Buying and Selling

Buying and Selling
04/08/08 8:46am

More Vo Real Estate for Sale: Memorial Mansion with Multiples

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Home Design, Homes for Sale, Memorial, New Construction: Residential, Rivercrest
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31 W. Rivercrest, Houston

As recently as last Friday, the home owned by State Rep. Hubert Vo and his wife in Memorial’s Rivercrest subdivision was listed on HAR as “Option Pending.” Then — by yesterday — it was back on the market. Did something happen to disrupt a potential sale?

The new, 23,000-sq.-ft. “awesome Mediterranean estate” at 31 W. Rivercrest has been listed at the same price for 21 months.

What’s the story? A comment posted to HAIF last November offers some clues:

That house is a disaster. I believe, it was, initially being built for Rep. Vo, but when the budget quickly ran out and then they realized it wasn’t worth what was spent on it, it has been a mess trying to get rid of the thing.

I met with an agent that was showing the house privately about a year and a half ago just before I started a project down the street and she eluded that it was initially being offered, still incomplete, for 7.5mm. So far as I know, it is STILL incomplete and has dropped a lot. Eventually, they will have to liquidate it. I wouldn’t be surprised if it is a tear down with as hideous as the house is.

The actual $4.7 million asking price has in fact held steady. For $200K less than Vo’s other real-estate offering, you get a 2.66-acre lot, an enormous brick home with 5 stairways, 2 attached garages holding a total of 8 cars, plus a separate guest house. And it’s all almost complete!

But this isn’t just your typical Memorial mansion for column-and-arch-crazed empty-nesters! Everything about this home — from its 8 bedrooms, 9 full baths, and 2 half baths, to its dual Master Bedroom suites — is tailor made for occupancy by large numbers of people!

See what we mean below the fold, in a few choice scenes from inside.

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Apartments
04/01/08 10:23am

Last of the Harold Farb Signs: It’s a Wrap

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Buying and Selling, Park Place
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Sign at Broadway Square Apartments, north of Hobby Airport, for Harold Farb Apartment Homes

A reader tells us that the Harold Farb Apartment Homes sign at the Broadway Square Apartments hasn’t been taken down yet, but it has been hooded — with a new temporary fabric covering identifying the apartments and new property manager Pinnacle.

Photo: David Beebe

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Apartments
03/20/08 4:42pm

Farb Gone: Will the Signs Go Down on Broadway?

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Buying and Selling, Park Place, Real Estate Investing, Trees
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Sign at Broadway Square Apartments, north of Hobby Airport, for Harold Farb Apartment Homes

The last of the Harold Farb apartment complexes has been sold. Cypress Real Estate Advisors, an Austin firm, bought the Nob Hill Apartments on North Braeswood and the West Point Apartments on Woodway last December. And Post Investment Group, an LLC out of LA with some NYC backing, just closed on Farb’s Broadway Square Apartments just north of Hobby Airport.

David Beebe, who’s just posted his own account of the southeast-side walking tour he took with John Lomax last month, has a few comments about his stroll along Broadway:

The [trees] throughout this neighborhood are mature and beautiful. They are, for the most part, oaks. This is a big difference between the Harold Farb pioneered Hobby Airport area and the Frank Sharp designed Sharpstown. If [Sharp] had been as pro-active about tree planting his nighborhood would look more like this. The architecture and age is about the same.

. . . and on the Broadway Square Apartments, which Farb built in 1975:

His apartments here on Broadway are still the best looking of the entire area’s- French Victorian style, but without falling off shutters and with better built and ornate wrought iron railings and kempt landscaping.

There’s been no announcement about it, but the iconic signs along Broadway showing a silhouetted Farb wielding what appears to be a roll of blueprints are likely to be replaced. Globe St.‘s Amy Wolff Sorter reports that Post Investments is planning a $2.5-million renovation:

Work will begin in two months on the 182-building complex and take 1.5 years to complete, according to Jack R. Ehrman, Post’s acquisitions director. The lion’s share of the tab will be used to replace 90% of the roofs.

Photo of sign at Broadway Square Apartments: David Beebe

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Buying and Selling
03/20/08 9:32am

Piney Point Party Pad Postscript: Sold for $1.47 Million

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Piney Point Village
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230 Blalock Rd., Piney Point Village, Houston

We have a winner! The house at 230 Blalock, which the City of Piney Point Village bought last year — with the intention of using as its first-ever inside-city-limits city hall — has at last been sold . . . at a $60,000 loss, excluding commissions. The buyer, according to the Memorial Examiner, is U.K. resident Edward L. Solari.

