The New Juniper

There is an opening for a personal assistant/administrative assistant/light bookkeeper at a local real estate developer. It's everything from phones to light filing to some accounting. The pay is decent and would be great exposure for someone looking to break into real estate. I won't mention the developer, but it is someone that is well known in Houston as I understand it. I guy I grew up with works there and asked that I put this up on this board.

The most important thing, as I understand it, is a willingness to be on time, learn, and have a good attitude.

IM or post here and I'll get you in touch with the people.

THEY ARE LOOKING TO FILL THE POST RIGHT AWAY

if i were a gambling man, i would be willing to bet they do not break ground until at least 75% of the units were in the title company.  currently/allegedly with 30 contracts, they are sitting at 11%.

if they really are breaking ground, as some of you have claimed, please find out who is doing the loan on this deal.  i've got some ocean front property in arizona that needs a refi 

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Amen brother....

We have a boat @ Windward Sea Ventures inside the Waterford Harbor Yacht Club.  They also have a charter service that can help with the burden of ownership if you would like.

http://www.windwardseaventure.com/

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Gwilson:

Thank you for the response. If fishing is the reason for the boat, would you rather be in Galveston, Clear Lake, or somewhere in between? Just looking for some boating perspective, as I am a boating novice.

Thanks again.

Does anyone know the popular marinas in Galveston/Clear Lake? My father in law has a boat (i'm guessing it's 35 feet?) that he wants to keep somewhere near the Gulf Coast. Anyone know anything about availability/cost for these slips? Also, can you guys please send me any names of reputable marinas in the area?

Thanks all.

TNJ

i heard it was under contract as well...

if what i heard is true, get ready for a COOL concept there.

Spill it. What have you heard???

does anyone have any idea how much it costs to build a project like these when all is said and done? We are wanting to get into the mid-rise market, but have no real knowledge of it.

Without land, it will cost @ $175/ft...

Can anyone confirm for me that the Warwick has been purchased?

They don't have a trailer on main street for nothing. You think a business going to put a trailer on main street and adverstie Shamrock Tower on it? Come on, give me a break.

It is my opinion that calling Shamrock Tower a business is a bit of a stretch. The realtors in that trailer are working off the promise of future commissions. Also, it doesn't cost anything to keep the trailer there. It is a flashy trial balloon. It is the nature of this business....

I am not familiar with the build costs of a high-rise, but I would think that the per square footage price to BUILD would DROP as it is spread over so many units. Building 10k sqft for a single family would inherently be more expensive than being able to spread it over 40 units in the same foot print. But that is merely my assumption. I would love to work with high/mid-rises in the future though. Seems to be a natural progression for me.

It does spread cost the more square feet you build, however, it only spreads the fixed costs. For example, the cost of the foundation may be spread across the number of units. However, you have the same variable costs when you build livable space, no matter how many you build.

Additionally, Highrise construction, due to code requirements, is at least twice as expensive as single family....

TNJ

Those are the type of bubble prices that will bust this market.

What do you mean by "bust the market". I think I agree with you but am not exactly sure what you mean...

Which was, in our opinion, was fair, but too slow a pace to make the building attractive (enough) compared to the advertising expense.

I hope his sales pitch is better than his grammar.

TNJ

A friend of mine who works for a prominent Developer in town is looking for land on Kirby. I know, I know, hold back the laughter (who's not looking there, right?). But, these guys are absolute buyers and price is really not an issue. Anybody looking to make a brokerage/finder's fee please post or IM me with any opportunities. Must have frontage on Kirby with a Kirby address.

Thanks.

TNJ

i see. i too am opposed to "hand outs" in order for people to have affordable living. however, i believe it's possible to profit and create affordable housing. one problem is that financiers require a certain profit margin before giving money to a builder. it is unfortunate, but that's the world that we live in.

Secondly, financiers requiring a certain profit margin speaks directly to risk. I imagine if you eliminated the risk, "financiers" would require much less of a return.

It's a quandry that is too often answered with government subsidies which inevitably get abused.

Your guess is as good as mine.

I want a shirt that says "Light Rail Will Fix All" or maybe a bumper sticker. I bet that would be even funnier to read on the back of my car while stuck in traffic! 

I agree with this completely. I love the idea that Light Rail will work. You want something that will really succeed downtown, I think you have to provide housing with ample parking that is also near the rail. This way, you get the buyers that believe there is value in resale by being near the rail, but still are able to park two cars for a 1,000 sq. ft. condo....

Happy New Year.

TNJ

$289/sqft for my place.

That does seem a bit high. Is your place less than 1,000 sq. ft.? I had heard that the prices were mostly in the $200K range.

Thanks for the info.

TNJ

One of our downtown security guards once told me to "stay away from the Montegue unless I was looking for pimps and ho's". That seems like a pretty clear indication that the place is a slum. The owners keep doing just enough (fire code) to keep the city from closing it down. There was a fire there several years ago and you can still see the char marks on the facade. It is a disgrace.

