An amused reader points Swamplot to the HAR listing shown above for a newly discounted home in Bridgeland. Conveniently, HAR highlights MLS listing price drops — and the occasional price correction — of a certain weight. And which one is this? The price for this 4-year-old “hardly lived in” 4,061-sq.-ft. home was adjusted downward by a little more than $4 million on . . . April Fools Day.
A reader notes that the little Piney Point Village add-on project that TV executive Douglas R. Johnson and his then-wife Melanie bought in 1996 as a 6,000-sq.-ft. starter home is back on the market with a new agent, a new set of photos, and a new price that’s 60 percent lower than the original. But is that an air of desperation wafting up from the listing?
BUY NOW FOR HALF THE COST TO BUILD~ONLY A FEW DAYS LEFT FOR THIS OPPORTUNITY~ALL OFFERS CONSIDERED!
C’mon everybody, that’s more than 23,000 sq. ft. now for only . . . $8 million! What will you do with all the money you save?!!
How about hiring the domestic staff that’s gonna be hard at work dusting and polishing this:
It’s not looking good for the few remaining low-slung postwar Ranch homes on Banks St. in once-aptly named Ranch Estates, in the northeastern stretch of Boulevard Oaks. Last year architect Karen Lantz took apart the Ranch at 1514 Banks, piece by piece. Three more of them have been idling on MLS for months, two at what the sellers consider lot value. The third, at 1515 Banks (pictured above), isn’t priced a whole lot higher, but it’s been out there since September of last year, shedding $50K from its initial $599,950 price tag. Will the owners even get back what they paid for it 15 months before putting it on the market?
Now that photos have been posted — and the asking price has been chopped a full 7 percent — the whole world gets to peek inside the full-floor condo in The Huntingdon that belonged to Enron founder and CEO Ken Lay and his wife Linda. The buildout on the 33rd floor of 2121 Kirby Dr. was designed in the late nineties by Houston architect Leslie Barry Davidson, who’s proven herself versatile in many historical styles that pre-date highrise construction. But the listing photos show what looks like a glum castle retreat for a king and queen who’ve lost their jester.
Oh, but those 360-degree skyline views of Houston! And really, with angry investors and Californians likely to approach from any direction, you’d maybe want a hideout with 4 good corner balconies, just so you can assess the risks:
A reader declares that this home “has got to be the largest original home in Lazybrook/Timbergrove.” And:
This is the highest quality of wood paneling I’ve seen in a home in Timbergrove/Lazybrook, and I’ve never seen the wood beams. Too bad the house is so disorganized inside, I’d love to see it fully furnished and cleaned up. An nice little step back into time.
How far back? This 5-bedroom home — on almost half an acre in the upper left armpit of the 610 Loop — was built in 1968.
A reader brings our attention to a little adjustment that’s been made to the asking price of the property at 301 E. 10th St., a house in the Heights that was the focus of a Swamplot Price Adjuster feature a couple of months ago. With the apparent encouragement of many of our readers, the price was cut from $600K to $450K — just before the end of the year. Any takers now?
If we’re going to feature more properties on the Swamplot Price Adjuster in the coming year, we need your nominations! Find a property you think is poorly priced? Send an email to Swamplot! Be sure to include a link to the listing or photos. Tell us about the property, and explain why you think it deserves a price adjustment. Then tell us what you think a better price would be. Unless requested otherwise, all submissions to the Swamplot Price Adjuster will be kept anonymous.
A reader notes that a few of those new Villas at the Heights townhouses from Northgate Custom Homes, built “right on the railroad tracks on Heights Blvd, backing up to the recycling center” are now sporting new — and much lower — asking prices:
The most extreme price reduction on one went from $365k to $299k. There are now 5 units for sale with prices ranging from $289k to $309k. They are getting there, only another $40k to go before someone might actually look at them!
Front-row train-side Unit M — featured in Dave McC’s famous video below — seems to have taken a break from MLS, but it’s still listed on the Northgate website for just $299,900!
More than 6 reductions over the last 2 years mean you can now snap up this 20,000-plus-sq.-ft. Piney Point megamansion for less than half its original $19.9 million asking price. The spread belongs to Douglas R. Johnson and his wife Melanie, who divorced a year and a half ago, reports the Chronicle‘s Shelby Hodge:
The house began as a 6,000 square-foot teepee sitting in the middle of a lush wooded acre on Arrowwood. We are told that the couple pumped $16 million worth of expansion and improvements into the place. Eight bedrooms, 10 bathrooms, three half-baths and a paneled wine room and bar dating from the 1920s are part of the package. And did we mention the vast third-floor entertainment area that features a lavish theater center, game room and bar?
According to the divorce decree, Melanie and the boys get to live in the house until it sells. The judge gave Doug the right to control that sale. He priced the property at $19 million — unheard of in the Memorial/Piney Point neighborhoods. There was little interest. Melanie went back to court recently and secured rights to control the sale herself. And how things have changed.
According to MLS records, the home went on the market in April of 2007. Its most recent price cut — just a few days ago — was a mere $3.4 million.
Until his Johnson Broadcasting Co. filed for Chapter 11 bankruptcy last October, Johnson was listed as the sole owner of KNWS, local TV’s Channel 51. Johnson also filed for personal bankruptcy, but reportedly told the Chronicle at the time that it all had to do with the divorce.
