A Closer Look at your Personal Finances

First thing’s first: before you think about applying for a home loan you have to take a good look at your personal finances. The biggest factor when determining how much home you can afford is your income. However, a lender will ultimately determine your ability to obtain a home loan once they figure out how much you earn versus how much you want to borrow.

Your Monthly Income

So, your first step before heading to a lender is to determine your monthly income. Any documented income should be considered, including both regular and intermittent income; don’t forget to include income from alimony, lottery winnings, real estate and stocks, as well. However, if you are unable to document your income and it doesn’t show up on your taxes, you will likely not be able to use it as a source of income when purchasing a Montrose home.

Your Monthly Debt Obligations

Next, you will need to calculate your monthly debt obligations. Any type of monthly debt should be considered, including; credit cards, auto loans, installment loans, personal loans or any other monthly obligations, such as alimony or child support. Debts that are expected to be paid off within six months generally do not need to be included in your monthly debt amounts.

Once you have your monthly income and your monthly debt payments you can better get an idea of how much home you can afford, and if you can afford that perfect home you want.

Keep in mind that your monthly housing expense should not total any more than 28 percent of your gross monthly income. All taxes and insurance should be included in that 28 percent. If you exceed that percentage, your lender will likely tell you that your debt-to-income ratio is too high to secure a loan.

Before you head to a lender, gather together all of your financial information so that a loan officer can better guide regarding the amount of house you can afford.

The Luxury of the Empire

Although luxury real estate in Houston is varied when it comes to condo living, there is one condo building that we find particularly special when it comes to luxury: the Empire.

Beginning with its outstanding design aesthetics, it is immediately clear that the Empire boasts luxury living in Houston. Inspired by the classic architecture that one would see in New York, the Empire is a beautiful mix of modern detailing and old-world styling. Oak trees line the drive to the entrance, which is impressive in itself due to the lovingly landscaped motor court, but the grand entrance is sure to impress.

Unparalleled Amenities and Services

The Empire, which is ideally situated next to some of Houston’s most well-known landmarks, is also known for its outstanding amenities and services, starting with its concierge services. The views of the Empire are almost as impressive as the amenities, as residents are afforded lovely views of the surrounding water wall and the lakes on Post Oak.

Nothing about the Empire is typical, and that includes its residences and amenities. Some of the resident amenities include: an oversized swimming pool, whirlpool spa, and a private movie theater with a kitchen and a bar.

The units at the Empire feature both condos and lofts. All homes feature soaring ceilings and large, open spaces. The lofts of the Empire boast 18-foot ceilings, while the flats feature ceilings of nearly 12 feet. There are also penthouse units and all of the units feature either balconies or terraces, thereby ensuring lovely, sweeping views of both Houston’s Uptown District and downtown Houston.

The downtown Houston condo market is made up of many types of condo living, including low-rise, high-rise and loft homes, and the prices are quite varied as to attract a variety of buyers. But what the downtown Houston condo market has in common is that all of the residences here enjoy a fantastic proximity to Houston’s thriving business sectors and international business.

Sure, life is good if you live and work in downtown Houston, but what about your time off work? Well, for downtown Houston residents, play time is loads of fun, too. If you are looking to purchasing in the downtown Houston condo market, you must check out the many sites and attractions here that draw millions of visitors every year!

