BILL HEARD BID HEARD The Sugar Land location of bankrupted Bill Heard Chevrolet has a new owner. And the new place is gonna be . . . a car dealership! “[Jean] Durdin, who owns Parkway Chevrolet in northwest metro Houston, outbid fellow Houston dealer Mac Haik for the Heard store in southwest Houston. Durdin added more than $7.7 million to Haik’s original bid to buy the store for $20 million, not including vehicle and parts inventory. Durdin also outbid two other competitors, but [turnaround consultant Fred] Caruso declined to name them.” [Automotive News, via Swamplot inbox; previously]
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Tag: Buying and Selling
Inspired by the not-so-unusual tale of the house at 2524 McLendon St. in Brentwood (which was apparently renovated, sold, and then demolished just last month), commenter Jimbo posted this challenge to Swamplot readers — which has so far gone unanswered:
Is there a suitable adjective for the activity of renovating a house to flip only to have the new owner demo it immediately?
An adjective? We’d settle for a noun.
It’s not Sisyphean because I’m sure they made money but there must be some fancy Greek mythology parallel for it.
Yeah, try Greek — or maybe Aztec . . . or some term from the mortuary business, or . . . Ayn Rand?
- Daily Demolition Report: Chantilly Erase [Swamplot]
Photo of 2524 McClendon St.: HAR
One more reason to get excited about the possibility of another Depression: It could save the Jim West Mansion in Clear Lake!
Two years ago, a real-estate company controlled by former Houston Rocket Hakeem Olajuwon bought the mansion with plans to subdivide its 41 acres for sale to developers. At one point, the mansion seemed about to be razed. At another, it seemed likely to become the centerpiece of a luxury complex for retirees.
But as of yet, no deal has solidified. And that’s where [Clear Lake schoolteacher Linda] Sansing finds a strange upside to talk of a new Depression: With credit tight, it seems unlikely that a for-profit developer will swoop in.
Great! But . . . will that make raising money for preservationists to buy the property any easier?
Linda Sansing’s nonprofit group, Preserved in Time, aims to raise $100,000 in earnest money, so it can make an offer on the mansion and some of its grounds. She figures that, ultimately, the group will need $11 million to buy the mansion and some of its land. Some of that money could come from opening the mansion to the pubic for rentals and tours. Some could come from grants. But she knows she has a long way to go.
- Preservationists hope to rescue West mansion [Houston Chronicle]
- How the West won [Houston Chronicle]
- Saving the Jim West Mansion [Houston Public Radio]
- Jim West Mansion Photo Story [Preserved in Time]
Video: Preserved in Time
READY FOR THE OPEN SEATS A reader reports that broker-agent Bill Baldwin is buying Karen Derr & Associates Realty. Owner Karen Derr has announced she’ll be running for Houston City Council in District H in an upcoming special election. Of course, the current occupant of that seat, Adrian Garcia, will need to cooperate by winning his race for Harris County Sheriff first. [Swamplot inbox]
No need to remake this hurricane-battered sign after all! Wachovia Bank‘s retail operations are being bought by Citigroup, ahead of any FDIC action. Which means all 30 or so Houston-area Wachovia retail locations will become Citibanks before the year is out.
- Citigroup to buy Wachovia’s banking operations [Houston Business Journal]
- Retail Damage Tour: Hurricane Ike Visits Kirby Dr. [Swamplot]
- Previously in Swamplot: All Those Washington Mutual Branches Now Belong to JPMorgan Chase
Photo of Wachovia Bank branch on Kirby Dr.: Swamplot Inbox
Whoo hoo! Some bank-breaking news:
The exact structure of J.P. Morgan’s acquisition of WaMu’s deposits wasn’t immediately known, except that the New York bank, which has long coveted WaMu as a way to secure a footprint on the West Coast, will assume most of the thrift’s deposits and branches, as well as some other operations. Unlike many of the 12 bank failures that the Federal Deposit Insurance Corp. has overseen this year, the J.P. Morgan-WaMu transaction isn’t expected to impact the agency’s national deposit-insurance fund.
