Swamplot Archives by Tag: Condos

Tuesday, December 8, 2009

Wonmore in Bankrupt Endeavour

December 8, 2009 – 9:55 am
   

The sale of 44 unsold condos in high-flying developer Robin Parsley’s bankrupt Endeavour highrise on Clear Lake in Pasadena was approved by a court last week. “The winning bidder was a partnership named Wonmore Ltd. The group agreed to pay $9.5 million plus past-due taxes and interest, according to Houston attorney Walter Cicack, who represented Wonmore. The group also said it would pay normally budgeted homeowner assessments for 2010 for any condo owner current on their assessments for 2009. . . . The 30-story Endeavour, at 4821 NASA Parkway, had been in legal limbo since earlier this year when its developer filed for Chapter 11 bankruptcy protection the day before the building was scheduled to be sold in a foreclosure auction. Regions Bank was listed as a creditor in the bankruptcy with a claim of $20.8 million.” [Houston Chronicle]

9:55 am | 2 Comments | Read more about Bankruptcies, Buying and Selling, Condos, Highrises, Neighborhoods: Clear Lake, Neighborhoods: Pasadena, Quicklink
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Thursday, December 3, 2009

Dolce & Freddo Condo Towers on San Felipe: Left out in the Cold?

December 3, 2009 – 11:28 am

Just a month ago, an executive of Brooklyn’s Boymelgreen Developers was telling the Chronicle’s Nancy Sarnoff that the company was still committed to building those twin 28-floor condo towers at the very end of Woodway on San Felipe, next door to the old Dolce & Freddo gelato shop. Development director Sara Mirski reported that the firm planned to start construction on the Ziegler Cooper design next year, after completing a new market analysis in the spring.

The former shopping-center site, just a leap over Buffalo Bayou from Piney Point Village, was purchased by an Israeli company controlled by developer Shaya Boymelgreen 2 years ago, just days after another Boymelgreen affiliate flipped the property at the corner of Richmond and Post Oak — the site of the former Mason Jar and Steak & Ale — for a quick $24 million profit.

But those were the good ol’ days. Now Boymelgreen may have a few other things to take care of before he can get going on the San Felipe Condominiums:

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11:28 am | 2 Comments | Read more about Cancellations and Delays, Development Strategies, Highrises, Houston Architects, Neighborhoods: Charnwood, Proposed Developments
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Monday, October 26, 2009

Comment of the Day: The Value of Failed Developments

October 26, 2009 – 2:29 pm
   

“The financial failure of Mosaic is not related to zoning or neighborhood protection. Mosaic represents a massive mixed-use project that will (eventually) fill up and further the civic goals of increasing population density and adding positively to the streetscape. In the mean time, the FDIC and out-of-state investors are paying the property tax bill on units that aren’t occupied by people that would stress our infrastructure. Where’s the downside in that? If the alternative were a vacant lot, Mosaic is far preferable from a civic perspective. . . .” [TheNiche, commenting on Only the Towers Remain Standing: Mosaic and Friends Break the Bank]

2:29 pm | 10 Comments | Read more about Comments, Condos, Development Strategies, Financing, Highrises, Neighborhoods: Hermann Park, New Construction: Residential, Quicklink
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Friday, October 23, 2009

Only the Towers Remain Standing: Mosaic and Friends Break the Bank

October 23, 2009 – 12:22 pm

With its most recent achievements, the Mosaic earns its place in Houston’s spec-development record books: Last month the 29-story condo tower near Hermann Park — wedged between Almeda and 288 — scored the loan-default trifecta, having notched a bankruptcy, mass foreclosures, and an attendant bank failure to its credit all within a single calendar year.

Chicago’s Corus Bankshares, which held a $71 million loan for the Mosaic, foreclosed on all 271 unsold units (out of 394 total in the building) in September, just days before the bank itself was seized by the FDIC. A few weeks later, the federal agency sold 40 percent of the bank’s real estate loans to a team of private-equity firms calling itself Northwest Investments and led by Starwood Capital Group — for 60 cents on the dollar.

Any further fun at the Mosaic will be courtesy of the FDIC, reports Nancy Sarnoff:

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12:22 pm | 40 Comments | Read more about Apartments, Bankruptcies, Condos, Financing, Foreclosures, Highrises, Neighborhoods: Hermann Park, New Construction: Residential
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Monday, October 19, 2009

2727 Kirby: Refunds Are on Their Way

October 19, 2009 – 5:14 pm

The Chronicle’s Nancy Sarnoff, after a tour of 2727 Kirby:

Developer Jerry Brown said 20 units are occupied in the 78-unit building.

The least expensive floor is priced at $575 per square foot, he said, and the average unit is about $2 million.

Maintenance fees are 65 cents per square foot.

While Brown said he’s seeing more traffic these days, there have been some snags.

I recently came across some lawsuits against the developer filed by buyers who canceled their contracts, but didn’t receive their earnest money back like they were promised.

“If they’re entitled to their money, they’ll get their money,” Brown said.

