Posts posted by Boris
Here's some info of Houston home prices and the reasons why:
Housing sales outpace rates throughout the country
(Houston-Sugar Land-Baytown: Housing)
The Houston residential real estate market continued to play opposite of national trends during February, the most recent period for which the Houston Association of Realtors has compiled statistics from its Multiple Listing Report. In many national markets, prices are skyrocketing as sales decrease. In Houston, the market continues to see strength in both sales and pricing. There were several month-of-February Houston real estate milestones: Highest average sales price for single-family homes; Highest median sales price for single-family homes; Highest dollar volume of sales; and Highest level of pending sales at month end. Total property sales for the month totaled 5,792, a 16.4 percent increase over February 2005. Properties sold during the month reached nearly $1.1 billion, a 26.4 percent increase. The median home price for a single-family home reached $142,960, and the average home price rose to $191,779, both increases from last year of 4.4 percent and 7.8 percent, respectively. The number of available homes at the end of February was 40,857 properties, a decrease of 3.5 percent versus February 2005 but an increase of approximately 40 properties from the previous month. Month-end pending sales were up 23.5 percent. The month's inventory of single-family homes for February remained at 5.2 months. The overall median price of single-family homes reached a record for the month of February at $142,960, an increase of 4.4 percent compared to February 2005. The average sales price for single-family homes was $191,779, up 7.8 percent. Houston's current median price is 31.4 percent less than the national median price. Additionally, total sales for single-family homes in Houston increased by 14 percent. Existing single-family home sales increased 16.4 percent from February 2005. The median sales price for existing homes in the Houston area was $136,000, an increase of 5.8 percent, while the average sales price for the month of $177,862 was an increase of 6.8 percent.
[Houston Business Journal]
Silverado Station rolling
(Houston-Sugar Land-Baytown: Retail)
(Tomball) - A movie theater company is preparing to preview the first-ever endeavor outside of its hometown of San Antonio with a 200,000-square-foot retail, restaurant and theater development near Tomball. Santikos Theatres has begun construction on Silverado Station, which will include a 100,000-square-foot movie megaplex with an additional 100,000 square feet of retail space. Located at the northwest corner of State Highway 249 and Northpoint near the proposed Grand Parkway, Silverado Station is slated for completion by the end of the year. The project's 5,000-seat, 19-screen theater will include an IMAX screen, which will be only the second stand-alone IMAX in the Houston area.
[Houston Business Journal]
Barnes & Noble Takes Dibs on 29,000 SF in Town Center Project
By Amy Wolff Sorter
Last updated: April 13, 2006 06:31pm
(For more retail coverage, click GlobeSt.com/RETAIL.)
PEARLAND, TX-Barnes & Noble is taking 29,000 sf of anchor space in a long-term deal for the proposed 150-acre Pearland Town Center.
The national bookseller joins anchors Dillard's and Macy's, which have inked leases for a combined 355,000 sf of the 700,000-sf power center, set to rise at the intersection of FM 518 and Texas 288. Construction will begin in late 2006, with a completion scheduled for late 2008. "In general, we're phasing the construction and working on everything concurrently," says Michael Lebovitz, senior vice president of CBL & Associates Properties Inc. in Chattanooga, TN.
CBL, the developer on the project, also is handling leasing. "We're negotiating for about 80 to 85% of the space," Lebovitz tells GlobeSt.com. "We've had a tremendous amount of interest from national retailers in this project."
Lebovitz wouldn't comment on a specific preleasing goal, but did indicate that, on the basis of interest received, Pearland Town Center should enjoy a strong tenant base when opening date comes around. "We just opened Southaven Towne Center in Mississippi, same type of center, and it was 100% leased when it opened," Lebovitz says. "We have a pretty strong track record with these types of projects."
Lebovitz says one major focus for the Pearland Town Center leasing campaign is making deals with quality, sit-down restaurants. "In today's world, restaurants act as anchors so we're working with several restaurants and will be announcing those in the near future," Lebovitz adds.
Pearland Town Center's quoted rate isn't available. The going rate, on average, for retail space in the immediate area ranges from $20 per sf to $25 per sf.
Pearland Town Center is being constructed in a submarket that is boasting huge gains in residential housing and retail development. Other projects on the docket for the area are the 800,000-sf Promenade Shops at Shadow Creek and 700,000-sf Crossing at 518.
This should be a very nice development.
Other projects in low wage northern Mexico (Monterrey).
Don't these low wage earners know they can't afford these things? Isn't stuff like this just for the northerners (north of the Valley)?
Also, that's Spanish in some of those photos by the way. Please don't feel offended or left out. It's just the culture.
