Archive for December, 2009

Single-Family Home Sales Remain Strong throughout Montgomery County

Thursday, December 31st, 2009

Montgomery County, and its pride and joy, the Woodlands, continue to post strong home sales for a second, consecutive month, leaving many industry analysts and realtors hopeful for a rebound in the local real estate market.

Government Tax Incentives Encourage Growth

Much of the rise in home sales has been credited to the government home-buyer incentives. Many local realtors have noted that there are a large number of first-time homebuyers ready to jump into the home buying market so that they can claim their $8,000 federal tax credit.

In fact, it is the federal tax credit that is partly responsible for the 20 percent increase in home sales in October (compared with sales from the same month in 2008), according to the Houston Association of Realtors.

There were 510 homes sold in Montgomery County in October 2009, compared to just 425 homes in October 2008. September sales were 30 percent higher compared to September of last year. The increased number of homes sales in September, however, was expected because of Hurricane Ike, which destroyed homes sales in September 2008.

The increase in home sales in October, however, was undoubtedly a result of the government tax incentive.

The Woodlands, Magnolia

Although the numbers were positive for all four areas of Montgomery County, the Woodlands and Magnolia posted some particularly impressive numbers.

Closed sales for these two areas were over 21 percent higher in October of this year than they were in October of 2008. There were 279 homes closed last month, compared with just 230 in October of 2008. Total dollar volume also increased for the Woodlands and Magnolia nearly 19 percent to $72.7 million.

New Home Sales

New homes sales continue to struggle, however, although this is also expected to steadily improve, particularly in the first quarter of 2010. The Woodlands issued a total of 2,059 single-family building permits as of September 2009, while 3,539 total permits were issued in 2008.

Other areas of Montgomery County also saw positive signs in the real estate market. Lake Conroe, for example, saw a 2.4 percent increase in home sales from October 2008 to October 2009. Year-to-date sales are up 0.9 percent.

The New Caney-Porter-Splendora area remains the leader in closed sales, with a year-to-date increase of 1.2 percent and a month-to-month increase of 50 percent.

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Spotlight on: Highland Tower in Houston’s Galleria Neighborhood

Monday, December 28th, 2009

Houston Condos, Highland Tower

Highland Tower is one of Houston’s newest residential condo buildings. Comfortably situated in the upscale Galleria section of Houston, Highland Tower is located within the 610 Inner Loop, thereby making it a prime residence for Houston professionals. In fact, Highland Tower is marketed to Houston’s young professionals.

Rising 17 stories, Highland Tower boasts 96 condo units, along with a 15th-floor penthouse, which offer a great array of floor plans and designer touches. The condo residences of Highland Tower feature either one, two or three bedrooms, and the square footage ranges from 825 to 2,134.

Condo Features and Amenities

All of the residences of Highland Tower feature many, upscale amenities and features, including floor-to-ceiling glass, sweeping Galleria views, European cabinetry, stainless steel Bosch appliances and exotic natural stone countertop and tile surfaces.

The ceiling heights for the homes of Highland Tower are at least 10 feet (the penthouse unit features 11-foot ceilings); all residences have security systems with keypad entry; all homes are pre-wired for sound systems; and all homes have either oak or cherry hardwood floors. The master bathrooms of the homes all include large bathtubs with stone surrounds, Kohler faucets and marble countertops.

Building Amenities and Features

A fifth-floor terrace is just one of the countless building amenities that are afforded to the residents of Highland Tower. The terrace, which provides lovely views of the Galleria, boasts a gorgeous, infinity-edge swimming pool, along with an outdoor pavilion, a barbeque grill, outdoor fireplaces, and plenty of green space, complete with fountains and paved courtyards.

Other amenities found on the fifth floor include a state-of-the-art fitness center that overlooks the swimming pool; a dining room with a catering kitchen; a private party lounge; and a private massage therapy room. The entrance lobby of Highland Tower is beautifully decorated and appointed with fine furnishings, while the private lounge features beautiful furnishings, a flat-screen television and a large serving island.