How’s this home doing in the ratings? Well, the listing puts it at about 26,214 sq. ft., but the appraisal district only counts 21,240. But even that lower figure is enough to get the home onto Wikipedia’s list of the largest single family residences in the United States.
The home’s price may be down, but the commission is now up to 12 percent. And the photos sure make it look like the volume is still turned way up:
The reader who first brought that humongously discounted house in Timbergrove Manor to our attention earlier this spring writes in to report that the tall courtyard home’s asking price has been further reduced. The 6,000-sq.-ft. home at 6204 Queenswood Ln. was originally listed for $1.8 million, but was cut to $1 million in April.
As of last week, the home has been relisted with an even-further-reduced price: $749,999. Why the continuing freefall? Writing in May, a commenter on our earlier story offered some details:
. . . the listing agent indicated that the home had sustained water damage during Ike due to broken windows. She also let me know that the home would soon be going into a short sale, which is now listed on the Agent side of the MLS Listing. . . . Unfortunately, the home did suffer major damage, which in reality looked like the roof leaked throughout the house. The sheetrock has been removed from all ceilings and top ¾ of the walls on the entire second floor. All the molding has also been removed throughout the house. The floorplan is amazing with large rooms, wide hallways and high ceilings. It is really an amazing place!
The photos in the new listing are considerably different from those in the first, and reveal some of the extent of the damage. Here’s the latest view of the central courtyard, scene of that dramatic waterfall:
The Swamplot Price Adjuster needs your nominations! Found a property you think is poorly priced? Send an email to Swamplot, and be sure to include a link to the listing or photos. Tell us about the property, and explain why you think it deserves a price adjustment. Then tell us what you think a better price would be. Unless requested otherwise, all submissions to the Swamplot Price Adjuster will be kept anonymous.
Location: 8906 B Memorial Dr., Bayou Woods
Details: 7 bedrooms, 5 1/2 baths; 7,521 sq. ft. on a 25,740-sq.-ft. lot
Price: $1,650,000
History: On the market for more than 2 1/2 years. 8 separate price reductions, totaling $925K. Just cut $100K at the beginning of this month.
Says the nominator of this home:
This place is just too much. Really. I mean … 22 ft. ceilings in the Living Room? Who’s got that much of a swelled head? And 2 separate game rooms? One of them has its own kitchen and dining room! I think “built for builder” says it all.
But what do I know? At only 7,500sf maybe it’s not grandiose enough for the new Bayou Woods.
I don’t really know much about this place, but it sure has been hanging around on the market for awhile.
What should the price be?
The Lone Star College System’s $42.2 million purchase price for that chunk of the former Compaq campus it closed on last month turns out to be $100 million less than the amount it had offered to Hewlett-Packard for the property a year earlier, reports Wall Street Journal reporter Maura Webber Sadovi. A few more tidbits from her report on the second-largest office purchase in the U.S. so far this year (The auction of Boston’s 1.8 million-sq.-ft. Hancock Tower for $660 million in March was the biggest):
The $35-a-square-foot price Lone Star paid was below the $57 average paid for the few suburban Houston office properties sold in the first quarter of 2009 and a deep discount to the $145 per-square-foot suburban average in the year-earlier first quarter, according to Real Capital Analytics, a New York-based real-estate-research firm.
Expect to see administrators of the Lone Star College System (known until recently as the North Harris Montgomery Community College System) lounging around in some of the executive furniture HP threw into the deal at the last minute as well. How did they strike this bargain?
Why oh why won’t anyone buy this Timbergrove Manor pleasure palace? A Swamplot reader writes in to note that the 6,000-sq.-ft., 5-bedroom home at 6204 Queenswood Ln. — “the biggest house by far in Timbergrove” — endured a rather dramatic price cut recently.
The home has been listed since last August — presumably during construction — for a whopping $1.8 million. As of late April, though, it’s been available for just $1 million! That’s a reduction of about two neighboring houses!
This 1,300-square-foot, 2-bedroom, 2-bath home planted in a lot-sized subdivision in Shady Acres called “Cottages in the Heights” just shed $5K from its asking price and is resting at $184,000 after a month on the market. But Heights home shopper John Whiteside still isn’t buying it:
These things always seem like the real estate equivalent of conjoined twins with birth defects. “I’m sorry, ma’am, but your children are stuck together, and their garage doors are bizarrely oversized, and their internal organs are jumbled around in unfortunate ways.â€
Sell! Sell! Sell! screams the grand central Living Room of this 6,495-sq.-ft. wonder (seen here from the entry) in pond-spotted but down-to-earth Royal Lakes Manor. And really, it does look like the builder was able to get a rather comprehensive new-home design-cliché package to fire on all cylinders.
Sadly, all the entry melodrama hasn’t been drawing the buyers. The 2-story house — which looks to be about halfway between Sugar Land and Richmond, south of 59 — was completed in 2007, and originally listed for $1.2 million. The following May the price was cut to $1.1 million, then later listed with another broker for $1,025,000. By July, it was down to $949,000. It’s been listed with the current broker — at $899K — since last December.
The last time the peachy little townhouse-by-the-freeway at 2232 Riverside Dr. was available for sale — in the good ol’ boom-boom days of May 2007 — the owner refused to make any repairs on the property, which was listed for sale at just under $500K. What’s up with it now?
A good year after it was sold (for a much lower price, about half[!?] of what someone paid for the next-door unit just a few months later), the 2003 townhouse with the front-row view of 288 went back on the market! And it’s still there.
