RedScare Posted April 23, 2006 Share Posted April 23, 2006 Good news, but isn't that block part of the park? Perhaps they meant Lamar and Dallas, not McKinney.No, this block faces the western boundary of the park. Quote Link to comment Share on other sites More sharing options...
YakuzaIce Posted April 23, 2006 Share Posted April 23, 2006 (edited) No, this block faces the western boundary of the park. Is this the block next to 5 Houston Center? Isn't that part of the Houston center gardens? Edited April 23, 2006 by YakuzaIce Quote Link to comment Share on other sites More sharing options...
RedScare Posted April 23, 2006 Share Posted April 23, 2006 Is this the block next to 5 Houston Center? Isn't that part of the Houston center gardens? I think so. I think it is directly south of HC5. Quote Link to comment Share on other sites More sharing options...
Subdude Posted April 23, 2006 Share Posted April 23, 2006 Is this the block next to 5 Houston Center? Isn't that part of the Houston center gardens? Not for long. Quote Link to comment Share on other sites More sharing options...
houston-development Posted April 24, 2006 Share Posted April 24, 2006 that sounds very promising. whered did you find that article?link from chron.comVeteran apartment developer Marvy Finger has acquired a parcel of downtown land at the edge of a future urban park planned by the city in front of the convention center. Finger signed a 99-year ground lease for the site, which is owned by retired basketball star Hakeem Olajuwon. Finger, president of the 48-year-old Finger Cos., won't discuss plans for the site yet, but he said the 1.4-acre property is best suited for a residential development. "It's a strategic property that lies in front of the new park," he said. The land is bordered by Austin, LaBranch, McKinney and Lamar. Quote Link to comment Share on other sites More sharing options...
goodfella Posted May 1, 2006 Share Posted May 1, 2006 link from chron.comHey all. A few comments with my paltry two cents:I too heard that 2727 was 40+% reserved, but in my experience, fully-refundable reservations don't mean diddly and so I am skeptical regarding what will happen when they try to execute those as contracts and get them into title.2. Woods partners is a great group who, unfortunately has seriously overestimated the depth of the houston market. Anyone planning on building that many condo units in this city, and in such a location is clearly misinformed by someone as to the viability of their project.3. I have seen some of the plans for Parklane, and if they do what they say they may do, it is very groovy indeed. They are looking to hire one of the hippest, most talked about interior designers in Texas and looking at some serious updating of the lobby, pool deck, hallways and units. Quote Link to comment Share on other sites More sharing options...
Gary Posted May 1, 2006 Share Posted May 1, 2006 Hey all. A few comments with my paltry two cents:2. Woods partners is a great group who, unfortunately has seriously overestimated the depth of the houston market. Anyone planning on building that many condo units in this city, and in such a location is clearly misinformed by someone as to the viability of their project.Is the highrise condo market that soft here? Quote Link to comment Share on other sites More sharing options...
goodfella Posted May 1, 2006 Share Posted May 1, 2006 Is the highrise condo market that soft here?The total number of condo units sold here in 2005 was aroundabouts 500. That included new construction (such as Montebello which closed out in 05) and every single old building on the market. Anyone with a bit of experience in condos can sit down and get a gross estimate on the absorption rate for such a large project.The problem with developers from out of town, all too often, is that they feel they are smarter and more sophisticated, and therefore will beat the market. The truly smart condo developers here (Randall Davis, Borlenghi) never try to beat the market - they just cater to it.Just my opinion - but I have done this for quite a while and my experience is that numbers don't lie. Quote Link to comment Share on other sites More sharing options...
GalleriaToBL Posted May 3, 2006 Share Posted May 3, 2006 Check out the har.com listings:http://search.har.com/engine/indexdetail.c...=0&backButton=Yhttp://search.har.com/engine/indexdetail.c...=0&backButton=Yhttp://search.har.com/engine/indexdetail.c...=0&backButton=YThree pending closings. One with a helipad!! Quote Link to comment Share on other sites More sharing options...
goodfella Posted May 3, 2006 Share Posted May 3, 2006 Check out the har.com listings:http://search.har.com/engine/indexdetail.c...=0&backButton=Yhttp://search.har.com/engine/indexdetail.c...=0&backButton=Yhttp://search.har.com/engine/indexdetail.c...=0&backButton=YThree pending closings. One with a helipad!!These units have been "pending sale" for months. It doesn't tell us whether these are refindable reservations or if they are hard earnest money contracts. Listen, they have a nice product - I wish them the best - it raises the bar for everyone - I am just a bit skeptical of the project being a success at those prices. Quote Link to comment Share on other sites More sharing options...