- J.P. Morgan to Take Over Faltering WaMu [Wall St. Journal]
Photo: Flickr user mlsnp
HELPFUL HINTS FOR HURRICANE IKE HOME SELLERS A special notice on the HAR home page: “As Hurricane Ike advances toward the greater Houston area, the Houston Association of REALTORS® (HAR) urges homeowners to remove or secure all objects outside their homes that could become deadly projectiles in high winds. This should not be limited to patio furniture, barbeque grills and other large pieces, but include yard signs promoting home sales, contractor services, home security services and other messages.” Well sure, but won’t that make househunting a little difficult this weekend? [HAR]
[youtube:http://www.youtube.com/watch?v=8Pf-c5jVm1g 400 330]
Pay no attention to that dying possum by the side of the road! Lou Minatti takes a bike ride through a neighborhood of new Royce and Centex homes in Katy and finds lots of building going on — and plenty of “sold” signs!!! But . . . is anybody actually living here? And uh, some of those signs look awfully familiar — from a ride through this same area back in May.
After the jump: some of the same scenes, 4 months ago!
The new sales center for the Mirabeau B. is looking pre-fab! Now at the northwest corner of Hyde Park and Waugh: two 20-ft. recycled shipping containers, outfitted with a solar array on a digitally fabricated rack. The website for Metalab, the architecture firm in charge of the project, claims the solar panels will generate 180 kilowatt hours per month. What’s that figure converted to condo sales?
Oh, but selling condos is apparently only this structure’s day job for now:
Solar panels on the roof can fold shut at night or during bad weather, said Andrew Vrana from Metalab.
“We would like to further develop this as a solution,†he said. “People could have one of these made and put in their backyard and supplement their energy with solar power.â€
Below: more pics!
THE MICHAEL B. SMUCK APARTMENT FLIPS BEGIN Triumph Land & Capital Management, the company that bought two other former Smucked apartment complexes, has already flipped a third: “‘The seller had bought the loan on Village at Loch Katrine, then foreclosed on it, then sold the property,’ says Russell D. Jones, vice president of Apartment Realty Advisors in Houston. He says Andrew Chong had signed the purchase agreement before Triumph Land & Capital foreclosed on the loan. Although Jones kept mum about the price, area sources believe the Village at Loch Katrine, situated at 16545 Loch Katrine Lane, sold for $6.5 million to $7 million.” [Globe St.; previously]
Another apartment complex rescued from the clutches of famed real-estate investor and apartment-maintenance whiz Michael B. Smuck! This time it’s the Lodge at Baybrook, a 12-building, 322-unit compound on 13.7 acres just behind Baybrook Mall in Friendswood. Globe St.‘s Amy Wolff Sorter reports that Chicago-based Adams LaSalle Realty has bought the complex from Smuck’s bankrupt MBS Properties for “well below” the $28.6 million it first listed for back in 2006.
The Lodge at Baybrook was built just 9 years ago, but apparently there’s plenty of deferred maintenance for the new owners to take care of. No word of any impending name change.
- Adams LaSalle Picks Up 322 Units From MBS [Globe St.]
- The Lodge at Baybrook [CBRE]
- The Lodge at Baybrook [Adams LaSalle Realty]
- Help for the Huntwick [Swamplot]
Photo: CBRE
Sharp-witted observers, start your metaphors! Residents of the Park Memorial condos — who’ve been racing to sell their condo complex before any of the units start dropping into the parking garage that sits beneath them — have a new problem. City officials, terrified of a not-merely-figurative condo-market collapse, slapped bright orange notices on all the doors of the Memorial Dr. complex yesterday, notifying all 108 residents that they will need to permanently vacate their homes by September 15th.
The order came after a city inspector and an independent inspector both confirmed that the concrete parking garage structure underneath some of the condo units is in immediate danger of collapse. In late July, the city had warned residents that the garage “may experience catastrophic failure at any time.â€
After the jump, a couple more photos of the condo campus . . . from the listing for a recent sale.
The University of Houston is buying an island on Second Life! It’ll be used for the school’s Department of Health and Human Performance and the Texas Obesity Research Center.
Plans call for an interactive campus where students and professors adopt avatars to walk (or fly) around campus or teleport to any number of thousands of other islands.
Virtual doesn’t come cheap. UH paid $1,700 for the island and pays Linden Research another $300 a month in rent.
Not cheap?? You try renting an entire campus for $300 a month. You could hardly get a dorm room for that. But the best thing about UH’s new space is clearly its high quality design.
A virtual architect designed and built the campus as a very, very loose replica of the real thing “with better architecture,†says Associate Professor Brian McFarlin.
After the jump: More views of the beautiful UH-Virtual!
How 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?
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!
