07/16/09 1:20pm

The reader who first brought that humongously discounted house in Timbergrove Manor to our attention earlier this spring writes in to report that the tall courtyard home’s asking price has been further reduced. The 6,000-sq.-ft. home at 6204 Queenswood Ln. was originally listed for $1.8 million, but was cut to $1 million in April.

As of last week, the home has been relisted with an even-further-reduced price: $749,999. Why the continuing freefall? Writing in May, a commenter on our earlier story offered some details:

. . . the listing agent indicated that the home had sustained water damage during Ike due to broken windows. She also let me know that the home would soon be going into a short sale, which is now listed on the Agent side of the MLS Listing. . . . Unfortunately, the home did suffer major damage, which in reality looked like the roof leaked throughout the house. The sheetrock has been removed from all ceilings and top ¾ of the walls on the entire second floor. All the molding has also been removed throughout the house. The floorplan is amazing with large rooms, wide hallways and high ceilings. It is really an amazing place!

The photos in the new listing are considerably different from those in the first, and reveal some of the extent of the damage. Here’s the latest view of the central courtyard, scene of that dramatic waterfall:

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07/06/09 10:21am

HOUSTON RENT DEALS A broker tells reporter Amy Wolff Sorter that no new multifamily apartments — beyond the 14,000 units currently “in the pipeline” — are likely to be built in the Houston area until 2012. MPF Research says the multifamily occupancy rate for this area is hanging at around 89.7 percent, not too far from where it was last year: “. . . rents continue to hold steady and concessions aren’t being jacked up in response, though they do exist. [MPF’s Greg] Willett points out that about 38% of the product on the market today has some sort of concession, with the typical giveaway hovering at a 9% discount, which translates to a little more than one month of free rent. Still, ‘that really hasn’t moved,’ Willett remarks. ‘We’ve been at that 9% figures for awhile.’ Both [Apartment Realty Advisors’ Matt] Rotan and [CB Richard Ellis’s Craig] LaFollette say that the infill locations are faring better than the outer submarkets, which are giving away up to two months free rent.” [Globe St.]

06/17/09 3:45pm

How’d that $99k house project turn out? One reader tells Swamplot he’s impressed that a custom-designed house that “may be LEED accredited” could be completed for that price:

The event was great, if very hot ( it was a Noon yesterday). The mayor and principals involved in the project all spoke briefly, and we toured the house.

More photos from yesterday’s official opening on Jewel St. in the Fifth Ward:

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06/12/09 1:59pm

Brazoria County correspondent Banjo Jones documents the local construction boom from his front porch:

I give them credit for their engineering skills, not to mention their “work ethic” to use a cliché from the tiresome sports parlance of our times.

They started by building a thin ledge composed of moist red dirt. That base went up an inch or so, then they started bringing in black moist soil to continue building upward. Mixed into this, of course, is the re bar — yellowing dead grasses.

They’re at it all day from sunup to sundown.

Who’s using yellowing dead grasses for rebar?

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06/05/09 3:41pm

Houston, the Toll Brothers have been looking for just the right home for you:

“We have been studying the Houston market for a long time and have been looking for the right opportunity to enter it,” Robert Toll, chairman and chief executive officer, said in a statement. “In 2008, Houston was the second-largest home building market in the nation.”

Actually, the “nation’s leading builder of luxury homes” is headed to The Woodlands. The Pennsylvania-based company, which already operates in Dallas, Fort Worth, Austin, and San Antonio, promises its first houses in the Village of Creekside Park will be complete early next year. Sales will begin this August.

Toll Brothers at Creekside Park will offer homes on 80′ wide home sites and will showcase five floorplans with multiple exterior designs.

A Swamplot reader comments on the photo accompanying the announcement that appeared in the Houston Business Journal:

The story includes a photo of one of the exterior choices: A French provincial pastiche. What in the name of pete does anything like this have to do with the climate and traditional architectural style of the Gulf Coast? Do the Toll Brothers even pay attention?

Well, that may not have been the company’s intent. On its own website, Toll Brothers illustrates its press release with this separately tuned sample:

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05/18/09 10:39am

Why oh why won’t anyone buy this Timbergrove Manor pleasure palace? A Swamplot reader writes in to note that the 6,000-sq.-ft., 5-bedroom home at 6204 Queenswood Ln. — “the biggest house by far in Timbergrove” — endured a rather dramatic price cut recently.

The home has been listed since last August — presumably during construction — for a whopping $1.8 million. As of late April, though, it’s been available for just $1 million! That’s a reduction of about two neighboring houses!

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05/07/09 10:25am

A First Ward resident wants the scoop on a nearby development that’s “really going to pasture” on the 1500 block of Bingham, just west of Houston Ave. and across from Brock Elementary.

It is a townhouse project that got started 1-2 years ago, was never finished, and is now becoming a huge eyesore (broken doors, windows, garage doors…they got as far as putting mesh siding but stopped short of actually getting the stucko on there).

I have lived in the first ward for about 2 years in a renovated bungalow. it makes me sick to see all these properties built on spec to make a quick buck that are becoming abandoned, and only after demolishing what was there in the first place.