On a lighter note: I hear that the Texaco Building (across the street from the Montague) is going to be renovated into lofts. Anyone else hear anything to this effect?

TNJ

TNJ

You seem to know a lot about the current state of the Shamrock. A close friend of mine has reserved a handful of units with premium views and floor plans. We are planning to convert these to earnest money contracts. The developer wants around 9k per unit. Should we proceed to closing or are we being ripped off by the developer? Would the developer be trying to convert his reservations to prove to a lender that the project is viable? Just curious what your thoughts are, feel free to PM me if you want to talk off line or on the phone about this.

Dream

Dream:

There is nothing underhanded about wanting to convert to earnest money contracts. Previously in a Shamrock thread, I discussed (read: argued) with another person about what constitutes a "sale" in predevelopment of condominiums. Most developers have to satisfy a pre-sale requirement of X% of units before the bank will fund the loan. Because of this, all funds the developer spends prior to reaching the pre-sale threshold are truly "at risk". And because of this, you can imagine the developer is most anxious to get to earnest money contracts because then, and only then will he be able to recoup his money, much less show a profit someday. And again, all the reservations in the world mean nothing to the bank. Only earnest money contracts, and typically one requiring specific performance actually mean anything.

The good news is: when converting to earnest money contract, typically your Purchase & Sale will provide an out (with full refund + interest) if the developer does not move forward by X date. Certainly not legal advice, however, I would strongly recommend that you make sure that you get language in the contract that protects you in this way. Otherwise your money could be tied up for quite an extended period of time. Also good news is that the Title Company will have your money and not the developer. Title Companies are governed by statutues that are very particular about consumer protection.

In short, the move to earnest money contracts is a step in the right direction, if the end game is to actually buy a condo. I am sure he must demonstrate somewhere in the neighborhood of 40% presales. It is my understanding that all that is required to reserve a unit and lock down a price is $1,000 fully refundable. If this is in fact the case, I would expect close to one half of those with deposits to drop out when being forced into earnest money contracts. Las bit of advice: I would make damn sure that the developer honors the price originally quoted. Getting in early in a condo deal is a great way to make money. Just be careful and know with whom you are dealing. I don't mean to sound like I'm preaching, it's just that I've been through this many times.

Good Luck and Take Care.

TNJ

I would love to see a map of the abandoned tunnel arteries. Anyone know where it can be found?

Has anyone visited St. Germain lofts since Randall Davis began selling them off? The website is www.stgermainlofts.com, which seems to be pretty well done. It needs floorplans, but pretty cool. I have not been in for a tour. Anyone?

TNJ

So does anyone actually know anything? Is there anyone here in HAIF that knows who they could call at city hall to find out? Does anyone have a legit connection?

I know Tracy and believe he has his hands full on his other developments right now without trying to undertake a project as massive as Shamrock. It would be a homerun project if it could be pulled off. However, with issues like the building he doesn't own that sits on his corner, rebuilding McDonalds, etc., it is going to be tough sledding....

Again, I don't want to get everyone who is emotionally invested in the project for one reason or another all excited, I just don't see it happening in the near future.

Perhaps they are taking soil borings or even drilling test piers. However, I seriously doubt it. I do know that the financing is not in place. Not trying to be cryptic, but I just know.

The developer may have convinced someone to commence work without financing being in place. It certainly wouldn't be the first time that happened (nor would it be out of the ordinary for a developer to do so). However, "Ground Breaking" parties may have to wait.

Happy New Year.

TNJ

There is earth work going on there now, is there not?

I sure would like to know exactly what is planned for this site.

Thaks for the info.

TNJ

The hotel is going to be developed by the Houston based real estate development behemoth that will go unnamed. I do not believe they have settled on a brand as of yet.

QUOTE(tw2ntyse7en @ Thursday, December 2nd, 2004 @ 11:47pm)

Does he talk about how many times a week he goes to the "market". I've had people from there tell me that instead of buying in bulk as most do in the suburbs, that they buy 1 or 2 meals at a time, and have to go to the store more than a few times a week to keep re-stocked.

Glen

You know, that makes alot of sense. everytime i've talked to people from there, they marvel at the size of our apartments (as well as the costs)! *i* don't do the usual grocery shopping for the reason mentioned; "no room".

perhaps the same thing will evolve here, small grocery stores with specialties. While the condos/lofts here are generous by NYC standards, there isn't a ton of room to storage of food.

Ricco

This makes loads of sense. In fact, this exchange may highlight exactly the reason that a rice epi or central market would LOVE to be downtown....

Who will be the first grocery chain in Houston CBD? Randall's, Kroger, HEB, Whole Foods? Bonus Question: Where in the world will they go?

TNJ

great...

another big-box store. as if we had a shortage already.

That was the perfect location for one. Until now, you have been able to drive more than 50 feet without a Home Depot, Target, Super Target, Lowes, etc. With the addition of this big box, the universe is back in order....