HERE COME THE HARVEY LOW BALLERS
Outsiders moving into town to buy up homes from distressed owners for pennies on the dollar in the wake of local catastrophe is a proud and longstanding Houston tradition: It keeps the city’s reputation for real-estate shenanigans intact, even as oldtimers mellow. It’s how Sir Allen Stanford got his illustrious start! Plus: Investments that must be recouped can help keep zombie neighborhoods that maybe-shouldn’t-have-been-built-there-or-that-way-in-the-first-place alive. But you don’t have to be a wet-carpetbagger to get in on the fun: Reporter Prashant Gopal heads to the Redneck Country Club on Airport Blvd. in Stafford for a well-attended pep talk by local trashed-home recycler Eddie Gant, then follows local real-estate agent Bryan Schild as he drives through neighborhoods looking for deals: “One of Schild’s prospects is Joseph Hernandez, a disabled U.S. Army veteran married to a housekeeper. The couple are living in a hotel and saving money by eating only two meals a day. Schild has made them a painful offer. If they walk away from their two-bedroom house, worth $127,000 before Hurricane Harvey, Schild will pick up the mortgage payments, paying nothing else. Although he says he sympathizes with the Hernandezes’ plight, he thinks the offer is fair because he figures the home is now worth less than its $65,000 mortgage. Hernandez is in a bind. He didn’t buy flood insurance because his house wasn’t in a high-risk area. He can’t afford to rebuild, and he’s been told he’s eligible for only $23,000 in federal assistance. If he turns over the deed, he’s looking at losing the entire $60,000 in equity he had before the flood. ‘It’s blurry, what’s coming,’ he says. ‘We’ll probably have to sell to an investor, and that’s not good. We were forced out.’†[Bloomberg BusinessWeek] Photo of Hernandez’s home in Bear Creek Village, before it flooded: HAR

The company that manages Rice University’s $5.3 billion endowment last week bought out the 28 years remaining on a 99-year lease the university had signed with the Sears department store on its Midtown property back in 1945.
“So for homeowners you just cut the sheetrock, and rebuild all of the stuff at 3 feet and go down the road? My feeling is that every house that flooded has some trace of E. Coli and mold. Pretty soon you’ll see mold lawyer commercials suing every contractor that worked in these places. Doctors will soon get in on the action too. Hell, back in 2000 when mold lawsuits were born my framer had a magnetic door sign for ‘mold testing and remediation’ in the back seat of his pick-up. Get ready for it again.” [
The public comment period for the latest (and presumably final) draft of the design guidelines for the Houston Heights’s 3 historic districts ends today.
What’s going to replace the giant crosses on the east and west sides of the St. Joseph Professional Building towering over the Pierce Elevated once
112 of the 296 apartments at Clayton Homes have been deemed “uninhabitable” by its owner, the Houston Housing Authority, which is now seeking to demolish them. The affordable-housing complex tucked between Hwy. 59 and Buffalo Bayou north of Runnels St. in the northwest corner of the East End was flooded after Hurricane Harvey; subsequent investigations conducted by local researchers
“. . . Soon after I moved to Houston, I had money wired to me at this Western Union building (this would have been November of ’81). Didn’t make much of an impression on me. I think the façade had been stripped off, and the office itself was shabby.
I started work at HL&P in February of ’82, and our offices looked directly across the street to the construction site. The ‘big pour’ for the concrete foundation slab was quite an event. Starting very early on a Sunday morning, a seemingly endless parade of mixer trucks crept down Louisiana Street. Obviously, most of the block had been excavated, and the lot where Western Union sat (well, sits) was supported by a series of diagonal beams. After seeing the engineering required to save that lot, the lower ‘banking hall’ design for that side of the building makes sense.
While construction continued, the south side of the WU was given a fresh coat of paint with a large graphic proclaiming ‘A Gerald R. Hines Project‘ (or some such thing), which doubtlessly is still there, virtually unseen for 35 years.” [
Big, fat, cleared floodplains are the best way to handle a very large storm, explains wetlands scientist John Jacob — because nothing else is going to: “An average rainfall of 35 inches over all of Harris County (Harvey) is just over 1 trillion gallons. At most, there are about 50 billion gallons of stormwater detention capacity in Harris County wetlands (no one has measured this — I had to make some very broad assumptions). So that means that
Singing “We shall not be moved,” a group of residents remaining at the 2100 Memorial senior-living apartments just west of Downtown
Harvey flooding caused an estimated $15 million of damage to the Alley Theatre’s basement-level stage, lobby, and dressing rooms, but for the most part spared its
“It’s almost like living in the country,“HOA president and longtime Arbor Oaks resident Gwen Boucher tells Mike Morris. Her home has flooded 9 times in 42 years. A total of 207 properties in her neighborhood, near the intersection of Antoine and W. Little York, have been bought out and torn down since Tropical Storm Allison 16 years ago, at a cost of $36 million.
A reader with “nothing better to do today” writes in with a question for Swamplot readers: “I do not see any digital billboards in Houston city limits. I see them popping up in Baytown and I’m sure elsewhere, but why not H-Town? One would think that this would be a win-win for the owners of the billboards and the businesses wanting to advertise their product. I see them all over Dallas — Houston, not so much.” Photo:
“Consider the following:
1.) Houston as a whole is a low-lying area.
2.) FEMA Flood Maps are outdated; this is not a new revelation following Harvey.
3.) Flood insurance for Zone X is cheap (I pay $425/year for $200k building/$80k contents coverage)
4.) Your house is outside of both the 1% and 0.2% flood plains (i.e. Zone X).
Given those four conditions alone, buying flood insurance should be a no brainer for anyone that owns property in Houston, particularly if you’re even *near* a 100- or 500-year line. And after this event, which has made it quite clear that the models that determine what a 0.2% and 1% event is are inadequate, not getting flood insurance wherever you are in this town makes no sense at all. Heck, it doesn’t even take a Harvey to flood your ‘never been flooded house’ – all it takes is a blocked storm drain, a collapsed drainage ditch, poor lot grading, or any number of other non-“biblical†localized catastrophic events. Hopefully more people will realize this now, but it’s very sad that so many didn’t until 40-50 in. of rain fell over the entire county in less than 48 hours. [