- Construction To Start Next Month on 17-Story Wilshire at River Oaks District [Prime Property; previously on Swamplot]
- Grocery Stores, Entertainment Venues, Luxury Fashion Outposts Dominate Largest Shopping Center Projects Scheduled To Open in Houston This Year [Houston Chronicle]
- Houston Population Growth Fueling Development of Grocery Stores, Hospitals, Medical Clinics, Restaurants, Even Mattress Stores [Houston Chronicle]
- Houston-Area Apartment Rent Growth Dropped from 4.1% in April to 3.6% in May, According to Axiometrics [Prime Property]
- How Houston Homes Compare in Size, Age to Rest of the Nation, According to Census Bureau [HBJ]
- Medistar Corp. Sells New Webster Rehabilitation Hospital to Kansas City REIT for Undisclosed Amount [HBJ]
- ActiveRx Senior Fitness Chain Launches Sugar Land Location [Houston Chronicle]
- Culturemap Leases ‘Neat Trendy’ Office Space in Decorative Center [HBJ]
- First Baptist Church of Texas City Closing To Make Way for New Texas City ISD Campus [Galveston County Daily News ($)]
- Thirteen Pies Pizza Chain Opening in the River Oaks District in Late Fall [Food Chronicles]
- Tacos a Go Go Coming to Former Roznovsky’s Hamburgers Building Near Garden Oaks; Union Kitchen Opening in Ella Plaza Center in Oak Forest [The Leader]
- Work on U.S. 290 Widening Project Stopped After State Declares Contractor in Default [Houston Chronicle]
- Texas Health Officials To Further Study Cancer Clusters in East Harris County [Houston Chronicle]
- ‘Stick ’Em Up’ Director Alex Luster Developing Documentary on Houston Sculptor David Adickes [Houston Chronicle]
- Houston Knitting Group Yarn-Bombs Buffalo Bayou Park [Houston Chronicle]
- Houston Is the Single Best Place To Build a Real-Life Jurassic Park [CityLab]
- Would Houston Exist Without Air Conditioning? [Houston Matters]
Photo of Ragin Cajun: momentspause via Swamplot Flickr Pool
OK, thought there was going to be a story saying condos were going in and Ragin was sold. “Gumbo Enclave” anyone?
Hey Houston Chronicle,
How about not waiting until the 9th paragraph to tell us WHICH section of 290 the defaulted contractor is responsible for. (It’s Pinemont to W. Little York, BTW.)
I was hoping for a Ragin Cajun story too. The shopping center with the Bayou City Seafood restaurant down the street from Ragin Cajun is getting bulldozed.
Yarn-Bombers at buffalo bayou park? These sewing-terrorists have pulled the last string. We have to find these terrorist threads and needle them out of existence with precision strikes. No more shall we have vandalism bursting the seams of our gorgeous parks. Don’t be spoolish, these people, like veggie-terrorist are trying to unravel the American way. These jerks are on the cutting edge of bomb making, and if were not careful, we’ll be stitching together our parks for the next decade.
Really happy to hear about more medial clinics being opened. I find they really help me stay centered.
NotCommonsense – Only a knit-wit would come-up with such a yarn….
@NotCommonsense… Hysterical!!!! But still love the Yarn Bombs when and wherever they land.
Woodlands based Mexican construction business. I guess if you’ve never lived in the Woodlands, you don’t get the joke. Every local (I lived there for 4 years) knows exactly who these Mexican businessmen are, they’re a blurred conglomeration of old Mexican family money, corrupt politicians, and street pharmaceutical entrepreneurs stashing their wife and kids from the short arm of the law. You’d be surprised how many requests there are to purchase property in cash, as in green bills wrapped in rubber bands cash.
I like everyone who lives along 290 (oak forest) am completely fed up with these delays on 290. This company should be responsible for paying for the daily inconveniences and dangerous as all hades freeway entrances that are 50-75 feet and merge directly into main lanes of freeway speed traffic.
@MrEction: Ha! Fixed our typo.
commonsense: Sadly even if you wanted to sell cash, you can’t. At least not at a title company (I’ve tried). And if you sold outside of a title company, god forbid you try to spend that money or deposit it. If you put more than $10k cash into the bank account, then you = money laundering terrorist according to our government.
Better not use cash, citizen!
@Cody, it’s not as difficult as it may seem. You can still go to closing but make the contract price something nominal like $10,000 which is paid via a cashier’s check, then you accept the cash on the side (still in the title co office without the agent being in the room). Then we used the cash to pay our subcontractors who had no problems taking it. I’ve also deposited and withdrawn tens of thousands of dollars in cash from a local small bank and yes they make you fill out a “Large Cash Transaction” form but all they do is file it, I’ve never gotten any followup questions or phone calls from anybody EVER.
I appreciate you getting to the point of the matter.
Commonsense, may we have a “talk”?
@IRS, you jest, but you obviously don’t know how IRS really works. If the cash is shown on your books just like any other transaction it’s perfectly legal. The cash transaction itself is never illegal, it’s the failure to show it on your books that is.
I should have been clearer, Amazon pays sales tax in Texas. I think they are still skirting it in other places but not a lot. Most of the bigger states have already nailed it down.
Whoops, that was meant for another thread. Also am I the only one not surprised to find out that commonsense does incredibly shady real estate deals?
commonsense: Interesting, thanks… It is frustrating though that spending/depositing cash has to be such a big f’ing deal. I can take a $500k cashiers check out to buy something, or deposit one, no problem. But cash? Sound the alarm.
That’s because a cashiers check is traceable and cash isn’t. I can not think of a single honest reason that you would want 500k in cash. It’s dangerous as hell to carry or use. It’s heavy/bulky. It requires a machine to count it. The only advantage is that it isn’t easily traceable which means you can use it to dodge taxes or other things. No surprise banks raise a huge eyebrow when that happens.
US Currency is legal tender for all debts public and private (it says that right on it). There’s a lot of misinformation from movies and scare tactics by the news on using cash which is simply not true. There are some major wallstreet deals that are done with palettes of cash, according to a documentary, apparently that has some tax advantages in certain states.
There are also some practical reasons to use large amounts of cash, you can get discounts from vendors, and although it’s technically same amount as a check would be, it has some emotional incentives to people. It is also safer from civil legal action, can’t be frozen like a bank account, etc.
How in the world did you get someone to accept a 10k cost basis on a 500+ house? That is a HUGE disadvantage for the buyer. I’m sorry but your story just doesn’t make much sense. The only reason someone would do an under the table deal like you’re describing, which would substantially hurt the buyer, would be if they had money they were trying to hide from the police/government. So basically money laundering. And it’s not even clever money laundering. Seeing a house to for 5% of it’s assessed value is going to raise some red flags somewhere. My guess is that most upstanding title companies wouldn’t even touch a deal like that simply to avoid all the headaches it could cause down the line.
I’m with Erection. Not to mention your subs mouthing off about how much cash you have locked up in your office or on you. Be careful man. You’ll get rolled or worse.
@MrEction, you’re overthinking the issue. There’s no disadvantage to the buyer since they’re paying for the property in full, they presumably already paid the taxes while earning it. And if they didn’t pay the taxes, they just as easily could have not paid the taxes on funds brought with a cashier’s check. Nobody has to see what the house actually sold for, buy/sell contracts are a private matter, HAR reporting of private sale is strictly optional and most very high end homes are sold and never reported, only deed change filed with the county. There are no red flags for anyone to look at, and most importantly there’s no-one looking for the red flags, the governments monitoring of everyday business transactions is extremely exaggerated by the folklore.