Every city neighborhood goes through a life cycle, the ebb and flow of people's lives, as part of the natural birth and maturing process. In Houston, one such neighborhood has entered its' sixth decade and still continues to display vitality by weathering the day to day challenges with a strong civic association.
Timbergrove Manor is a wonderful little suburb located within the urban 610 Loop. This conclave is named after the many pine and oak trees sheltering the area. Just 5 miles northwest of downtown Houston, it is a deed-restricted neighborhood developed in the early 1950's. Many of the residents have lived here since the neighborhood was established, and some who grew up on its' streets and in its' schools have bought homes and are raising their kids here as well.
These residents and volunteers, plus local and state leaders, were key participants in helping Timbergrove secure funding to maintain a wonderful 21-acre tract as a natural area and officially become the 11th Street Park, dedicated on February 21, 2008.
This community spirit of caring for neighorhood assets continues, as recently two new park renovation projects moved forward. The Friends of Jaycee Park - the original park of the subdivision built in 1959 - held its first organizational meeting in June regarding the future use and improvement of the facility. The top priorities for these efforts include installation of a walking track, expansion of the children's playground area, repair of present basketball and tennis courts, exploring the possibilities of a community garden and a possible kid's splash pad. At the same time, the Sinclair Spark Park initiative is working to refurbish recreational facilities at another neighborhood asset, the highly academically-rated Sinclair Elementary School.
This fall, the Timbergrove Manor Civic Club voted to donate $10,000 each to the Jaycee Park and Sinclair initiatives; with support from the City of Houston, the groups are off and running in their fundraising efforts...in fact, one local church is sponsoring a community-wide picnic next week and has already contributed to the coffers.
This is why this subdivision remains as one of the most sought-after locales within Houston's inner loop and why Houston property values overall have failed to plummet in the present economy. Instead, sales of single-family homes for the greater Houston area continued to improve in June, with the highest volume recorded since August 2008, and reaching their highest median price in history.
The Timbergove Manor neighborhood straddles 11th Street, with TC Jester to the west and Durham to the east, and there is easy access to I-10 and to the North 610 Loop. To learn more, click here.
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I'm John Askins of Royce Realty in Houston, Texas...call or text me directly at (832) 418-1055...here on my blog I'll keep you updated on the latest trends and info about our local and state real estate market.
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Three Texas cities are among the top ten most affordable college towns in the country, according to Coldwell Banker’s 2009 Home Price Comparison Index (HPCI).
The annual College HPCI provides a comparison of similarly sized 2,200-sf, four-bedroom, two-and-a-half bathroom homes in college markets within the 120 football bowl subdivision schools.
Fort Worth, home of Texas Christian University, ranked fifth with an average home price of $153,450.
Denton, with the University of North Texas, ranked seventh for its $154,900 average home price.
Houston, which has Rice University and the University of Houston, ranked eighth with an average home price of $159,847.
As for the rest of the state, Lubbock, home to Texas Tech ranked 17th; Waco, home to Baylor, 38th; El Paso and UTEP, 52nd; College Station, 58th; Austin, 59th; and Dallas, 101st.
source: Coldwell Banker
More than two-thirds of the independent landlords surveyed by the National Association of Independent Landlords say they would offer to reduce rent to keep tenants and one-third say they have already done so in the last 18 months.
Of those who are willing to cut the rent, 61 percent would reduce it by 5 percent while 29 percent would cut it by 10 percent, the survey of 500 mom-and-pop landlords reported.
“Landlords today understand what’s going on. They don’t want an empty home any more than a renter wants to be asked to leave,” says Tracey Benson, president of the association.
More than 50 percent of independent landlords expect the market to continue to underperform and are renovating their properties to woo tenants, the National Association of Independent Landlords reports.
Of those doing fix-ups, more than 75 percent are sprucing up their properties to attract new tenants, while 42 percent say they are renovating to keep existing tenants.
Most of them are concentrating on low-budget improvements, the association says. Popular improvements include new carpeting, fresh paint, and minor improvements in the kitchen.
Source: The Wall Street Journal, National Association of Independent Landlords
Of those who are willing to cut the rent, 61 percent would reduce it by 5 percent while 29 percent would cut it by 10 percent, the survey of 500 mom-and-pop landlords reported.
“Landlords today understand what’s going on. They don’t want an empty home any more than a renter wants to be asked to leave,” says Tracey Benson, president of the association.
More than 50 percent of independent landlords expect the market to continue to underperform and are renovating their properties to woo tenants, the National Association of Independent Landlords reports.
Of those doing fix-ups, more than 75 percent are sprucing up their properties to attract new tenants, while 42 percent say they are renovating to keep existing tenants.
Most of them are concentrating on low-budget improvements, the association says. Popular improvements include new carpeting, fresh paint, and minor improvements in the kitchen.
Source: The Wall Street Journal, National Association of Independent Landlords
Asking prices for the homes once occupied by Bernard Madoff, serving 150 years for a massive Ponzi scheme, have been cut after two months on the market.
