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houston-development

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  1. houston-development
    I was driving down memorial yesterday and saw a crane; however, it was for the apartment project, not orion. kjb, could you have confused the two? thanks.
  2. houston-development
  3. houston-development
    i believe its going to look something comparable to 1200 post oak with a touch of lofts at post oak. keep in mind that article was written a couple of years ago.. also, the reason no one developed the site is due to a reluctant seller. remember the house that was sitting there and seemed waaaaaaay out of place? because it sat up on a hill, it never flooded while the rest of riverway looked washed out.
  4. houston-development
    im assuming you are talking about hanover's deal inside riverway. old hbj article here
  5. houston-development
    anyone know the block numbers? cbre had a deal for sale consisting of blocks 272, 273, and 274 (bordered by polk/dallas and main/caroline) for sale a while ago. it was a large chunk; over four acres and asking about $125 psf. is it the same deal?
  6. houston-development
    to my recollection, camden paid between $35 - $40 psf a couple of years ago. rents will probably run about $1.50 psf.
  7. houston-development
    who is this and what have you done with dal?!?!?!
  8. houston-development
    theres a glitch in the system, though. notice wearhouses/storage going up in great locations? two that stand out in my mind are the one on louisiana/just s of webster and the one across 610 from the galleria. purchase high $ dirt with no immediate plans for future development, build a cheaply constructed wearhouse, and cover your note and taxes. they are, no pun intended, wearhousing the land.. ie buying it to hold for a long period of time. essentially, they are happy to break even or make a couple of bucks a year with the long term goal being the land's value increasing over the next several years. and yes, people do the old "set it and forget it" routine. you may think they are crazy and its a bad business, but it happens more than you realize. regarding the city plan approval, we all know its a joke. w/o zoning or a neighborhood deed's restrictions, you can build whatever you want as long as its within the city's set-backs. houston is the only city that im aware of that you can build an office building, next to a liquor store, a home, a strip center, and then a church (as long as the church's front doors are x feet away from the liquor store). wanna build that strip center w/ 100% hardi-plank and paint it pink? no problem.... area residents can complain and sometimes the good guys win (i.e. wood partners' w u high-rise and lsr's monaco). im not knocking developers... just look at my alias i see both sides but i gotta keep a roof over my head i guess you could say that im a democrat at heart but i vote with my wallet
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  10. houston-development
    if my memory serves me correctly, i believe my little birdy was the manager of 3000 sage. said they were offering steep concessions on the units facing north due to "the hotel that will be built there soon". could be mistaken but that's what i remember. which leads me into.. i can assure you that will not happen. property is already on the block at $150K/unit
  11. houston-development
    i thought i mentioned this a while ago but it may have been on the old forum. i was told that a hotel was going up on the site adjacent to 3000 sage.
  12. houston-development
    the term flipping has been stretched to mean more than what you are describing, houston. if you were to take the absolute true meaning of it, then you would never even take a penny out of your pocket (other than earnest money). in the "true" meaning, you would put a deal under contract and then assign it at a higher price to another buyer. if you want to stay technical about flipping, the flipper would never close because additional funds would come out of their pocket. even if they closed the deal simultainiously, it wouldn't be flipping per its true meaning this is obviously not what we are talking about. it now has broader definitions.... it's comparable to seeing 70's constucted apartments that advertise being "luxury" apartments heck, even you stretched the meaning a bit by stating "in the VERY short term". everyone is guilty of stretching terms.... my scenario would include some flipping and very short term investments. they would reserve the unit during pre-sale and then sell after construction is completed (which IS flipping), or consider holding it for less than one year. don't make assumptions about who knows what; it's almost like you are poking for an argument. isn't there too much hostility in the world already?
  13. houston-development
    plus, the flippers are doing 5 year arms and putting between 0% - 5% down; so there is little to no out of pocket cost. they sell it for $10 - $25K over and it's all profit w/ minimal exposure. which leads me into something else. i guesstimate 90% of the midtown buyers did 5-year arms. when the 5 years are up they have to do one of three things: 1) refi at a higher interest rate, 2) sell, or 3) give property back to bank. the midtown townhomes started to gain steam in 2000 and 2001... so now, you will have the pre-owns with a cost basis of $175K+ (w/ 0 equity in the house) and brand new product for $200K in an already over-built market... what do you think is gonna happen, hmmm?