La Plaza Mall in McAllen sells more per square feet than any other mall in the Simon Property inventory. Most of those shoppers are from Mexico.
If you look at the stats for McAllen, in retail, commercial, bank deposits, etc., it surpasses all other cities in Texas with similar population, except Laredo in the deposit and buidling permit areas (another border city by the way). Not bad for an area which you say has "low wages." Yes many people in the Valley are poor, but this is quickly changing.
It's really weird being originally from Brownsville and having to defend McAllen, but my loyalties are to the entire valley.
Yes, the maquiladora industry is present because of the low wages across the border, but there is more business going on on the border than just that.
Gosh, how do those low wage earners develop such projects in Monterrey?
Your Ambassador is making it quite clear how he and other members of this forum feel about the people of the Valley and Mexico. This is not surprising. I see it all the time up here.
I wonder how a hispanic family (lets say at least 50% mestizo blood) is treated in a predominantly white area of Tyler, Midland, Wichita Falls, Amarillo, or Texarkana?
I don't think it would be quite as friendly as the treatment of a white family in McAllen, Harlingen or Brownsville whether it be business or at one of the malls or anywhere else.
It has everthing to do with demographics. Who are they doing business with if it's not with the locals and business interest in Northern Mexico?
"a uniquely disorganized racial fustercluck"
Now that's poetry. I couldn't have said it better myself. I like Houston, as long as the crime is not in my area. I've lived here six years now and it's been the best thing for me and the family.
But as for the Valley, the comments made previously above are just wrong. Though the Valley is not as diverse as Houston, that can be said of every city or area of similar population. The Midland/Odessa area is not as diverse as Houston and does not have as many attractions and things to do. You can easily get bored there. The same is true for Tyler/Longview, Waco, Wichita Falls, Amarillo, Beaumont, etc.
But, the Valley is exploding right now, as is all the border. It's comming along. The people are very friendly and I do not see any more racism there than in any other region of Texas. In fact, it's less if you ask me. I'm from the Valley and I am hispanic, so maybe I'm a little biased. But I do try to be objective in these things. If the Valley folks were truely racist (and it is over 90% hispanic) I don't think a white guy could last two seconds there. But this is not the case.
Rather, tourists and businessmen from the north are flocking to south texas border and shore. Why are they doing this if its so boring and closed minded?
Here's the article:
Pearland talks end
Negotiations with a Tennessee developer seeking financial support from the city of Pearland to help build a large shopping center have been called off.
The Pearland City Council voted to suspend talks for financial incentives with CBL & Associates Properties to focus on other commercial projects in the area further along in the development process, it said.
CBL plans to go forward without the city's help.
The company said it's still on track to build Pearland Town Center, a 700,000-square-foot open-air center planned for the southwest corner of Texas 288 and FM 518. It's expected to have shops, restaurants, office space, residential units and a hotel.
While the company hasn't started construction, Macy's and Dillard's have agreed to anchor the project, as well as a nationally known bookstore, said Michael Lebovitz, senior vice president of CBL.
"In no way does this jeopardize the project going forward," Lebovitz said of the failed incentive package, which neither party would discuss in detail.
Meanwhile, Pearland said it remains pro-development.
"As such, we feel it is our responsibility to see our existing commercial projects through to fruition and study their impact on the future growth of Pearland," City Manager Bill Eisen said in a prepared statement.
One of the projects he's referring to is the Spectrum at Clear Creek, a 1,000-acre development that includes another retail center that will compete with CBL's project.
The Promenade Shops at Shadow Creek, a proposed 800,000-square-foot shopping center at Texas 288 and Beltway 8, is being developed by Poag & McEwen Lifestyle Centers, a Memphis company.
Outdoor retailer Bass Pro Shops will anchor the new development, scheduled to open in 2007.
You should visit the following forum for more information on the RGV. It's actually more diverse than you think when compared to other areas of the same population. But, it's unfair to compare it to cities such as Houston, Dallas, or San Antonio.
With so much interest in Bryan/College Station, this area should get its own section, like Dallas and San Antonio; Rather then being lumped together with "Other Texas Places."
Great info. Thanks
Too bad that the apartments on the Southwest corner of the I-10 beltway interchange will not be torn down. They are an eyesore and I'm sure the homeowners just next to them hate them.
I was driving down Beltway 8 and saw signs regarding the below development.
Anyone know anything about it other than what's in the website?
Who Has Been To The Rio Grande Valley
in Other Texas Places
So, Niche, they speak the Queens English in Houston?
Here's one of my post on RGV7.com:
Niche please pay attention to the bottom part. Looks like north Texas folk are not as open minded as you might think when compared to your experience in the Valley.