Highland Tower also includes a secured entry, a private entry drive, complete with a covered porte-cochere drop-off lane, private parking for guests, and private garage parking for residents.

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Why River Oaks Real Estate Continues to Reign Supreme

Monday, December 21st, 2009

River Oaks is undoubtedly one of the most affluent communities in Texas, if not the nation. This highly desired community, which enjoys a prime location in the geographic center of Houston, is bordered by the communities of Upper Kirby, Montrose and Memorial Park, and is just minutes from downtown Houston.

River Oaks Location

River Oaks also enjoys a close proximity to the Greenway Plaza, Houston’s Central Business District, the Galleria, the Medical Center and a beautiful array of culturally significant sights, including many museums and theaters.

It is because of its outstanding location in Houston that River Oaks has become one of the most highly sought after communities in Houston. In fact, many of Houston’s top business, political and social leaders call River Oaks home.

Some of the neighborhoods in River Oaks include Avalon Place, Lynn Park, Oak Estates, Highland Village and Afton Oaks.

River Oaks Homes

Architectural magnificence is everywhere you turn in River Oaks. This exclusive neighborhood is adorned with some of the most expansive mansions and sprawling estates in Houston. It is not uncommon to see massive estates, complete with pristine manicured lots.

River Oaks maintains its position as one of Houston’s premier communities because of its strict deed restrictions and ordinances, both of which are strongly enforced by the River Oaks Property Owners Association. These comprehensive deed restrictions prevent the onslaught of commercial buildings and multi-family housing, thereby allowing this community to remain the upscale bedroom community that it is.

River Oaks Real Estate

Most of River Oaks boats traditional architecture, although there is certainly a nice array of modern styles that grace this affluent community. Many of the homes throughout River Oaks were designed and built by some of the most nationally recognized architects of their time.

The average price for a home in River Oaks is well over $1 million, and the average home in River Oaks boasts nearly 3,700 square feet of living space. Most lots in this community exceed 11,000 square feet, thereby adding to the exclusivity of this Houston neighborhood.

There are some homes in River Oaks, however, that are priced under the $500,000 mark. These are primarily older homes on smaller lots. It is not uncommon to see older homes in River Oaks being torn down in favor of more palatial estates.

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Downtown Houston’s Holiday Happenings

Monday, December 7th, 2009

There is no better way to get into the holiday spirit than by partaking in one of Houston’s many holiday events. So, what are you waiting for? Dig that Santa hat out of the closet and head out to enjoy the holidays, Houston-style!

Downtown Houston is Transformed!

Get started on your holiday adventure by heading downtown and seeing the transformation of Main Street Square into a virtual winter wonderland! From the monstrous lighted trees and oversized snowflakes to the cool peppermint stick displays that make your sweet tooth ache just by looking at them, downtown Houston is all-things Yule.

Best of all, this giant holiday light display is free of charge! So, if you’re tight on money but big on holiday cheer then it pays to head over to Main Street Square; it will surely put a little fa-la-la in your step!

Tree Lighting Ceremony and Holiday Parade Usher in the Holidays

The tree-lighting ceremony at the Wortham Theater Center and the H-E-B Holiday Parade are just two of the reasons why so many Houstonians have flocked to the downtown district every year during the holidays.

New Downtown Attractions Delight Visitors of all Ages

In addition to downtown’s dress-up for the holidays, there are also two, new downtown attractions that are gracing the area: the Houston Pavilion shopping and entertainment center and Discovery Green Park.

A beautiful, 7,200 square-foot ice skating rink lures skaters to the Discovery Green Park, and the weekly movie night is a great way to spend the evening enjoying Houston’s warm, outdoor temperatures. Weekly movie nights run every Thursday through January 18.

The downtown district is also offering free trolley rides to and from several downtown locations throughout the holidays to alleviate parking troubles. Trolley stops include the Wortham, City Hall and the Shops at Houston Center, and the free rides continue through the last weekend in December.