  14. houston-development
    i could be wrong but i thought riva was proposed at san felipe and voss?
  15. houston-development
    please enlighten me
  16. houston-development
    so did o'connor have a premature ejacu... i mean did he speak too soon? also, do you know what the dirt traded for?
  17. houston-development
    that's the dominion post oak and it's apartments (as of now). they had planned on building condos but after 9/11 and lack of presales, they decided to go rental. for additional info: Chronicle Story and Previous Thread and Website
  18. houston-development
    not sure if you are taking about this but 2400 mccue is now condos. 2400 McCue Website it was built as high-end apartments and recently converted.
  19. houston-development
    ha! now the shoe is on the other foot, eh?
  20. houston-development
    Welcome to the Glamorous World of Michael Pollack And he still has the same hair today Pollack Investments
  21. houston-development
    what was that name of the complex back in the mid 80's (during age descrimination) that had the guy jumping into the pool with a vcr? that was suppose to be "the" place back in the day. they had a little jingle; columbia house (?), oooooooo! in regards to apartment dwellers. the "luxury" apartments are intended for renters by choice, not by need. every complex has trouble makers; there will be a couple of bad seeds when you have in excess of 400 people living there. when you have two and three months free rent in addition to no deposit, your ideal tenant profile will downgrade. if/when the concessions begin to burn off, the profile should return to normal. for example, you have joe blow living in a "b" complex and his lease is up for renewal. he sees that an "a" complex is offering 2 months free rent and 0 deposit. when it's pro-rated (the "free" rent is deducted from the monthly rent rather than not paying the 1st two months), the monthly rent becomes the same (if not lower) than what he's paying now. some new properties are even offering free movers and cable/phone/electric hook ups. so, job blow sees it as a perfect opportunity to move into something brand new, at the same monthly cost, and for free.
  22. houston-development
    i recall them having problems purchasing one house in order to get a square lot. did they work out a deal or will they be building around it? i believe they paid $40 to $45 psf.
  23. houston-development
    it already has. notice "c" quality apartment complexes offering up to three months free rent? it's a blood bath with no end in sight. if the lenders continue to lend, the builders will continue to build....
  24. houston-development
    Developer nets partner, schedules groundbreaking Asbury Place Development, the developer of a proposed pair of high-rise condominium towers, has secured a financial partner that will manage construction of the luxury units. Orion Tarragon, a new development partnership between Asbury and Tarragon Corp., is scheduled to break ground on the first building of the Orion condominiums near Memorial Park in December for completion in the second quarter of 2007. The 50-50 Orion Tarragon partnership went into effect Nov. 1. Tarragon, a publicly traded development firm, will finance, develop and manage construction of Orion. The Asbury Place group is handling sales, marketing and design of the project, which is located on Asbury Place between Westcott and Shepherd near Memorial Drive. "We originally had not intended to bring a partner on, but we thought with the size and complexity of this, we needed a firm that had a lot of experience in the financing and construction," says developer Robert Day, who started the Asbury group. "It's kind of grown into a massive, complex project." The buildings will cost close to $250 million to construct, and the units' total sales value will reach $425 million, Day says. Designs call for units in the two 37-story towers to span an average of 3,500 square feet and carry a $1.1 million median price. The first building, slated to have 180 units, has already sold 99 units for a total of $80 million, Day says. "The sales had outpaced what we thought they were going to be," says Day, who has a development firm based in Fort Lauderdale, Fla. "I think it will be an overwhelming success. Houston is ripe for this project." Day says a partner was not needed to move forward with the project, but by bringing in Tarragon, they will be able to construct both towers within a year of each other. The second tower will likely break ground this time next year, which will allow the exterior of the second building to be finished by the time residents begin moving into the first tower.
  25. houston-development
    slightly off topic: tracy has announced his plans on the grammercy site. from nancy's article yesterday (can't post link, subscription only) this is the site directly behind rice epicurean on holcome and kirby. he owns the land on both sides of grammercy. he's been shopping this site for at least two years.
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