Tag: Buying and Selling

12/13/07 10:10am

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

Demolitions, Development Strategy, Land Prices, Land Sales, River Oaks

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:

77019, Buffalo Bayou, Buying and Selling, Demolitions, Development Strategy, Home Design, Land Prices, Land Sales, Memorial-Park, Modern Design, River Oaks

12/12/07 2:13pm

Tremont Tower Video: How Construction Problems Attract Foreclosure Pileups

Condos, Financing, Foreclosures, Fraud, Highrises, Mold, Montrose, Mortgages

[youtube:http://www.youtube.com/watch?v=iLqkHr77N0U 400 330]

So the actors aren’t likely to win any awards, but this new video posted to YouTube by Tremont Tower owner-victim-gadfly Heather Mickelson is notable for it’s uh . . . stirring illustration of the connection between construction-quality complaints and foreclosure train wrecks.

The Tremont is colorfully renamed “LemonTree Tower” in the video reenactment. If you’re new to the story, you’ll find better introductions to the sordid Montrose condo tale elsewhere. But if you’ve ever wondered why foreclosures seem to gather like flies around new developments that feature questionable levels of quality (and, say, water-tightness), this will make pretty good internet theater. No, the mortgage defaults aren’t the work of the millions of mold spores and the grim reaper, who together make cameo appearances in the video; they’re the ultimate result of the surefire sales techniques employed for undesirable properties — made so much easier, of course, by the subprime-mortgage boom.

Here’s the formula: Building with bad enclosure + poor disclosure = lots of foreclosure. Or just watch the video. At just over seven minutes, it’s still a lot shorter than Glengarry Glen Ross.

LemonTree Tower [YouTube]
Ownership Wrongs [Houston Press]
The Dirty Little Secret Behind the Montrose Foreclosure Hump [Swamplot]
The Collapse of 1342 Rutland [Swamplot]

77006, Buying and Selling, Condos, Financing, Foreclosures, Fraud, Highrises, Mold, Montrose, Mortgages, Tremont Tower

Braeswood

12/04/07 12:51pm

Million-Dollar Teardown: Under Market on Underwood?

Buying and Selling, Demolitions, Land Prices

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.

77030, Braeswood, Buying and Selling, Demolitions, Land Prices, Teardowns

11/20/07 11:06am

Beneath Roseneath: A Rising Tide Trims Sales

Flooding, Homes for Sale, Land Sales, Riverside Terrace, Streets

4608 Roseneath Dr., Houston

Why has this property in Riverside Terrace been floating aimlessly on the market for almost five months? Sure, it’s being sold “as is” — and the “is” apparently doesn’t merit an interior photo. But the home has four bedrooms, contains 2,875 square feet of living space, and is apparently salvageable. Plus it sits on a 11,100-square-foot lot on a “lovely, tree-lined street” in a part of town that’s been pretty hot recently, no?

77021, Buying and Selling, Drainage, Flooding, Homes for Sale, Land Sales, Riverside-Terrace, Streets

11/19/07 11:52am

Metro Chief Very Excited About Sprawl

Commercial Real Estate, Development Strategy, Freeways and Toll Roads, Katy, Land Development, Proposed Developments, Real Estate Investing, Sprawl, Transportation

Aerial View of Wolff Companies Projects Along I-10

Sure, Metro talks a lot about transportation in this city’s central districts. But a Houston Business Journal profile shows us Harris County Metropolitan Transit Authority Chairman David Wolff is also enthusiastic about Houston’s westward spread:

Many developers are building various types of commercial properties west of Houston and beyond.

The city of Katy, with an estimated population of 205,000, sits square in the path of Houston’s westward growth pattern.

“The whole city is going that way,” Wolff says. “I think Katy is going to be the next Sugar Land.”

He recalls the creation of Park 10, and how much the area has grown over the last three decades.

Says Wolff: “It was just rice fields. That was really the edge of the world then.”

After the jump, the METRO Board Chairman’s exciting projects way out west, plus how to get folks in the “next Sugar Land” to build freeway on- and off-ramps for your developments!