musicman Posted May 3, 2006 Share Posted May 3, 2006 These units have been "pending sale" for months. It doesn't tell us whether these are refindable reservations or if they are hard earnest money contracts. Listen, they have a nice product - I wish them the best - it raises the bar for everyone - I am just a bit skeptical of the project being a success at those prices. WOW only 8.5 million. what a bargain Quote Link to comment Share on other sites More sharing options...
goodfella Posted May 3, 2006 Share Posted May 3, 2006 WOW only 8.5 million. what a bargain Musicman - LOL. Thanks for introducing some reality to the discussion. Quote Link to comment Share on other sites More sharing options...
musicman Posted May 3, 2006 Share Posted May 3, 2006 (edited) Musicman - LOL. Thanks for introducing some reality to the discussion. Maybe watching the Dynasty reunion last night made me say that. LOL That's something Blake Carrington would say. Edited May 3, 2006 by musicman Quote Link to comment Share on other sites More sharing options...
txtrader Posted May 3, 2006 Share Posted May 3, 2006 I heard they raised the price on new sales to 500 per foot, and earnest money contracts are going out in the mail this week. Quote Link to comment Share on other sites More sharing options...
Montrose1100 Posted May 4, 2006 Share Posted May 4, 2006 What? Could it be? People have $8.5 Million to blow on a condo, not only in this day and age, but in HOUSTOn? Quote Link to comment Share on other sites More sharing options...
houstonfella Posted May 4, 2006 Share Posted May 4, 2006 Yes. They do. Look at the executives of Houston's big companies. These folks make serious money. I work for attorneys who can buy this place. It is mind boggling at how much some of these, and some of these are old money, can afford. Quote Link to comment Share on other sites More sharing options...
musicman Posted May 4, 2006 Share Posted May 4, 2006 Yes. They do. Look at the executives of Houston's big companies. These folks make serious money. I work for attorneys who can buy this place. It is mind boggling at how much some of these, and some of these are old money, can afford. I venture to say there are more millionaires in Houston than most people would imagine. Some of my best friends are millionaires...and i mean more than 10 million, but you would never know it. They say i'm more foo foo than they are. Quote Link to comment Share on other sites More sharing options...
dbigtex56 Posted May 5, 2006 Share Posted May 5, 2006 I venture to say there are more millionaires in Houston than most people would imagine. Some of my best friends are millionaires...and i mean more than 10 million, but you would never know it. They say i'm more foo foo than they are. They really say "foo foo"? There must be more gay millionaires in Houston than most people would imagine . Quote Link to comment Share on other sites More sharing options...
MexAmerican_Moose Posted May 16, 2006 Share Posted May 16, 2006 when is groundbreaking for this building? Quote Link to comment Share on other sites More sharing options...
Juggernaut Posted June 22, 2006 Share Posted June 22, 2006 I haven't heard much, if anything, about this project in quite some time. The Page Parkes building has been demolished and there's evidence of some excavation work. I passed by the site yesterday and there is no equipment in sight. I recently saw an advertisement for the development stating "48% sold." Well, that's the percentage sold that was quoted over a month ago. Yes, I realize financing for the the next stage of development may not kick in until a set percentage of the units are "pre-sold." But given the way other residential high-rise projects have been going in Houston in the last couple of years, I'm not holding out much hope for this one. (Oh, if we could get developments moving like Dallas and Chicago!) Not to be pessimistic, I don't think this is going to happen. Perhaps a CVS or Walgreen's would work on that lot. Or, maybe not. I don't think that there's enough room for one of their parking lots. Cheers... Quote Link to comment Share on other sites More sharing options...
Montrose1100 Posted June 22, 2006 Share Posted June 22, 2006 I really don't think they would have gotten this far and just totally give up. It's all just red tape, I truely believe this project will go up. Along with Mosiac (Already going up), Endeavor, and a few others. Oh, and by the way, I was being sarcastic about the $8.5 Million Doller & "In Houston" thing, incase some that might not have caught on... Quote Link to comment Share on other sites More sharing options...
houston-development Posted June 22, 2006 Share Posted June 22, 2006 based upon sources i deem reliable, they have lender approval and will get construction funding soon. Quote Link to comment Share on other sites More sharing options...
