of a former Riverside Terrace daycare center into a bubbling stew of half-timbered gables, turrets, and towering rooftop decks. The ongoing Wichita St. skyward expansion project had an air of mystery, too. In Jennifer Mathieu’s 2001 Houston Press profile, Fondow comes across as shy and self-effacing, though he had by then spent $300,000 and countless hours of hard work on his grand, mostly-DIY creation, inspired by visions he had collected from visits to exotic far-away lands like Russia and Green Bay, Wisconsin.
Fondow, who loved to travel, passed away in March after falling ill on a Caribbean cruise. His gotta-keep-adding home-improvement project had lasted 31 years. And earlier today, a for-sale sign went up on the property. The listing features a first public viewing of what everybody wants to see: the building’s innards. Could this place be just as weird and wonderful inside as what Fondow carefully assembled outside and on top?
Oily 3-time Survivor loser Russell Hantz (pictured above in the shark-wrestling competition from Survivor: Samoa) tells Entertainment Weekly he’s come to town “to bring Houston’s economy back on its feet.” How’s he gonna get the market back from its tippy-toes? By flipping houses — then bragging about it on-camera. Apparently, a gig like that pays pretty well.
Hantz’s reputation as a tell-’em-straight kinda guy was sealed in January when the Daily Beast revealed him as the mysterious source of persistent leaks about the reality show’s top-secret storylines. In his contracts, Hantz had agreed to pay “liquidated damages” of $5 million if he revealed which contestants had been eliminated before episode air dates. CBS responded to the breach by suing the message-board commenter who posted the tips — and featuring Hantz in Survivor: Redemption Island, which began airing in February. (The suit against Survivor Sucks website poster Jim Early was dismissed.)
DECODING THE CODE BUILDING SALE 
City council today approved the sale of Houston’s code enforcement building at 3300 Main St. to the Midtown Redevelopment Authority, for $5 million. The 57,899 sq.-ft. structure and parking garage on a full Midtown block, which also houses the city’s Green Building Resource Center, received several sealed private-sector bids before the February 17th due date. Last week, Mayor Parker declared that the Midtown TIRZ had submitted the high bid, but 2 council members disputed that, claiming the group hadn’t submitted a bid for the property at all. (One of them, Anne Clutterbuck, was the lone dissenter in today’s vote.) Chronicle reporter Chris Moran hasn’t been able to get a straight answer yet, but interprets a staff report to mean that the TIRZ did not submit a formal bid — the city simply determined a purchase from the government entity would be “the most advantageous.” What’s all the fuss? “The city built the sale of 3300 Main into its FY 11 budget, and it is now depending on that sale to help it bridge a $21 million projected budget shortfall for the fiscal year that ends June 30. There is still no information on what the Authority might do with the property, which remains off the tax rolls as long as it is owned by a public entity.” [Houston Politics]
GULF FREEWAY OUTLET MALL SITE: UP FOR GRABS? 
A possible complication in those plans to put a new 95-store outlet mall between the Big League Dreams sports complex and the Bay Colony shopping center west of the Gulf Freeway in League City: The Galveston County Daily News‘s Laura Elder reports that the 35 acres of land Tanger Factory Outlet Centers was hoping to purchase out of bankruptcy for $8.7 million will be going up for auction instead in just 10 days. A bankruptcy court ordered the sale last week. Tanger announced the project in January, just days after the Simon Property Group announced its plans to build another outlet center, the 100-store Galveston Premium Outlets, just 4 miles to the south, in Texas City. [Laura Elder’s Buzz Blog; previously on Swamplot] Rendering: Tanger Outlets
COMMENT OF THE DAY: THE $1 MILLION PROBLEM WITH RIVER OAKS MID-CENTURY MODERNS “River Oaks MCMs *always* go for lot value and get torn down. Sentimental owners think they should get a premium for the good architecture but it never happens. If they really care about the building they should price it at 900k and put a no teardown easement on it. Instead, they will lower the price by 100k every 3 months and 3 years from now it will be a Tuscan villa. (As a point of comparison, 59 Tiel Way, a Kamrath beauty which had a much larger, insanely off the hook lot, bigger, nicer, renovated house, was similarly priced – for 3 years he lowered the price slowly, and eventually was offering it on Ebay for 950 minus commission. No one bit and now, sadly, it is a clay lot that will likely sell in the mid 800s). Another comparitor is the MCM on North BLvd, also priced like this, slowly reduced for 3 years, now at 899k until the listing expired again. People like to admire MCM architecture but they don’t like to pay $1M for it. In Houston, at least.” [CAHBF, commenting on 1960 Preserved: River Oaks Mod Box Jumps into the Market]
BLIND ITEM: “POPULAR PUB INSIDE LOOP” FOR SALE — GUESS WHICH Your clues: “This very popular pub boasts great reviews, has been in business for 16 years and is a big hit with the neighborhood crowd as a place for local residents to gather and enjoy adult beverages in a relaxing atmosphere. It is one of the very few places in Houston that has a bocce court (lawn bowling). . . . The median age of their clientele is probably 30-35 and they enjoy playing bocce in their spacious beer garden, watching the world go by from their sidewalk [cafe], relaxing indoors in air conditioned comfort, watching their favorite sports on any of their indoor / outdoor televisions, playing a game of darts, enjoying their favorite music from the internet jukebox or taking advantage of the free Wi/Fi. They are well known for their great beer/wine selection and friendly service.” [BizBuySell, via Twitter user ucalledthewolf]
Property-tax assessments dropped overall in Harris County this year, but a reader in Montgomery County writes in to brag about the remarkable rise in value her small neighborhood in The Woodlands experienced over the same period: Assessments for a group of 42 homes in the Village of Panther Creek went up by a minimum of 80 percent over last year’s values. To get a taste of the boom, our reader suggests, try a search for “Wedgewood Glen” on the MCAD website. The datasheets for any of the properties listed will show the appraisal history. “With increases like that, The Woodlands may be the hottest real estate market in the country,” she writes. And she says she’s ready to sell her 30-something-year-old home now — if she can get anyone to buy her home at the price the county assessor says it’s worth.