Buying and Selling, Commercial Real Estate, Development Strategy, Freeways, Katy, Land Development, Metro, Proposed Developments, Real Estate Investing, Sprawl, Transportation

11/14/07 4:04pm

From Mod Pad to Mold Pit in Four Years: The Sorry Saga of the Carousel House

Demolitions, Fraud, Historic Preservation, Home Design, Homebuilders, Meyerland, Mold, New Construction: Residential, Toxic Sites

9602 Moonlight Dr., Meyerland, Houston

One detail glossed over delicately in Lisa Gray’s colorful tale of the decline of Meyerland’s Carousel House, featured in today’s Chronicle: The abandoned home’s apparent awful stench. From a few would-be visitors, posting on HAIF:

The owner told me that everyone he’s taken in there has gotten sick soon after coming out. Apparently it is REALLY nasty in there. I may swing by and get some new filters for my mask.

and

i could smell “the smell” just standing in the driveway

But hey, the interior shots from just a few short years ago make the house look super fab! Built in 1964 by owner Robert Cohen, the Modern gem merited a Texas magazine feature story in 2003. Just four years, one ultra-rich attorney, one shady personal assistant, countless hookers, umpteen heroin hazes, and a couple of dozen missing exotic cars later, the house on the corner of Moonlight Dr. and Braesheather appears headed for an almost-certain but certainly difficult demolition. (15,000 pounds of steel, anyone?)

After the jump, highlights of the home from its heyday, excerpts from the sordid and fetid tale of its fall from Modern grace, and a photo of the far more up-to-date carousel that just might be built in its place!

77096, Buying and Selling, Demolitions, Fraud, Historic Preservation, Home Design, Homebuilders, Meyerland, Mold, New Construction: Residential, Toxic Sites

Bunker Hill Village

11/13/07 9:51am

Twenty-One New Houses in Bunker Hill Village?

Buying and Selling, Development Restrictions, Land Sales

Holy Name Retreat Center at 430 Bunker Hill Rd. in Bunker Hill Village The lovely and heavily wooded Holy Name Retreat Center in Bunker Hill Village is selling off 10 acres of its 20-acre property at 430 Bunker Hill Rd. The Congregation of the Passion of Christ, which operates the retreat and is based in Chicago, needs the cash “in order to meet certain financial needs, including caring for elderly members of the religious order,” reports Norm Rowland in the Memorial Examiner.

Commercial buildings and apartments aren’t allowed in Bunker Hill Village, and homesites must be at least 20,000 square feet.

Holy Name plans to sell off part of Bunker Hill property [Memorial Examiner]
Holy Name Passionist Retreat Center

77024, Bunker Hill Village, Buying and Selling, Development Restrictions, Homesites, Land Sales

11/07/07 5:31pm

Great Moments in Houston Home Marketing: The John Staub Tie-In

Home Design, Homes for Sale, Houston Architects, Real Estate Marketing, River Oaks

3740 Willowick Dr. in River Oaks by Architect John Staub

A 1955 River Oaks “country house” designed by John Staub appears on MLS just days before architectural historian Stephen Fox’s book on the Houston architect appears in bookstores. Mere coincidence? Or brilliant upper-end home-marketing technique?

There’s a slight price difference between the two: The Country Houses of John F. Staub lists for $75, though Amazon.com whacks 37 percent off of that. No telling if the sellers will accept a similar discount off the $7.495 million asking price of 3740 Willowick.

The house overlooks Buffalo Bayou and features four fireplaces, three bedrooms, and six full and one half baths — all in a single story. Yes, it looks like some ranch-house flavor got mixed in here. There’s a garden loggia and lots of trees, plus a three-car attached garage. It’s a 5,532-square-foot home on a quarter-acre lot.

The book is 408 pages long and comes in hardcover. It features photographs by Richard Cheek, and will take up just three-quarters of a square foot on your coffee table.

After the jump: the not-so-ranchy interiors.

Of the house.

77019, Books, Buffalo Bayou, Buying and Selling, Home Design, Homes for Sale, Houston Architects, Interiors, John Staub, Ranch-Houses, Real Estate Marketing, River Oaks

11/02/07 10:38am

The Collapse of 1342 Rutland

Condos, Foreclosures, Homeowners' Associations, Homes for Sale, Houston Heights

1342 Rutland Lofts, Houston Heights

Just what is it about cheaply built condos in Houston that attracts so much, uh . . . “bank interest”? According to HCAD, of the fifteen condo units at 1342 Rutland in the Heights, only six have non-bank owners — and that includes the three owned by Freddie Mac, the “1342 Rutland Lofts Council,” and an investment group. Fortunately for buyers, the financial institutions appear to have no desire to hold onto the condos for corporate housing: eight of the units are on the market, and four more are due to be auctioned off at the huge REDC foreclosure extravaganza at the Reliant Center on November 17th.