• Downtown Aquarium – Houston’s Downtown Aquarium is home to a myriad of amazing sea creatures. From the Sunken Temple exhibit, where you can view the ancient Mayan culture, to Shark Voyage, where you can get a glimpse of the ocean’s most fierce predators, this aquarium also features outdoor attractions, such as the 100-foot Diving Bell Ferris Wheel and the Dancing Fountains.
• Houston Zoo – Of course, a day of leisure in Houston could not be complete without a trip to the Houston Zoo. Covering nearly 55 acres, the Houston Zoo is home to more than 500 species of animals. Some of the great sites to see while at the Houston Zoo include the Tropical Bird House, the Wildlife Carousel and a rate American Alligator names Blanco.
• Market Square Historic District – Commonly thought of as by Houstonians as the heartbeat of downtown Houston, Market Square features 19^th century architecture and a decidedly old-world style feeling. Take the time to visit the many quaint bistros and restaurants and head to Spy, the fantastic dance club popular among the young professionals. Don’t leave Market Square without a relaxing stroll in the park, either!
• Museum of Fine Arts – If you’re looking for an afternoon of culture, then you must visit the Museum of Fine Arts in Houston. With more than 45,000 works of art over 300,000 square feet of space, the Museum of Fine Arts is the fifth largest museum in the country.

Remember: the Houston condo market is a great place to start your home search! What other place can provide you with business opportunities and loads of recreational activities?

One of the most highly sought-after areas in the Inner Loop is, without a doubt, the Galleria area. This is the place where towering buildings meet lovely surroundings and an ideal proximity to the city’s best opportunities and excitement. It is also where some of the best Uptown condos can be found. Here are our favorites:

• The Cosmopolitan – The Cosmopolitan is where elegant architecture meets outstanding amenities and services. From the raised infinity swimming pool to the world-class spa, the resident amenities at the Cosmopolitan are nothing short of superb. Combine the amenities with spacious homes boasting sweeping views of Uptown Houston, and you have a truly spectacular place to call home in Houston’s Inner Loop.
• 2400 McCue Condos – What’s not to love about 2400 McCue Condos? This fabulous condominium community is just steps from Memorial Park, thereby making this community feel more like a tucked-away suburban retreat than an urban condo. The lush, tropical feeling of these condos doesn’t end with the park, either, as there are palms, plants and relaxing fountains throughout, as well as plenty of amenities, including a resort-style swimming pool, tanning pools and sundecks, complete with grills, lounge chairs and wireless Internet access.
• Alexan Lofts – The Alexan Lofts are a nice example of Uptown area condos, as they take the history of the historic building, including the architecture and build upon it, thereby offering residents a beautiful mix of old and new. Located along the picturesque banks of the Buffalo Bayou, the Alexan Lofts boast some of the finest interior features, including: 16-foot ceilings, original brick walks, original wood floors and amazing wood beams that were harvested from 100-year-old Heartwood Pines.

Cinco Ranch is the place to go if you want to find fantastic Houston luxury subdivisions. This Newland Community, which is located just outside of Houston, was named number-one in terms of sales, with 887 total net home sales, followed by the highly sought-after Woodlands, which ended up with 633 net sales for 2009.

In fact, according to Builder’s list, four Houston communities fell into the top 10 list of best-selling communities in the country. Three of the communities in Houston featured in the top 10 are located along Houston’s energy corridor, which shows a shift in trends regarding where Houston residents want to reside. Builder.com says: “There is a trend reemerging of people wanting to move back closer to jobs and services, rather than choosing exurban bedroom communities that are devoid of these elements.”

Another reasons Builder shows for the Houston communities on the list is the quality factor. Many builders now recognize that buyers are looking for master-planned developments and quality homes, and many of the Houston luxury subdivisions fit this bill nicely. In fact, if you want to find quality homes, Houston is the place to be.

Here is where Houston communities fell in Builder’s Top Ten List:

• Cinco Ranch – Newland Communities (Total net sales in 2009: 887)
• The Woodlands – The Woodlands Development Corporation (Total net sales in 2009: 633)
• Telfair – Newland Communities (Total net sales in 2009: 450)
• Sienna Plantation – The Johnson Development Corporation (Total net sales in 2009: 280)

Other communities in the nation to land in Builder’s Top-Ten Best-Selling Communities list include: two communities in Las Vegas, two communities in Phoenix, one community in Salt Lake City and one community in Tucson.

