08/13/08 8:19am

Your Best Life Now, by Joel OsteenHow did Lakewood Church pastor Joel Osteen and his wife Victoria come by their fancy French home? Osteen explains it all in his first book, Your Best Life Now: 7 Steps to Living at Your Full Potential:

Early in our marriage, Victoria and I were out walking through our neighborhood one day when we came upon a beautiful new home in the final stages of construction. The doors were open, so we stepped inside and looked around. It was a fabulous home, much prettier than any of the other homes in that community. Most of the other homes around us were one-story, ranch-style homes that were forty to fifty years old, but this house was a large two-story home, with high ceilings and oversized windows providing an appealing view of the backyard. It was a lovely, inspiring place.

When we came out of the house, Victoria was excited. She turned around, looked back at the home, and said, “Joel, one day we’re going to live in a beautiful home just like that!” At the time, we were living in an extremely old house that had experienced some foundation problems, preventing all of our doors on the inside from closing properly. We had stretched our faith and spent everything we had just to buy that home and get into that neighborhood. Thinking of our bank account, and my income at the time, it seemed impossible to me that we’d ever work our way up to a home like the one we had toured.

Joel and Victoria Osteen: clearly fans of new construction. But did they get their dreamhouse?

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08/06/08 2:46pm

Bridge over Railroad Tracks, First Ward North of Edwards St., Houston

It seems son-of-a-son-of-a-guv Paul Hobby wasn’t quite clear at first what to do with a huge industrial site he bought in the First Ward:

Over the years, Hobby says, there was interest in turning it into an indoor soccer facility. There was also talk of growing lettuce inside the large warehouse. But a year ago, Hobby came up with the idea to create a data center in the space.

But that’s just the start of it. The site is the former Budweiser distribution plant Silver Eagle Distributors left behind when it built its new bunker further west on Washington Ave. Hobby bought the First Ward facility quietly from Silver Eagle in 2004 and leased it back to the company for a while before it left. The site stretches along Edwards St. from Sawyer to Silver, a few blocks north of Washington.

Indoor farm . . . server farm . . . why not? The possibilities are endless! But then, there’s always . . . townhomes!

A row of eight to 10 townhomes are slated to be built along Edwards Street. And an undetermined number of units are being considered for the eastern-most part of the property.

Of course! But it gets better . . .

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07/25/08 12:48pm

Joel and Victoria Osteen in Their Home

From a profile of Lakewood Church pastor Joel Osteen by Karl Taro Greenfeld in next month’s Portfolio magazine:

The Osteens, like so many American families during the recent real estate boom, spent the better part of the past decade buying, renovating, and selling homes, and became so proficient in the process that Osteen and his wife were able to skip hiring a contractor for their last renovation and go directly to the subcontractors to complete their mansion. Coming off the boom, during which the average American dwelling doubled in size, the Osteens’ digs are more modest than one might guess. The house is decorated in a rococo style that Victoria has called “French” and Osteen calls “fancy.”

Photo of Joel and Victoria Osteen at home: Randal Ford, Portfolio

07/24/08 1:29pm

Huntwick Apartments, 5100 FM 1960 Rd., Houston

A Dallas real-estate firm is ready to rescue the Huntwick Apartments on FM 1960 near Wunderlich Rd. from receivership — and also from its management, before that, by Louisiana real-estate investor Michael B. Smuck.

As of last year, just as it prepared to file for bankruptcy, Smuck’s Louisiana-based MBS Companies owned 65 apartment buildings in Texas — 33 of them in the Houston area. Even prior to that, the company’s property-maintenance skills had reached legendary status. The president and executive vice president of the Houston Apartment Association relayed complaints from residents and neighbors of MBS apartments to the Wall Street Journal last year, and reported that the griping had only increased after the influx of residents fleeing Hurricane Katrina in late 2005.

Here’s a commenter on the Houston Politics blog back in April (quoted in Swamplot), describing the scene at the 288-unit Huntwick:

Balconies have collapsed, lots of overgrown vegetation, the paint is peeling, there is obviously a total lack of maintenance. A large tree split in half on their property adjacent to Coral Gables Dr., and after the dead half lay on the ground (in plain view) for over 6 months, a crew finally cut it into smaller pieces, which then lay in the same spot for another 6 months.

