11/18/09 2:18pm

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]

10/30/09 12:49pm

OH YEAH, AND THE CAROUSEL HOUSE TOO Nancy Sarnoff recounts the distinguished real-estate ventures of Houston attorney John O’Quinn, who was killed in a car accident on Allen Pkwy. yesterday: “He was a financial partner with Trammell Crow Co. on 120 acres of land in Katy where KBR was planning to build a corporate campus. He was planning to help fund Ballpark Place, a downtown residential tower across from Minute Maid Park that never got off the ground. In 2004 he contributed $225,000 to the renovation of Lawndale Art Center at 4912 Main St., a 1931 art deco building designed by Joseph Finger. He was a major investor in Houston-based Flagship Properties, an apartment developer. He partnered with Houston-based Levcor Inc. on the Centre at Bunker Hill, the Costco shopping center along the Katy Freeway. And after a $25 million gift to St. Luke’s, O’Quinn was given naming rights to the 506,000-square-foot O’Quinn Medical Tower – the 28-story twin-towered structure whose spires resemble hypodermic needles.” [Prime Property; previously on Swamplot]

10/08/09 2:59pm

TROLLING THE TOWN FOR TRUMP CHUMPS “The seminar, one of seven held in the Houston area this week, attracted people hoping to find a gold lining in the economic downturn. Banking on the Trump name to draw crowds, the classes promoted a method of house-flipping some Houston financial advisors call a high-risk sleight of hand, difficult to pull off without a measure of deception. Trump didn’t make an appearance: the class was taught by his ‘No. 1 instructor,’ Stephen Goff, who says he has flipped 200 properties with great success. ‘People ask me, “Steve, if you’re making so much in real estate, why do you travel the country teaching people?”’ said Goff, wearing a charcoal suit and a button-down shirt the color of money. ‘If it was in your heart to help people, and Donald Trump asked you, what would you do? I got on the first plane.’ Goff led the seminar in the call-and-response style customary to revival meetings. . . . [Retired real estate agent Jayne] Pace said Goff reminded her of Houston’s ‘prosperity preacher,’ Joel Osteen, but without the same megawatt smile.” [Houston Chronicle]

09/01/09 5:45pm

COMMENT OF THE DAY: THE AGE OF APPRECIATION “[In] my humble observances, I have noticed that the new construction only maintains plateau value or loses it while the older homes in the area gain. Sure, many homes may be sold for lot value, but if you buy a 60 year old home vs a 5-10 year old home, the difference is relative. (See low-end River Oaks, West U, Bellaire, Heights, Braeswood, etc). In the Heights, the kept-up bungalows outpace the new-builds (on a square-footage basis) by far. They also sell in a few days (with many offers) vs months.” [justguessin, commenting on Swamplot Price Adjuster: $2 Million Plus In Town]

07/30/09 10:47am

Texas Watchdog has released an interactive map that links to the financial disclosure statements of Houston’s city council members, including Mayor White. Each disclosure, which covers calendar year 2008, includes an accounting of real estate holdings by officials and their spouses — along with the usual stocks and bonds and mutual funds and business interests stuff.

Unfortunately, the map itself appears to note only the council members’ primary residences — not any strip centers, spec McMansions, apartment complexes, land grants, or tool sheds that might be lurking in their portfolios. For those goodies (if any), you’ll need to poke through the linked personal financial statements.

The statements, which state law requires council members to complete, are broken into 2 segments; real estate holdings are listed at the end of the first. Of course, for the more sophisticated investors in the City Council crowd, the more interesting properties are likely to be held under the name of some sort of business entity — like, say M/A Khan Holdings LP. You’ll find that sort of info in part 2.

