Comments on: Tremont Tower: How Bad Could It Be, Really?

By: GoogleMaster

GoogleMaster — Thu, 30 Oct 2008 23:33:09 +0000

I was curious, so I visited HCAD and did a little research. Then I broke them down by where the owner’s address is. Finally, I grouped by owner name to see how many multi-unit owners there are.
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Of the 76 units:
Owner’s addressNumberPercentage
3311 Yupon 29 38.2%
77006/019/098 7 9.2%
other Houston 24 31.6%
other TX 6 7.9%
other US 10 13.2%

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(Apologies for crappy table format.)
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Robert D. Boutell must be some kind of sucker. He and his Westor Enterprises LLC own 11 of these worthless things.
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In total, 36 of the units are owned by a person or entity that owns more than one of them. That number includes one owner of six units whose address is listed as 3311 Yupon #whatever.

By: surviving

surviving — Thu, 30 Oct 2008 22:56:14 +0000

i think once the mort fraud/and bad rep have passed us in a couple of years, i think this place will be a great place. time has shown that the”hype” around the shoddy building was just that, hype. sure there were problems, but not like it was made out to be.

for those who want to compare building materials and labor skills to homes built 50 years ago, you need to go shop the market. the prices those things command along with the cost of the land, make it cost prohibitive to build anything that someone can afford. why do you think there are so many people that make money “reclaiming” material from old homes?

By: GoogleMaster

GoogleMaster — Thu, 30 Oct 2008 22:32:03 +0000

many people are moving in
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I beg to differ. I think many people are purchasing, but I doubt that many are moving in. If you drive by the place in the evening, perhaps only five condos show any signs of life at all. I drive that stretch of Westheimer quite frequently, at times ranging from 7pm to 2am and everywhere in between, and for all I can tell, it might as well be a hollow shell of empty staged condos. Only a handful of them have any furniture, plants, bicycles, or other common objects on their balconies. Only a handful of them ever have any lights on.
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I bet most of the recent purchases are out-of-town “investors” still trying to flip and make money.
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Please visit the sources that Jordan has provided, or google tremont+tower+lemon. These places are probably in WORSE condition than the 50yo complexes you’ve compared them to.

By: Adam

Adam — Thu, 30 Oct 2008 20:47:15 +0000

GoogleMaster says:

“Wow, you aren’t kidding, there have been 47 sales at 3311 Yupon in the past two years, most of those in 2008. Plug in the address on HAR.
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How much of a risk are you willing to take? Take a look at the sales history for unit 514:
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$525,000 - 600,000 05/10/2007
$90,000 - 120,000 05/16/2008
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That’s a 77-85% haircut right there! Ouch!”

It would have been ridiculous to think those condos were worth $330+.

But have you seen what you get for $90,000 in the city. Some other piece of crap foreclosure.

Some others I looked at were in 50+ year old complexes that needed severe updating, and were around 600ft^2… for $90,000.

At this price, it’s worth a chance… If I was the only one looking to buy here, I would understand, but many people are moving in.

While the prices would not increase until the foreclosures move out, that is becoming a likely possibility.

And, what’s with the issue that the windows don’t open? If the building has air cirulation problems, I understand, but that has nothing to do with fixed windows. Many office buildings, homes, etc. use fixed pane windows.

By: Heather

Heather — Thu, 30 Oct 2008 15:09:20 +0000

When I purchased at Tremont, Lehman Brothers financed the sale…and look at the mess they’re in. Michael - You praise the many windows at Tremont, but are you aware none of them open up?

By: GoogleMaster

GoogleMaster — Thu, 30 Oct 2008 03:39:28 +0000

Adam,

I cannot find a lender who will finance Tremont Tower because of the past fraud issues.

That right there ought to make you run screaming away from the place. HUGE RED FLAG. Please do yourself a favor and do your homework.

The best thing for Tremont Tower would be a wrecking ball. Or a hurricane or an earthquake.

By: Jordan Fogal

Jordan Fogal — Wed, 29 Oct 2008 23:39:50 +0000

I can not believe I still get phone calls and emails about buying and leasing Tremont Tower and Hyde Park. There is enough information out on the web to raise enough red flags to start a fire. Yet EVEN when mortgage companies refuse to lend money …People still are trying to find away to buy defective, substandard property. If they want it that badly I hope they find some lender dumb enough… to lend money on…. probably the most foreclosed on properties in Houston? There are three in foreclosure right now at the tower and two I believe at Hyde Park. Does anyone go to realty trac? Do these people not read or do they just not comprehend? We have try so hard to keep others from being hurt, but it is as if they are some sadomasochist out there that just can not help themselves.
We have written repeadly… if the mortgage fraud, just in Houston, Texas was exposed… it would make Enron look like a parking ticket….
We were surpose to be in the appeals court next month, after they have held us hostage for over a year and Monday they canceled with no explaination or hint of when we will be back on the docket.
We got into this night mare in 2002 and will die before we get out. Is that really what people want? If so, please, you be us… we will be you and about to make the decision that has reaked such unhappiness in so many hundreds of lives. We wish we could go back, roll back the clock and have all the money they cheated and stole from us.
We also would like to have the last five years of our lives back.
I do not mean to be rude but what does it take? I do not understand?
Jordan Fogal

By: GoogleMaster

GoogleMaster — Wed, 29 Oct 2008 23:09:16 +0000

Adam says:
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I know that there have been serious problems, but many units have been sold this year, and I’m willing to take a risk.
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Wow, you aren’t kidding, there have been 47 sales at 3311 Yupon in the past two years, most of those in 2008. Plug in the address on HAR.
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How much of a risk are you willing to take? Take a look at the sales history for unit 514:
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$525,000 - 600,000 05/10/2007
$90,000 - 120,000 05/16/2008
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That’s a 77-85% haircut right there! Ouch!
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It would really suck to be the person who paid $800K-1M in April of 2007, and watch all of the units around you sell for 1/10 of that price 18 months later.
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These things are selling for less than $100/sqft, most of them. Of course, they’re probably all foreclosure sales. I seem to recall a Chron listing of foreclosures by ZIP code, and this building was one of the highest, and the Remington/Renaissance/whatever it’s called at 2111 Welch was another.
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There’s even one sale in the $50-60K range. How fun!

By: Adam

Adam — Wed, 29 Oct 2008 21:03:08 +0000

Michael Edwards,

Who did you use to finance your condo?

I know that there have been serious problems, but many units have been sold this year, and I’m willing to take a risk.

I cannot find a lender who will finance Tremont Tower because of the past fraud issues.

Your help is appreciated.

A name/company name and website would work.

Thanks,

Adam

By: Gus

Gus — Wed, 20 Aug 2008 19:05:08 +0000

Dear Emily,

Welcome to Houston!

By: Emily

Emily — Wed, 20 Aug 2008 18:54:04 +0000

i am also discussing renting out a unit at the treemont location. i just recently came across them and a good friend of mine called me today and told me to google them. since then, i’ve come across some pretty interesting information. i found their information on har.com. i would imagine har wouldn’t post properties for lease if they were in question? but then again i could be wrong. the unit was really nice and the price is good. although, i wish i knew whether mold remains a problem. hmmm….

By: b

Thu, 26 Jun 2008 16:52:59 +0000

id be interested to know who your landlord is and his contact information. im investigating several other fraud schemes surrounding this building.