The home had been on the market since last summer, when city council gave into pressure from Piney Point residents opposed to housing their city hall in a $1.53 million party pad . . . in a residential neighborhood.

After the jump, one last longing look inside the City Hall That Might Have Been!

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Art
03/19/08 5:06pm

Big-Head Sculptor Sells Studio on Summer St.

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Buying and Selling, First Ward
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Deborah Colton Gallery, on the Third Floor at 2500 Summer St.A reader who doesn’t sound too happy about the situation sends word that David Adickes has sold his artist-studio building at 2500 Summer St.:

Artists who lease space there have been told they need to leave in less than 6 months. Deborah Colton Gallery resides on his 3rd floor.

Yes, that’s David Adickes, sculptor of large presidential heads.

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Broadacres
03/19/08 4:14pm

Staub Ranchsion Tries Everything: Lecture, Tour, Big Price Cut

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Buying and Selling, Homes for Sale, Houston Architects, Real Estate Marketing, River Oaks, Shadyside
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3740 Willowick Dr. in River Oaks by Architect John Staub

This time, the folks selling the home at 3740 Willowick in River Oaks are really going all out.

Maybe last November they hoped that the release of Stephen Fox’s The Country Houses of John F. Staub would unleash a new era of interest in the Houston architect — and result in a recordbreaking price for the 1955 Staub-designed ranch-like mansion backing up to Buffalo Bayou, across from Memorial Park.

The book did fine, but Staubmania never really took off. Now, almost five months later, the sellers can’t harbor any illusions.

This time, the John Staub marketing machine kicks into full gear:

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Buying and Selling
03/14/08 8:44am

More Surface Deals Surface

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Commercial Real Estate, Development Strategy, Public Buildings, Real Estate Investing
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From Abc13’s Wayne Dolcefino:

To get the winning hand, it helps to have the luck of the draw. Maybe that’s what Michael Surface has.

In January of 2005, one of his corporations buys an old H-E-B store on Antoine. The appraised value — $1. 2 million.

Two months later, Harris County announces it’s looking for a big building to replace Commissioner Lee’s Annex A in the same neighborhood that Michael Surface now owned his old H-E-B.

Maybe it was just a lucky hand for Mr. Surface. But years earlier, he was the guy in charge of Harris County’s building department.

(Hey, isn’t this the same guy who brought in the proposal to redevelop the Astrodome into a hotel? Good thing he’s outta there, so that deal can go forward!)

. . . tax records show [Surface] sold the [H-E-B] building and land to a corporation called HC5815 for $2.2 million. That corporation, in turn, got the winning hand months later. The head of that corporation was David Blumhardt from Dallas, who we’ve learned got the winning hand in at least nine Harris County real estate deals. His local representative on the Antoine project was the guy whose name we found on a worn out real estate sign — Jason G. Hall, Weston Partners, Ltd.

Where have I heard that name before?

Jason Hall used to work for Michael Surface at Harris County. Now, his real estate operation is located in Michael Surface’s offices.

When Jason Hall worked for the county, one of the projects he evaluated was 2525 Murworth. It’s now the home of Children’s Protective Services, part of a $35 million county real estate deal developed by Michael Surface just months after he left county government.

After the jump: a longer view!

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Buying and Selling
03/10/08 4:44pm

Menil Townhome Sales Looking for a Lift

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Home Design, Homes for Sale, Montrose, New Construction: Residential, Real Estate Marketing, Temple Terrace, Townhomes
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Patio at 608 Stanford St., HoustonCarol Isaak Barden, developer of the towering white now-a-lot-less-than- a-million-dollar townhouses near Allen Parkway, explains to Swamplot why she thinks the second unit hasn’t sold yet:

We always expected that it might take longer to sell the homes. They are bachelor pads. They are not for people with children, they are not for residents with bad knees, they are vertical structures for people who don’t mind using the stairs. Since both Francois [de Menil, the architect] and I have lived in Manhattan in buildings without elevators, we didn’t think it would be such a big deal. We were wrong.

Hey, nothing a little retrofitting can’t solve! Barden says a 4-story lift could be put in “easily” — but she hasn’t, because some potential buyers preferred it as the architect designed it, and “didn’t want to give up the extra storage.”

Francois lives in a 4-story townhouse in NYC, my first apt. in NYC was in the Apthorp, an old pre-war building on the upper east side without an elevator. I schlepped luggage and groceries up the stairs, and stayed thin and fit. Francois and I were dead wrong about the elevator issue. Houstonians valet park at restaurants, stores, hospitals, and even some churches. (New Yorkers don’t). And therein lies the problem.