CONTINUE READING THIS STORY

07/10/09 8:51am

BABY NEEDS A NEW PAIR OF SCHOOLS “Inspired by the birth of our first baby” and the idea that there might be some deals out there, a reader writes in to ask for help with a home search: “We started off looking to be zoned Spring Branch – Memorial HS or HISD – Bellaire high school and are looking for a single family home (no townhome or patio homes). Generally speaking range house price expectations $400 – $600k, so we are expecting to end up in a lower to maybe lower mid range value of homes in the applicable neighborhoods. Recently discovered area code 77055 (had been focused on 77024 for Memorial). We are wondering what people’s opinions of Hillshire Village / Spring Valley / Hedwig in terms of long term appreciation / ability to resale / quality of neighborhood? Seems from an outsiders perspective Memorial and Bellaire area have generally hung in there, not sure of the perception of 77055 among Houstonians. Of course, high school for a little one is a long ways off – where would people target in this price range to squeeze into the best neighborhood (qualitatively based on long term appreciation and quality of neighborhood for a family) in the current market?” [Swamplot inbox]

07/09/09 1:13pm

A California real estate agent who relocated to The Woodlands 5 years ago has plans to build a “Texas”-themed theme park on a foreclosed and forested site in Tomball currently zoned as a subdivision. The 100-acre attraction, which developer and EZ Realty broker Monty Galland envisions as “a combination of an adventure park, museum, retail center and agricultural classroom,” will strive to encompass and celebrate “all that is Texas, Texas History and the Old West.” Yesterday he showed abc13 reporter Sonia Azad a few rough sketches from his architect, out of the back of his SUV.

Grand Texas is Galland’s brainchild. “Met with the architect today,” Galland — or maybe somebody updating the project’s Facebook page for him — wrote on June 25th:

Project is moving along NICELY! We got to see the first of several sketches. It’s kind of like seeing your baby’s first ultrasound picture!

Galland tells the Tomball Potpourri he plans to open the first phase of the park at 11598 Holderrieth Rd., between the railroad tracks and FM 2978, by next April. This would include an indoor entertainment center with rock climbing and a mechanical bull, a play area with pony rides and petting zoos, and a “family-friendly” paintball facility. Planned for the following year:

Wild Texas Frontier, an island filled with activities for all ages, including high ropes courses that traverse a river, canoeing, catch & release fishing, and a giant maze; and The Mansion, a reception hall reminiscent of the Texas State Governors Mansion, which can be used for a wedding reception of up to 400 guests or more intimate business functions.

Where’s all the financing going to come from? Best of all: You can invest!

CONTINUE READING THIS STORY

04/16/09 11:11am

The reader who provided this “tip” wouldn’t or couldn’t tell us where the information came from, so there’s no particular reason to take it seriously. But it raises a few interesting questions about the future of the 8-acre property at W. Alabama and Dunlavy that’s apparently soon to be the former site of the Wilshire Village apartments.

. . . So here it is:

The buzz in the air over the demolition of Wilshire Village is Mr. Dilick plans to try to sell the property soon after the demolition, word is he hasn’t the funding to develop this tract.

Photo: Swamplot inbox

04/10/09 4:32pm

COMMENT OF THE DAY: THE NOTTINGHAM FORESTS OF THE FUTURE “. . . it is amazing how that works in Houston. Same house, probably same builder, same sort of subdivision when it was new. If that same oil and gas junior executive had bought the same new house back in ‘70 in Nottingham Forest, he’d be looking at a $450K + pay day. It will be interesting to see which areas developed in the most recent boom will be the Nottingham Forests and which ones will be more like this subject. Any speculations out there??” [subprimelandguy, commenting on Neighborhood Guessing Game Over: The Houston Highlands]

04/09/09 1:40pm

Just how did a group of Israeli investors get stuck with 114 condo units in this quaint converted apartment complex in League City? And why are they now suing the project’s developer and property manager?

The Galveston County Daily News‘s Laura Elder explains:

The investors never intended to live in the units but instead were seeking to generate income by renting them to others, according to the lawsuit. Through agreements, the units owned by the investors were put in a rental pool managed by the defendants, according to the lawsuit.

But while Westcorp Management Group, of which Roni Amid is vice chairman, had been collecting rent from tenants, it failed to pay proceeds to the mortgage company or the investors for some units, according to the lawsuit.

Without rental income, some of the investors are unable to pay their mortgages, leading lenders to begin foreclosure proceedings on at least 30 units in the complex, said Danny Sheena, a Houston attorney representing investors.