The Downtown District spent about $200,000 on holiday decorations this year, although they will certainly be worth the expense as Houstonians and tourists alike begin relishing in the holiday experience throughout Houston’s vibrant, dynamic downtown district.

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Tips for Taking Advantage of the Home-Buyer Tax Credit

Thursday, December 3rd, 2009

Are you ready to get off the sidelines and make the leap into homeownership? If so, then you’re not alone! The home-buyer tax incentive, which was recently extended until April 2010, has motivated many first-time homebuyers to purchase their first West University home, and the market has increased home sales to show for it.

houston-home-buyer-tax-credit

The government tax credit is an excellent opportunity for many homebuyers, but there are a few things you should consider:

  • Although the tax credit has been extended into 2010, don’t wait until the last minute. You will have much better luck finding the right West University home if you take your time and begin searching now, instead of a month or two before the deadline.
  • See a lender and get preapproved before you even begin searching for a Houston property. It doesn’t make much sense to begin your home search if you don’t know how much home you can afford and if a bank will approve you for a mortgage at this time.
  • Pay close attention to your credit score. Although the government tax credit is encouraging new buyers, it’s still important to note that the credit sector is still enforcing tough lending standards. Order copies of your credit report to clear up any discrepancies, pay down some of your debt, and don’t take out any new loans until after you close on your home loan.
  • If you are selling a home, price it right –from the beginning. Don’t let the recent spike in home activity fool you; it’s still a buyer’s market. So make it easy on yourself and price your home aggressively so that you can sell it and move on.
  • Continue to pay close attention to mortgage rates. Although mortgage rates are low right now, they may very well start creeping back up next year. And a small rise in mortgage rates can mean a large rise in your monthly mortgage payment.
  • Be careful of purchasing a short sale. The process of buying a short sale can be a long one, particularly when you are dealing with the tax credit deadline. Because the process of purchasing a short sale can be quite lengthy (and frustrating), you may want to think twice about buying a home in short sale.

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Where is the Downtown Houston Condo Market Heading?

Wednesday, December 2nd, 2009

Houston, we have a problem: Downtown Houston’s high-rise condo market is still struggling.

The single-family home market in Houston has started to see signs of improvement, but the high-rise condo market is still waiting to hit rock bottom.

downtown-houston-condos

It is now common to see downtown Houston developers either scratching plans for new developments or renting out their high-dollar condo homes because they simply can’t sell them.

Sales and Prices Continue to Fall

In fact, sales and prices of condos in Houston’s Inner Loop have consistently fallen every quarter for the past two years. For example, according to the Houston Association of Realtors, the last quarter saw sales plummet nearly 17 percent from the same period in 2008; prices were also down 20 percent during this time.

Although Houston’s downtown high-rise market is suffering, it still doesn’t hold a candle to areas like Miami, where there are tens of thousands of units sitting vacant, unsold. In contrast, there are currently 486 unsold condo units in Houston.

The Problem in Houston

Unlike other areas of the country where property values went through the roof because of overzealous investors, many of the developers in Houston simply misread the demand for high-rise condo living. Many developers, as a result, have since pulled out of the market after having nearly no luck in pre-selling their condo units.

Many developers in Houston were thrown off course when they began to set their sights here, mainly because of Houston’s thriving population and success in the energy industry. What they didn’t consider was that many Houston residents were instead choosing single-family living over high-rise condo living because of the large price difference.

Lending Woes

The lending market didn’t help matters in Houston, either. Because of the countless condo loans that went sour, lenders became hard-pressed to offer financing for high-rise Houston condos; particularly the very expensive ones. Government-backed lenders also changed their rules regarding condo loans, thereby making it nearly impossible to land financing for a condo.

Amazingly enough, however, there are many industry analysts who say that, despite the woes of the high-rise condo market, the market in Houston remains strong.

Many high-rise condo developers are reporting an increase in sales, including Edith Personette of Highland Tower. She reports that units in this new, 16-story building have begun selling once again.

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