• Northgate Custom Homes – Northgate has earned a reputation for being one of Houston’s most upscale builders and, as such, is known for its architecturally innovative homes and upscale designs and features. Some of the areas in which Northgate Custom Homes in Houston include: Rice Military, Bellaire, Houston Heights, the Medical Center, Midtown and Montrose. Northgate Custom Homes offers a number of Houston Inner Loop living, including patio homes and townhomes that are, safe to say, top notch. The homes of Northgate Custom Homes generally range from the mid $200,000s to the upper $400,000s.

Some of the communities include the Villas at Clearview, which are located in the Medical/Galleria area, the Villas at Heights, which is located in the Heights, the Villas at Wynnwood, which is located in Cottage Grove, the Villas at White Oaks, which is located in the Heights, and Garden Oak Villas, which is located in Garden Oaks.

• HHN Homes – HHN Homes, a well-known Houston home builder, brings the townhome and patio market to new heights, in addition to its custom homes. HHN is represented in some of the best neighborhoods in Houston’s Inner Loop, including: Montrose, Memorial Park, River Oaks, Downtown, Midtown, the Medical Center and the Museum District.

Some of the neighborhoods represented by HHN Homes include: Sommerset Cottages, Polk Avenue Gardens, Ridrigo Heights, Meridien on Crocker, Haddon Courtyard Homes, Arbor at Indiana, and Leeland Landing. HHN homes in Houston’s Inner Loop are generally priced from the mid $200,000s to the mid $300,000s.

According to Sugar Land’s Police Chief Doug Brinkley: “We are committed to providing exceptional public safety services and taking a leadership role in building community partnerships. It’s important for us to stay connected to the community, which enables us to work together to create a safe environment to live and work.”

Sugar Land Top Safest Cities

Some of the statistics that landed Sugar Land as the safest community in Texas include the fact that violent crime decreased 11 percent in 2009 and investigative clearance rates increased by 4.7 percent.

In Sugar Land, as of 2009, the violent crime rate was 1.38 per capita; the rate when calculated as a state was 5.08, and the national rate was 4.55.

The publication also took into consideration a series of basic, crime categories, including: murder, rape, robbery, aggravated assault, burglary and motor vehicle theft. The cities included in the publication had a minimum of 75,000 residents.

The Sugar Land home market is strong, and the recent rankings are surely only going to make it an even more popular community in which to live.

Houston Crime Statistics

Other statistics included in this publication involve Houston, which was ranked as the ninth-highest for cities nationwide. Unlike the Sugar Land home market, Houston is ranked alongside cities like Columbus, OH, and Detroit, MI. It was ranked among the most dangerous cities in the United States with populations of 500,000 or more. However, it is important to point out that violent crime fell nearly eight percent this year and it is expected that rates will reach their lowest since 2000.

The Houston commercial real estate market of Jersey Village is home to many struggling commercial centers, but the other side of this area, along Highway 290 in Northwest Houston, is home to what some industry experts say is the hottest new commercial center in Houston.

A Move to the Northwest

Generally speaking, it appears as if the Houston commercial real estate market is extending towards the Northwest and North areas of the city. Most industry experts, such as Kim Kobriger, of Lewis Realty Advisors, say that the growth “is a natural evolution – you always have a migration outwards from a city.”

It really only makes sense that the area along Highway 290, in the Cy-Fair region, is growing by leaps and bounds because it possesses the space to accommodate new housing and commercial development. The Jersey Village area, on the other hand, does not possess this kind of space, thereby limiting new development and, ultimately, population growth.

Limited Growth in Other Areas

Jason Gaines, of Global Fund Investments, says: “There is not a lot of raw land to add housing.” The lack of growth in the Jersey Village area then leads to a large percentage of tenant vacancies.

Often times, the vacancies in many commercial centers are caused by an anchor store leaving the area. Because anchor stories are bigger name companies, they usually draw in customers to the area.

Case in point: the Jersey Village area has seen a dramatic impact on its commercial real estate business over the last few years as a result of the lack of anchors.