After the jump: What’s happening to the Huntwick, plus the complete Michael B. Smuck Houston apartment roster!

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04/24/08 11:00am

Bear Creek Meadows, Katy, Texas

A story by Paul Knight in this week’s Houston Press adds a little color to the Houston foreclosure map:

Houston’s 77449 ZIP code, on the northwest side, made the top 100 in the nation for 2007. The area saw rapid growth in the early part of the decade, with retail strip centers and a sea of new homes popping up almost overnight.

“They started developing that area really aggressively,” says Erion Shehaj, a Houston realtor who specializes in foreclosed homes. “Like clockwork…[foreclosures] have been popping up one after another, because they were pushing them to people that couldn’t really afford them in the first place.”

Large signs are now planted along the roadside, advertising housing deals such as “Inventory Clearance!” and “Closeout Specials.”

One subdivision in the area that was hit particularly hard is Bear Creek Meadows. The neighborhood was developed about five years ago, with houses priced in the $120,000 range and marketed to first-time buyers.

Below the fold: More on Bear Creek Meadows, plus a few photos to illustrate Knight’s reporting on foreclosure cleanups.

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04/10/08 10:51am

Courtyard Apartments, 950 Villa de Matel, Houston

Chronicle reporter Matt Stiles has found two more properties owned by State Rep. Hubert Vo: The Northpoint Apartments, at 74 Lyerly St., just north of the Northpoint Mall; and the Capewood Apartments, at 4335 Aldine Mail Rd., outside city limits.

And, uh, they’re not in great shape:

Tomasa Compean, 58, has lived for 18 years in her one-bedroom unit, where she pays $450 a month and has never received new carpet or paint. White powder bug poison outlines her baseboards, and a leaky faucet has left a large patch of rust and mildew in her tub, which apartment officials have covered only with paint.

“There are a lot of defects in the apartment,” said Compean, speaking in Spanish. She also complained about a lack of security at the complex. “The worst things are the roaches and mice. That’s just too much.”

Carmen Aguilar, whose two-bedroom apartment faces a dusty courtyard next to a swimming pool filled with opaque green water, pointed to a buckled wall and a large, moldy hole above her bathtub.

The Chronicle also found other potential violations at the complex, including an entry gate bent to a 45-degree angle, discarded furniture, masonry damage and busted breezeway lights. Workers could be seen Wednesday making some repairs, a day after the Chronicle asked the city about the property. . . .

Among other potential city violations at three complexes were overflowing Dumpsters, damaged parking lots and an algae-filled swimming pool — all conditions that could prompt criminal fines.

Vo, who has owned the properties for years, took blame for the problems Wednesday, saying he had not done enough to ensure the complexes were maintained. He said he would improve the conditions, pledging personal inspections of individual units, cooperation with city officials and outreach to residents to encourage them to report concerns.

One thing that will help: Vo is apparently a quick study with repair estimates. A year ago, Houston Press reporter Ruth Samuelson spoke to him at Thai Xuan Village near Glenwood Valley, just north of Hobby Airport, after it was threatened with demolition. Mayor White had asked Vo to serve as a liaison between residents of the complex and the mayor’s office:

. . . Vo thinks the community can’t tackle this project; it’s far too big. Vo, who owns several apartment complexes, says he walked the perimeter of Thai Xuan Village when he was there mid-March.

“I believe the structure could be okay, maybe some railings need to be fixed,” he says. “But the face-lift of the property needs to be done.” After a quick examination, he said the project would cost well over $100,000.

04/03/08 8:10pm

Courtyard Apartments, 950 Villa de Matel, Houston

A resident of nearby Simms Woods sends us photos of an apartment complex off Wayside Dr. that’s received a number of citations recently . . . but not the good kind:

The citations to the Courtyard Apartments on Villa de Matel allege eight structural and electrical problems, including rotting wood, missing balcony railings, loose boards and broken windows, city officials said. . . .