608 Stanford Unit B sold three months after completion, last May. Unit A? Not so lucky:

The second unit has had contracts, unfortunately, none of them have closed. . . . we’re hoping to close on a contract with a buyer who happens to be an architect. It seems that the people who most appreciate these homes can’t afford them. (Architects, engineers, designers)

After the jump: what a bargain! Plus, a bit of news . . .

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Buying and Selling
02/27/08 9:26pm

Cheapest Townhome on the Lot: $96K Foreclosure Discount?

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Cottage Grove, Foreclosures, Homebuying, Homes for Sale, Townhomes
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5248 Larkin St. D, Cottage Grove, HoustonA househunter writes in with questions about the townhome at 5248 Larkin St. Unit D, calling it “possibly the strangest property I’ve ever seen.”

When I saw it on HAR.com, I thought I’d better be ready to spring with an offer immediately . . . I’m a first time home-buyer, so honestly, no expert. I’ve looked in Cottage Grove before, but with the exception of 2620 Detering, nothing of this size is that cheap.

On the same lot are three other identical townhouses, all advertised as new and offered at $315,000 by Mike Adams Enterprises. Unit D is listed for $219,000 and is being sold by a division of Sallie Mae.

The price is not weird for the neighborhood — I just think it’s odd that you have this foreclosure that is discounted $100k below the three new properties and they are on the same lot. . . .

The foreclosure sign is still hanging in the hallway, the red code violations are still on the door, and I’m just curious. . . .

Inspections were performed in spring of 2007 . . . but it doesn’t look like the code violations were addressed. If someone lived there, I’d be very surprised. . . .

I mean, it’s weird because they had nails in the wall –lots of nails, including ones in spots you wouldn’t necessarily hang pictures. At some point, someone had hung a television in the master bedroom. But it didn’t look as if the range had ever been used, that the showers, etc, had ever been used. If someone lived there, it was an extremely short period of time and they didn’t do anything but watch television. We were wondering at first if it had been a model home and that would account for the wear on the stairs and the holes in the wall and the nails. . . .

There were way too many red flags for me . . .

After the jump: more photos from the listing . . . and flags!

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Apartments
02/26/08 11:49am

Woodway Glen Fourplex Condos: Converted, but Still Not Sold on the Idea

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Briargrove, Buying and Selling, Condos, Real Estate Marketing, Woodway Glen
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6323 Deerwood Rd., Woodway Glen, Houston

Here’s the plan: Buy a fourplex on a cul-de-sac near the intersection of Woodway and Voss. Do some painting, replace the roof and repair the exterior, put in granite countertops and stainless-steel appliances in one of the units and new appliances and carpet in the rest. Then . . . convert the place to condos, and flip them one at a time!

Except . . . there are a heck of a lot of condos out there in the $150K-$230K range, and selling is tough.

Bummer. But there’s still a moneymaking way out: If you can’t make the condo flip yourself, that doesn’t mean you can’t sell someone else on the idea of doing it. And you’ve already done the conversion work!

Just listed on MLS: 6323 Deerwood. Four units built in 1975, totaling 7,564 square feet, on a 10,171-sq.-ft. lot. Apartments lease for $1200 and $1400. Asking $645,000:

Units have already been condo converted! Investor can sell units separately or keep as a fourplex.

Will consider seller financing!

After the jump: the renovated innards.

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Buying and Selling
02/20/08 10:54am

Free! Classic Midcentury Modern Home Included with Purchase of Property!

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Homes for Sale, Houston Architects, Land Sales, Landscape, Memorial, Real Estate Marketing
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Garden of 6040 Glencove St., Memorial, Houston

This 1.35-acre lot at the end of the cul-de-sac on Glencove St. has been on the market for almost 16 months, so you can imagine during that time owner-broker Richard Maier has been trying just about every marketing angle possible. There’s some evidence of it too: The records are a little screwy, but it appears the asking price has been raised three times and lowered four. As of last week, we’re on an upswing! At $2.65 million, it’s back up $51K from its all-time low, but still down from the $3 million of early ’07.

So what do we got?

ABSOLUTELY ONE OF THE MOST BEAUTIFUL SETTINGS NEAR DOWNTOWN JUST BEFORE MEMROIAL PARK. GORGEOUS VISTAS OF ROLLING HILLS, RAVINES, GARDEN TRAILS, CREEKS AND TURTLE POND! ALL LANDSCAPED WITH THOUSANDS OF EXOTIC PLANTS AND TREES! IRRIGATED BY PRIVATE WELL AND LIGHTED BY NIGHT! THE GROUNDS ARE CONTIGIOUS WITH ACRES OF NATURE PRESERVE & BIRD SANCTUARY!