The Great Hizzy! Posted June 22, 2006 Share Posted June 22, 2006 Thanks for the info, HD. I certainly hope so. I like the design, I like the location and given some of the other activity going on (or has gone on) in the Kirby Corridor, this could really add to the street's prominence.BTW, I notice that the old strip center on Kirby @ Richmond is fenced off and the stores all closed. It appears the renovation is about to take place--and not a moment too soon, IMO. Quote Link to comment Share on other sites More sharing options...
goodfella Posted June 22, 2006 Share Posted June 22, 2006 Yes, Mosaic is going up - but only because they are seeking financing for the project as a rental property, not a condo property. They expected 20 sales/month and in the first few months they were open they only got 4 or 5 sales. Not encouraging for a project that is 400 units. Quote Link to comment Share on other sites More sharing options...
houston-development Posted June 22, 2006 Share Posted June 22, 2006 Yes, Mosaic is going up - but only because they are seeking financing for the project as a rental property, not a condo property. They expected 20 sales/month and in the first few months they were open they only got 4 or 5 sales. Not encouraging for a project that is 400 units. hate to be a downer but mosaic is having MAJOR funding issues. currently looking for about $30m mez money personally, wouldnt be surprised if only one tower goes up... as i said in another thread, you dont need presales requirements for apartments; hence why they started construction. if theres any mez money out there, consider this intel to be a freebie Quote Link to comment Share on other sites More sharing options...
The New Juniper Posted June 23, 2006 Share Posted June 23, 2006 I was reading the chronicle's poor excuse for a website and saw an ad for 2727 that says, "48% SOLD". Is this true? Has the owner lost his mind? Our family friends have an option in at 2727 and have been waiting for MONTHS to get an opportunity to write a contract. To their knowledge, none have been written. Not 27%. Not 48%. NONE are in contract. How can this guy say 48% SOLD?Someone help me out here.TNJ Quote Link to comment Share on other sites More sharing options...
goodfella Posted June 23, 2006 Share Posted June 23, 2006 TNJ,He is advertising reservations as "sold". Because this is his first building, I think he is overestimating the conversion rate from reservation to contract. Even with small, non-refundable reservations ($3K-10K) only 60-70% of your buyers move forward. With refundable res. (which he has) typically only about 30-40% of your buyers actually get into into title. You are absolutely right. The biggest problem is that your buyers wait nd wait and begin to lose confidence in the project, the timing of it and the ability of the developer to deliver. Quote Link to comment Share on other sites More sharing options...
The New Juniper Posted June 23, 2006 Share Posted June 23, 2006 TNJ,He is advertising reservations as "sold". Because this is his first building, I think he is overestimating the conversion rate from reservation to contract. Even with small, non-refundable reservations ($3K-10K) only 60-70% of your buyers move forward. With refundable res. (which he has) typically only about 30-40% of your buyers actually get into into title. You are absolutely right. The biggest problem is that your buyers wait nd wait and begin to lose confidence in the project, the timing of it and the ability of the developer to deliver.Is there some type of law that regulates what can be advertised as sold? Seems to be a bit "shady" and makes me wonder of all of the other advertised buildings.... Quote Link to comment Share on other sites More sharing options...
houston-development Posted June 23, 2006 Share Posted June 23, 2006 Is there some type of law that regulates what can be advertised as sold? Seems to be a bit "shady" and makes me wonder of all of the other advertised buildings....while it may appear to be unethical, its not illegal. just like some old apartments advertise as "luxury living" and office buildings with a fresh coat of paint say "recently remodled class a office space". Quote Link to comment Share on other sites More sharing options...
goodfella Posted June 23, 2006 Share Posted June 23, 2006 while it may appear to be unethical, its not illegal. just like some old apartments advertise as "luxury living" and office buildings with a fresh coat of paint say "recently remodled class a office space".Generally, what you want to ask is whether those contracts are hard earnest money deposits and have been put in title. Also, it helps to know whether the contracts have specific performance (which means that the buyer is legally obliged to actually close on the unit). These are "sold" units, or as sold s you can be before actually closing.It may seem shady, but ultimately the developer suffers the most when his 50% sold becomes 15% sold when he converts to contracts and loses the confidence of the general public. That is why many experienced developers advertise "80% reserved" and only advertise "sold" once they get into title. Quote Link to comment Share on other sites More sharing options...
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