Tenant Victoria Vargas said that when she moved in a year ago, the management refused to replace the tattered mini-blinds, outdated appliances and worn carpet.

Now, she said in Spanish, she also must contend with leaky ceilings, rats and high energy bills for her $400-a-month unit.

State Rep. Hubert Vo has owned the 241-unit complex at 950 Villa de Matel through a company called Newlink Investment since July of 2002, according to HCAD records.

The mess — and the neglect apparently visited on his tenants, who are clearly not in his district — doesn’t look healthy for Mr. Vo, a Democrat who’s running for re-election this year. But maybe someone can help him out!

A commenter on the Chronicle‘s Houston Politics blog passes on a report that Vo bought the Courtyard Apartments for $2.8 million, and notes that they are now available for sale . . . for just $20,332 a unit! That’s only $4.9 million for 7.6 acres of juicy East End Inner Loop property! From the listing brochure:

This property affords a buyer good upside potential thru a moderate/heavy rehab. This community is constructed in a classic garden style design and was built in 1972.

After the jump: more pix of this prime real estate, just steps away from the Gus Wortham Golf Course and ripe for that moderate/heavy rehab! Plus: more Vo East End apartment holdings!

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03/20/08 4:42pm

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

03/14/08 8:44am

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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03/05/08 11:12am

Storefront Ad for Red Bull Art of Can Competition and Exhibition on Elgin St., Midtown, Houston

Here’s one advantage if you’re one of the not-so-large number of retail centers in Houston that doesn’t have a parking lot in front: If business ain’t so hot, you can always sell the highly visible adspace on your facade!

A reader sends in this photo of an ad for Red Bull’s Art of Can competition on the streetfront of a retail center on Elgin, across from the Calais apartments in Midtown. The Maple Leaf Pub is two doors down.

Is this the future of retail real estate? Sure, we’ve all seen ads painted onto the sides of old buildings and the giant window stickers on David’s Bridal storefronts, but doesn’t this go a bit . . . beyond that? Think of the possibilities: Stores . . . with ads covering their entire fronts, advertising . . . other stores. Or anything.

Forget billboards, graffiti, and wheatpaste posters. When this new market really kicks in, we’ll see Houston for its revenue-generating possibilities: We’ve got acres and acres of exploitable advertising space.

Tyvek Housewrap was only the beginning.

What comes after Tuscan-themed shopping centers? Billboard-themed shopping centers!

After the jump: a second photo, so you can get your Red Bull straight.

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01/08/08 4:01pm

Your Best Life Now: 7 Steps to Living at Your Full Potential, by Joel OsteenThere’s more to the story of the Lakewood Church pastor’s amazing house flip: How were Joel and Victoria Osteen able to unload their townhouse in order to buy that house they made so much money on?

Readers of Joel Osteen’s previous book — Your Best Life Now: 7 Steps to Living at Your Full Potential — already know the answer. From page 265:

Victoria and I had been married a few years when we decided that we wanted to sell our townhome and buy a house. We put the townhome on the market for six or eight months, but we never had a serious offer. Hardly anybody looked at it, even though we were praying regularly, asking God to help us sell it.

We really wanted the other house, but we couldn’t afford it until we sold our townhome. Finally, we decided to do more than pray. We needed to sow a special seed in faith, believing for that townhome to sell.

There’s more!

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01/03/08 12:58pm

Joel Osteen’s Become a Better You: 7 Keys to Improving Your Life Every DayLakewood Church’s Joel Osteen, in Become a Better You: 7 Keys to Improving Your Life Everyday, p. 289:

I remember as a young couple, Victoria and I found a home that we really liked. It was a run-down house but on a nice piece of property. And we knew it was for us. In the natural, it didn’t make a lot of sense. We were leaving a beautiful townhome. Yet we knew that’s what God wanted us to do. So we took a step of faith and we bought the run-down house. The day we closed on it, we were standing in the front yard and a Realtor stopped by and offered us much more than we had paid. We thought, “What’s going on?” We didn’t understand it. Come to find out, they were in the process of changing the deed restrictions in the neighborhood. And several years later, we sold that property for twice as much as we paid for it. That was God causing us to be at the right place at the right time.