(Special bonus for foreclosure bidders: the same auction features four units from Swamplot favorite Tremont Tower!)

Sure, there’s a downturn, and maybe a few problems with some nasty mortgages, but why do so many foreclosures concentrate on a few ugly buildings?

HAIF poster Kirzania provides a few clues:

from the inspector’s findings it would appear the second level of condos was added to the top of a pre-existing building. However, the first level was not reinforced for the second story. The walls were bowed on the first level and there were evident issues of structure problems. My understanding was there wasn’t a problem with the foundation itself, but the frame of the building.

The HOA itself sounded like it was barely staying afloat; the banks owe the HOA $$$$$ for past dues but these funds are being held up in bureaucratic nonsense. I would very much reconsider even stepping foot in this place.

Let the bidding begin!

1342 Rutland St., Units 101, 102, 103, 202, 204, 205, 207 & 210 [HAR]
Huge One Day Houston Foreclosure Auction! [Real Estate Disposition Corporation]
1342 Rutland Condo [HAIF]
The Dirty Little Secret Behind the Montrose Foreclosure Hump [Swamplot]

77008, Auctions, Buying and Selling, Condos, Foreclosures, Homeowners' Associations, Homes for Sale, Houston Heights

10/30/07 10:03am

Sugar Land: New O.J. H.Q.

Commercial Real Estate, Fort Bend County, Leasing, New Construction, Office Buildings, Sugar Land

Minute Maid is moving to Sugar Land. The Minute Maid Building near the Galleria has been sold.

Should we expect added sweeteners in our O.J.?

Cameron Management, Wachovia Bank and a group of local investors recently purchased the 351,000-square-foot office building at 2000 St. James Place for an undisclosed amount.

Minute Maid, a Houston-based division of Atlanta-based Coca-Cola, will lease back 150,000 square feet of space until its new home is ready in late 2008. Coca-Cola is negotiating a lease for 120,000 square feet in an office building that Planned Community Developers Ltd. began constructing last July in Sugar Land Town Square at U.S. Highway 59 and State Highway 6.

Why not . . . Pearland? Probably less appealing.

And what will happen to the empty building on St. James after the juice is gone?

In preparation for Minute Maid’s move-out, Cameron is marketing the 12-story building, located between Westheimer and San Felipe, as the largest block of contiguous office space in the Galleria area.

Sweet.

Coca-Cola sells Minute Maid Building [Houston Business Journal]
Cameron, Coca-Cola Bless 350,899-SF Leaseback [Globe St.]

77056, 77479, Buying and Selling, Commercial Real Estate, Fort Bend County, Leasing, New Construction, Office Buildings, Office Space, Sugar-Land

Apartments

10/29/07 12:30pm

Demolition Watch: Greenbriar Chateau Apartments

Boulevard Oaks, Buying and Selling, Commercial Real Estate, Financing, Real Estate Investing

Greenbriar Chateau Apartments, 4100 Greenbriar St., Houston First, they came for Maryland Manor. And then: the Greenbriar Chateau apartments? Just what is happening to the great Mansard apartments of Houston? And what will be next on the chopping block: that birthing place of Bushitude, Chateau Dijon?

No 23-story tower has been proposed for the Greenbriar Chateau site—yet. But think of the stylistic possibilities: a Tuscan shopping center . . . or taller, vaguely turn-of-the-century New York-ish apartments. Sure, it’s more than three-and-a-half acres at the northern edge of Boulevard Oaks, but really, it’s those mansards that have to go.

A local investment group has obtained a $10-million loan to buy the 145-unit Greenbriar Chateau in the near southwest submarket. Given the location, it could end up as a conversion into a higher-density project.

Bammelbelt LP bought the complex, built nearly 40 years ago at 4100 Greenbriar St., a prime infill location within minutes of Rice University, Hermann Park and the Texas Medical Center. Sources familiar with the area say rising land costs for infill sites could prompt similar deals by investors buying aging properties as land plays.

