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77449

Thursday, April 24, 2008

Foreclosures in the Neighborhood

April 24, 2008 – 11:00 am

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.

Continue Reading This Story >

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11:00 am | Comment | Read more about Foreclosures, Katy, Neighborhoods: Bear Creek Meadows, Real Estate Investing
Monday, February 11, 2008

West Houston Real Estate and Roadkill: A Report from the Street

February 11, 2008 – 9:56 am

You need to a flashplayer enabled browser to view this YouTube video

Blogger and head Michael Pollack cheerleader Lou Minatti posts this street-level video report on the state of the real-estate market in Katy and West Houston, and includes the following odd claim:

I’ve never seen a stucco house in Houston before.

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9:56 am | Read more about Construction Materials, Homes for Sale, Katy
Tuesday, January 15, 2008

Bear Creek Meadows Fourclosure Sale!

January 15, 2008 – 9:55 pm

Four Homes by Legend Homes for Sale in Bear Creek Meadows

The wave of foreclosures sweeping over neighborhoods at the outer edges of town has . . . an upside!

Remember back when these neighborhoods were new — like, four years ago? Well, for buyers it’s just like those good old days all over again . . . only cheaper! That’s right: if you’ve settled on one builder model, you can be pretty picky about which upgrades and finishing touches you really want — even though the builder has moved on.

If you’re shopping for a home in Bear Creek Meadows in Katy, for example, you’ll find the four distinct residences pictured above listed on MLS. That’s right, those are four different houses. But they’re all the same model — The Cairns, Plan 509, by Legend Homes — and they’re all resales!

Which one is right for you? Clockwise from top left, the contenders are: 19411 Billineys Park Dr., 19606 Ballina Meadows Dr., 19906 Brisbane Meadows Dr., and 19510 Buckland Park Dr.

After the jump, a look at the differences between these four newish but back-on-the-market homes!

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9:55 pm | Read more about Buying and Selling, Foreclosures, Home Design, Homebuilders, Homebuying, Homes for Sale, Katy, Neighborhoods: Bear Creek Meadows
Thursday, October 4, 2007

Meanwhile, Way Way Way Outside the Loop . . .

October 4, 2007 – 12:34 pm

Plan of Grandeur ParkHouston’s middle-age spread continues:

  • Just north of I-10 at the Grand Parkway, Kickerillo is starting a large residential development called Grandeur Park. It’ll be across the street from The Grand, Simon Property Group’s new mall. Homes there will cost 300 to 600 Grand.
  • Houston will soon stretch to Sealy:

    Silvestri Investments of Houston has purchased 1,375 acres just west of Firethorne, which is a mile south of Interstate 10 on FM 1463.

    The new owner will hold the land for future development.

    “With the historical trend of development in Houston, it was only a matter of time before someone purchased land in the next logical pattern of growth,” said Michael Carroll, president of Riverway Properties, who brokered the deal. The price was not disclosed.

  • Ross Perot Jr.’s Hillwood Development Company has bought Sienna Plantation South. What we’ll get there: about 7,000 single-family homes on the 3,827-acre site. Included in that total: 300 acres for offices and retail, 100 acres for schools and churches, and 1,000 acres of parks and open space. No breakdown available on the acreage of cul de sacs, lakes, or driveways.
  • The fourth Del Webb retirement compound in Texas will be near Richmond, at Highway 59 and Thompson Rd. Fifteen hundred homes on 500 acres. You’ll need to be at least 55 years old to live there, and drive at least 55 to get there.
  • It’s tough building slabs in Texas City:

    After what developers described as a “minor slowdown,” the 574-home Grand Cay Harbour project in Texas City is back on track.

    Persistent rain during the summer was part of the problem. But project manager Norman Reed didn’t elaborate about what other factors led to a long stretch of inactivity at the development. The project is on 250 acres beside Galveston Bay at the end of the Texas City levee system.

    And don’t you worry about flooding after the construction’s done. This gated community will keep out the tides, too.

Plan of Grandeur Park: Kickerillo Companies

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12:34 pm | Read more about Land Development, Neighborhoods: Richmond, Neighborhoods: Sienna Plantation, Neighborhoods: Texas City, New Construction, Proposed Developments, Senior Living, Sprawl
Wednesday, August 8, 2007

Elrod Place: Credits Crunched

August 8, 2007 – 10:13 am

Katy residents upset with the prospect of a new low-income housing development in their community have won a round: Elrod Place, a 126-unit, 25-acre project proposed for 3700 Elrod Place—near Katy’s Bridgewater subdivision—won’t be able to get the $12 million in state housing tax credits the developers had applied for. The Texas Department of Housing and Community Affairs has denied the application by Barry Kahn of Hettig/Kahn Holdings.

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10:13 am | Read more about Financing, Katy, Proposed Developments
Wednesday, April 25, 2007

Low-Income Housing: Any Takers?

April 25, 2007 – 9:48 am

Construction of Waterside Court by Hettig-Kahn Holdings

One of the advantages of covering real estate throughout an area is the opportunity to spot larger opportunities—in issues that at first glance might seem only of interest to a particular neighborhood. Communities battling with new development, for example, might benefit from hearing how residents in other locations might deal with similar situations.

Over in Katy, residents up in arms about a low-income housing development proposed near the intersection of Clay and Elrod have been actively challenging the rosy picture of the low-density project presented by developer Barry Kahn. Residents of the nearby Bridgewater subdivision have been joined by the Katy Area Economic Development Council, Katy Rep. Bill Callegari, and the Katy Area Economic Development Council in opposition to Elrod Place, which would consist of 76 single-family homes and 50 apartment units for seniors.

Their complaints? The project would lower home values, put a strain on area schools, and increase crime in the neighborhood.

The Katy Area Economic Development Council sent a letter to state officials claiming that Katy was the wrong location for this project:

Our opposition should not be construed as a referendum on the need or lack thereof of affordable housing. We do not feel that the development of a project of this type is compatible with the stated goals and objectives of the Katy area.

More succinct are the comments of Jeff, one of many posters to news websites covering the controversy:

Fact is, Mr. Kahn just needs to pack his bags and go elsewhere. In fact, if he is such a philanthropist and wants to help the disadvantaged, why does’n he house 4 families of 4 in his 6000+ sqft mansion? Hmm…….

and:

This development must be stopped. We do not want Katy to become like the inner-city of Houston. We do not want an overburdened and underfunded school system. We do not want high-crime where gangs control neighborhoods while citizens lock themseves in their homes behind barred windows and doors.

This is what many of us moved to Katy to escape from.

So . . . readers, can we help out the people of Katy? Got a better spot for this development in your neighborhood? Just let us know, and we’ll pass the information on to Mr. Kahn. We’ll be waiting patiently for your email.

Photo of Waterside Court, another development by Hettig/Kahn in northwest Houston, under construction: Hettig/Kahn Holdings

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9:48 am | Read more about Katy, New Construction: Residential