The suit also claims the defendants used the investors’ units at the Fairways at South Shore as collateral for a $23 million loan from Deutsche Bank obtained behind their backs last August. Which means, the suit claims, the investors can’t sell their units.

And that Israeli connection? Looks like it’s all in the family:

CONTINUE READING THIS STORY

02/23/09 8:04am

TAKARA SO AND BEYOND: MORE OF ALLEN STANFORD’S HOUSTON REAL ESTATE VENTURES Long before the Stanford Lofts debacle, Guardian International Investment Services — Allen Stanford’s former real-estate company — bought and sold or developed a number of Houston properties. Nancy Sarnoff follows the trail: “The properties include the 77-unit Takara So at 1919 W. Main and the 66-unit Severne at 7650 Moonmist. They were later sold, according to records from the Harris County Appraisal District. In 1989, Stanford built the patio home project [on Mimosa Drive, just east of Kirby and south of San Felipe], which he named Stanford Oaks, and hired [Martha] Turner’s company as the exclusive marketing agent to sell the homes. They started at about $400,000. Turner said the company didn’t have to borrow money to get it built. ‘They had their own money. They were financing their own stuff,’ she said. A couple years later, Guardian started a new enclave of homes called Le
 Voisinage on Bammel Lane south of West Alabama.” [Houston Chronicle]

02/13/09 5:00pm

HOW ALLEN STANFORD MADE THOSE FIRST HUNDRED MILLIONS The chairman of Stanford Financial Group — whose operations have recently caught the attention of the SEC, FBI, and IRS — romped in the wreckage of early 1980s Houston real estate: “Stanford and his father went around to the presidents of various banks, offering those seeking liquidity an easy out: ‘For a period of 28 months we were probably the only people in Harris County buying real estate.’ They ended up owning dozens of properties, including a 256-unit apartment complex they bought from a pension fund for $970,000, or $3,800 per unit–this at a time when the median home price in Houston was $68,900. Over the next ten years, as the economy and real estate began to recover, Stanford and his father made what he describes as several hundred million (aftertax) dollars.” [Forbes]

10/28/08 1:38pm

MORE SHOPPING CENTERS LIE IN WAIT FOR THE GRAND PARKWAY Under previous owners it was going to go residential, but now all the site at the southeast corner of Kuykendahl and Spring Stuebner in Spring needs is an offramp:Steve Gregory, president of Hopkins Commercial, said the site is a long-term investment for a retail center that will be built, possibly in one to three years. The site is attractive to the company because a leg of the Grand Parkway that will start construction in late 2010 will go by the 56 acres. The site is just north of a big collection of retailers at FM 2920 and Kuykendahl, including Wal-Mart SuperCenter, Lowe’s Home Improvement, Kroger, Palais Royal and 24 Hour Fitness.” [Houston Business Journal]

09/08/08 9:49am

THE MICHAEL B. SMUCK APARTMENT FLIPS BEGIN Triumph Land & Capital Management, the company that bought two other former Smucked apartment complexes, has already flipped a third: “‘The seller had bought the loan on Village at Loch Katrine, then foreclosed on it, then sold the property,’ says Russell D. Jones, vice president of Apartment Realty Advisors in Houston. He says Andrew Chong had signed the purchase agreement before Triumph Land & Capital foreclosed on the loan. Although Jones kept mum about the price, area sources believe the Village at Loch Katrine, situated at 16545 Loch Katrine Lane, sold for $6.5 million to $7 million.” [Globe St.; previously]

08/27/08 9:32am

The Lodge at Baybrook, 19100 Glenwest Dr., Friendswood, Texas

Another apartment complex rescued from the clutches of famed real-estate investor and apartment-maintenance whiz Michael B. Smuck! This time it’s the Lodge at Baybrook, a 12-building, 322-unit compound on 13.7 acres just behind Baybrook Mall in Friendswood. Globe St.‘s Amy Wolff Sorter reports that Chicago-based Adams LaSalle Realty has bought the complex from Smuck’s bankrupt MBS Properties for “well below” the $28.6 million it first listed for back in 2006.

The Lodge at Baybrook was built just 9 years ago, but apparently there’s plenty of deferred maintenance for the new owners to take care of. No word of any impending name change.

Photo: CBRE