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Land Prices

Friday, February 15, 2008

Uptown Hot Potato: Four Quick Flips in a Few Short Months

February 15, 2008 – 8:35 am

That parking lot at the corner of Richmond and Post Oak, where the Steak & Ale and Mason Jar used to be? Very popular:

In 2007, Houston-based Hines Interests LP sold 9.4 acres to Rich Oak Properties LLC, an affiliate of Boymelgreen Developers LLC of New York. Sources put the purchase price at $86 per square foot, or roughly $33 million . . .

Rich Oak ultimately opted out of building on the site and chose to sell the entire 9.4 acres.

On Dec. 21, 2007, the land was acquired by Lasco/Hicks Ventures Ltd. Sources estimate the purchase price was $140 per square foot, or roughly $57 million.

A $24 million profit? Not bad for a few months’ work. And they said the days of the Houston land flip were over!

On the same day, Lasco/Hicks flipped six acres to Elegant Development Group Inc. The buyer is affiliated with Elegant Development and Investment Inc., a Houston-based construction services company that does commercial and residential work . . .

Less than two weeks later, Elegant Development flipped the six acres to Deyaar Development.

Deyaar Development is based in Dubai, and likes tall towers.

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8:35 am | Read more about Commercial Real Estate, Highrises, Land Prices, Land Sales, Neighborhoods: Galleria
Friday, December 14, 2007

No Fooling: The Price of Vanity in Hiram Clarke

December 14, 2007 – 7:10 pm

Zero Player St., Hiram Clarke Neighborhood, HoustonYou couldn’t invent a street address this good. But hey, maybe it’s your lucky day: The market’s down and the owner’s got to give it up.

Huge price drop too, as of this week: from $250,000 to $189,900. And that’s for a 4.24-acre lot — where you can build. With real integrity, of course.

What’s that address?

0 Player St.

Straight shooters only.

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7:10 pm | Read more about Land Prices, Land Sales
Thursday, December 13, 2007

Staub Ranchsion Sale Not Going By the Book

December 13, 2007 – 11:59 am

3740 Willowick Rd., River Oaks, Home by John Staub

How’s that River Oaks “you loved the book, now try the home” marketing tie-in going?

Well, Stephen Fox’s volume on The Country Houses of John F. Staub is currently ranked #10,535 on Amazon.com, which probably isn’t so bad for a book about a dead architect. It is heavily discounted, but it’s collected several favorable reviews online.

The reviews aren’t looking quite as good for the Staub ranch-mansion at 3740 Willowick: The asking price was dropped earlier this month from $7,495,000 to $6,950,000. For a 2.3-acre River Oaks lot with Buffalo Bayou frontage, that’s a healthy step closer to . . . yes, land value. And looky at all the excitement just down the street!

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11:59 am | Read more about Buying and Selling, Homes for Sale, Houston Architects, Land Prices, Neighborhoods: River Oaks

River Oaks Land Rush: $2+ Million Memorial Park and Bayou Frontage with Modern Obstacle

December 13, 2007 – 10:10 am

3840 Willowick Rd., River Oaks, Houston

Here’s the problem with these sleek houses on full-acre lots in River Oaks: They’re selling for too damn cheap! The gorgeous land at the southern boundary of Memorial Park fronting Buffalo Bayou at 3840 Willowick — hogged by this eighties-modern home designed by New York architects Stonehill and Taylor — got swept up for between $45 and $57 a square foot at the end of August.

At that price, wouldn’t your head be spinning with the themed-towering-mansion possibilities? Bring on the demo and stucco crews!

Well, the stucco and foam cornice pieces will probably take a while, but the big machines with the giant claws are on their way, according to this morning’s demolition report.

Photos, plans, and details of the house-that-got-in-the-way — including some fine examples of how to distract from a River Oaks land sale — after the jump:

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10:10 am | Read more about Buying and Selling, Demolitions, Development Strategy, Land Prices, Land Sales, Neighborhoods: River Oaks
Friday, December 7, 2007

They’re Otto Here

December 7, 2007 – 10:38 am

Otto’s Bar B Que and Hamburgers on Memorial Dr., Houston

The owners of Otto’s Bar B Que and Hamburgers — a Houston institution since the early days of air conditioning — are retiring, closing up shop, tearing down their building at 5502 Memorial Dr., and putting it and the shopping center they own next door (including Biba’s Greek Pizza) up for sale, reports Allison Wollam in the Houston Business Journal:

Word of the end of Otto’s has already been circulating among customers, many of whom Sofka says are saddened to hear about the impending closure.

“If those people like it so much, where have they been?” she asks. “Why don’t they frequent our restaurant more? We still have our faithful that come in three times a week, but other than that, we’re stressing out each and every day to pay our bills.”

Maybe folks stopped coming by because there’s no chance they’ll run into Marvin Zindler there anymore? Anyway, it’s likely June and Marcus Sofka won’t have to stress about their bills for too much longer:

Real estate sources predict the land will sell for a minimum of $150 per square foot and say the highest and best use for the land would be a high-rise residential tower.

The Otto’ses in Sugar Land and Downtown are franchised, and will not be affected, reports Wollam, who also leaves us with this strange — but quintessentially Houstonish — image:

Another franchised Otto’s is scheduled to open next year in Chase Tower, and Sofka says the barbecue pits behind the original restaurant will be moved to the new Chase Tower location.

Photo: Flickr users Bob & Lorraine Kelly

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10:38 am | Read more about Buying and Selling, Commercial Real Estate, Demolitions, Highrises, Land Prices, Land Sales, Neighborhoods: Memorial, Openings and Closings, Restaurants, Retail, Shopping Centers
Tuesday, December 4, 2007

Million-Dollar Teardown: Under Market on Underwood?

December 4, 2007 – 12:51 pm

2335 Underwood St., Braeswood, Houston

This house in Braeswood looks like a million bucks! And it sold back in August for just over that — $1.1 million — after lingering on the market for just over half a year with an asking price $400K higher.

And it’s featured in today’s Daily Demolition Report!

Below the fold, photos of demolition-ready interiors, plus some quick math.

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12:51 pm | Read more about Buying and Selling, Demolitions, Land Prices, Neighborhoods: Braeswood
Monday, July 16, 2007

The $9.7 Million Corner Lot

July 16, 2007 – 11:44 am

Corner of Braeswood and Main

Buried at the end of a Houston Business Journal report on a new Hilton Garden Inn that’s going to replace the Droubi’s boxcar at 7807 Kirby, between South Main and OST, is this gem:

Moody National had been on the hunt for more property in the area, and was especially interested in finding more land next to the Hilton site to create a larger footprint for the project. . . .

A 1.2-acre vacant lot on the northeast corner of Main and Braeswood, across from Moody National’s Residence Inn, also caught the developer’s eye, but the price was too high there as well. Moody says an offer of $140 per square foot was rejected by the owner, who said he would entertain an offer of $185 per square foot.

“The land has been extremely hard to come by,” Moody says.

Sure, that’s expensive, but there’s a premium for waterfront property.

Photo: Bradley Broom

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11:44 am | Read more about Buying and Selling, Hotels, Land Prices, Neighborhoods: Reliant Park