The price of his 8,750-square-foot Palm Beach, Fla., mansion was reduced 7 percent to $7.9 million, according to Corcoran Group, which listed the property.
The asking price on Madoff’s 4,000-square-foot duplex in Manhattan has been cut 10 percent to $8.9 million, according to Sotheby’s International Realty, which listed that property.
Sale proceeds will be used to reimburse victims of Madoff’s estimated $65 billion Ponzi scheme.
Source: Reuters News
The price of his 8,750-square-foot Palm Beach, Fla., mansion was reduced 7 percent to $7.9 million, according to Corcoran Group, which listed the property.
The asking price on Madoff’s 4,000-square-foot duplex in Manhattan has been cut 10 percent to $8.9 million, according to Sotheby’s International Realty, which listed that property.
Sale proceeds will be used to reimburse victims of Madoff’s estimated $65 billion Ponzi scheme.
Source: Reuters News
Real estate investors are moving back into the market, according to a new survey from Move.com.
According to the Move.com survey, 12.1 percent of home buyers today plan to buy a home as an investment property, compared to 5.6 percent in March 2009. The survey found that 15.8 percent of those interested in investment property were men and 8.1 percent were women and 52.6 percent of the investment buyers were between ages 35 to 49.
Of the 25.3 percent of buyers who are focusing on foreclosure properties, 42 percent regard the purchase they are considering an investment and don’t plan to live in the property themselves; 13.2 percent plan to rent out the property; 11.3 percent are going to fix up the property and resell it; and 17.4 percent plan to house a family member until the property can be sold profitably.
Of the 9.8 percent of buyers who say that they plan to purchase and live in a property in the next two years, 5.4 percent plan to purchase in the next 12 months; 48.3 percent are first-time buyers; 52.8 percent are women, and 44.1 percent are men.
Buyers of investment and personal property say they are motivated by these factors:
According to the Move.com survey, 12.1 percent of home buyers today plan to buy a home as an investment property, compared to 5.6 percent in March 2009. The survey found that 15.8 percent of those interested in investment property were men and 8.1 percent were women and 52.6 percent of the investment buyers were between ages 35 to 49.
Of the 25.3 percent of buyers who are focusing on foreclosure properties, 42 percent regard the purchase they are considering an investment and don’t plan to live in the property themselves; 13.2 percent plan to rent out the property; 11.3 percent are going to fix up the property and resell it; and 17.4 percent plan to house a family member until the property can be sold profitably.
Of the 9.8 percent of buyers who say that they plan to purchase and live in a property in the next two years, 5.4 percent plan to purchase in the next 12 months; 48.3 percent are first-time buyers; 52.8 percent are women, and 44.1 percent are men.
Buyers of investment and personal property say they are motivated by these factors:
- Prices are as low as they will go, 23.6 percent
- Foreclosure prices are a bargain, 18.7 percent
- Great selection of homes for sale in their target community, 21.2 percent
- Concerned interest rates will rise, 14.2 percent
Executives from some of the largest brokerages in the country expect to see their sales grow 6-8 percent in 2010 and home prices to start heading up about 3 percent.
J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, recently told the 2009 NAR Conference & Expo that the expansion of the tax credit to include repeat buyers will help boost middle-market sales next year, although mortgage financing above the $417,000 non-jumbo conforming loan limit will remain a challenge. “The repeat tax credit will at least start a conversation about buying” among existing home owners, Scott said.
Congress recently extended temporary high-cost loan limits of $729,750 for 2010, but the lion’s share of markets don’t qualify for those so-called jumbo-conforming loans. As a result, repeat buyers face tougher underwriting challenges. “People applying for a $419,000 mortgage are not wealthy—they’re two teachers,” said Helen Hanna Casey, president of Howard Hanna Real Estate Services, which operates in Pennsylvania, New York, and other states in that region.
The improvement in the middle market will help tighten inventories, helping to shore up prices, but the upper-end market will continue to underperform until companies start hiring again. That’s when the industry will see more relocation business among transferees, a critical component of the upper-end market, said Scott.
Merle Whitehead, president and CEO of RealtyUSA said a key job of brokers next year is making sure their sales associates understand FHA, because federally-backed mortgages will remain the principal provider of mortgage financing for most borrowers. Too many sales associates still think of FHA as financing for people who can’t qualify for conventional mortgages, but in fact FHA is the main source of mortgage capital today. “We have to change the thoughts and beliefs of our agents,” he said.
source: REALTOR® magazine
J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, recently told the 2009 NAR Conference & Expo that the expansion of the tax credit to include repeat buyers will help boost middle-market sales next year, although mortgage financing above the $417,000 non-jumbo conforming loan limit will remain a challenge. “The repeat tax credit will at least start a conversation about buying” among existing home owners, Scott said.
Congress recently extended temporary high-cost loan limits of $729,750 for 2010, but the lion’s share of markets don’t qualify for those so-called jumbo-conforming loans. As a result, repeat buyers face tougher underwriting challenges. “People applying for a $419,000 mortgage are not wealthy—they’re two teachers,” said Helen Hanna Casey, president of Howard Hanna Real Estate Services, which operates in Pennsylvania, New York, and other states in that region.