Clearly, though, Maier’s latest sales tactic has just got to work — now he’s even gonna throw in a genuine Midcentury Modern home with the property. Absolutely free!!!

ALSO INCLUDED IS A CLASSIC MID CENTURY MODERN HOME BY NOTED ARCHICTECT TALBOT WILSON WITH 14 FT.WALLS OF GLASS!

Yeah, it’s a risky strategy: This is Memorial. So better end the listing on a more direct note:

LOCATION, LOCATION, LOCATION!

After the jump, exotic plants!!! Plus an actual interior shot of the 5,000-sq.-ft. 1950 home Maier snuck in.

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Buying and Selling
02/19/08 12:15pm

Menil Townhouse: Almost a Quarter Off

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Home Design, Homes for Sale, Montrose, New Construction: Residential, Real Estate Marketing, Temple Terrace, Townhomes
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Menil Townhomes at 608 Stanford St. A, Temple Terrace, Houston

Deck of Menil Townhomes at 608 Stanford St. A, Temple Terrace, HoustonRemember those sleek modern million-dollar white-stucco townhouses designed by New York architect Francois de Menil for a small lot over in Temple Terrace, just behind Allen Parkway?

It was unusual to include the One-Two Townhomes being on the AIA Houston 2006 Home Tour in that they were, and are, unfinished. “My concern was that they would soon be sold,” says [developer Carol Isaak] Barden, “and then nobody would get to see them.”

She shouldn’t have worried. One of the units apparently sold a little less than a year later, and the other is still on the market — though it’s not a million-dollar townhome anymore. After construction finally ended last July, there were five successive price reductions. Since the end of last month this 3-bedroom, 2-bath, 2,845-sq-ft. townhome has been available for a humbling $779,000. If you count the garage level below and the rooftop deck as a single story, that’s almost as good as getting one whole floor . . . free!

After the jump, a brief gawk inside.

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Buying and Selling
02/13/08 10:11am

Tricon Garage Bungalows: Not Budging

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Home Design, Homebuilders, Homes for Sale, Houston Heights, New Construction: Residential
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2016 and 2020 Singleton St., Houston Heights

Why aren’t these $399,900 Heights bungalows-on-sticks selling? Tricon Homes has been trying to get rid of them since November . . . of 2006!

In the first part of 2007, Tricon dropped the asking prices for 2016 and 2020 Singleton twice from the original $449,900. But since June there’s been no movement.

They look like they’ve got everything: Cute front porches, plus garages with 13-ft. ceilings! Just completed! So what’s the problem?

Below the fold: How to slide a $400K house onto a 2900-sq.-ft. Heights lot!

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Bunker Hill Village
02/11/08 1:07pm

Holy Name Giant Homes

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Buying and Selling, Land Sales
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Holy Name Retreat Center at 430 Bunker Hill Rd. in Bunker Hill VillageThat 10-acre Holy Name Retreat Center parcel in Bunker Hill Village is being snapped up by Black Diamond Development and Abercrombie Builders, who tell the Memorial Examiner they’ll build 19 new homes on the property that “exhibit the degree of quality consistent with the affluent neighborhood.”

They’ll also apparently exhibit the degree of enormity consistent with extracting the highest possible price from the dollars-per-square-foot equation: the houses will range from 5,000 to 7,000 square feet.

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Buying and Selling
02/07/08 11:30am

Mattress Mack: A Consistent Record of Slashing Prices

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Homes for Sale, Northgate Forest, Price Trends, Real Estate Marketing
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The McIngvale Home at 3002 Pine Lake Trail, Northgate Forest

We now have the scoop and an update on Gallery Furniture owner Jim McIngvale’s mansion in Northgate Forest, and it’s a doozy. Yes, it’s still on the market. Yes, the price has been cut. But didja know the extent of the damage?

When last we left the Mattress Mack Pad, it was still soaring at $1.25 million. Well, now it’s down to . . . $885,000. Here’s the timeline:

  • May 5, 2007: 3002 Pine Lake Trail goes on market for $1,750,000
  • July 5, 2007: Price reduced to $1,499,000 — saving you 14%!
  • September 4, 2007: Price reduced to $1,250,000 — saving you 17%!
  • October 15, 2007: Price reduced to $975,000 — saving you 22%!
  • November 13, 2007: Price reduced to $885,000 — saving you 9%!

Total savings overall: Almost 50% . . . if you buy now!

And here comes the Houston real estate cliche: You can take the mansion way out of the Loop, but you can’t take the “way out of the Loop” out of the mansion.

Or something like that.

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