12/20/07 11:25pm

Younan Tower, the former Northbelt Corporate Center, Houston

He boasted back in July that he would build the world’s tallest building — a 200- to 300-story tower in either Houston or Chicago. Meanwhile, Zaya Younan has been continuing his Houston-area office-building buying spree. Back in May, Younan told the Houston Business Journal‘s Jennifer Dawson that he’d own 5 million square feet of office space in this city by the end of this year.

So how much has he been able to buy?

Just 2.2 million square feet, according to a company press release dated December 18th — which ain’t bad. Even better: by confusing his Houston and statewide numbers, he’s been able to convince Globe St. that he’s bought much more — and actually exceeded his goals for the year. Plus, Younan tells that publication’s Amy Wolff Sorter, he plans to buy an additional 5 million square feet in Houston next year, which will help his company achieve the goal of being the largest office landlord in both the city and the state:

“Since the subprime and credit crunch happened in August, building contracts fell through,” he says. “We were suddenly inundated with calls from owners and brokers, so we bought a significant amount of assets.”

After the jump, some of the properties Younan’s snapped up lately, plus Younan Tower, revealed!

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11/21/07 10:27am

Map Graphic from HoustonFacts.orgSure, there’s the latest numbers out from the Houston Association of Realtors, showing a continuing decline in home sales in October, an 8 percent upswing in the average number of days homes have sat on the market, and a slight drop in the median home price compared to this time last year.

But the most blatant sign that serious problems in Houston housing have already arrived is the new promotional blitz just unleashed by the Greater Houston Builders Association — telling us all not to panic: Everything’s just rosy in the wonderful world of Houston residential real estate. Hey, everybody back in the water!

The PR push, which includes a blanketing of radio and TV spots in local markets, is designed to reassure nervous would-be buyers that now’s the perfect time to buy a home way out on the latest subdivision frontier, even though lots of scary signs have been suggesting otherwise for quite a few months now. The heart of the homebuilders’ campaign is the ominous-sounding HoustonFacts.org website, which fills Houston homebuyers’ ears with fact-filled, sage advice like this:

If you try to wait and time the market until it hits rock bottom, you are likely to lose out. Just as no one can accurately predict the peaks and valleys of the stock market (name one person who sold their tech portfolio in April of 2000), the same holds true for housing. If you sit on the fence and wait for the absolute best deal, you could end up literally waiting for years. And most likely, your guess on market timing would be wrong. But if you choose to buy now, you will not only be in the driver’s seat during the buying process, you will also reap the gains of price appreciation once you become a home owner. Remember, those who purchased homes in the early 1990s during the last big economic and housing downturn came out as big winners.

There’s lots more of this kind of wisdom available on the site, but here’s a special challenge to eagle-eyed Swamplot readers: See if you can find the comparison of a home investment to a stock-market investment on the site that simplifies all those messy calculations by leaving out the cost of monthly mortgage payments and expenses!

Keep reading for a HoustonFacts.org tip on home foundations for the Houston climate!

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11/19/07 11:52am

Aerial View of Wolff Companies Projects Along I-10

Sure, Metro talks a lot about transportation in this city’s central districts. But a Houston Business Journal profile shows us Harris County Metropolitan Transit Authority Chairman David Wolff is also enthusiastic about Houston’s westward spread:

Many developers are building various types of commercial properties west of Houston and beyond.

The city of Katy, with an estimated population of 205,000, sits square in the path of Houston’s westward growth pattern.

“The whole city is going that way,” Wolff says. “I think Katy is going to be the next Sugar Land.”

He recalls the creation of Park 10, and how much the area has grown over the last three decades.

Says Wolff: “It was just rice fields. That was really the edge of the world then.”

After the jump, the METRO Board Chairman’s exciting projects way out west, plus how to get folks in the “next Sugar Land” to build freeway on- and off-ramps for your developments!

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