The improvement in the middle market will help tighten inventories, helping to shore up prices, but the upper-end market will continue to underperform until companies start hiring again. That’s when the industry will see more relocation business among transferees, a critical component of the upper-end market, said Scott.
Merle Whitehead, president and CEO of RealtyUSA said a key job of brokers next year is making sure their sales associates understand FHA, because federally-backed mortgages will remain the principal provider of mortgage financing for most borrowers. Too many sales associates still think of FHA as financing for people who can’t qualify for conventional mortgages, but in fact FHA is the main source of mortgage capital today. “We have to change the thoughts and beliefs of our agents,” he said.
source: REALTOR® magazine
Mortgage applications declined 2.5 percent last week on a seasonally adjusted basis compared to the previous week. On an unadjusted basis, they were down 3.3 percent, according to the weekly survey by the Mortgage Bankers Association.
Most of the decline was in purchases, which slipped 4.7 percent. The association’s purchase index has declined for six consecutive weeks and is at its lowest level since November 1997. On an unadjusted basis, the purchase index decreased 7.9 percent compared to the previous week and was down 14.7 percent from the same week a year ago.
Refinances represented 72.9 percent of total applications, the highest share since May 15, 2009.
Mortgage rates continued to decrease:
Most of the decline was in purchases, which slipped 4.7 percent. The association’s purchase index has declined for six consecutive weeks and is at its lowest level since November 1997. On an unadjusted basis, the purchase index decreased 7.9 percent compared to the previous week and was down 14.7 percent from the same week a year ago.
Refinances represented 72.9 percent of total applications, the highest share since May 15, 2009.
Mortgage rates continued to decrease:
- 30-year fixed-rate mortgages decreased to 4.83 percent from 4.90 percent;
- 15-year fixed-rate mortgages decreased to 4.32 percent from 4.33 percent;
- 1-year ARMs decreased to 6.82 percent from 6.85 percent.
The Federal Housing Administration released an audit last week showing that its cash reserves had seriously declined because so many borrowers have defaulted on their mortgages.
The audit showed reserves to be 0.53 percent of the total portfolio, significantly below the 2 percent minimum mandated by Congress. The agency announced plans to tighten its credit rating standards so it wouldn’t be a drain on taxpayers, but officials warned that if the drain worsens, the agency might fail, leaving taxpayers to clean up the mess.
Critics of the agency, which last year guaranteed about 30 percent of new loans, say it should tighten its standards further, including increasing down payments to 10 percent.
Source: The New York Times
The audit showed reserves to be 0.53 percent of the total portfolio, significantly below the 2 percent minimum mandated by Congress. The agency announced plans to tighten its credit rating standards so it wouldn’t be a drain on taxpayers, but officials warned that if the drain worsens, the agency might fail, leaving taxpayers to clean up the mess.
Critics of the agency, which last year guaranteed about 30 percent of new loans, say it should tighten its standards further, including increasing down payments to 10 percent.
Source: The New York Times
A lesser-known part of the law that extended the home buyer tax credit gives builders a big tax break.
It offers companies tax refunds to make up for past losses, allowing them to claim cash refunds against taxes they paid going back five years, to offset current losses.
Pulte Homes Inc. estimates that it will receive a tax refund of about $450 million. Credit Suisse says Lennar Corp. will get between $200 million and $300 million. Meritage Homes expects $60 million.
Smaller private builders will get smaller amounts, but they lost less.
"They can take a breath," said Bill Killmer, vice president of advocacy at the National Association of Home Builders. "Many of these guys would have to shutter and close their doors. They'll be able to survive."
Source: The Wall Street Journal
It offers companies tax refunds to make up for past losses, allowing them to claim cash refunds against taxes they paid going back five years, to offset current losses.
Pulte Homes Inc. estimates that it will receive a tax refund of about $450 million. Credit Suisse says Lennar Corp. will get between $200 million and $300 million. Meritage Homes expects $60 million.
Smaller private builders will get smaller amounts, but they lost less.
"They can take a breath," said Bill Killmer, vice president of advocacy at the National Association of Home Builders. "Many of these guys would have to shutter and close their doors. They'll be able to survive."
Source: The Wall Street Journal
Home builders are compromising on construction details, including some basics, as buyers seek to pay less for new homes.
Here are some of the common ways to economize, estimated savings to the builder, and the issues for the buyer to consider:
Here are some of the common ways to economize, estimated savings to the builder, and the issues for the buyer to consider:
- 17-foot double garage saves $5,000 to $8,500. The recommended width is 20 feet. Narrower makes it harder to get in and out of the cars.
- Textured walls and ceilings. $450 on a 3,000-square-foot home. Hard to repaint and repair.
- Smaller central air. $1,000. It takes a long time to cool the home.
- Advanced framing. $10,000. Advanced engineering studies say placing studs at 24-inch intervals rather than 16 doesn’t affect structural integrity. Actually, it leaves more room for insulation, which is a good thing.
- Fixed windows. $200 per window. Not being able to open windows is a huge inconvenience for many people.
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