On the other side of the spectrum, the area along Highway 290 has been a boom for commercial development over the last five years. The hot spots are slowly moving toward Houston’s Northwest corner and, as result, residents with higher income levels are moving there and further spurring growth.

Here are our favorites:

• Afternoon of the Elves – This play, at the Main Street Theater, is a story of imagination and friendship and is ideal for young children.
• Nutcracker Market – Sponsored by the Houston Ballet Guild, the Nutcracker Market features more than 300 national and international merchants selling everything from food and clothing to sporting goods and jewelry.
• Festival of Lights – The Festival of Lights, located at the Moody Gardens on Galveston Island, is an annual holiday event that features great shopping, pictures with Santa and an outdoor ice rink – the only one in the area!
• Home for the Holidays – Home for the Holidays, in Old Town Spring, is the place to be for an old-world Christmas! Beautifully decorated homes and streets, along with fantastic shopping and horse and carriage rides, make this annual tradition a family favorite.
• A Christmas Carol – Dicken’s classic tale, A Christmas Carol, comes alive at the Alley Theater during the holidays.
• Frosty the Snowman – Come and experience this family-friendly musical at the Express Children’s Theater and you’re sure to get in the Christmas spirit!
• Ice at Discovery Green Park – Visit the Ice at Discovery Green Park and see over 7,000 square feet of sparkling ice! Visitors can enjoy art exhibits, skating and special skating performances.
• The Nutcracker – Bring your family to see this holiday classic through the Houston Ballet. This show is called the “Crown jewel of holiday entertainment” by the Houston Chronicle.
• The Santaland Diaries – See the Santaland Diaries at the Alley Theater, a great character comedy has become a cult classic!
• Holiday Market – The eighth annual Holiday Market is at Traders Village, which features bargain shopping, fun and plenty of good food.
• Christmas Around the World – Christmas Around the World at the Houston Museum of Natural Science is a depiction of how Christmas is celebrated all over the world.

Here is a list of our favorite Christmas sites in Houston:

• Prestonwood Nite of Lites – The Prestonwood subdivision, located near Cypresswood, features nearly 750 homes with dazzling light displays and various themes to delight visitors of every age.
• Lights in the Heights Festival – The Woodland Heights neighborhood is home to live music, yummy treats, carriage rides and even carolers.
• Festival of Lights – The Moody Gardens in Galveston host a number of Christmas festivities, including a parachuting Santa, more than one million lights, choral performances, an outdoor skating rink and pictures with Santa Claus.
• Market Square, Discovery Green Park – Market Square is alive with beautiful décor, including giant snowflakes and 25-foot holiday trees. Skaters will enjoy the beautiful ice rink, too!
• Whistle Stop Christmas Lights – Cleburne is home to Whistle Stop Christmas Lights, an annual celebration that features train rides, free truck rides and hayrides, along with nativity scenes and plenty of entertainment, including bands and dancers.
• Hill Country Regional Lighting Trail – The Hill Country communities of Dripping Springs, Burnet, Boerne, Fredericksburg, Goldwater, Johnson City, Marble Falls, Round Mountain and New Braunfels come together to make the Hill Country Lighting Trail a reality. Each town features elaborate light displays and events. Some of the events included in the Lighting Trail include Wimberly’s Emily Ann Tree Lighting and Trail of Lights and new Braunfel’s Santa’s Ranch, a drive-through light display that features over one million twinkling lights.
• Santa’s Wonderland – College Station features Santa’s Wonderland, more than two and a half million lights over 40 acres. Another fantastic light display is found at Texarkana’s Twice as Bright Festival of Lights, which offers horse and carriage rides and even reindeer exhibits.
• Holiday Trail of Lights – Jefferson’s Holiday Trail of Lights is perhaps the most famous light display in Texas. This annual event also features a life-size gingerbread house, a candlelight tour of homes and beautiful, elaborate light displays.