A few more photos our reader sent in:

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05/01/09 10:04am

A curious reader writes in to report on a new development on the east side of Jackson Hill St., between Feagan and Gibson:

The developer is building 5 townhomes on the plot. We were of the understanding that there is a mandatory 10′ setback but as you can see from the pictures – his actual setback is only about 5 feet. How did he get a permit for this development? He poured the slabs and did the framing over the weekend so we’re wondering if he’s even legal. Thanks for any info.

Time to pull out Houston’s development ordinance: Any building-line experts want to field this one?

Littler pics below:

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04/15/09 6:01pm

COMMENT OF THE DAY: HEIGHTS HOME REPLACEMENT PROGRAM Demo permits sold in the greater Heights last year – approx 220. (zips 007,008, 009) The Chron’s real estate report showed that 25% of 2008 home sales in the Heights were new construction. And how many were built in the last 10 years? Don’t know, but for anyone who thinks The Heights has NOT been decimated, go to HAR.com to see how nearly all listings were built since 1999 or are lot value only. Heard a story on the radio not long ago about how people stood in line for hours to see the Bill of Rights, but when an exact replica went on display, nobody bothered. What does that tell us?” [Sheila, commenting on Jack Preston Wood: Making an Impression in the Freeland Historic District]

04/15/09 12:51pm

The Swamplot reader who’s been focusing on Greenwood King Properties’ monthly market reports has spotted some problems in the latest sales data. The latest report, for the first time, provides separate totals for new homes and resales:

If dollars fall by more than units, then price has fallen.

If you add together 2 significant segments and one is lower and one is flat then the total is lower.

The quick math doesn’t work!!!

How can Flat+Down=Flat??

How can -38% dollars and -33% transactions = Flat??? It implies lower prices…

So now I have a report that raises more questions than answers. Total sales prices are flat? Resale prices are flat? ALL of the pain is in new construction?

Price has always followed volume in every market around the country. So are the price drops for resales ahead of us now? The average resale high end home in Houston is now $585,000??? Isn’t that LOT VALUE in most of these neighborhoods? We never got the news on what happened over the past 3 or 4 years on resale only. Were prices actually flat on the way up?

A few more comments on looming problems in the market for high-priced homes:

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04/14/09 11:31am

Swamplot’s Greenwood King-watching reader informs us that the real-estate firm’s March survey of home sales in Houston’s tonier neighborhoods is already out — early, this time. And this month the report details separate data for new construction and resales. Snarks the GK watcher:

This is a typical reaction of the Realtors to falling prices. Find a way to re-segregate the market to make the bread and butter look OK. Last year it was “Inside the loop never goes down!” Pretty soon we will see the market cut into “Three Story (-34%) Two Story (-2%) and One Story (-26%) homes.”

Hmmm . . . not a bad idea! But what about the new numbers?

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03/09/09 9:35am

A reader stumbles across this oldish-fashioned gated compound of brand-new $650K-$800K townhomes in the northern part of the Heights and sends in a photo report:

Driving to my favorite taco stand this morning, I happened on this “gated community” within the Heights on E. 22nd just west of Gostic. Thank God they will be gated in. We in the Heights don’t like having to interact with such snooty riff raff.

The 4 homes at 621 E. 22nd St., labeled The Court at 22nd Street, were developed by the Frankel Building Group. How will they do in the court of public opinion?

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02/23/09 3:01pm

KATY AND THOSE NEW HOME GROWTHS “Houston is the largest home-building market in the nation, according to the Greater Houston Partnership and Builder and Hanley Wood Market Intelligence, with 42,697 building permits. Population trends, job growth, home prices and the rate of building permits all factored in to rank the top 75 markets in 2008. Assisting the numbers, no doubt, was Katy. Business Week magazine ranked Katy as the second-fastest residential community in the U.S. in a study published this month titled ‘America’s Biggest Boomtowns.’ The study was based on new home growth from 2000 to 2008.” And what will next year’s numbers say? [Houston Business Journal]

02/04/09 8:50am

abc13 reporter Miya Shay says likely Houston mayoral candidate Ben Hall has decided not to buy State Rep. Hubert Vo’s enormous Rivercrest mansion after all.

Hall maintains he’s got a condo in the city, and more than meets the residency requirements. I guess Rep. Vo will have to find another buyer with $3.9 million to spare.

Hall currently lives in Piney Point Village.

01/23/09 4:05pm

Remember that crowd-friendly but vacant and unfinished mansion on Rivercrest that State Rep. Hubert Vo has been trying to unload since mid-2006? It may soon have a buyer! Abc13 reporter Miya Shay says former city attorney Ben Hall — who would need to move inside Houston city limits from his current home in Piney Point Village if he decides to run for mayor — is interested in buying it!

The house is nice, very nice. It’s currently listed for $3.9 million on HAR. There are 8 bedrooms, 9 bathrooms and 2 half baths, and an 8 car garage. So, if Hall buys the house, you can bet that his mayoral ambitions are pretty real. Imagine the fundraisers he can hold there!

The $800K price cut apparently went through last May. And though the revised listing still lists the home as “under construction,” the rooms now look . . . finished!

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