Photo of 2727 Kirby: Ziegler Cooper

5:14 pm | 20 Comments | Read more about Condos, Condos for Sale, Highrises, Neighborhoods: Upper Kirby, New Construction: Residential
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Friday, September 18, 2009

Red-Hot Bachelor Pad of the Month

September 18, 2009 – 3:13 pm

Ah, the single life! This one-bedroom, 625-sq.-ft. take at 2016 Main appears to have every necessity in place, down to that single toothbrush artfully placed next to stainless-steel counter bowl. Ax the giveaway Downtown and Midtown views, and wouldn’t this have made an excellent candidate for Swamplot’s weekly Neighborhood Guessing Game?

Asking $129,750 — since mid-ish July. Maintenance fee is $510 a month.

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3:13 pm | 17 Comments | Read more about Condos, Condos for Sale, Home Decor, Interiors, Neighborhoods: Downtown, Neighborhoods: Midtown
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Wednesday, September 16, 2009

Condo Spies in the Night: Investigating Sales at 2727 Kirby

September 16, 2009 – 4:15 pm

Sure, we all want to know how well the condos at the newly completed 30-story 2727 Kirby tower have been selling. But a couple of dedicated readers decided to investigate on their own:

[We] have been musing that 2727 Kirby looks awfully dark for a building for which the Chronicle proffers “all but 18 units have been sold”

Well, we put on our trench coats and went parking garage climbing to find out exactly how many souls live in that wraithlike monument to a bygone era.

These scary night pictures were taken on a Tuesday evening at around 8 pm. This was a prime time for at least a sampling of residents to be at home among their new Imported Stone Flooring and European Cabinetry. The night photos were taken from atop the parking garage on West Alabama that is the home of Fleming’s and from the Parking lot on Westheimer that serves Taco Milagro/Downing Street.

And they show . . . ?

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4:15 pm | 33 Comments | Read more about Condos, Condos for Sale, Highrises, Neighborhoods: Upper Kirby, New Construction: Residential, Real Estate Marketing
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Monday, August 24, 2009

Comment of the Day: After the Ashby Highrise

August 24, 2009 – 7:52 pm
   

“. . . My take on it is that this building MIGHT NOT be too bad, once the teeth-on-edge construction period is finished. (And I seem to be the only person who thinks the construction hassles should even matter to anyone. Big crane delivery and setup on Bissonnet, anyone?) But since there seems to be no legal way to stop this one, you can be sure that there will be some serious efforts to put rules in place to prevent any more. My own tongue-in-cheek explanation for why the neighborhood was so taken by surprise is that no-one ever thought for a minute that it made any kind of sense to build a high-rise on Bissonnet, for goodness sake.” [marmer, commenting on City to Ashby Highrise: Yes You Can!]

7:52 pm | 19 Comments | Read more about Apartments, Comments, Condos, Development Regulations, Highrises, Neighborhood Disputes, Neighborhoods: Boulevard Oaks, Neighborhoods: Southampton, New Construction, Proposed Developments, Quicklink, Traffic
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Friday, August 21, 2009

City to Ashby Highrise: Yes You Can!

August 21, 2009 – 5:32 pm

Note: Story updated below.

The 11th time’s the charm! According to Abc13 reporter Miya Shay, the city today gave the developers of the Ashby Highrise the final approval they needed to begin construction of the 23-story residential tower at the corner of Ashby and Bissonnet, next to Southampton.

Okay now everybody, show us your cards!

Update, 5:49 p.m.: Some details about why the most recent plans were approved, from a city news release via the River Oaks Examiner:

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5:32 pm | 53 Comments | Read more about Apartments, Condos, Development Regulations, Highrises, Neighborhood Disputes, Neighborhoods: Boulevard Oaks, Neighborhoods: Southampton, Proposed Developments
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Wednesday, July 22, 2009

Rejected Again: The Ashby Highrise’s Latest Failing Grade

July 22, 2009 – 9:21 am

Wondering what’s been going on with the Ashby Highrise? Developer Matthew Morgan tells the River Oaks Examiner that Buckhead Development intends to respond to “the city’s attempts to reach an agreement” with a new submission for the proposed 23-story residential tower on Bissonnet, next to Southampton.

But the city rejected the highrise’s plans again yesterday . . . for the 10th time. The city said its own analysis showed the project as currently proposed would result in an “F” level of traffic at the corner of Shepherd and Bissonnet:

However, “A significant reduction in peak-hour trips, including appropriate trip offsets, could have a potential to address heightened concerns,” a city engineer, Mark L. Loethen, wrote in his comments.

Computing traffic level involves a formula that rates intersection flow from “A” (no traffic) to “F” (very slow).

The rejected plans were submitted April 7, making the three months until they were returned to the developers unusually long.

Rendering of proposed Ashby Highrise, 1717 Bissonnet: Buckhead Investment Partners

9:21 am | 44 Comments | Read more about Apartments, Condos, Development Regulations, Highrises, Neighborhood Disputes, Neighborhoods: Boulevard Oaks, Neighborhoods: Southampton, Proposed Developments, Traffic
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Monday, July 13, 2009

Studying Those Sales Reports for 2727 Kirby

July 13, 2009 – 8:12 pm

Sales have been “a little slow” at that 2727 Kirby condo tower, the developer tells the Chronicle’s Nancy Sarnoff. The 30-story tower across from West Ave near Westheimer should be complete by mid-September. Only 8 out of 78 units have closed so far.