Swamplot readers: is this your home? When you get that little slip in your mailbox, let us know.

Pre-Emptive Strike Takes 145-Unit Infill Asset [Globe St.]
Home builder tries commercial [Houston Chronicle]

77098, Apartments, Boulevard-Oaks, Buying and Selling, Commercial Real Estate, Financing, George W. Bush, Real Estate Investing, Style

Avondale

10/24/07 8:23am

Avondale West: Do Not Bother

Buying and Selling, Demolitions, Historic Districts, Historic Preservation, Homes for Sale

Lots for Sale on Avondale, Stanford, and Westheimer in New Avondale West Historic District, Houston

Here’s one of those great coincidences that makes watching Houston real estate so much fun:

Avondale West just became Houston’s newest historic district! But . . . uh, it’s not a protected historic district.
A big chunk of Avondale West is for sale! Adjacent lots 600, 606, 610, and 614 Avondale are in the new district; 520, 524, and 528 Westheimer aren’t. Together, they make

a total of 52,400 square feet in the heart of Montrose with frontage on Westheimer, Avondale and Stanford. Do not bother tenants, do not walk property with out notifying listing agent!

Asking price: $5 million. Being able to tell your new neighbors that you can tear down whatever history you want in their new district after 90 days: priceless.

Avondale West city’s ninth historic district thanks to property owners’ three-year effort [Houston Chronicle]
606 Avondale St. [HAR]

77006, Avondale, Buying and Selling, Demolitions, Historic Districts, Historic Preservation, Homes for Sale

10/12/07 12:01pm

Due Today: Bids for Piney Point Party Hall

Homes for Sale, Piney Point Village

The Party House That Might Have Been City Hall for the City of Piney Point Village, Texas

Remember the $1.53 million party house the City of Piney Point Village bought back in April? The one it wanted to use as City Hall, because City Hall was being kicked out of a strip center outside city limits? Remember how Mayor Carol Fox was all excited about it, and didn’t think they’d even need to redecorate? And how local residents were all upset about a City Hall in a Party Pad moving into a quiet residential neighborhood and having visitors park in a church lot across the street? Sure, the place looked cool, but what would it be like holding police court in the pool room?

Well, it didn’t work out. The mayor backed down, City Hall moved to a third-floor suite in an office building on Woodway, and the house was put back out on the market for bids, which are due today. There were 30 showings, but only three bids had come in by Monday. How will Piney Point Village do on its city hall flip? Stay tuned!

Most of the fun throughout this adventure, of course, has been eavesdropping on politicians trying to play the housing market:

Councilmember John Ebling asked the council to allocate about $3,500 for painting and minor repairs to make the house more attractive to potential buyers. Councilmember Susan Jones objected, saying that most buyers want to do their own painting.

Council opening bid Friday for Piney Point house [Memorial Examiner]
Kicked Out of Strip Center, City Hall To Move to Area House, Spook Neighbors [Swamplot]
230 Blalock [HAR]

77024, Buying and Selling, City Hall, Homes for Sale, Piney-Point-Village

10/10/07 2:20pm

Attack of the Sign Bandits!!!

Real Estate Marketing

For Sale Sign on Tree off 288 North

Attention billboard hobbyists: The City of Houston has temporarily lost control of its sign ordinance.

Jim Moriarty, the attorney handling the case for the city, called the current situation a “disaster.”

“Somebody could take a 200-foot banner and run it across I-10,” he said. “It could say ‘Fred’s Cleaners,’ or ‘Out of Iraq Now,’ or whatever.”

The city’s motion suggested that people already are taking advantage of the injunction. Inspectors have noticed banner signs strung casually on roadside poles and electronic signs blinking and scrolling “at a rapid pace,” according to an affidavit by Susan Luycx, division manager of sign administration.

Under the ordinance, electronic messages can only change once every five minutes, to prevent driver distraction.

“We believe the court has made an error,” Moriarty said. “That doesn’t mean that Houston should become the Wild West in regards to signs.”

Sellers of real estate (especially those of you in the ten-gallon hats): You know what to do. Now is your chance.

After the jump, another bandit sign spotted only hours ago near IAH—on wheels!