Jerry Brown of MDA Holdings tells Sarnoff that “all but 18 units in the building have been sold” — but that “just a few units have fallen out of contract.” The wording makes it a little difficult to determine how many more than those 18 units have no deposits on them.

Photo of 2727 Kirby: Ziegler Cooper

8:12 pm | 12 Comments | Read more about Condos, Condos for Sale, Neighborhoods: Upper Kirby
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Friday, June 26, 2009

Solar-Powered Shipping Containers Flee; It’s Apartments for the Mirabeau B.

June 26, 2009 – 5:15 pm

Hey, what’s happening to those fancy solar-powered recycled shipping containers on the corner of Hyde Park and Waugh, meant to attract eco-minded buyers to the $400K+ condo units in the Mirabeau B.?

Up and away they go! Did the Mirabeau B. meet its sales target? Nope . . . but it’s time for construction anyway, developer Joey Romano tells Swamplot:

Our financing is in place and we have signed our contract with Mission Constructors who have commenced work on the site. If all goes to plan at the City, the building work will begin in the next few weeks.

How’d that happen? With a little switch: to rental. But Romano says none of the project’s “green” features will be changed:

We’ll still plant our green roof; our 15 KW solar PV system will still power all common areas; and our rainwater retention system will still irrigate our native Gulf Coast plants. Our units will be large, open, and spacious, offering unique, high-grade finishes, high-end energy efficient appliances, and natural light in every bedroom.

So where are the shipping containers headed?

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5:15 pm | 1 Comment | Read more about Apartments, Buying and Selling, Condos, Development Strategies, Green Design and Development, Houston Architects, Neighborhoods: Hyde Park, Neighborhoods: Montrose, Proposed Developments, Real Estate Marketing
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Monday, June 15, 2009

Registered Agents for Condos

June 15, 2009 – 7:51 am
   

A bill recently passed by the Texas Legislature — inspired by problems encountered in contacting the 150 separate owners of Candlelight Trails in northwest Houston — would make it a whole lot easier for the city to demolish decrepit condo complexes. “The bill by Rep. Sylvester Turner, D-Houston, applies only to Houston. It requires every condo development to maintain a registered agent to accept service of legal papers; if any development fails to do so, the Texas secretary of state automatically becomes the agent. The law will take effect Sept. 1 if Gov. Rick Perry signs it or allows it to become law without his signature. Perry will review the measure carefully before deciding, spokeswoman Katherine Cesinger said. Current law requires each owner to be served either in person or through a legal notice in a newspaper. Defendants served through publication have two years to file a motion for a new trial. ‘It is extremely time-consuming, expensive and allows the substandard and often dangerous conditions to continue while the city struggles to obtain personal service on each owner,’ Ann Travis, Mayor Bill White’s governmental affairs director, said in a background document explaining the bill.” [Houston Chronicle]

7:51 am | 2 Comments | Read more about Condos, Development Regulations, Neighborhoods: Inwood Forest, Quicklink
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Friday, May 15, 2009

Grave Discovery: The Secret Chicken Rituals Going on Next to Regent Square

May 15, 2009 – 4:52 pm

Okay, whichever of you folks has been doing that weird secret ceremony thing with the chicken and the bone and all down at the cemetery at West Dallas and Gross St.? Well, the gig is up! Swamplot is on to you! Or . . . at least a couple of camera-wielding readers are:

College Park Memorial Cemetery on W. Dallas (where Jack Yates among others is buried) is getting cleaned up and cleaned out, the better to walk the dog through. Interestingly enough, it may be getting used for other purposes as well. We have seen two dead chickens – having never seen any live ones there, and just yesterday, after discovering the second chicken, we also found a tableau of objects at the base of a hollow tree – a large, LARGE bone (about 15 in long), conch and scallop shell, nicely arranged, and a dead bird, stretched out to show his skeleton.

Hmmm . . . could this have anything to do with that 28-story Regent Square condo tower that’s slated to go up next door?

Parade of shocking, non-vegetarian-friendly photographic evidence follows:

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4:52 pm | 5 Comments | Read more about Condos, Critters, Neighborhoods: North Montrose, Proposed Developments
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Friday, May 8, 2009

Fort Bend County Condos for the Small Plane Set

May 8, 2009 – 11:32 am

Why would a couple of Bellaire Realtors want to build new hangar condos out by the Houston-Southwest Airport in Arcola? Because the hangar rental market there sucks, apparently.

With an option on a 60-year ground lease with the airport — near the intersection of Almeda and Highway 6 in Fort Bend County — owners Curtis Lawson and Ryan Dodds of CityLife Realty are now marketing 27 units in the Southwest Executive Hangars, featuring “75,000 square feet of hangarage” in 2 box-shaped buildings.

But this place isn’t just for storage and maintenance. There’s also that hangar condo lifestyle:

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11:32 am | 11 Comments | Read more about Airports, Condos, Condos for Sale, Fort Bend County, Neighborhoods: Arcola
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